In the past four years since the market opened, the board has adhered to its hard technology positioning and become China's hard technology highland, with the number of listed companies in the sector expanding from 25 to more than 530, and the total market capitalization increasing from $880.9 billion at the end of 2019 to $7.2 trillion.

looking back on July 22, 2019, 25 companies sounded gongs on the Shanghai stock exchange to become the first batch of enterprises on the board, including "001" huaxing yuanchuang (688001.SH), semiconductor material unit anji technology (688019.SH), lithium battery cathode material unit capacity hundred technology (688005.SH), etching equipment unit micro company (688012.SH), etc.

The first batch of CRE companies were considered by the market at the time to be high-quality, solid-base technology companies. Four years later, after IPO financing, the performance scale of some companies has been stepped up year by year, and the growth trend is steady. The stock price of 40% of the companies has doubled; but the overall scale of some companies has not changed much, or even dropped sharply; the chairman of the company has recently been detained by the Supervisory Committee...

semiconductor , new energy enterprise growth significant

statistics show that the first batch of 25 companies on the board raised a total of 37.018 billion yuan in IPO financing, of which 10 companies have since implemented fixed increase financing, with a total refinancing amount of 19.39 billion yuan, that is, these companies have raised a total of 56.408 billion yuan since their listing.

Among them, SMIC will raise an additional 8.207 billion yuan in 2020, the largest increase in the scale of the first batch of companies. Jiayuan Technology (688388.SH), Tianyi Shangjia (688033.SH), Western Superconductor (688122.SH) 3 companies are more than 2 billion yuan.

(25 first batch of companies share price cumulative increase TOP10)

judging from the cumulative stock price increase since the listing (including the first day's increase), 10 of the 25 companies have doubled their stock prices, with anji technology rising the first, reaching 646.8 percent. Platinum (688333.SH), China Micro Company and Western Superconductor all rose more than 400 percent. There are 4 companies that have fallen in total. Xinguang Optoelectronics (688011.SH) has fallen 35% in total, the lowest increase. Tianyi Shangjia, Fangbang (688020.SH) and Fuguang (688010.SH) fell less than 10%.

In terms of performance, the performance scale of the 25 companies maintained growth. The total net profit attributable to the parent from 2019 to 2022 was 8.302 billion yuan, 9.467 billion yuan, 10.61 billion yuan and 12.432 billion yuan respectively, including the profit of 2.058 billion yuan in the first quarter of 2023, and the total profit of 25 companies in four years and one quarter was 42.869 billion yuan.

in terms of industry segments, there are 4 semiconductor chip companies in the 25 companies: anji technology, micro-company, Lexin technology (688018.SH), Lanqi technology, covering materials, equipment, design links. The revenue scale of these five companies has made great progress after listing, but it needs to be seen that due to the different industry links of the four semiconductor companies, their profitability has also diverged during the downward cycle.

Micro and Lanqi Technology's development is relatively better, the former is engaged in the semiconductor equipment link, the main product etching machine continues to release volume, driving operating income from 1.947 billion yuan to 4.74 billion yuan, the return of net profit from 2019 less than 0.2 billion yuan to 1.17 billion yuan.

Lanqi Technology is engaged in memory interface chips and memory module supporting chips. In the past four years, the company has achieved double growth in operating income, with net profit attributable to the parent increasing from 0.932 billion yuan to 1.3 billion yuan. However, affected by the macro environment, the server and computer industry demand declined in the first half of this year, and Lanqi Technology is facing the pressure of destocking in the industry. It is still unclear when this round of destocking cycle will end. Some industry analysis predicts that it may continue for 1 to 2 quarters.

The main products of Anji Technology are chemical mechanical polishing fluid and photoresist remover. In the first quarter of 2023, the company achieved net revenue of 0.27 billion yuan and 76.182 million yuan respectively, and the two data for the whole year of 2019 were 0.285 billion yuan and 65.846 million yuan respectively.

Lexin Technology is also experiencing the performance pains of the downward period of the cycle, the company's main products are WiFiMCU chips, affected by the downward cycle, its 2022 net profit to the parent fell below the 0.1 billion yuan mark, the same period last year for 0.198 billion yuan.

It is worth noting that with the hype of AI and semiconductor concepts during the year, shareholders of Lanqi Technology and Anji Technology began to reduce their holdings frequently. Anji Technology announced on June 26 that the controlling shareholder Anji Microelectronics Co. Ltd. On May 19, 2.28 million shares were reduced through inquiry transfer, accounting for 3% of the company's total share capital, and on June 26, 3 million shares were reduced through inquiry transfer, accounting for 3.04 of the company's total share capital; its shareholding ratio was reduced from 37.04% to 31.01%.

The big fund's reduction of Anji Technology is also in progress. From April 14th to June 20th, the fund reduced its holdings of 986000 shares of the company and cashed out 0.227 billion yuan.

as of June 16, the total shares of anji technology held by the company's shareholders China electronic investment holding co., ltd. and Jiaxing core electric investment partnership (limited partnership) have been reduced from 0.143 billion shares to 0.131 billion shares, and the shareholding ratio has been reduced from 12.61 to 11.52. is calculated according to the average share price 65 yuan during the reduction period, the two shareholders cashed out a total of 7.87 billion yuan.

Rongbai Technology became the first batch of 25 companies in terms of revenue and net profit growth, with revenue increasing from about 4.2 billion yuan to 30.1 billion yuan and net profit attributable to its parent increasing from less than 90 million yuan to 1.353 billion yuan. By the end of 2022, the company has built more than 200,000 tons of positive annual production capacity, including Hubei Ezhou, Hubei Xiantao, Guizhou Zunyi and South Korea Zhongzhou four positive material base.

Shin Kong Optoelectronics Performance "changed face", fundraising projects fell short of expectations

The overall net profit growth of 25 companies has concealed the "face change" of individual companies' performance after listing. Xinguang Optoelectronics is a typical representative.

In 2019, Xinguang Optoelectronics's net revenue fell by 8.04 and 16.76 percent year-on-year, respectively. From 2020 to 2022, the net profit of Xinguang Optoelectronics after deducting non-return is a loss, and the amount of loss is increasing year by year, which is 1.9865 million yuan, 19.053 million yuan and 40.3652 million yuan respectively. In 2022, Xinguang Optoelectronics also suffered a loss in operating profit. In the first quarter of this year, the company's operating conditions did not improve, with losses of 6.7308 million yuan and 10.2843 million yuan respectively.

xinguang photoelectric IPO raised 0.952 billion yuan, while its net profit after deducting non-profit and returning to its parent has accumulated a loss of about 31.67 million yuan since its listing. While the company's main business has not earned a penny, there is also a slow construction of fund-raising projects. According to the prospectus, of the four IPO projects of Xinguang Optoelectronics, up to now, only one of the supplementary working capital has been basically used. It is estimated that only 417800 yuan has been invested in the "upgrading and transformation of the batch production line of opto-mechatronics products and the manufacturing of precision opto-mechatronics parts" (hereinafter referred to as the "opto-mechatronics project") of 0.25 billion yuan; the "Rui Guang Aerospace Optical Equipment R & D and Production Project" (hereinafter referred to as "Rui Guang Aerospace Optical Equipment Project"), which is planned to invest 0.23 billion yuan, has already invested 0.105 billion yuan. The construction of the research and development center is expected to cost 0.135 billion yuan, of which only 20.23 million yuan has been invested so far.

the first financial reporter noted that xinguang optoelectronics's opto-mechatronics project and ruiguang aerospace optical equipment project, originally expected to reach the usable state in July 2023, have now changed to December 2025. Investors wonder whether this means that the performance of Xinguang Optoelectronics will not improve before 2026.

In addition, Fuguang shares, Fangbang shares listed in the next year appeared obvious "face change" situation. In the first quarter of this year, Fuguang shares lost 12.9307 million yuan in net profit after deducting non-profit, which has been declining year-on-year for five consecutive years and another quarter. Fangbang shares for four consecutive years and another quarter of year-on-year decline in performance, of which the first quarter of 2022 to 2023 after deducting non-return net profit total loss of about 0.1 billion yuan.

the chairman of traffic control technology was detained

on the evening of June 26, the first batch of science and technology innovation board listed companies, traffic control technology (688015.SH), the company announced that on the same day, it received the "lien notice" issued by the supervision committee of Tianchang City, Anhui Province, and carried out a lien on the company's chairman, general manager and legal representative, Gao Chunhai, and cooperated with the investigation.

This is the first time this year that the chairman of the board has been detained. On June 27, the first financial reporter called the traffic control technology, the phone could not be dialed. According to the announcement, the specific reason why Gao Chunhai was detained is not clear.

Traffic Control Technology stated that during the retention period of Gao Chunhai, Vice Chairman Deng Aiqun will perform the duties of the company's chairman and legal representative; Deputy General Manager Wang Wei will perform the duties of the company's general manager.

according to the 2022 annual report of traffic control technology, Gao chunhai, 53 years old, directly holds 18.0704 million shares of listed companies, with a shareholding ratio of 9.61. he is the second largest shareholder of the company, with a pre-tax annual salary of 1.6538 million yuan in 2022.

the IPO price of exchange control technology is 16.18 yuan, and the raised capital is 0.647 billion yuan. Since 2022, the company's performance has declined by a considerable margin. In that year, operating income was 2.468 billion yuan, down 4.43 percent from the same period last year; net profit attributable to the parent was 0.229 billion yuan, down 21.14 percent from the same period last year; and net profit attributable to the parent was 0.187 billion yuan, down 29.32 percent from the same period last year.

in the first quarter of this year, the performance of traffic control technology further declined, and the company achieved operating income of 0.295 billion yuan, down 23.95 percent from the same period last year; net profit attributable to the parent was 10.1222 million yuan, down 53.85 percent from the same period last year; and net profit attributable to the parent was only 1.2012 million yuan, down 91.47 percent from the same period last year.

(article source: first finance and economics)