On November 15, 2021, the Beijing Stock Exchange (hereinafter referred to as the Beijing Stock Exchange) officially opened. Focusing on the goal of "creating a leading position for serving innovative small and medium-sized enterprises", after one year of development, the number of listed companies on the Beijing Stock Exchange increased from the first batch of 81 companies to 123.
In September 2022, with the release of the North Exchange’s first index, the North Securities 50 Component Index, the liquidity environment of the North Exchange has further improved. Wind data shows that as of November 14, 2022, the number of listed companies on the Beijing Stock Exchange has reached 123, with a total market value of approximately 194.798 billion yuan.
As an important part of the construction of my country's multi-level capital market, the Beijing Stock Exchange and the New OTC Market's basic layer and innovation layer form a "layer-by-layer" market structure. At the same time, with the help of the transfer mechanism, the Beijing Stock Exchange has become an important hub between the New Third Board market and the main board market.
In the past year, the Beijing Stock Exchange has provided financing services to a large number of innovative small and medium-sized enterprises. From the perspective of industrial distribution, advanced manufacturing and modern service industries have become the "main force" of the Beijing Exchange's financing.
On the occasion of the first anniversary of the opening of the market, the Daily Economic News specially launched the "First Anniversary of the Opening of the North Exchange·Value Power List" and "The First Anniversary of the Opening of the North Exchange·Growth Power List" ” and “The First Anniversary of the Opening of the Beijing Stock Exchange·Innovation List”. At the same time, this report will analyze the fund-raising situation of the listed companies on the Beijing Stock Exchange in the past year from three aspects: issuance, operation, and innovation. Operating conditions and innovation performance.
Issuance
IPO: The average fundraising scale is small, and the fundraising entities are mainly manufacturing companies
Since the opening of the Beijing Stock Exchange, in addition to the first batch of 81 In addition to the companies listed on the Beijing Stock Exchange, the cumulative net IPO funds raised by the 44 companies listed on the Beijing Stock Exchange was 8.025 billion yuan (including companies listed on the Beijing Stock Exchange that have been transferred to the North Exchange). According to Choice data, the Beijing Stock Exchange has accepted a total of 342 reporting companies, and 139 have been approved. The average time from acceptance to approval is 148 days.
From the perspective of issuance scale, compared with other sectors, the size of the North Exchange's issuance and fundraising is smaller, and the average net amount of funds raised by a single IPO is approximately 182 million yuan.
As of November 15, 2022, there are 123 listed companies on the Beijing Stock Exchange, raising a total of 25.8 billion yuan in IPO funds (including the amount raised by the selected tier). Among them, the mechanical equipment, electrical equipment, and computer industries (Shenwan first-level industries) are the top three in terms of the amount of funds raised by the Beijing Stock Exchange's IPO.
In the power equipment industry, the IPO of Beterui (BJ835185), the "biggest brother in market capitalization" on the Beijing Stock Exchange, raised 1.6 billion yuan in net funds. It is planned to invest in the Huizhou City Beterui lithium battery anode material project with an annual output of 40,000 tons, and the lithium ion power battery cathode material project with an annual output of 30,000 tons (Phase II).
Minsheng Securities’ research report pointed out that in terms of silicon-based anodes, the company’s third generation of silicon-based materials has gradually achieved mass production, and the fourth generation is under development. The existing silicon-based anode production capacity has reached 5,000 tons/year. Among them, the production capacity of silicon carbon and silicon oxygen is 2,500 tons each. There is also 40,000 tons of silicon-based anode production capacity under construction in Shenzhen. The first phase of 15,000 tons is expected to be put into production by the end of 23. It is expected to benefit from the mass production of 4680 batteries in the future. In terms of high-nickel ternary cathodes, the company currently has a production capacity of 43,000 tons of high-nickel cathode materials, and the Changzhou 50,000-ton high-nickel cathode project was completed in July.
From a regional perspective, Jiangsu Province, Guangdong Province, Beijing City, and Shandong Province rank among the top three in terms of the number of companies listed on the Beijing Stock Exchange. Yunchuang Data (BJ835305), Senxuan Pharmaceutical (BJ830946), Hechang Polymer (BJ832089), etc. are all located in Jiangsu Province. Jiangsu Province not only has the largest number of companies listed on the Beijing Stock Exchange, but the performance of the above-mentioned companies is also quite interesting. In the third quarterly report of 2022, 20 of the 21 Jiangsu North Exchange listed companies achieved profits in the first three quarters of this year. Among them, those engaged in the research, development, production and sales of chemical raw materials, pharmaceutical intermediates and oxygen-containing heterocyclic chemical intermediates Senxuan Pharmaceutical's performance increased significantly, with total operating income and net profit attributable to shareholders increasing by 24% and 38.27% year-on-year respectively.
Refinancing: The financing scale is small, and 10 companies have stopped implementation
On December 3, 2021, Northland (BJ430047) released the first Beijing Stock Exchange financing plan. But so far, only three listed companies on the Beijing Stock Exchange have completed all private placements.
Wind data shows that in August this year, Tongxiang Technology (BJ839167) issued 6 million shares to 9 investors at a price of 13.08 yuan/share, successfully raising 78.48 million yuan, becoming another Beijing Stock Exchange company. Financing was successfully issued for the first time. In September, Gasgoo Food (BJ836826) issued 9.2806 million shares to 11 institutional investors at a price of 8.34 yuan per share, raising funds of 72.39 million yuan. In October, MicroPort Optoelectronics (BJ430198) privately issued 37.2378 million shares to Hubei Communications Capital Investment Co., Ltd., raising 159 million yuan, becoming the largest amount of private placement funds raised by the Beijing Stock Exchange so far.
Compared with the refinancing amount of hundreds of millions of yuan in other sectors, the scale of refinancing of Beijing Stock Exchange is relatively small. Among the additional issuance plans that have been disclosed but not issued by the North Exchange, the 5 billion yuan private placement project disclosed by Beterui has become the largest financing project currently held by the North Exchange.
However, in July this year, Chairman Beteri was investigated by the China Securities Regulatory Commission for insider trading, and the refinancing plan was also put on hold.
Ten listed companies including Changhong Energy (BJ836239), Qifeng Precision (BJ873169), and Huifeng Diamond (BJ839725) voluntarily terminated the above-mentioned financing plans due to various reasons.
Transfer: The stock prices of the three companies had different performance on the first day after the transfer
As one of the components of my country's multi-level capital market, the transfer mechanism of the Beijing Stock Exchange will Closely linked to the main board market to meet the multi-level financing needs of enterprises in different development periods.
On March 4, 2022, the Shanghai and Shenzhen Stock Exchanges issued the transfer rules for companies listed on the Beijing Stock Exchange, namely the "Measures for the Transfer of Listed Companies from the Beijing Stock Exchange to the Science and Technology Innovation Board of the Shanghai Stock Exchange" (Trial)" and "Measures of the Shenzhen Stock Exchange on the Transfer of Listed Companies on the Beijing Stock Exchange to the GEM (Trial)".
As of November 15, 2022, three Beijing Stock Exchange-listed companies Guandian Defense (SH688287), Taixiang Co., Ltd. (SZ301192), and Hanbo High-tech (SZ301321) have transferred their boards.
Although the transfer will bring improved liquidity, the company's stock price performance was mixed on the first day after the transfer. Guandian Defense opened sharply lower and fluctuated sideways on the first day after it was transferred to the Science and Technology Innovation Board. It once fell by more than 20% during the session. Taixiang shares hit a temporary suspension just one minute after the opening. After trading, it rose by more than 100%, and finally closed up by 80.34%. On the first day of listing on the Hanbo High-tech GEM, it opened at 32.70 yuan/share, a decrease of 32.54%, and closed at 34.00 yuan/share, a decrease of 29.85%.
Operation
Revenue scale: most concentrated in the range of 100 million yuan to 1 billion yuan
Beijing Exchange is the main position for serving innovative small and medium-sized enterprises . Compared with companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, the revenue scale of companies listed on the Beijing Stock Exchange is generally smaller. Taking 2021 as an example, among the 123 companies listed on the Beijing Stock Exchange, 107 have revenue in the range of 100 million yuan to 1 billion yuan, accounting for 87%. The proportions of the Shanghai Stock Exchange and Shenzhen Stock Exchange are 27% and 33% respectively.
The power equipment industry has outstanding performance in revenue and net profit, becoming the industry with the largest revenue scale on the Beijing Stock Exchange.
Betteri, whose main business is cathode and cathode materials in the power equipment industry, achieved operating revenue of 10.491 billion yuan in 2021, making it the only Beijing Stock Exchange-listed company with revenue exceeding 10 billion yuan. Benefiting from the high prosperity of the new energy vehicle industry, the company achieved revenue of 17.57 billion yuan in the first three quarters of this year, a significant year-on-year increase of 156%, which is nearly three times that of Yingtai Biotechnology (BJ833819), the second largest revenue company on the Beijing Stock Exchange. In July this year, the company stated that it had no plans to transfer its shares.
In terms of revenue growth, 106 listed companies maintained positive growth last year, and 85 listed companies had a three-year compound growth rate of more than 10%. These data reflect the vitality and growth potential of small and medium-sized enterprises.
Profitability: "First Brother" Beterui's profit scale exceeds 1 billion yuan
In the first three quarters of this year, 110 listed companies on the Beijing Stock Exchange remained profitable, of which 105 listed companies With a net profit of more than 10 million yuan, Junchuang Technology (BJ833533) topped the growth list with a year-on-year growth rate of 222.17% in net profit attributable to its parent. AVIC TEDA (BJ836263) and Yingtai Biotech also had a net profit growth rate attributable to its parent. More than 200%.
Power equipment, mechanical equipment, and basic chemical industries lead the profit margins. The basic chemical industry’s profit in the first three quarters has exceeded that of the whole of last year.
It is worth mentioning that Yingtai Biotech, the second-ranked company on the Beijing Stock Exchange, achieved a net profit attributable to its parent company of 920 million yuan in the first three quarters, a year-on-year increase of 208.76%. In this regard, Yingtai Biotechnology said that the performance growth during the reporting period was mainly due to the expansion of the company's product sales scale and the significant improvement in profitability. Last year and the first three quarters of this year, Yingtai Biotech's revenue and net profit ranked second only to Beterui.
Benefiting from the high prosperity of the new energy automobile industry, Beterui, the "big brother of the Beijing Stock Exchange", achieved a net profit attributable to the parent company of 1.358 billion yuan in the first three quarters, a year-on-year increase of 24.52%, and this growth rate is This was achieved on the basis of last year’s high base. For the whole of last year, Beterui achieved a net profit attributable to its parent company of 1.441 billion yuan, a year-on-year increase of nearly 200%. Beterui is also the only company listed on the Beijing Stock Exchange with a profit scale of more than 1 billion yuan last year and the first three quarters of this year.
In addition to Beterui and Yingtai Biotechnology, Jilin Carbon Valley (BJ836077), Tongli Co., Ltd. (BJ834599), Liancheng CNC (BJ835368), Silane Technology (BJ838402) and other companies ranked by profit scale in the first three quarters of this year. Previously listed companies have maintained rapid profit growth (170.1%, 42.44%, 44.84%, 108.14%). On the first anniversary of the opening of the Beijing Stock Exchange, the "leading" effect has gradually come into play, and listed companies with the largest operating scale have become the leaders and engines of the performance growth of the Beijing Stock Exchange.
Although the companies listed on the Beijing Stock Exchange are relatively small, their profitability cannot be underestimated. Wind data shows that more than 80% of listed companies’ gross profit margins exceeded 20% last year, and 23 listed companies’ gross profit margins exceeded 50%. In comparison, only 63% and 67% of listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange have gross profit margins exceeding 20%.
The companies listed on the Beijing Stock Exchange further demonstrate the characteristics of being “small but sophisticated”.
Innovation
The cradle of "Specialization, Specialization and Innovation": More than half of the companies have been awarded the title of "Little Giants" of Specialization, Specialization and Innovation
Small and medium-sized enterprises are the key to the national economy and society The new force of development, “specialized, specialized and new” small and medium-sized enterprises are the leaders of this group. The companies listed on the Beijing Stock Exchange have obvious "specialized, specialized and innovative" attributes. Among the companies listed on the Beijing Stock Exchange, "specialized, specialized and innovative" companies account for a large proportion. This is not only the characteristic of the Beijing Stock Exchange, but also the relationship between the Beijing Stock Exchange and the Beijing Stock Exchange. Guarantee for the misaligned development of other markets. Over the past year, Beijing Exchange has supported the development of a large number of innovative small and medium-sized enterprises.
According to data from Haitong Securities (600837), 69 of the currently listed companies have won the title of "Little Giant" for specialization and innovation. Of the 21 companies listed since the second half of this year, more than half (13) have won the title of "Little Giant" for specialization and innovation. The North Exchange has developed into the cradle of "specialization, specialization and innovation".
From an industry perspective, among the companies currently listed on the Beijing Stock Exchange, strategic emerging industries and advanced manufacturing account for more than 80%, covering core areas of manufacturing such as power equipment, mechanical equipment, computers, and communications.
Regardless of R&D investment: Northland led the way in R&D investment in the first three quarters
The R&D efforts of companies listed on the Beijing Stock Exchange continue to increase. In 2021, Northland (BJ430047) ranked first with over 75% of its R&D investment. Northland is mainly engaged in the research and development, production and sales of gene therapy drugs, recombinant protein drugs and ophthalmic drugs. The company has been losing money since its establishment, but since 2017, the company has invested more than 10 million yuan in R&D, and last year it invested more than 40 million yuan in R&D.
In addition to Northland, other companies that ranked high in R&D investment last year were Chuangyuan Xinke (BJ831961), which specializes in wireless communications and radio frequency microwave testing instruments, and Sanyuan, a supplier of recombinant human interferon α1b. Gene (BJ837344); Digital Human (BJ835670), a supplier of medical education information system, and Guoyuan Technology (BJ835184), a geographical information service provider, all have R&D investment ratios of more than 20%. In the first three quarters of this year, the number of listed companies with R&D investment accounting for more than 20% increased to 6. Digital Man (70.19%) is close to Northland, and MicroPort Optoelectronics and Yintu Network (BJ835508) are two new companies. Selected.
The number of patents reflects the technological innovation strength of an enterprise to a certain extent, and the growth in the number of patents reflects the innovative vitality of companies listed on the Beijing Stock Exchange. According to data from Qichacha, the total number of patent applications for 123 companies listed on the Beijing Stock Exchange is more than 12,000, the total number of valid patents is more than 7,200, and the total number of authorized invention patents is more than 1,700. Up to now, Wuxin Tunnel Installation (BJ835174), Fujitec (BJ835640), Audiway (BJ832491), Zhongke Meiling (BJ835892), Chuangyuan Xinke, Anhui Phoenix (BJ832000), Clete (BJ831689), Xinhuike (BJ831167) has more than 300 patents each, among which Wuxin Tunnel Equipment, which is mainly engaged in intelligent tunnel construction equipment, has more than 600 patents, ranking first.
R&D is the core driving force for the development of innovative enterprises, and the number of R&D personnel is also an important indicator reflecting a company's innovation capabilities. As of the end of the third quarter of this year, the R&D teams of listed companies on the Beijing Stock Exchange have reached a considerable scale, with an average number of 85 people, of which 30 have more than 100 people. Beterui has the largest number of R&D personnel (619 people). In addition, Airong Software (BJ830799), a provider of overall Internet solutions for financial institutions, has 561 R&D personnel and is one of the only listed companies on the Beijing Stock Exchange with an R&D team of more than 500 people.