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NEEQ Strategy Thematic Report Summary

1. Main Points

• Financial Performance and Earnings Forecast: By January 17, 2025, NEEQ companies had scheduled their 2024 annual report disclosures. Nine companies released 2024 earnings forecasts, with seven showing significant growth. For example:

  • Minshida is expected to achieve a net profit attributable to shareholders of CNY 98 million to CNY 118 million (+2005% to +4455% YoY).
  • Haidar is projected to report CNY 81 million to CNY 82 million in net profit (+10634% to +10888% YoY).
  • Companies reporting ahead of schedule generally showed stronger revenue and profit growth compared to the broader NEEQ market.

• Market Trends and Valuation: In terms of valuation, the median Price-to-Earnings (P/E) for Trailing Twelve Months (TTM) stood at 5,082x, with 103 companies having a P/E above 45x (39.16% of the market). Compared to the peak in November 2024, the number of companies with low P/E levels (below 30x) increased, while high P/E firms decreased. The short-term market showed an upward trend but remains volatile, though medium-term prospects remain positive due to the potential for innovative companies and stable earnings.

• IPO and Listing Activity: Four companies were updated regarding their IPO status in the first week of January 2025, including Star Tech, Levaldo Emitter, and two terminations. The first company listed in 2025, Star Tech, posted an impressive first-day return of 407%.

• Risk Factors: Key risks highlighted include policy implementation not meeting expectations, data inaccuracies, and changes in the macroeconomic environment.

2. Investment Recommendation

Focus on companies with promising earnings visibility, reasonable valuations, alignment with "new quality productive forces," and innovative characteristics like "little giant" entities. The NEEQ market is expected to offer good opportunities for strategic allocation over the medium term.