Core Viewpoint - Tianfulong (603406.SH) is set to be publicly offered on the Shanghai Main Board, focusing on differentiated polyester staple fiber production, with a product range expanding from recycled colored polyester staple fiber to differentiated composite fibers and polyester new materials [1][2]. Company Overview - Tianfulong's main business is centered on "green low-carbon" recycled colored polyester staple fibers and "environmental function" differentiated composite fibers, which accounted for 39.64%, 32.72%, and 31.06% of the company's main revenue from 2022 to 2024, indicating a stable business structure [8]. - The company ranks ninth in the native polyester staple fiber production and second in the recycled polyester staple fiber sector, with its sales of colored polyester staple fibers for automotive interiors and low-melting-point staple fibers leading the domestic market from 2021 to 2023 [8]. Financial Metrics - The offering price is set at 23.6 yuan per share, with an institutional quotation of 25.71 yuan per share, resulting in a market capitalization of 8.496 billion yuan. The company's price-to-earnings ratio is 20.93, compared to the industry average of 32.30 [5]. - Tianfulong's gross margin for recycled colored polyester staple fibers is expected to remain above 30% from 2022 to 2024, benefiting from its focus on high-margin applications in the automotive interior sector [9]. Fundraising and Investment Plans - The company plans to invest 73.42% of the raised funds into a high-elasticity low-melting-point fiber project, which aims to produce 170,000 tons of low-melting-point polyester fiber annually [7]. - Additional investments include 12.83% for a recycled staple fiber research center and 13.75% for construction projects related to low-melting-point fiber research [7]. Industry Context - The main raw materials for Tianfulong's differentiated composite fibers include PTA, IPA, and MEG, which are subject to price fluctuations due to oil prices and market supply-demand dynamics [9]. - The supply of recycled colored polyester staple fiber relies heavily on the availability of waste PET polyester, which is sourced from various recycling processes. The lack of a structured recycling system in China poses a risk to the supply of raw materials [10].

Group 1 - Tianfulong is a leading company in China's chemical fiber industry, producing differentiated composite fibers and recycled colored polyester short fibers, with applications in home textiles, automotive interiors, construction engineering, and footwear materials [2][3] - The company has notable clients including Zhonglian Carpet, Top Group, and Yixin Home [2] - Projected revenues for Tianfulong are 2.576 billion yuan in 2022, 3.336 billion yuan in 2023, and 3.841 billion yuan in 2024, with net profits of 358 million yuan, 431 million yuan, and 454 million yuan respectively [2] Group 2 - The IPO price for Tianfulong is set at 23.60 yuan, with a public offering median price of 25.17 yuan and a price-to-earnings ratio of 20.93 [3] - The maximum subscription limit for investors is 10,500 shares, and the total market value of the company is 9.44 billion yuan [3] - Comparable companies in the industry include Huayuan Taide, Jiangnan Gaofeng, and Youcai Resources [3]

Core Points - The issuer, Yangzhou Tianfulong Group Co., Ltd., has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and listing on the main board from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2] - The total number of shares to be issued is 40.01 million, with an initial strategic placement of 4.001 million shares, representing 10% of the total issuance [2] - The final strategic placement amount is 3.347457 million shares, approximately 8.37% of the total issuance, with the difference being allocated to offline issuance [2] Issuance Structure - The issuance will combine strategic placement, offline issuance to qualified investors, and online issuance to the public [1] - After the strategic placement adjustment, the offline issuance will consist of approximately 25.86 million shares, accounting for 70.54% of the remaining shares, while online issuance will consist of about 10.80 million shares, representing 29.46% [2] - The final issuance price is set at RMB 23.60 per share [2] Payment and Subscription Details - Investors must fulfill their payment obligations by July 30, 2025, and ensure that funds are available in their accounts [3] - Offline investors are required to adhere to a 10% lock-up period for their allocated shares, lasting six months from the listing date [4] - If the total subscription from offline and online investors does not meet 70% of the adjusted issuance amount, the offering will be suspended [5] Subscription Statistics - The online issuance received 12,614,961 valid applications, totaling 88,444,640,500 shares, resulting in an initial online winning rate of 0.01221385% [6] - The online issuance's effective subscription multiple was approximately 8,187.42 times, prompting the activation of the allocation adjustment mechanism [6] - Following the adjustment, the final online winning rate increased to 0.02879541% [6] Lottery and Announcement - The lottery for online subscriptions is scheduled for July 29, 2025, with results to be published on the Shanghai Stock Exchange website on July 30, 2025 [7]

Core Viewpoint - Tianfulong Group has announced its A-share IPO details, aiming to raise approximately 944 million yuan, with net proceeds expected to be around 856 million yuan after deducting issuance costs. The funds will be used for projects related to its main business, including the production of low-melting-point polyester fibers and the establishment of a research and development center [1][6]. Group 1: Company Overview - Tianfulong was established in 2009 and focuses on the research, production, and sales of differentiated polyester short fibers, expanding its product range to include recycled colored polyester short fibers and differentiated composite fibers [1]. - The company has a comprehensive product matrix in the differentiated composite fiber sector, including low-melting-point short fibers and hollow polyester short fibers, with a complete process package for various temperature ranges [3][4]. Group 2: Market Position and Strategy - Tianfulong targets the high-tech segments of the polyester short fiber industry, particularly recycled colored polyester short fibers and differentiated composite fibers, to differentiate itself in a competitive market [2][3]. - The company has maintained a leading position in the domestic market for automotive interior colored polyester short fibers and low-melting-point short fibers from 2021 to 2023 [3]. Group 3: Financial Performance - The company has shown steady revenue growth, with projected revenues of 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan from 2022 to 2024, alongside net profits of 358 million yuan, 431 million yuan, and 454 million yuan during the same period [5]. Group 4: Industry Trends and Future Outlook - The Chinese government emphasizes the development of a circular economy, with a target to establish a resource recycling industry system by 2025, which aligns with Tianfulong's focus on sustainable practices and recycled materials [6][7]. - The global market for recycled polyester is expected to reach 35.188 billion yuan by 2029, indicating a growing demand for sustainable materials, which Tianfulong aims to capitalize on by expanding its production capacity and entering international markets [6][8].

格隆汇8月6日丨天富龙(603406.SH)公布，公司股票将于2025年8月8日在上海证券交易所主板上市。 ...

Summary of Key Points Core Viewpoint - Yangzhou Tianfulong Group Co., Ltd. is set to list its ordinary shares on the Shanghai Stock Exchange on August 8, 2025, following approval from the Shanghai Stock Exchange [1] Company Overview - The stock will be listed under the name "Tianfulong" with the stock code 603406 - The total share capital after the initial public offering (IPO) will be 400,010,000 shares, with 40,010,000 shares being newly issued [3] Financial Metrics - The IPO price is set at 23.60 CNY per share, which corresponds to a diluted price-to-earnings (P/E) ratio of: - 18.73 times based on earnings before non-recurring items for 2024 [3] - 18.84 times based on earnings after non-recurring items for 2024 [3] - 20.81 times based on earnings before non-recurring items after the IPO [4] - 20.93 times based on earnings after non-recurring items after the IPO [4] - The average static P/E ratio for the chemical fiber manufacturing industry is reported at 32.30 times [4] Market Risks - The initial trading period will have no price fluctuation limits for the first five trading days, which may lead to significant price volatility [2] - The number of freely tradable shares is limited, with only 35,539,898 shares available for trading, representing 8.88% of the total share capital post-IPO, indicating potential liquidity risks [3] Investment Considerations - The stock will be eligible for margin trading from the first day of listing, which may introduce additional price volatility and market risks [5]

Group 1: Tianfulong (603406.SH) - Tianfulong primarily engages in the research, production, and sales of differentiated polyester staple fibers, expanding its product layout from recycled colored polyester staple fibers to differentiated composite fibers and polyester new materials [1][7] - The company has a market capitalization of 9.44 billion yuan and an issuance price of 23.6 yuan per share, with an institutional offering price of 25.71 yuan per share [4] - Tianfulong ranks ninth in the production of virgin polyester staple fibers and second in recycled polyester staple fibers in China, with its sales of colored polyester staple fibers for automotive interiors and low-melting-point staple fibers ranking first in the domestic market from 2021 to 2023 [7] - The company plans to invest 73.42% of its raised funds into a high-elasticity low-melting-point fiber project, which aims to produce 170,000 tons of low-melting-point polyester fibers annually [6] Group 2: Youli Intelligent (920007.BJ) - Youli Intelligent focuses on the research, production, and sales of core components for photovoltaic brackets, having established itself in the photovoltaic support field since its inception [1][10] - The company plans to allocate 56.07% of its raised funds to the construction of a production base for core components of photovoltaic brackets [10] - Youli Intelligent has received the "High-tech Enterprise" title in 2023 and holds 61 authorized patents, demonstrating its commitment to innovation and quality [10][11] - The company is a key supplier of components to Nextracker, a leading global tracking bracket company, and has established strong partnerships with other notable photovoltaic enterprises [11]

扬州天富龙集团股份有限公司 首次公开发行股票主板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，扬州天富龙集团股份有限公司（以下简称"天 富龙"、"本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 8 月 上市的招股说明书全文披露于上海证券交易所网站（www.sse.com.cn）和符合中 国证监会规定条件网站（中国证券网，网址 https://www.cnstock.com；中证网， 网址 https://www.cs.com.cn；证券时报网，网址 https://www.stcn.com；证券日报 网，网址 http://www.zqrb.cn； ，网址 https://www.jjckb.cn；金融时报， 网 址 https://www.financialnews.com.cn ； 中 国 日 报 网 ， 网 址 https://cn.chinadaily.com.cn），供投资者查阅。 一、上市概况 ...

股票简称：天富龙 股票代码：603406 扬州天富龙集团股份有限公司 Yangzhou Tinfulong Group Co., Ltd. （扬州（仪征）汽车工业园联众路 9 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （住所：北京市朝阳区安立路 66 号 4 号楼） 二〇二五年八月七日 扬州天富龙集团股份有限公司 上市公告书 特别提示 扬州天富龙集团股份有限公司（以下简称"发行人"、"天富龙"、"本 公司"或"公司"）股票将于 2025 年 8 月 8 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍 五入尾差所致。 扬州天富龙集团股份有限公司 上市公告书 第一节 重要声明与提示 一、 重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真 实、准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏， 并依法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均 ...

股票简称：天富龙 股票代码：603406 扬州天富龙集团股份有限公司 Yangzhou Tinfulong Group Co., Ltd. （扬州（仪征）汽车工业园联众路 9 号） （住所：北京市朝阳区安立路 66 号 4 号楼） 二〇二五年八月七日 扬州天富龙集团股份有限公司 上市公告书 特别提示 扬州天富龙集团股份有限公司（以下简称"发行人"、"天富龙"、"本 公司"或"公司"）股票将于 2025 年 8 月 8 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍 五入尾差所致。 首次公开发行股票主板上市公告书 保荐人（主承销商） 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的本公司招股说明书"风险因素"章节的内容，注意 风险，审慎决策，理性投资。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资 者查阅本公司招股说明 ...