Core Viewpoint - Hai'an Group has officially entered the capital market, marking a significant milestone in its journey from a tire retreading workshop to a leading manufacturer of all-steel giant tires, achieving the first position in China and fourth globally in a market dominated by international giants like Michelin and Bridgestone [1][2]. Group 1: Company Development and Technology - Hai'an Group has developed a comprehensive product matrix covering all specifications from 49 inches to 63 inches, supported by 76 patents and a core technology system encompassing formulation, structure, and process [2][3]. - The company successfully filled a domestic gap in the all-steel giant tire market by collaborating with the Beijing Rubber Industry Research and Design Institute, leading to the development of a 57-inch tire in 2008 and the world's largest 59/80R63 tire in 2015 [2][3]. Group 2: Market Position and Financial Performance - In 2022, Hai'an Group held a market share of approximately 52.4% in the domestic all-steel giant tire sector, with a production volume of 1.4 million tires, ranking fourth globally [5]. - The company's revenue has shown steady growth, with figures of 1.508 billion, 2.251 billion, and 2.3 billion yuan from 2022 to 2024, alongside net profits of 319 million, 639 million, and 641 million yuan for the same period [4][6]. Group 3: Strategic Partnerships and Global Expansion - Hai'an Group has secured strategic partnerships with major industry players like Zijin Mining and Jiangxi Copper, establishing a dual guarantee system of "capital + orders" to enhance collaboration and market reach [4][6]. - The company has expanded its international market presence, with overseas sales accounting for 65.19%, 76.16%, and 74.23% of its main business revenue from 2022 to 2024 [4].

Core Viewpoint - Hai'an Group successfully listed on the Shenzhen Stock Exchange, marking a new phase in its capital market journey and receiving recognition from the capital market [1]. Company Overview - Hai'an Rubber Group Co., Ltd. was established in December 2005 and is a large-scale manufacturer of all-steel radial tires for engineering machinery, specializing in research and development, manufacturing, sales, and operational management services for mining tires [3]. Industry Position - Hai'an Group is the largest manufacturer of all-steel giant tires in China and the fourth largest globally, filling a gap in the domestic market and breaking the monopoly of foreign giants in the all-steel giant tire manufacturing sector [4]. Product Capabilities - The company has developed and mass-produced a full range of all-steel giant tire products from 49 inches to 63 inches, catering to mining trucks with capacities ranging from 90 to 400 tons, and is one of only three manufacturers globally capable of mass production of all specifications of all-steel giant tires [15]. Service and Operational Excellence - Hai'an Group provides comprehensive global mining tire contracting services, including 24/7 on-site service, custom tire solutions, daily supply, installation checks, tire matching, parameter adjustments, repairs, and maintenance, ensuring safety and efficiency in mining operations [15]. Global Market Expansion - The company has expanded its international presence by establishing subsidiaries in various countries, including Russia, Australia, and Canada, and has a global marketing network comprising headquarters in Fujian, an operations center in Shanghai, and multiple operational centers [16][17]. Revenue Generation - Over 75% of Hai'an Group's revenue comes from international sales, with significant markets in Russia, Serbia, and Australia, positioning the company as a leading domestic brand competing with international giants in the mining service sector [17].

Core Viewpoint - Hai'an Group's stock price hit a record low since its listing, indicating potential challenges in the market and investor sentiment [1] Group 1: Stock Performance - Hai'an Group's stock reached a minimum price of 71.11 yuan during trading, marking a new low since its IPO [1] - The closing price was 71.21 yuan, reflecting a decline of 4.25%, with a total market capitalization of 13.243 billion yuan [1] Group 2: IPO Details - Hai'an Group was listed on the Shenzhen Stock Exchange on November 25, 2025, with an initial public offering of 46,493,334 shares, representing 25% of the total share capital post-issue [1] - The shares were issued at a price of 48.00 yuan per share, with no existing shares being sold by current shareholders [1] Group 3: Fundraising and Use of Proceeds - The total amount raised from the IPO was 2.23168 billion yuan, with a net amount of 2.1075289 billion yuan after deducting issuance costs, which was 844.789 million yuan less than originally planned [1] - The company intended to raise 2.9523179 billion yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital [1] - The total issuance costs (excluding VAT) amounted to 124.1511 million yuan, with underwriting and sponsorship fees accounting for 96.6279 million yuan [1]

Core Viewpoint - Hai'an Group responded to investor inquiries on an interactive platform, indicating that the company's main partners' information can be referenced from publicly disclosed data [2] Group 1 - The company is actively engaging with investors through an interactive platform [2] - The company emphasizes the importance of publicly disclosed information regarding its main partners [2]

Group 1 - The company, Hai'an Group, announced that its stock will be listed on the Shenzhen Stock Exchange main board on November 25, 2025 [2]

Core Viewpoint - Hai'an Group (001233.SZ) experienced a significant decline of 7.04% in its stock price, closing at 74.37 yuan on November 27, following its listing on the Shenzhen Stock Exchange on November 25 [1] Summary by Relevant Sections - **Initial Public Offering (IPO) Details** - Hai'an Group issued 46,493,334 shares, representing 25.00% of the total share capital post-issuance, with an offering price of 48.00 yuan per share [1] - The company did not transfer any existing shares, and no shareholders participated in the public sale of shares [1] - **Fundraising and Financials** - The total amount raised from the IPO was 223,168.00 million yuan, with a net amount of 210,752.89 million yuan after deducting non-taxable issuance costs, which is 84,478.90 million yuan less than the original plan [1] - The prospectus disclosed on November 20, 2025, indicated that the company aimed to raise 295,231.79 million yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital supplementation [1] - **Issuance Costs** - The total issuance costs (excluding VAT) amounted to 12,415.11 million yuan, with underwriting and sponsorship fees accounting for 9,662.79 million yuan [1]

Core Viewpoint - Hai'an Group's all-steel giant tire products are characterized as high-end products in the engineering machinery tire sector, with significant production challenges due to their size and weight [1] Group 1 - The all-steel giant tires have a maximum outer diameter exceeding 4 meters and a maximum weight close to 6 tons, indicating their substantial scale [1] - These tires are designed for harsh working conditions and long uninterrupted working hours, highlighting their durability and reliability [1] - The production technology for these all-steel giant tires is complex, and currently, only a few tire manufacturers can achieve large-scale production [1]

Market Overview - On November 26, the Shanghai Composite Index fell by 0.15%, while the total margin balance in the market reached 24,693.55 billion yuan, an increase of 6.32 billion yuan compared to the previous trading day [1] - The margin balance in the Shanghai Stock Exchange was 12,542.51 billion yuan, up by 2.67 billion yuan; in the Shenzhen Stock Exchange, it was 12,076.25 billion yuan, increasing by 3.67 billion yuan; the North Exchange saw a decrease of 0.15 billion yuan, bringing the total margin balance to 24,693.55 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 20 sectors saw an increase in margin balances, with the electronics sector leading with an increase of 2.86 billion yuan, followed by the communication and power equipment sectors with increases of 2.57 billion yuan and 1.36 billion yuan, respectively [1] Stock Performance - A total of 1,768 stocks experienced an increase in margin balances, accounting for 47.16% of the market, with 200 stocks seeing an increase of over 5% [1] - The stock with the largest increase in margin balance was Sanwei Tiandi, which saw a margin balance of 159 million yuan, an increase of 88.79%, and its stock price rose by 20.01% [1] - Other notable stocks with significant margin balance increases included C Hai'an and Jindike, with increases of 59.28% and 53.80%, respectively [1][2] Top Gainers and Losers - Among the top 20 stocks with the largest margin balance increases, the average increase in stock prices was 3.22%, with Sanwei Tiandi, Jindike, and Pinggao Co. leading with increases of 20.01%, 20.00%, and 18.99%, respectively [2] - Conversely, stocks with the largest declines included Fuchun Co., C Hai'an, and Dadi Ocean, with declines of 11.11%, 4.21%, and 3.06%, respectively [2] Margin Balance Decrease - A total of 1,981 stocks saw a decrease in margin balances, with 155 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease in margin balance was Aerospace Development, which saw a margin balance of 831.26 million yuan, a decrease of 32.13% [4][5] - Other stocks with significant declines included Xueqi Electric and Shengjing Micro, with decreases of 31.67% and 30.84%, respectively [4][5]

Core Viewpoint - Hai'an Group, a leading manufacturer of all-steel giant tires, has successfully listed on the Shenzhen Stock Exchange, marking it as the first company from Fujian Province to do so in 2023 [1][3]. Group 1: Company Overview - Hai'an Group was founded in 2005 in Putian, Fujian, and specializes in the research, manufacturing, sales, and management services of giant all-steel radial tires for mining vehicles [3][5]. - The company has developed China's first all-steel radial tire and the world's largest specification all-steel giant tire, earning numerous accolades such as "National High-tech Enterprise" and "Key 'Little Giant' Enterprise" [3][5]. Group 2: Technological Advancements - Since its inception, Hai'an Group has focused on critical technology areas, investing heavily in research and development, and has successfully created over 80 specialized rubber formulations for giant tires [5][6]. - The company holds more than 80 valid patents and has contributed to the formulation of national and industry standards [5][6]. Group 3: Product Range - Hai'an Group has established a comprehensive product matrix covering mining vehicles from 90 tons to 400 tons, leading the domestic production of all-steel giant tires [6].

Core Points - Hai'an Group was listed on the Shenzhen Stock Exchange on November 25, marking a significant milestone in its development [2] - The company has evolved from a fishing village startup to a leading manufacturer in the global tire industry, emphasizing innovation and excellence [2][3] - The local government expresses strong support for Hai'an Group, highlighting its role as a model for private enterprises in the region [2][3] Company Overview - Hai'an Group, established in 2005 and headquartered in Putian City, specializes in the research, manufacturing, sales, and management of mining tires [3] - The company has developed China's first all-steel radial tire and the world's largest all-steel giant tire, achieving a comprehensive product matrix that meets various specifications [3] - It ranks first in domestic sales and fourth globally in the all-steel giant tire segment, showcasing its competitive position in the industry [3] Achievements and Recognition - Hai'an Group has received multiple accolades, including "National High-tech Enterprise" and "Key 'Little Giant' Enterprise" [3] - The company is recognized for its quality and competitiveness, being listed among the top 100 industrial brand competitiveness enterprises in China [3]