证券代码：001386 证券简称：马可波罗 公告编号：2025-002 马可波罗控股股份有限公司 关于签订募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意马可波罗控股股份有限公司首次公 开发行股票注册的批复》（证监许可〔2025〕1711 号）同意注册，马可波罗控 股股份有限公司（以下简称"公司"或"马可波罗"）首次公开发行人民币普通 股（A 股）股票 11,949.20 万股，每股面值 1 元，每股发行价格为 13.75 元，募 集资金总额为人民币 164,301.50 万元，扣除发行费用 8,302.12 万元（不含增值税） 后，募集资金净额为人民币 155,999.38 万元。 上述募集资金已于 2025 年 10 月 17 日全部到位，容诚会计师事务所（特 殊普通合伙）已对本次发行募集资金到位情况进行审验，并出具了《验资报告》 （容诚验字〔2025〕519Z0009 号）。 二、募集资金监管协议的签订和募资金专户的开立与存储情况 根据《上市公司募集资金监管规则》《深圳证 ...

Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed on the Shenzhen Stock Exchange, marking a significant milestone in its development journey [1][3] Company Overview - Marco Polo Holdings is a leading enterprise in the domestic building ceramics sector, established in 1996 and headquartered in Dongguan [3] - The company integrates research, production, and sales of building and sanitary ceramics, offering a diverse product line that meets various consumer needs for home decoration and construction projects [3] - Marco Polo is recognized as one of the most powerful manufacturers in the domestic building ceramics industry, with its brands "Marco Polo Tiles" and "Weimei L&D Ceramics" [3] - According to the China Building Sanitary Ceramics Association, the company ranked first in revenue in the domestic building ceramics industry from 2022 to 2024, placing it in the top tier of comprehensive strength within the sector [3] Research and Development Collaboration - Since September 2021, CEAM and Marco Polo have collaborated to establish a "Ceramic Material Stress Testing and Numerical Simulation Engineering Research Center," initiating deep cooperative innovation in key ceramic material technologies [5] - Over the past five years, the partnership has achieved significant results, including a project on "Residual Stress Characterization and Testing Methods for Ceramic Slabs," which has reached an internationally leading level and filled a gap in domestic and international testing technology [5] - The collaboration has led to the joint application of four invention patents, showcasing the innovative vitality of the integration of industry, academia, and research [5] Future Prospects - The successful listing of Marco Polo opens up broader opportunities for collaboration with CEAM, aiming to deepen strategic cooperation in technology research and development, achievement transformation, and talent cultivation [7] - Both parties aspire to promote the building ceramics industry towards high-end, green, and intelligent development, contributing to technological self-reliance and industrial upgrading [7]

Core Viewpoint - Two notable building material companies listed on the Shenzhen Stock Exchange since 2025, HanGao Group and Marco Polo, have attracted significant attention from the capital market, with both experiencing substantial market capitalization growth post-listing [1][2]. Company Performance - HanGao Group's market capitalization reached over 300 billion on its listing day, later stabilizing at 238.49 billion by August 1, 2025, and exceeding 247 billion by October 22, 2025, with a stock price of over 61 [2][4]. - Marco Polo's stock closed at 31.46, reflecting a 128.80% increase, with a market capitalization of 375.92 billion on October 22, 2025, and a trading volume of 25.82 billion [3][5]. - HanGao Group's revenue from 2022 to 2024 was 16.20 billion, 22.22 billion, and 28.57 billion, with a compound annual growth rate (CAGR) of 32.78%, and net profit of 2.06 billion, 3.33 billion, and 5.31 billion, with a CAGR of 60.74% [6][10]. - Marco Polo's revenue for the same period was approximately 86.6 billion, 89.25 billion, and 73.24 billion, with net profits of 15.14 billion, 13.53 billion, and 13.27 billion [6][7]. Market Dynamics - The building materials and home furnishing sector has faced challenges due to the real estate market, but recent trends such as market upgrades and new housing projects have revived interest [8]. - The industry is characterized by a large scale, providing ample opportunities for companies to grow, especially as smaller competitors exit the market [8][14]. - The market concentration is increasing, benefiting leading companies like HanGao and Marco Polo, which can capture a larger market share [8][13]. Investment Appeal - Newly listed companies often attract investor interest, leading to significant initial stock price increases [12]. - Supportive policies, such as home upgrades and urban renewal initiatives, have bolstered market confidence [13]. - Companies demonstrating continuous high growth and innovative strategies are more likely to attract investor attention [12][14].

Core Insights - On October 22, Marco Polo's stock surged by 128.80%, with a trading volume of 2.582 billion yuan [1] - The company recorded a net financing purchase of 75.31 million yuan on the same day, with a total financing balance of 75.31 million yuan, accounting for 2.45% of its market capitalization [1] - Marco Polo's main business involves the research, production, and sales of architectural ceramics, with glazed tiles making up 97.62% of its revenue [1] Financing and Trading Data - On October 22, Marco Polo had a financing buy-in amount of 81.30 million yuan, while the financing repayment was 5.99 million yuan [1] - The company had no short selling activity on October 22, with zero shares sold or repaid [1] - As of October 22, the total number of shareholders reached 156,500, reflecting a significant increase of 1,422,318.18% [2] Financial Performance - For the first half of 2025, Marco Polo reported a revenue of 3.218 billion yuan, representing a year-on-year decrease of 11.82% [2] - The net profit attributable to the parent company for the same period was 655 million yuan, down 7.90% year-on-year [2]

Core Points - C Marco (001386) experienced a significant increase of 128.80% on its first trading day, with a turnover rate of 77.36% and a transaction volume of 2.582 billion yuan [1] - The stock attracted a net inflow of 436 million yuan from major funds on its debut, with large orders contributing 322 million yuan and special large orders adding 114 million yuan [2] - The stock's first-day margin trading saw a buy amount of 81.2977 million yuan, accounting for 3.15% of the total trading volume, while the latest margin balance stood at 75.3115 million yuan, representing 2.45% of the circulating market value [1][2] Company Overview - The company specializes in the research, production, and sales of architectural ceramics [2] - On its first trading day, the stock's top five trading departments on the dragon and tiger list had a combined transaction volume of 239 million yuan, with a net purchase of 90.2005 million yuan [2] Recent IPO Performance - Recent IPOs have shown varying first-day performance, with C Marco's 128.80% increase being one of the highest among recent listings [2] - Other notable IPOs include C Daosheng (601026) with a 396.32% increase and Changjiang Nengke (920158) with a 254.03% increase on their respective first trading days [2]

Core Viewpoint - Marco Polo Holdings Co., Ltd. successfully listed on the Shenzhen Stock Exchange on October 22, 2023, with a closing price increase of over 128%, reaching 31.46 yuan and a total market capitalization of 37.6 billion yuan [1][2]. Company Overview - Founded in 1996 and headquartered in Dongguan, Marco Polo is a large enterprise group engaged in the research, production, and sales of building ceramics and sanitary ceramics, primarily owning two brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [2]. - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, with main products including glazed and unglazed tiles [2]. IPO Details - The total issuance for the IPO was 119 million shares, with an online issuance of 75.28 million shares at a price of 13.75 yuan per share, resulting in a price-to-earnings ratio of 14.27, compared to the industry average of 32.20 [3]. - Marco Polo is the only tile company to successfully navigate the IPO process in the A-share market in the past five years [3]. Financial Performance - The company has faced declining performance, with projected revenues of 8.66 billion yuan, 8.93 billion yuan, and 7.32 billion yuan from 2022 to 2024, and net profits of 1.514 billion yuan, 1.353 billion yuan, and 1.327 billion yuan for the same period [5]. - In the first half of 2023, revenue was 3.218 billion yuan, a year-on-year decrease of 11.82%, and net profit was 655 million yuan, down 7.9% year-on-year [7]. - The average sales price of main products is expected to decline from 41.62 yuan per square meter in 2022 to 37.72 yuan per square meter in 2024 [5]. Accounts Receivable Issues - The company has high accounts receivable, with values of approximately 2.028 billion yuan, 1.599 billion yuan, and 1.214 billion yuan at the end of each reporting period, representing 28.37%, 20.45%, and 14.92% of current assets, respectively [8]. - The accounts receivable primarily come from real estate and engineering clients, which have longer payment cycles and higher risks of credit defaults [8][9]. Future Outlook and Investment Plans - Marco Polo plans to raise 2.376 billion yuan, with actual funds raised amounting to 1.643 billion yuan, primarily for the construction of a new ceramic home industry park and upgrades to production lines [11]. - The company aims to enhance its production capacity and efficiency through green and intelligent manufacturing upgrades, despite concerns about market demand and potential overcapacity [11]. - Marco Polo holds 916 patents, including 232 domestic invention patents, indicating a strong focus on technological innovation [12].

Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed on the Shenzhen Stock Exchange, with its stock price rising over 128% on the first day, reaching a market capitalization of 37.6 billion yuan [1][5]. Company Overview - Founded in 1996 and headquartered in Dongguan, Marco Polo is a large enterprise group engaged in the research, production, and sales of building ceramics and sanitary ceramics, primarily owning the brands "Marco Polo Tiles" and "Weimei L&D Ceramics" [2][3]. - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, with main products including glazed and unglazed tiles [2]. Financial Performance - The company faced a decline in performance, with revenue projected to decrease from 86.6 billion yuan in 2022 to 73.24 billion yuan in 2024, and net profit expected to drop from 15.14 billion yuan to 13.27 billion yuan during the same period [4][6]. - In the first half of the year, revenue was 32.18 billion yuan, down 11.82% year-on-year, and net profit was 6.55 billion yuan, a decline of 7.9% [6]. IPO Details - The total issuance was 119 million shares, with an online issuance of 75.28 million shares at a price of 13.75 yuan per share, resulting in a price-to-earnings ratio of 14.27, significantly lower than the industry average of 32.20 [3][4]. - The actual funds raised from the IPO amounted to 1.643 billion yuan, with plans to use the funds for capacity expansion and technological upgrades [8][9]. Industry Challenges - The ceramic industry is undergoing significant changes due to adjustments in the real estate market, stricter environmental policies, and consumer upgrades, leading to increased competition and declining sales prices [9]. - The company has reported high accounts receivable, with values of approximately 20.28 billion yuan, 15.99 billion yuan, and 12.14 billion yuan over the reporting periods, raising concerns about potential bad debts [7]. Future Outlook - Marco Polo plans to expand production capacity, with a new project expected to add 10 million square meters of building ceramic product capacity [10]. - The company aims to enhance its competitiveness through green and intelligent manufacturing upgrades, despite concerns about market demand and potential overcapacity [10].

Core Viewpoint - Marco Polo Holdings Co., Ltd. has listed on the Shenzhen Stock Exchange, raising 1.643 billion yuan through the issuance of 119.492 million shares at a price of 13.75 yuan per share, which is significantly lower than the initially planned fundraising of 4.02 billion yuan [1] Group 1: Financial Performance - The company's revenue for the first half of the year was 3.2 billion yuan, a year-on-year decrease of 12% [2] - Marco Polo's revenue for 2022, 2023, and 2024 is projected to be 8.66 billion yuan, 8.925 billion yuan, and 7.32 billion yuan respectively, with net profits of 1.514 billion yuan, 1.353 billion yuan, and 1.33 billion yuan [4] - For 2024, the company expects an 18% decline in revenue and a 7.2% decrease in net profit after excluding non-recurring gains and losses [5] - In the first half of 2025, revenue was 3.218 billion yuan, down 11.82% from 3.649 billion yuan in the same period last year, with net profit decreasing by 7.9% [7][8] Group 2: Market Position and Competition - Marco Polo focuses on the research, production, and sales of architectural ceramics, facing intensified competition in the market, leading to declines in both sales prices and volumes [4][8] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA [4] Group 3: Shareholding Structure - The controlling shareholder, Meiying Industrial, holds 64.36% of the shares before the IPO, with Huang Jianping being the actual controller of the company [10][14] - Huang Jianping directly holds 0.81% of the shares, while other related parties hold minor stakes [16]

New Stock Issuance - Dana Biological (920009) listed at an issuance price of 17.10[1] - Marco Polo (001386) issued at a price of 13.75[1] Equity Market Alerts - Offer period for Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for Dayou Energy (600403) with a recent announcement on October 22, 2025[1] Recent Announcements - Tianpu Co. (605255) announced on October 21, 2025, with a price of 2051[1] - Dongbei Group (601956) announced on October 22, 2025, with a price of 4055[1] - Yuanjie Technology (688498) announced on October 22, 2025, with a price of 3755[1] Additional Market Insights - Multiple companies reported significant price fluctuations, including ST Chuntian (600381) and ST Zhongdi (000609) on October 21, 2025[2] - A total of 30 companies reported abnormal trading activities on October 14, 2025, indicating potential market volatility[3]

Market Overview - The Shanghai Composite Index fell by 0.07% on October 22, with nine industries experiencing gains, led by the oil and petrochemical sector, which rose by 1.58% [1] - The light industry manufacturing sector saw a slight increase of 0.06% [1] - The sectors with the largest declines were non-ferrous metals and electrical equipment, which fell by 1.36% and 1.29%, respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 44.231 billion yuan, with only four industries seeing net inflows [1] - The oil and petrochemical industry had the highest net inflow of 558 million yuan, followed by the home appliance sector with a net inflow of 479 million yuan [1] - The electronic industry experienced the largest net outflow, totaling 8.021 billion yuan, followed by the electrical equipment sector with a net outflow of 6.284 billion yuan [1] Light Industry Manufacturing Sector - The light industry manufacturing sector had a net inflow of 320 million yuan, with 85 out of 158 stocks rising [2] - The top stock in terms of net inflow was C Marco, with an inflow of 436 million yuan, followed by Sea Owl Home and Pearl River Piano with inflows of 131 million yuan and 69.946 million yuan, respectively [2] - The sector also had 15 stocks with net outflows exceeding 10 million yuan, with the largest outflows from Jingxing Paper and Yuma Technology, at 75.173 million yuan and 29.970 million yuan, respectively [2][4] Light Industry Manufacturing Capital Inflow and Outflow - The top inflow stocks in the light industry manufacturing sector included: - C Marco: +128.80%, turnover rate 77.36%, inflow 435.507 million yuan - Sea Owl Home: +10.11%, turnover rate 26.82%, inflow 130.994 million yuan - Pearl River Piano: +9.96%, turnover rate 2.88%, inflow 69.947 million yuan [2] - The top outflow stocks included: - Jingxing Paper: -0.29%, turnover rate 21.69%, outflow -75.173 million yuan - Yuma Technology: -4.92%, turnover rate 5.80%, outflow -29.970 million yuan - Dongfeng Group: +2.49%, turnover rate 6.12%, outflow -28.599 million yuan [4]