森合高科：IPO征程，开启环保提金新篇

Core Viewpoint - The gold mining industry is undergoing significant transformation driven by increasing environmental awareness, with Guangxi Senhe High-tech Co., Ltd. making strides towards the capital market through its IPO submission to the Beijing Stock Exchange [1] Company Overview - Guangxi Senhe High-tech Co., Ltd. was established in 2011 and adheres to the philosophy of "green ore, environmentally friendly gold extraction," focusing on technological innovation [1] - The company has developed the only domestic and world-leading bio-environmental wet gold extraction technology, which disrupts traditional high-energy consumption and high-pollution fire separation techniques [1] - Its core product, the Jinchan gold extraction agent, has complete independent intellectual property rights and is recognized for its safety and environmental friendliness, widely applicable in various gold extraction processes [1] Financial Performance - The company achieved revenues of 302 million yuan, 346 million yuan, and 623 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 47.06 million yuan, 56.07 million yuan, and 150 million yuan [3] - In 2024, the company is projected to have a gross profit margin of 36.80% and a net profit margin of 24.05%, with a return on equity of 32.06% [3] Market Position and Production Capacity - The environmental-friendly precious metal extraction agent sector has several companies with different technological routes, but most are still in small-scale production [3] - Scale production is a core competitive advantage in this field, with the company achieving an annual production capacity exceeding 30,000 tons, while most competitors remain at hundreds to thousands of tons [3] - The company has successfully implemented industrialized technology applications, with its products being widely used by gold production enterprises domestically and internationally [3] Future Growth Plans - To capitalize on the rapidly growing market for environmentally friendly precious metal extraction agents, the company plans to construct an 80,000-ton annual production capacity project, with a construction period of 24 months [4] - The total investment for this project is 555 million yuan, with 490 million yuan to be funded through raised capital, and the expected annual sales revenue post-completion is 381 million yuan, with an average annual net profit of 75.33 million yuan [4] - The IPO aims to leverage capital market resources to further expand production capacity, increase R&D investment, and broaden market reach, contributing to the sustainable development of the global mining industry [4]