重启上市路，海明润A股江湖十年再见！深创投加持，剑指北交所！

Core Viewpoint - Shenzhen Haimingrun Superhard Materials Co., Ltd. (referred to as "Haijingrun") is attempting to return to the A-share market after nearly a decade since its last IPO attempt, with a deadline to complete the listing by the end of 2026 to avoid potential buyback requests from investors [2][3][8]. Group 1: Company Background and Previous IPO Attempts - Established in August 2000, Haijingrun specializes in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard materials, primarily focusing on oil and gas drilling tools [3][4]. - In June 2015, Haijingrun submitted its IPO application for the ChiNext board but withdrew it in August 2016 after facing significant operational challenges due to declining oil prices, which led to a sharp drop in revenue and profits [5][6][11]. - The company reported revenues of 188.44 million, 202.74 million, and 136.25 million from 2013 to 2015, with net profits of 36.36 million, 42.63 million, and 23.28 million respectively, and a net profit of less than 5 million in the first half of 2016 [5][6]. Group 2: Current Financial Status and Future Plans - As of 2023, Haijingrun's revenue reached 256.6 million, with a net profit of 46.34 million, indicating a recovery to levels similar to those in 2013 [6][8]. - In 2024, the company achieved a revenue of 291 million and a net profit of 57.69 million, but still fell short of the new listing requirements for the ChiNext board, which now mandates a net profit of at least 60 million in the most recent year [7][8]. - Haijingrun has submitted an application for listing on the New Third Board and aims to transition to the Beijing Stock Exchange, which is seen as the only viable option for a quick A-share listing [2][8]. Group 3: Risks and Challenges - The company faces significant time constraints and operational challenges to meet the listing deadline by the end of 2026, as it must be listed on the New Third Board for at least 12 months before applying for the Beijing Stock Exchange [8][9]. - Haijingrun's reliance on a limited number of clients remains a concern, with its largest client, National Oilwell Varco, contributing 38.22% and 41.08% of its revenue in 2023 and 2024, respectively [11][13]. - The company has acknowledged the risks associated with fluctuating oil and gas prices, which previously led to its IPO failure, and continues to face challenges in diversifying its product offerings beyond PDC products [14][15].