金岩高新港股IPO：主营煤系高岭土业务，核心产品价格下滑

Core Viewpoint - Jinyan High-tech recently submitted an IPO application to the Hong Kong Stock Exchange, with joint sponsors being Guoyuan International and Minyin Capital. The company specializes in coal-based kaolin business and has a fully integrated value chain from mining to sales [1][6]. Group 1: Company Overview - Established in 2012, Jinyan High-tech focuses on producing precision casting and refractory materials made from mullite, serving industries such as automotive, aerospace, and construction [1]. - According to Frost & Sullivan, Jinyan High-tech is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% as of 2024 [2]. Group 2: Financial Performance - Revenue figures for Jinyan High-tech from 2022 to May 2025 show a growth trend, with revenues of approximately CNY 190.4 million, CNY 204.7 million, CNY 267.1 million, and CNY 104.9 million respectively. Net profits for the same periods were approximately CNY 24.4 million, CNY 43.6 million, CNY 52.6 million, and CNY 18.0 million [3][4]. - The gross profit margins for the years 2022, 2023, 2024, and the first five months of 2025 were 30.2%, 34.8%, 36.7%, and 35.5% respectively [3][4]. - The average selling price of precision casting mullite materials decreased from CNY 1,554 per ton in 2022 to CNY 1,307 per ton by May 2025, a cumulative decline of 15.9%, attributed to a flexible pricing strategy to increase market share [4]. Group 3: Resource and Production Capacity - Jinyan High-tech owns the Shuli kaolin mine in Huai Bei, with an estimated resource total of approximately 18.6 million tons and an expected remaining mining life of about 16 years based on an annual production capacity of 400,000 tons [2]. - The company plans to enhance its production capacity for refractory mullite materials, aiming to increase annual production capacity to 70,000 tons and establish a new production line for high-quality kaolin fine powder with an annual capacity of 60,000 tons [8]. Group 4: Ownership Structure - The actual controller of Jinyan High-tech is the Anhui State-owned Assets Supervision and Administration Commission, which holds a combined stake of 60.13% through various subsidiaries [6].