Zheng Quan Zhi Xing·2025-08-22 16:24Core Viewpoint - The report outlines the ongoing public offering of shares by China Shipbuilding (Handan) Peric Special Gas Co., Ltd., detailing the issuance of 79,411,765 shares at a price of 36.15 RMB per share, raising a total of approximately 2.87 billion RMB. The report also emphasizes the continuous supervision and compliance measures undertaken by the sponsor, CITIC Securities, during the listing process [1]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system, ensuring compliance with regulations [3]. - A continuous supervision agreement was signed between the sponsor and the company, clarifying rights and obligations during the supervision period [3]. - The sponsor conducts ongoing supervision through regular communication, site visits, and due diligence [3][4]. Financial Performance - For the first half of 2024, the company reported operating revenue of approximately 1.04 billion RMB, a 12.60% increase compared to the previous year [10]. - The net profit attributable to shareholders was approximately 196.18 million RMB, reflecting a decrease of 4.77% [10]. - The company's total assets reached approximately 6.57 billion RMB, an increase of 3.93% [10]. Core Competitiveness - The company focuses on technological innovation and has established a strong R&D team, with 138 dedicated R&D personnel, accounting for over 16% of the workforce [11]. - The company holds 174 invention patents and 161 utility model patents, showcasing its commitment to innovation [11]. - The company has developed advanced core technologies in various processes, with seven technologies at an international leading level [11]. Risk Factors - The company faces core competitiveness risks due to the rapid technological advancements in the semiconductor industry, necessitating continuous R&D investment [6]. - Operational risks are present as the company’s products are critical to high-end manufacturing, and any quality issues could lead to significant customer complaints and financial liabilities [6]. - Financial risks are highlighted due to the capital-intensive nature of the industry, with fixed assets accounting for 37.83% of total assets [7]. Compliance and Governance - The company has maintained compliance with relevant regulations and has not encountered any major violations during the supervision period [4][8]. - The governance structure has been refined to ensure clear responsibilities among the board and management, aligning with modern corporate governance practices [12]. Market Position and Client Base - The company has established a diverse client base, including major players in the semiconductor and display panel industries, enhancing its market position [13]. - The company has entered the supply chain for advanced 3nm process nodes, indicating its capability to meet high industry standards [13]. Use of Raised Funds - As of June 30, 2025, the company has maintained compliance in the use of raised funds, with a balance of approximately 2.15 billion RMB in the dedicated account [17].