Venture(US:VEMLY) Zheng Quan Zhi Xing·2025-08-29 17:47Core Viewpoint - Jiangxi Aifenda Heating Technology Co., Ltd. is set to issue up to 21.67 million shares at a price of 27.69 yuan per share, with the aim of listing on the ChiNext board, following approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2]. Summary by Sections Issuance Details - The total number of shares to be issued is 21.67 million, accounting for 25% of the total share capital post-issuance, with all shares being newly issued and no existing shareholders selling shares [1]. - The issuance price of 27.69 yuan per share corresponds to a diluted price-to-earnings ratio of 20.35 times based on the lower of the 2024 net profit attributable to the parent company before and after non-recurring gains and losses [2][8]. Pricing and Valuation - The issuance price is lower than the average static price-to-earnings ratio of 21.05 times for comparable companies in the same industry, indicating a potentially attractive valuation [2][8]. - The average static price-to-earnings ratio for the metal products industry is reported at 31.41 times, providing a benchmark for investors [8]. Strategic Advantages - Aifenda has established itself as a leader in research and development, holding 662 domestic patents, including 87 invention patents, which enhances its competitive edge in the market [10]. - The company has a significant production capacity of over 2 million sets of towel racks annually, with its products certified for entry into major markets such as Europe and North America [11]. - Aifenda has built strong relationships with key clients in Europe, ensuring a stable demand for its products and contributing to its competitive advantage [12]. Market Positioning - The company is focusing on the domestic market's growth potential, leveraging online sales platforms and strategic partnerships with real estate companies to enhance its market presence [12]. - Aifenda's commitment to quality and customer service has resulted in long-term partnerships with notable companies, reinforcing its market position [10][12]. Issuance Process - The issuance will involve both offline and online subscription methods, with specific timelines for investors to participate [5][18]. - The strategic placement of shares will include participation from senior management and core employees, indicating internal confidence in the company's future [6][16].