Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a main board listing, with Shenwan Hongyuan (Hong Kong) as the sole sponsor. The company previously submitted an application on February 14, 2025 [1]. Company Overview - Meilian is a comprehensive subcontractor in the prefabricated steel structure building market, providing integrated services including project design, procurement, manufacturing, and installation, primarily in China and overseas [3]. - The company ranks third in the industrial sector of China's prefabricated steel structure market with a market share of 3.5%, while the top two competitors hold market shares of 35.8% and 6.5% respectively [3]. Production Capacity and Utilization - The company's production facilities are located in Shanghai, Suzhou (Jiangsu Province), and Jiangmen (Guangdong Province). The capacity utilization rates for prefabricated steel structure components were 128.3%, 88.1%, 101.7%, and 158.7% for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. For industrial environmental protection equipment, the utilization rates were 50.9%, 72.7%, 85.9%, and 82.7% for the same periods [3]. Revenue and Profitability - The company's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 1.903 billion, RMB 1.453 billion, RMB 1.523 billion, and RMB 1.424 billion, respectively. Corresponding profits were RMB 87.706 million, RMB 62.132 million, RMB 70.783 million, and RMB 62.629 million [5][6]. Client Dependency - A significant portion of the company's revenue is derived from major clients, with the top five clients contributing approximately 77.7%, 64.6%, 59.0%, and 84.0% of total revenue in the respective years. The largest client accounted for about 64.8%, 43.1%, 42.1%, and 61.1% of total revenue in the same periods [4].
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智通财经网·2025-09-15 23:08