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Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Shenwan Hongyuan (Hong Kong) as its sole sponsor [1]. Company Overview - Meilian is a comprehensive subcontractor in the prefabricated steel structure building market, providing 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% as of 2024 [3]. Production Capacity and Utilization - The production facilities are located in Shanghai, Suzhou, and Jiangmen, with utilization rates for prefabricated steel structure components at 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 [3]. - The utilization rates for industrial environmental protection equipment were 50.9%, 72.7%, 85.9%, and 82.7% for the same periods [3]. Market Characteristics - The industrial sector of the prefabricated steel structure market is valued for its efficiency, strength, and adaptability, particularly for large-span buildings and rapid assembly [4]. - The company relies heavily on 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 [4]. Financial Performance - Revenue figures for the 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 [5]. - Profit figures for the same periods were RMB 87.706 million, RMB 62.132 million, RMB 70.783 million, and RMB 62.629 million [5].