Company Overview - Full Name: Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd [1] - Abbreviation: Jintian Titanium [1] - Stock Code: 688750.SH [1] - IPO Application Date: June 29, 2023 [1] - Listing Date: November 20, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Non-ferrous Metal Smelting and Rolling Processing Industry [1] - IPO Sponsoring Institutions: AVIC Securities, Zhongtai Securities [1] - IPO Legal Advisor: Hunan Qiyuan Law Firm [1] - IPO Audit Institution: Zhongxinghua Accounting Firm (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify the objectivity and accuracy of the prospectus regarding the main business of Jintian Group; required to accurately disclose trademark authorization periods; required to ensure consistency in the prospectus content; required to delete certain risk-related statements and provide objective evidence for claims of being "advanced," "leading," etc. [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: Jintian Titanium's listing cycle is 510 days, shorter than the average of 629.45 days for A-share companies in 2024 [2] - Multiple Applications: Not applicable, no penalties [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amount to 56.9627 million yuan, with a commission rate of 8.60%, higher than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 320.39% on the first day of listing [4] - Three-Month Performance: Stock price increased by 192.18% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 24.72 times, significantly higher than the industry average of 17.54 times, representing 140.94% of the industry average [6] - Actual Fundraising: Expected fundraising of 1.12 billion yuan, with actual fundraising of 662 million yuan, a decrease of 40.84% [7] Short-term Performance - Revenue Growth: In 2024, the company's operating income increased by 0.91% year-on-year, while net profit attributable to shareholders grew by 3.04%, and non-recurring net profit increased by 2.13% year-on-year [8] - Subscription Rate: Abandonment rate is 0.11% [9] Overall Assessment - Total Score: Jintian Titanium's IPO project received a total score of 79 points, classified as Grade C. Negative factors affecting the score include the need for improved disclosure quality, high issuance cost ratio, high issuance P/E ratio, significant reduction in actual fundraising, and a 0.11% abandonment rate [9]