新三板高岭土龙头企业，又要IPO了

Core Viewpoint - Jin Yan High-tech, established in 2012, focuses on the mining, research, and deep processing of coal-based kaolin, holding a 19.1% market share in precision casting materials in China as of 2024 [3]. Company Overview - Jin Yan High-tech is headquartered in Huaibei, Anhui, and has a full value chain layout from raw materials to finished products [3]. - The company’s main product, molybdenum materials for precision casting, is crucial for high-end manufacturing sectors such as aerospace and automotive [3]. - The business of refractory molybdenum materials has seen rapid growth, with revenue share increasing from 3.2% in 2022 to 23.5% in the first five months of 2025 [3]. Market Strategy - The company is shifting its focus to the Hong Kong stock market after previously attempting to list on the North Exchange, aligning with a trend of new three-board companies seeking listings in Hong Kong [3]. - Jin Yan High-tech is indirectly controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, which supports its compliance and resource acquisition [3]. Financial Information - The company plans to use the funds raised from its IPO for deep processing projects, R&D center construction, repaying bank loans, and supplementing operating capital [4]. - Financial projections indicate that Jin Yan High-tech expects to achieve revenue of 267 million yuan and a net profit of 52.6 million yuan in 2024, with 105 million yuan in revenue and 18.03 million yuan in net profit in the first five months of 2025 [4]. Challenges - The average selling price of the core product, precision casting molybdenum materials, has decreased by nearly 16% over the past three years [4]. - The only kaolin mine operated by the company has an estimated remaining service life of about 16 years based on current production capacity [4]. - The company's debt-to-asset ratio has increased from 16.2% in 2022 to 42.3% in 2024, raising concerns about its ability to overcome resource and profit volatility [4].