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Core Viewpoint - The Haian Rubber Group plans to publicly issue 46.49 million shares, accounting for 25% of the total share capital after the issuance, with the listing subscription starting on November 14, 2025 [1] Group 1: Fundraising and Investment - The total fundraising amount is approximately 2.952 billion yuan, with two-thirds allocated for the production of giant tires [2] - The investment projects include: - Full steel giant tire expansion project with a total investment of 1.945 billion yuan [4] - Automation production line upgrade project for full steel giant tires with an investment of 371 million yuan [4] - R&D center construction project with an investment of 286 million yuan [4] - Supplementing working capital with an investment of 350 million yuan [4] Group 2: Company Overview - Haian Group specializes in the R&D, production, and sales of giant full steel radial tires, headquartered in Putian, Fujian [5] - The company operates under a "manufacturing + service" model, providing lifecycle management services for mining tires, serving both domestic and international large mining enterprises [5][7] - The company has become the fourth largest global manufacturer and the largest domestic manufacturer of full steel giant tires, with a significant market share [7] Group 3: Financial Performance - In 2024, the comprehensive gross profit margin of Haian Rubber reached 48.17%, significantly higher than the industry average, attributed to the increased proportion of high-value-added products [7] - The sustainability of this high gross profit margin post-expansion is a key concern for the industry [9]