精铸莫来石龙头，通过港交所聆讯

Core Viewpoint - Jin Yan High-Tech is seeking to list on the Hong Kong Stock Exchange after previously attempting to list on the Beijing Stock Exchange, indicating a strategic shift in its capital market approach [1][4]. Company Overview - Jin Yan High-Tech is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% in 2024 [2]. - The company primarily relies on coal series kaolin mineral resources for its products, which include precision casting mullite materials and refractory mullite materials [2]. Financial Performance - The production volumes for precision casting mullite materials were 117,900 tons in 2022, 114,500 tons in 2023, 105,600 tons in 2024, and 84,800 tons in the first five months of 2025. For refractory mullite materials, the production volumes were 5,200 tons, 19,800 tons, 25,700 tons, and 10,600 tons respectively [2]. - The company's revenue figures were CNY 190 million in 2022, CNY 205 million in 2023, CNY 267 million in 2024, and CNY 105 million in the first five months of 2025. Net profits were CNY 24 million, CNY 44 million, CNY 53 million, and CNY 18 million respectively [2]. Fundraising Purpose - The funds raised from the IPO will be allocated to deep processing projects for mullite-based aluminum-silicon materials, establishing a new materials engineering technology research center, repaying bank loans, and general corporate purposes [3]. Market Strategy - Jin Yan High-Tech has a dedicated sales and marketing team of 10 people, focusing on promoting and selling mullite materials. The company has established a stable customer base, with 40 clients maintaining business relationships for over five years [4]. - Revenue from the top five customers accounted for 18.6%, 23.7%, 23.8%, and 24.5% of total revenue in 2022, 2023, 2024, and the first five months of 2025, respectively [4]. Supplier Relationships - The company sources materials from various suppliers, including packaging, utility services, and logistics. The procurement amounts from the top five suppliers were CNY 73 million, CNY 69 million, CNY 90 million, and CNY 44 million for the respective years, representing 74.6%, 68%, 66.9%, and 73% of total procurement [5].