【看新股】马矿股份冲刺上交所主板：拟募资10亿扩能铁矿采选 客户集中度较高

Core Viewpoint - Fujian Makeng Mining Co., Ltd. plans to go public on the Shanghai Stock Exchange, aiming to raise 1 billion yuan for the expansion of its iron ore mining project, with a focus on increasing production capacity and improving operational efficiency [1][4]. Group 1: Company Overview - Makeng Mining was established in 1995 and specializes in iron ore resource development and utilization [2]. - As of the signing date of the prospectus, Fujian Rare Earth holds 45.90% of the shares, making it the largest shareholder, while the Fujian Provincial State-owned Assets Supervision and Administration Commission indirectly controls 55.9% of the voting rights [2][4]. Group 2: Financial Performance - The company reported stable financial performance with revenues of 2.057 billion yuan, 1.962 billion yuan, 2.050 billion yuan, and 1.045 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - The net profit attributable to the parent company for the same periods was 659 million yuan, 654 million yuan, 664 million yuan, and 362 million yuan, indicating consistent profitability [5]. Group 3: Business Operations - The main products include iron concentrate, molybdenum concentrate, and limestone, with iron concentrate accounting for over 90% of the main business revenue from 2022 to the first half of 2025 [7][8]. - The company relies heavily on the Makeng Iron Mine, with no other mining operations, which poses a risk if any adverse events affect this single source [8]. Group 4: Market Dynamics - The company's revenue is primarily generated from sales to steel enterprises in Fujian Province, with a high customer concentration, where the top five customers accounted for 96.89%, 97.68%, 92.50%, and 82.21% of annual revenue from 2022 to the first half of 2025 [11]. - Fluctuations in iron ore prices significantly impact the company's financial performance, with potential declines in prices due to macroeconomic factors and competition from major global mining companies [12].