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Core Viewpoint - Meilian Steel Structure Building System (Shanghai) Co., Ltd. is preparing for its main board listing on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as the sole sponsor [1]. Company Overview - Meilian is a comprehensive provider of prefabricated steel structure building subcontracting services, offering integrated services including project design, procurement, manufacturing, and installation primarily in China and overseas [3]. - The company ranks third in the industrial sector of China's prefabricated steel structure building market with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [3][5]. Business Segments - The company's operations are divided into three categories: (i) prefabricated steel structure building subcontracting services, (ii) specialized engineering contracting, and (iii) industrial environmental protection equipment [4]. - The prefabricated steel structure building subcontracting services are the cornerstone of the business, providing tailored integrated services for various industrial project needs [4]. - The specialized engineering contracting segment oversees the entire project lifecycle, including implementation, quality control, and budget management [4]. - The industrial environmental protection equipment segment focuses on mechanical filtration and noise reduction systems, contributing significantly to revenue [4]. Market Dynamics - The industrial sector of the prefabricated steel structure building market in China is highly concentrated, with the largest players dominating the industry [5]. - The company’s production capacity is supported by advanced facilities located in Shanghai, Suzhou, and Jiangmen, which are equipped to meet diverse business demands [6]. Financial Performance - The company reported revenues of approximately RMB 1.903 billion, RMB 1.453 billion, RMB 1.523 billion, and RMB 1.424 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [7]. - Profit figures for the same periods were RMB 87.77 million, RMB 62.13 million, RMB 70.78 million, and RMB 62.63 million [7]. - The company’s bid win rates for prefabricated steel structure projects were 27.8%, 30.3%, 22.7%, and 32.1% for the respective years, while the total contracting projects had win rates of 25.0%, 20.0%, 35.3%, and 18.8% [6].