Group 1: Company Overview of Meidel - Meidel, established in 2009, is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of smart manufacturing equipment, particularly modular conveyor systems and industrial components [2][5] - The company’s products are integral to factory automation and are widely used in industries such as new energy, automotive parts, electronics, and warehousing logistics [5] - As of September 30, 2025, Meidel holds 201 patents, including 21 domestic invention patents and 159 utility model patents, and is recognized as a national high-tech enterprise [5] Group 2: Financial Metrics and Market Position of Meidel - Meidel's IPO price is set at 41.88 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 47.36 [3] - The company’s revenue and net profit for 2022 are projected to show a growth rate of 15% and 10% respectively, with a forecasted decline of 10% in 2024 [3][6] - The company plans to allocate 1.20 billion yuan (18.60%) to the Dalian Meidel Phase IV construction project and 2.00 billion yuan (31.01%) to the development of high-end intelligent conveyor systems [4] Group 3: Customer Base and Risks of Meidel - Meidel has a high customer concentration risk, with sales to the top five customers accounting for 59.34% of total revenue in 2022, which is projected to rise to 62.75% by mid-2025 [6] - The concentration is attributed to the high market concentration in the new energy battery sector, where leading companies have significant demand for conveyor systems [6] Group 4: Company Overview of Aishalon - Aishalon, founded in 2003, specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields [7][11] - The company is recognized as the largest manufacturer of medical care pads in China and is rapidly advancing towards the top four in the industry [11] Group 5: Financial Metrics and Market Position of Aishalon - Aishalon's IPO price is set at 15.98 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 29.79 [8] - The company plans to invest 3.00 billion yuan (100%) into the Caprol public health medical supplies industrial park construction project [10] Group 6: Customer Base and Risks of Aishalon - Aishalon faces a high customer concentration risk, with sales to the top five customers making up 81.99% of total revenue in 2022, increasing to 88.40% by mid-2025 [12] - The primary customer, Medline Group, represents a significant portion of sales, with its share ranging from 71.51% to 77.73% over the forecast period [12]