振宏股份，赶上了北交所春节前IPO的末班车

Core Viewpoint - The company, Zhenhong Heavy Industry (Jiangsu) Co., Ltd., is set to raise 451 million yuan through its IPO, which will be invested in a project to expand its annual production capacity of high-quality forgings to 50,000 tons and to supplement working capital [1][5]. Company Overview - Zhenhong Heavy Industry specializes in the research, production, and sales of forged wind power main shafts and other large metal forgings, serving various sectors including wind power, chemical, machinery, shipping, and nuclear power [3]. - The company has accumulated extensive technical and process experience over the years, enabling it to produce large, high-end, and large-scale forgings, thus providing customized forgings with stable quality and good performance [3]. Financial Performance - The company reported revenues of 827.18 million yuan, 1.025 billion yuan, 1.136 billion yuan, and 633.35 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - Net profits for the same periods were 62.84 million yuan, 80.94 million yuan, 103.57 million yuan, and 59.29 million yuan [4]. - The total assets as of June 30, 2025, were approximately 1.25 billion yuan, with total equity of about 631.16 million yuan [5]. IPO Details - The IPO will involve the public issuance of no more than 22.91 million shares (excluding the over-allotment option) or up to 26.35 million shares (if the over-allotment option is fully exercised) [5]. - The funds raised will be allocated to the 50,000-ton high-quality forging expansion project and to supplement working capital [5][6]. Project Investment Breakdown - The high-quality forging expansion project has a total investment budget of 41.51 million yuan, with 37.10 million yuan expected to be funded from the IPO proceeds [6]. - An additional 8 million yuan will be allocated to supplement working capital [6].