Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co., stock code: 920068.BJ) was listed on the Beijing Stock Exchange, with a closing price of 20.17 yuan, reflecting a significant increase of 411.93% from the opening price [1] Company Overview - Tiangong Co. specializes in the research, production, and sales of titanium and titanium alloy materials, utilizing sponge titanium and other metal elements to create products in various forms such as plates, pipes, and wires, which are widely used in the chemical and consumer electronics industries [1] Shareholding Structure - Before the issuance, Tiangong Investment held 75.58% of the company's shares, which decreased to 68.57% (pre-over-allotment) and 67.63% (post-over-allotment) after the issuance [1] - Zhu Xiaokun, Yu Yumei, and Zhu Zefeng, who are the actual controllers of the company, hold shares through Tiangong Investment, with Zhu Xiaokun directly holding 2.47% of the shares, which will decrease to 2.24% (pre-over-allotment) and 2.21% (post-over-allotment) [2] Financial Performance - The company reported revenues of 383 million yuan, 1.035 billion yuan, and 801 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan for the same years [8] - The total assets as of December 31, 2024, were approximately 1.217 billion yuan, with total equity of about 1.047 billion yuan [9] Fundraising and Use of Proceeds - Tiangong Co. raised a total of 236.4 million yuan, with a net amount of 206.32 million yuan after deducting issuance costs of 30.08 million yuan [6] - The company plans to use the raised funds for the construction of a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, with a total investment of 400 million yuan [7] Market and Business Challenges - The company is facing inquiries regarding the decline in line material revenue in the first half of 2024, with specific requests for data on sales volume and reasons for the decline [4] - There are concerns about the company's ability to maintain business sustainability and the impact of increased ESG requirements from customers on sales [5]