Group 1: Company Overview - Tianfulong (天富龙) is set to issue shares at a price of 23.6 yuan per share with a P/E ratio of 20.93, which is lower than the industry average of 32.3 [1] - Fuen Co., Ltd. (福恩股份) has submitted its prospectus for an IPO on the Shenzhen Main Board, with CITIC Securities as the sponsor [1][3] - Fuen Co. specializes in recycled fabrics for clothing, serving major brands like H&M, Uniqlo, and Zara, but faces risks related to high brand concentration and increasing accounts receivable [1][8] Group 2: Financial Performance - Fuen Co. reported revenues of approximately 17.64 billion yuan in 2022, 15.17 billion yuan in 2023, and an expected 18.13 billion yuan in 2024, with net profits of 2.77 billion yuan, 2.29 billion yuan, and 2.75 billion yuan respectively [22] - The company’s gross profit margins were 27.79%, 29.97%, and 28.65% over the reporting periods, slightly above the average for comparable companies [23] Group 3: Market Position and Risks - Fuen Co. holds a market share of approximately 4% in recycled polyester blended fabrics and 6% in recycled color-spun fabrics in the domestic market [22] - The company faces risks from high customer concentration, with the top five clothing brands accounting for about 70% of its revenue [15] - Accounts receivable have been increasing, with values of approximately 246 million yuan, 255 million yuan, and 274 million yuan over the reporting periods, representing about 30% of current assets [16]