Core Viewpoint - The company, Shenhua Co., Ltd., is establishing a fund to invest in high-quality industrial development, focusing on strategic emerging industries and future industries, aiming to enhance its competitive advantage and create new profit growth points [1]. Group 1: Fund Establishment - On July 22, Shenhua Co., Ltd. announced the establishment of the Shenhua High-Quality Industrial Development Fund with a total investment of 1.512 billion yuan [1]. - Shenhua Co. will contribute 1.2 billion yuan as a limited partner, while Henan Asset Management Co. will invest 300 million yuan [1]. - Jiangsu Jiangkong Chuangfu Private Fund Management Co. and Henan Asset Fund Management Co. will act as general partners, contributing 10 million yuan and 2 million yuan respectively [1]. Group 2: Investment Focus - The fund will prioritize investments in mineral resources, new materials, intelligent manufacturing, new energy, and smart connected vehicles, which are aligned with national strategic emerging industries [1]. - The establishment of the fund is intended to explore investment opportunities in the upstream and downstream of the industrial chain within these sectors [1]. Group 3: Strategic Goals - The investment aims to provide new platforms for investment and development, fostering new profit growth points for the company [1]. - This initiative supports the company's "dual-driven" strategy, enhancing its overall competitive advantage in the market [1].

Overview - The article discusses the continuous supervision report of Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd. (hereinafter referred to as "the company") by its joint sponsors, Zhongtai Securities Co., Ltd. and AVIC Securities Co., Ltd. [1] Group 1: Company Operations - The company specializes in the research, production, and sales of high-end titanium and titanium alloy materials, primarily used in aerospace, aviation, naval vessels, and weaponry [1][2] - The company has established long-term and stable relationships with major clients, including state-owned enterprises and well-known listed companies in the defense sector [3][7] - The company has a high customer concentration, with significant revenue derived from a few key clients, which poses a risk if demand or relationships change due to policy or market conditions [3][7] Group 2: Risks - Core competitiveness risk arises from the complex and demanding nature of titanium alloy production, requiring continuous innovation and adherence to stringent performance standards [2][3] - Operational risks include high customer and supplier concentration, which could lead to supply chain disruptions or financial impacts if key relationships are affected [3][4] - The company faces risks related to the development of high-end equipment markets, as lengthy validation processes could hinder new product sales [4] Group 3: Financial Performance - The company has shown steady growth in revenue and net profit, with a focus on increasing R&D investment to enhance core competitiveness [16][17] - Accounts receivable have increased significantly, indicating longer collection periods, which could impact cash flow [7][16] - The company’s gross profit margin has fluctuated, with recent figures at 33.76%, 34.45%, and 38.85% for the years ending 2022, 2023, and 2024 respectively [10] Group 4: Competitive Advantages - The company has established a strong R&D and technical advantage, with numerous patents and participation in national standards development [17][19] - The company benefits from a market first-mover advantage, having established itself as a qualified supplier through rigorous evaluation processes [18][19] - The company possesses a comprehensive certification and qualification system, enabling it to meet the high standards required in the aerospace sector [21] Group 5: Regulatory Compliance - The company has adhered to relevant laws and regulations regarding corporate governance, internal controls, and information disclosure [27][30] - There have been no significant violations or issues reported during the continuous supervision period, indicating a stable operational environment [15][35]

浙江坤博精工科技股份有限公司 浙江省嘉兴市海盐县秦山街道许油车村 浙江坤博精工科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书不具有据以发行股票的法律效力，投 资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 证券简称： 坤博精工 证券代码： 873570 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价 ...