Core Viewpoint - The Beijing Stock Exchange will review Qingdao Taikaiying Special Tire Co., Ltd.'s initial public offering on July 25, 2025, with a fundraising target of approximately 390 million yuan for various tire product upgrades and technology development projects [1][2]. Company Overview - Taikaiying was established in 2007 and is based in Laoshan District, Qingdao, Shandong Province. The company specializes in the design, research and development, sales, and service of tires for mining and construction [2]. - The major shareholder, Wang Chuan Zhu, controls 72.94% of the company, while his spouse holds an additional 6.77%, giving them a combined control of 79.71% [2]. Financial Highlights - The company aims to raise approximately 390 million yuan, with the total investment for its projects amounting to about 446.53 million yuan [3]. - Revenue for the years 2022, 2023, and 2024 was approximately 1.803 billion yuan, 2.031 billion yuan, and 2.295 billion yuan, respectively, with corresponding net profits of about 108 million yuan, 138 million yuan, and 157 million yuan [8]. - For the first quarter of 2025, revenue was approximately 594 million yuan, reflecting a year-on-year growth of 26.09% [8]. Product and Market Focus - Taikaiying focuses on the global mining and construction tire market, with over 60% of its revenue coming from overseas [4][10]. - The company’s product range includes engineering radial tires and all-steel truck tires, with over 70% of revenue derived from engineering radial tires, particularly mining tires [5][6]. Research and Development - The company has invested in R&D, with expenditures of approximately 32.02 million yuan, 41.88 million yuan, and 48.12 million yuan for the years 2022, 2023, and 2024, respectively, representing 1.78%, 2.06%, and 2.10% of revenue [13]. - Despite the increase in R&D investment, the company's R&D expense ratio remains below the industry average [13][14]. Competitive Position - Taikaiying ranks third among Chinese brands and eighth globally in the engineering radial tire segment, but still lags behind leading international brands [15]. - The company’s sales strategy focuses on regions with abundant mining resources and strong infrastructure needs, but it faces risks from market fluctuations and international trade policies [10][12].