Core Viewpoint - Haiyang Technology (603382.SH) has successfully listed on the Shanghai Stock Exchange, specializing in the research, production, and sales of Nylon 6 series products, establishing a comprehensive product system including chips, yarns, and tire fabrics [1][4]. Company Overview - Haiyang Technology is one of the major enterprises in China engaged in the Nylon 6 series product development and production, with a complete product system [1]. - The company has entered the supply chain of several well-known domestic and international chemical, fiber, and tire companies, becoming a key producer of Nylon 6 series products [10]. Financial Information - The initial offering price was set at 11.50 yuan per share, with an institutional quotation of 11.71 yuan per share, resulting in a market capitalization of 20.84 billion yuan [5]. - The company's earnings per share (EPS) is projected with a price-to-earnings (P/E) ratio of 12.69, compared to the industry average P/E ratio of 23.65 [5]. Market Position - In the Nylon 6 chip market, Haiyang Technology holds a domestic market share of 5.49% for the year 2024 [10]. - The company has a market share of 15.71% in the Nylon tire fabric sector and 6.14% in the polyester tire fabric sector for the year 2023 [10]. Investment Plans - The company plans to use the raised funds for various projects, including a 10,000-ton modified polymer new material project (Phase I) with an investment of 2.92 billion yuan (47.74% of total funds) and a 4,500-ton high-modulus low-shrinkage polyester tire fabric project with an investment of 1.70 billion yuan (27.76% of total funds) [8]. - Additionally, 1.50 billion yuan (24.50% of total funds) will be allocated to supplement working capital [8]. Profitability Trends - The company's gross profit margin has been declining, with projected rates of 10.37%, 8.12%, and 7.42% for the years 2022 to 2024, respectively [11]. - The decline is attributed to increasing competition in the Nylon industry and fluctuations in downstream demand due to global economic instability [11].

Company Overview - Company is a leading enterprise in the research, production, and sales of Nylon 6 series products and tire cord materials in China, with a complete product system including Nylon 6 chips, yarns, and tire fabrics [7][10] - The company emphasizes high-quality development and aims to become a leader in the Nylon 6 and tire fiber skeleton materials industry, leveraging its strong R&D and industrialization capabilities [7][10] Financial Performance - The company's main business revenue for the reporting periods were 4,062.82 million CNY, 4,106.43 million CNY, and 5,531.85 million CNY, accounting for 99.89%, 99.85%, and 99.81% of total revenue respectively [15] - The gross profit for the main business during the same periods was 421.42 million CNY, 333.58 million CNY, and 410.56 million CNY, representing 99.93%, 99.81%, and 99.56% of total gross profit respectively [16] - R&D investment for the last three years totaled 266.39 million CNY, with a compound annual growth rate of 11.36% [18] Market Position - Company holds significant market shares in the Nylon 6 industry, with a projected market share of 5.49% for Nylon 6 chips and 15.71% for tire fabrics in 2023 [22] - The company has established long-term strategic partnerships with major domestic and international firms, enhancing its market competitiveness [8][22] Strategic Initiatives - The company plans to use the funds raised from its IPO to invest in projects such as the annual production of 100,000 tons of modified polymer new materials and the intelligent transformation of high-modulus low-shrinkage polyester tire fabrics [9][34] - Future strategies include enhancing brand recognition, optimizing product structure, and expanding both domestic and international markets [20][22] Industry Context - The Nylon 6 industry is experiencing rapid growth, with China accounting for over half of the global production capacity [27] - The market is shifting towards differentiated and functional products, with significant opportunities arising from national policies and a stable supply of raw materials [26][28]

Group 1 - The purpose of the IPO is to leverage capital markets for equity financing to expand production scale, enhance intelligent production levels, and reduce the company's debt ratio, thereby improving core competitiveness and market position [1][2] - The company has established a modern corporate governance structure in compliance with relevant laws and regulations, ensuring effective operation and protection of shareholder rights [2] - The funds raised will be allocated to projects including the production of 100,000 tons of modified polymer materials and a smart transformation project for 45,000 tons of low-shrink polyester tire fabric [3][11] Group 2 - The company has a strong operational capability, having developed a comprehensive product system centered around nylon 6, and has maintained a leading position in production and sales within the industry [3][8] - Future development plans include a diversified strategy focused on nylon 6 new materials, aiming to become a leading global supplier in the nylon 6 and tire reinforcement material sectors [3][8] - The company’s revenue has shown a continuous growth trend, with reported revenues of 406,715.70 million yuan, 19,665.45 million yuan, and a projected profit increase of 18.68% for 2024 [7][8] Group 3 - The company’s main products include nylon 6 chips, nylon 6 yarn, and tire fabric, which are widely used in various industries such as textiles, automotive, and electronics [7][8] - The production of nylon 6 chips is influenced by multiple factors including raw material supply, industry competition, and downstream applications, while tire fabric is affected by upstream material prices and downstream demand [8] - The company has mechanisms in place for the effective management and supervision of raised funds to ensure project implementation [3][11] Group 4 - The IPO will involve the issuance of 45,312,900 shares, accounting for 25% of the total shares post-issuance, with a face value of 1.00 yuan per share [11][12] - The strategic placement of shares will include participation from large enterprises with strategic cooperation relationships, insurance companies, and the company's senior management and core employees [12] - The expected timeline for the IPO includes key dates such as the initial inquiry on May 28, 2025, and the subscription date on June 3, 2025 [12]