Core Viewpoint - Hai'an Rubber Group Co., Ltd. has been in the inquiry phase for over a year and a half regarding its IPO on the Shenzhen Stock Exchange, with recent updates on financial data submitted [1][3] Group 1: Company Overview - Hai'an Rubber's main business includes the research, production, and sales of giant all-steel radial tires for engineering machinery, as well as the operation management of mining tires [1] - The company aims to raise approximately 2.952 billion yuan through its IPO, which will be allocated for expanding production capacity of all-steel giant tires, upgrading automated production lines, constructing a research center, and supplementing working capital [3] Group 2: Financial Performance - From 2022 to 2024, Hai'an Rubber's revenue and net profit are projected to grow steadily, with revenues of approximately 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan, and corresponding net profits of about 354 million yuan, 654 million yuan, and 679 million yuan [3] - The company has a high proportion of overseas revenue, with main business income of approximately 1.457 billion yuan, 2.208 billion yuan, and 2.244 billion yuan, and overseas sales of about 950 million yuan, 1.682 billion yuan, and 1.665 billion yuan, representing 65.19%, 76.16%, and 74.23% of main business income respectively [3] Group 3: Accounts Receivable - Hai'an Rubber's accounts receivable have been increasing year by year, with values of 342 million yuan, 418 million yuan, and 625 million yuan at the end of each reporting period, accounting for 16.27%, 14.92%, and 19.05% of total assets, and 22.7%, 18.57%, and 27.19% of revenue respectively [4] - The company attributes the growth in accounts receivable to the expansion of its revenue scale, noting that the tire industry typically involves long settlement cycles due to its customer base primarily consisting of large enterprises [4] Group 4: Control and Ownership - The controlling shareholder of Hai'an Rubber is Fujian Xinhui Investment Group Co., Ltd., which holds 28.32% of the shares, while the actual controller, Zhu Hui, directly holds 19.5% and indirectly through Xinhui Group holds a total of 47.82% of the shares [5]