Core Viewpoint - Marco Polo (001386.SZ) is set to be listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of building ceramics, and is one of the largest manufacturers and sellers in China [1][2]. Group 1: Company Overview - Marco Polo has established five major production bases located in Dongguan, Qingyuan (Guangdong), Fengcheng (Jiangxi), Rongchang (Chongqing), and Tennessee (USA) [4]. - The company ranked first in the domestic building ceramics industry in terms of revenue from 2022 to 2024, with revenues of 8.661 billion yuan, 8.925 billion yuan, and 7.324 billion yuan respectively [4]. Group 2: Business Model and Revenue Breakdown - The company employs a "distribution + direct sales" model, with annual agreements with distributors and direct sales agreements with clients [4]. - Marco Polo's main business is divided into glazed and unglazed tiles, with glazed tile revenues of 8.295 billion yuan, 8.586 billion yuan, and 7.150 billion yuan from 2022 to 2024, accounting for 96.30%, 96.70%, and 98.14% of total revenue respectively [4]. Group 3: Client Base and Revenue Trends - Major clients include Huana Home, China Overseas Property, Poly Real Estate, FD Sales Company LLC, and Jiushan Home, contributing 1.451 billion yuan, or 19.92% of total revenue [5]. - The company anticipates a 17.95% decline in main business revenue in 2024 compared to 2023, with a noted increase in the proportion of glazed tile revenue and a decrease in unglazed tile revenue [5]. Group 4: Market Conditions and Risks - The company acknowledges potential risks associated with fluctuations in the real estate market, which is closely linked to the building ceramics industry [5]. - The real estate development prosperity index has shown a declining trend from 94.31 in 2022 to 92.78 in 2024, indicating potential challenges for the company if it cannot adapt its strategies [5].