Core Viewpoint - The company Anhui Jinyan High-tech Materials Co., Ltd. has re-submitted its IPO application to the Hong Kong Stock Exchange after a previous application lapsed, revealing updated financial data and business conditions for 2024 and the first five months of 2025 [1][2]. Group 1: Company Overview - Anhui Jinyan was established on October 25, 2012, with a registered capital of 26 million yuan, specializing in the entire value chain of coal series kaolin business from mining to sales [2]. - The company is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% [3]. Group 2: Financial Performance - Revenue figures for the company from 2022 to the first five months of 2025 are approximately 190 million yuan, 205 million yuan, 267 million yuan, and 105 million yuan, respectively, with net profits of 24.42 million yuan, 43.62 million yuan, 52.60 million yuan, and 18.03 million yuan [4]. - The average selling price of precision casting mullite materials has decreased from 1554 yuan/ton to 1307 yuan/ton, a cumulative decline of 15.9% [5]. Group 3: Product and Market Dynamics - The revenue share of precision casting mullite materials has dropped from 96.8% in 2022 to 65% in the first five months of 2025, while the share of refractory mullite materials has increased from 3.2% to 23.5% [2]. - The company’s main products serve critical needs in various industries, including automotive, aerospace, and metallurgy [2]. Group 4: Resource and Production Capacity - The company owns the Shuli kaolin mine in Huai Bei, which has an estimated total resource of approximately 18.65 million tons, with a remaining mining life of about 16 years based on an annual capacity of 400,000 tons [3]. - The IPO proceeds are intended for technology research and development, repayment of bank loans, and enhancing production capacity for refractory mullite materials [3]. Group 5: Ownership and Control - The actual controller of the company is the Anhui Provincial State-owned Assets Supervision and Administration Commission, which holds a controlling interest through Huai Bei Mining Group [7]. - The company has an outstanding loan of 80 million yuan from Huai Bei Mining Group, aimed at supporting diversified utilization projects [7]. Group 6: Management - The chairman of the company, Zhang Kuang, has nearly 35 years of experience in the mining industry and has been with the company since 2019 [8].