Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking the third company to be accepted for IPO this year [1] Group 1: Company Overview - Jianxin Superconducting focuses on the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment [2] - The company was established in December 2013 and completed its share reform in November 2022, headquartered in Cixi, Ningbo, Zhejiang Province [5] - The founder, Xu Jianyi, holds 41.51% of the shares, with his family controlling a total of 59.92% of the voting rights [5][6] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 359 million, 451 million, and 425 million yuan respectively, with net profits of 34.63 million, 48.73 million, and 55.78 million yuan [12] - In 2024, the revenue is expected to decline due to factors such as the impact of medical equipment policies and a slowdown in the domestic medical procurement market [12] - The gross profit margins for the last three years were 19.56%, 22.84%, and 24.94%, which are relatively low compared to peers [14] Group 3: Market Position - Jianxin Superconducting holds approximately 4.2% of the global market share for superconducting magnets, ranking fifth globally and second among domestic companies [18][28] - The global MRI equipment market has grown from $7.5 billion in 2015 to $11.1 billion in 2024, with a compound annual growth rate (CAGR) of 4.5% [23] - The Chinese MRI equipment market has increased from 10.45 billion yuan in 2015 to 16.6 billion yuan in 2024, with a CAGR of 5.3% [23] Group 4: Product and R&D - The company has developed a product matrix that includes various types of superconducting magnets, with a notable increase in revenue from non-liquid helium products [9][10] - Jianxin Superconducting's R&D team includes members with experience from major medical device companies, enhancing its innovation capabilities [7] - The company has invested a total of 72.4 million yuan in R&D over the past three years, accounting for 5.86% of its cumulative revenue [16] Group 5: Future Prospects - The company plans to raise 865 million yuan through its IPO, with 90 million yuan allocated for working capital [29] - Despite recent cash dividends totaling approximately 20 million yuan annually, the company faces challenges in maintaining cash flow due to rising inventory levels [17][29]