Core Viewpoint - Xiangyang Chia Tai Seed Industry Co., Ltd. (referred to as "Chia Tai Seed") has received approval for its IPO on the Beijing Stock Exchange, with a focus on corn seed research, production, and sales, indicating a strong position in the seed industry [2][3]. Company Overview - Chia Tai Seed was established in July 1996 and operates as an integrated seed company involved in research, breeding, promotion, and sales [2]. - As of December 31, 2024, the company has obtained 68 plant variety authorizations and has 71 approved corn varieties for sale, covering major corn production areas in China [2]. Financial Performance - For the reporting period from 2022 to 2024, the company reported revenues of CNY 319 million, CNY 409 million, and CNY 380 million, respectively, with net profits of CNY 94.69 million, CNY 88.43 million, and CNY 81.13 million [4]. - In 2024, the company's revenue decreased by 7.1% year-on-year, and net profit fell by 8.25% compared to the previous year [5]. Seed Business Insights - The seed business accounted for 98.36%, 88.07%, and 94.90% of the company's main business revenue during the reporting years, primarily driven by corn seed sales [5]. - In 2024, the sales volume of seeds increased by 4.45%, while the average price per unit decreased by 4.26%, leading to stable revenue compared to the previous year [6][7]. Fundraising and Investment Plans - The IPO aims to raise CNY 363 million, which will be allocated to projects including the construction of a seed processing center in Yunnan, the second phase of a corn seed processing project in Zhangye, and the establishment of a core testing station in Xiangyang [3].