Group 1 - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, with a fundraising target of 3.981 billion yuan [2][3] - The company specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [3] - According to the China Glass Fiber Industry Association, Zhenstone holds over 35% of the global market share for wind power glass fiber fabrics in 2024, ranking first globally [3] Group 2 - The company faced challenges from 2015 to 2018, with revenue fluctuating between 1 billion and 1.5 billion yuan, heavily reliant on overseas markets, particularly Europe [3] - In April 2019, a significant acquisition occurred where Zhang Yuqiang and Zhang Jiankang's company acquired 20,548,000 shares of Zhenstone at a price of 2.50 HKD per share, leading to the company's privatization [3][4] - Following the privatization, Zhenstone underwent restructuring, with a major share transfer agreement signed in August 2020, resulting in a new ownership structure [4] Group 3 - As of April 2023, a series of share transfers were completed, further consolidating control of Zhenstone by Zhang Yuqiang and Zhang Jiankang [5] - The company transitioned to a joint-stock company in June 2023, with the main shareholder being Tongxiang Huajia, which holds 56.27% of the shares [6] - The financial performance forecast for the end of 2024 indicates a net profit attributable to shareholders of approximately 299.6 million yuan, with a basic earnings per share of 0.41 yuan [7] Group 4 - The actual controllers of the company are Zhang Yuqiang and Zhang Jiankang, who collectively control 96.51% of the shares through various entities [8] - Zhang Yuqiang serves as the chairman, while Zhang Jiankang holds the position of general manager [6][8]

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. (hereinafter referred to as "Taike Ying") is preparing for its IPO on the Beijing Stock Exchange, having pursued this goal since 2019. The company focuses on the design and research of mining and construction tires, operating without its own production facilities, which is a unique business model in the industry [1][3][5]. Business Model and Market Position - Taike Ying specializes in the design, research, sales, and service of engineering radial tires and all-steel truck tires. In 2023, it ranked 3rd among Chinese brands and 8th globally in the engineering radial tire market. It also holds the 1st position in the domestic market for large-tonnage crane tires [3][4]. - The company has established partnerships with several leading domestic and international construction machinery manufacturers, including SANY Group and XCMG, as well as global giants like Liebherr and JCB [4]. Production and Supply Chain Issues - The company does not manufacture tires but relies on a contract manufacturing model, focusing on research and development to enhance tire efficiency and reduce consumption [5][6]. - However, Taike Ying's main contract manufacturer, Xingda Tire, is currently facing debt default issues, which could impact the stability of product supply. The procurement amounts from Xingda Tire during the reporting period were significant, accounting for over 20% of total procurement in 2022 [7]. Financial Performance - Taike Ying has shown stable growth in its financial performance, with operating profits of 140.98 million, 178.63 million, and 199.87 million CNY over the past three years, and net profits of 108.34 million, 137.93 million, and 156.65 million CNY, reflecting a net profit margin around 6.01% to 6.82% [8]. - The company has also distributed cash dividends totaling 51.63 million CNY over the past two years, indicating a commitment to returning value to shareholders [9]. IPO and Fundraising Plans - Initially, the company planned to raise 770 million CNY, exceeding its net asset size, but this amount has been significantly reduced to 390.10 million CNY after scrutiny from the market and the review committee. The revised fundraising plan focuses on upgrading tire products, establishing a research center, and enhancing digital management systems [10][18]. - The adjusted fundraising amount represents 23.69% of the latest total assets and 17.00% of the most recent annual revenue, making it a more reasonable target compared to the original plan [18]. Future Outlook and Risks - Despite the promising market outlook, the company faces potential risks associated with its unique business model and the ongoing issues with its main supplier. The construction period for new projects may lead to short-term profit declines due to high depreciation and amortization costs [18][20].

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. (referred to as "Taike Ying") is set to undergo a review by the North Exchange's IPO committee, marking a long-awaited step towards its public listing after starting its red-chip structure in 2019 [1][11]. Company Overview - Taike Ying specializes in the design, research, sales, and service of tires for mining and construction, focusing on engineering radial tires and all-steel truck tires [3][4]. - The company ranks third among Chinese brands and eighth globally in engineering radial tires as of 2023, with a leading market share in large-tonnage crane tires domestically [3][4]. Business Model - The company operates a unique business model that emphasizes research and development without any in-house production, relying on contract manufacturing for its products [4][5]. - Taike Ying has established a "main and auxiliary backup" supplier system to ensure product delivery despite the current debt issues faced by its main contract manufacturer, Xingda Tire [5][6]. Financial Performance - The company has shown stable growth in its financial performance, with operating profits of 140.98 million, 178.63 million, and 199.87 million yuan over the past three years, and net profits of 108.34 million, 137.93 million, and 156.65 million yuan respectively [8]. - The net profit margins have remained relatively stable, with net profit rates of 6.01%, 6.79%, and 6.82% during the same period [8]. IPO and Fundraising - Initially, the company planned to raise over its net asset value but has since reduced its fundraising target significantly to 390.10 million yuan, focusing on three key projects aimed at enhancing product competitiveness and research capabilities [12][13]. - The revised fundraising plan now represents 23.69% of the latest total assets and 17.00% of the most recent annual revenue, making it appear more reasonable compared to the original target [12]. Risks and Challenges - The main contract manufacturer, Xingda Tire, is currently undergoing a debt resolution process, which poses a risk to Taike Ying's supply stability if the situation worsens [6][7]. - The company anticipates that the initial phase of its fundraising projects may negatively impact its profits due to high depreciation and amortization costs, projecting a profit reduction of approximately 2.51 million yuan in the first year of project implementation [14].