Core Viewpoint - Balanshi (920112.BJ) was listed on the Beijing Stock Exchange on August 28, focusing on the research, production, and sales of automotive maintenance and testing equipment, with a range of products including tire changers, balancing machines, and lifting equipment [1][5]. Company Overview - Balanshi is recognized as a major manufacturer in the domestic automotive maintenance equipment industry, with a sales network covering most provinces and cities in China [5]. - The company has established a strong customer base, including well-known automotive manufacturers like BYD, Li Auto, and Great Wall Motors, as well as large chain maintenance shops and oil companies [5]. - Balanshi is classified as a high-tech enterprise and has received various industry recognitions, including being a vice president unit of the China Automotive Maintenance Industry Association [5]. Financial Performance - The company's total revenue for 2022, 2023, and projected for 2024 is 6.43 billion, 7.94 billion, and 10.57 billion CNY, respectively, with net profits of 0.3 billion, 0.81 billion, and 1.29 billion CNY [6]. - The gross profit margins for the same years are 23.62%, 27.04%, and 28.55%, indicating a consistent upward trend [6]. Market Position and Risks - Balanshi's foreign sales accounted for 75.91%, 74.06%, and 75.59% of its main business income from 2022 to 2024, primarily settled in USD [7]. - The company acknowledges risks associated with its OEM (Original Equipment Manufacturer) sales model, which may affect its brand visibility and revenue stability if major clients face operational challenges [6][7].