Core Viewpoint - Hai'an Group is launching its IPO with a price of 48.00 yuan per share and a price-to-earnings ratio of 13.94 times, showcasing its strong growth in the all-steel giant tire manufacturing sector, which is crucial for the mining industry in China and globally [1] Group 1: Company Overview - Hai'an Group is the largest all-steel giant tire manufacturer in China and ranks fourth globally, breaking the monopoly of international giants and filling a domestic gap in the market [1][2] - The company has shown significant revenue growth from 1.508 billion yuan in 2022 to 2.299 billion yuan in 2024, with net profit increasing from 319 million yuan to 641 million yuan during the same period [1] Group 2: Product and Technology - The company specializes in producing giant tires for heavy mining trucks, which require high durability, safety, and performance due to the harsh mining environments [2][3] - Hai'an Group has developed a comprehensive technology system for the research and production of all-steel giant tires, achieving multiple key technological breakthroughs and forming a complete set of proprietary intellectual property rights [5][6] Group 3: Market Position and Strategy - The company has established a global marketing network with headquarters in Fujian and operational centers in Shanghai and Xiamen, expanding its international presence and sales [8] - Hai'an Group has successfully replaced imported tires with domestically produced ones, becoming the first in China to achieve large-scale production of all-steel giant tires, which is significant for the security of the mining supply chain [6][7] Group 4: Financial Performance - In the first half of 2025, the company reported revenues of 1.079 billion yuan and a net profit of 341 million yuan, indicating stable growth [1][7] - The company expects its full-year revenue and net profit for 2025 to remain stable compared to 2024, reflecting a solid business foundation [7]