Core Viewpoint - Shenzhen Hongye Jiyuan Geotechnical Technology Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, with Guangyin International as its sole sponsor [1] Company Overview - The company has over 23 years of experience in geotechnical engineering services in South China since 2002, focusing on pile foundation engineering, excavation engineering, and mixed support engineering [3] - It is recognized as the largest non-state-owned geotechnical engineering company in South China by revenue in 2024, with a market share of 1.9% among non-state-owned enterprises involved in large geotechnical projects [3][4] - The company has received multiple awards, including being recognized as one of Shenzhen's top 500 enterprises from 2019 to 2024 and as a high-tech enterprise [3] Industry Overview - The Chinese geotechnical engineering industry is characterized by a fragmented competitive landscape, with state-owned enterprises holding approximately 74% of the market share and non-state-owned enterprises accounting for about 26% [4] - Non-state-owned enterprises are increasingly taking on high-value projects, and their market share is expected to grow as market reforms and technological innovations continue [4][10] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 were approximately RMB 1.228 billion, RMB 1.112 billion, RMB 1.011 billion, and RMB 780 million, respectively [6] - The profit for the same periods was RMB 47.48 million, RMB 56.68 million, RMB 75.67 million, and RMB 60.99 million [7] - The gross profit margins for these periods were 15.5%, 18.9%, 23.7%, and 25.6% [8] Market Growth - The Chinese geotechnical engineering market is projected to grow from RMB 870.8 billion in 2020 to RMB 952 billion in 2024, with a compound annual growth rate (CAGR) of 2.3% [10] - The non-state-owned geotechnical engineering market is expected to grow from RMB 216 billion in 2020 to RMB 247.5 billion in 2024, with a CAGR of 3.5% [12] - The market for large geotechnical engineering projects is anticipated to reach RMB 234.9 billion by 2029, with a CAGR of 8.6% from 2025 to 2029 [13]