Core Viewpoint - Yuan Chuang Co., Ltd. (001325.SZ) has initiated its subscription on December 9, with an issue price of 24.75 CNY per share and a maximum subscription limit of 19,500 shares, reflecting a price-to-earnings ratio of 12.93 times [1] Company Overview - Yuan Chuang Co., Ltd. specializes in the research, production, and sales of rubber track products, including agricultural and engineering machinery rubber tracks and rubber track plates, which are essential components for various tracked agricultural and engineering machinery [1] - The company has established long-term and stable business relationships with major manufacturers and quality traders in the industry, creating a global sales network across Asia, Europe, North America, Oceania, South America, and Africa [1] Industry Trends - The global non-tire rubber products industry is on an upward trend, with the total sales of the top 50 companies in this sector increasing from 68.34 billion USD in 2016 to 84.83 billion USD in 2024, representing a compound annual growth rate (CAGR) of 2.74% [1] - The International Rubber Study Group (IRSG) forecasts a 2.3% average growth in global rubber demand from 2023 to 2030 [1] - In the engineering machinery rubber track market, China's urbanization rate has exceeded 65%, indicating significant growth potential compared to developed countries, with the engineering machinery industry's revenue expected to grow at a CAGR of 6.88% from 2016 to 2024 [2] - The agricultural machinery rubber track market is also expanding, driven by increased mechanization in agricultural production, with compound growth rates for machine tillage, sowing, and harvesting areas in China being 1.10%, 3.17%, and 3.42% respectively from 2016 to 2023 [2] Financial Performance - The company reported revenues of approximately 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of approximately 139 million CNY, 178 million CNY, and 155 million CNY during the same period [3] - As of December 31, 2022, the total assets were approximately 1.588 billion CNY, with a debt-to-asset ratio of 44.06% [6] - The company’s net profit attributable to shareholders was approximately 177.65 million CNY in 2023, with a basic earnings per share of 3.02 CNY [6]