Company Overview - Qianyuan Weike Holdings Limited has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with Agricultural Bank of China International as its sole sponsor [1] - The company is a comprehensive coal logistics service provider in China, focusing on reliable and high-quality services [1] - It is recognized as a major non-long-term coal logistics service provider in China, with a revenue scale that ranks it as the largest in Shaanxi Province and the second in Northwest China, holding approximately 0.5% market share in the region [1] Industry Insights - The non-long-term coal logistics service market has grown from RMB 709.4 billion in 2018 to RMB 928.7 billion in 2023, reflecting a compound annual growth rate (CAGR) of 5.5% [1] - The market is projected to reach RMB 1,210 billion by 2028, with an expected CAGR of 5.4%, driven by stable growth in downstream market demand and the increasing value of non-long-term coal logistics services [1] Financial Performance - For the fiscal years 2022, 2023, and 2024, as well as the six months ending June 30, 2025, Qianyuan Weike reported revenues of approximately RMB 4.524 billion, RMB 3.738 billion, RMB 3.662 billion, and RMB 1.924 billion respectively [2] - The company's annual profits for the same periods were approximately RMB 165 million, RMB 47.03 million, RMB 33.91 million, and RMB 23.41 million respectively [2] Operational Capacity - As of June 30, 2025, Qianyuan Weike operates four collection stations, including one owned and three leased or flexibly used through agreements with operators [2] - The company effectively covers over 30 coal mines through these collection stations [2]