Core Viewpoint - The company Anhui Jinyan Kaolin New Materials Co., Ltd. (referred to as "Jinyan High-tech") has re-submitted its IPO application to the Hong Kong Stock Exchange, changing its exclusive sponsor to a joint sponsorship by Guoyuan International and Minyin Capital, after its previous application became invalid [1][8]. Group 1: Company Overview - Jinyan High-tech, established in 2012, specializes in coal series kaolin business, integrating the entire value chain from mining, R&D, processing to production and sales [3]. - The main products include precision casting mullite materials and refractory mullite materials, with precision casting materials being essential for high-precision parts in industries such as automotive, aerospace, and medical [3][4]. Group 2: Financial Performance - Revenue for Jinyan High-tech during the reporting period (2022-2024 and the first five months of 2025) was approximately 190 million, 205 million, 267 million, and 105 million CNY, respectively, with net profits of approximately 24.4 million, 43.6 million, 52.6 million, and 18.0 million CNY [5][6]. - The average selling price of precision casting mullite materials decreased from 1554 CNY/ton to 1307 CNY/ton, indicating a continuous downward trend [7]. Group 3: Market Position and Share - Jinyan High-tech is the largest producer of precision casting mullite materials in China, with a market share of 19.1% in 2024, up from 17.9% in 2023 [4]. - The estimated total resource volume of the Shuli kaolin mine, owned by Jinyan High-tech, is approximately 18.6 million tons, with a service life of only 16 years based on an annual production estimate of 400,000 tons [4][8]. Group 4: Future Plans and Use of Proceeds - The company plans to use the proceeds from the IPO for technology research and development, repayment of bank loans, and to enhance the production capacity of refractory mullite materials [8].