Company Overview - Marco Polo is a leading company in the domestic building ceramics industry, primarily engaged in the research, production, and sales of building ceramics [1][2] - The company has two major brands: "Marco Polo Tiles" and "Vimel L&D Ceramics," with the "Marco Polo" trademark recognized as a famous Chinese trademark [1][2] - Marco Polo has maintained the highest revenue in the domestic building ceramics industry for three consecutive years, confirming its leading position [1][2] Industry Context - The ceramics industry is experiencing a decline due to the real estate cycle, with national ceramic tile production expected to decrease from 67.30 billion square meters in 2023 to 59.1 billion square meters in 2024, a drop of 12.18% [2] - Despite the shrinking new housing market, there is a structural shift in the building ceramics industry, with increasing demand for home renovations and cross-industry applications [2] - The market share is increasingly concentrating among leading enterprises due to advantages in scale, technology, and brand recognition [2] Financial Performance - For the fiscal year 2024, Marco Polo is projected to achieve revenue of 7.324 billion yuan, a decrease of 17.93% year-on-year, and a net profit of 1.327 billion yuan, down 1.92% year-on-year [3] - The company anticipates a revenue range of 4.850 billion to 5.100 billion yuan for the first nine months of 2025, representing a year-on-year decrease of 7.25% to 11.79% [3] - The net profit for the same period is expected to be between 1 billion and 1.050 billion yuan, reflecting a year-on-year decline of 7.66% to 12.06% [3] IPO and Market Expectations - Marco Polo's IPO involves issuing 11.949 million shares, raising 1.643 billion yuan, with funds allocated to five projects aimed at enhancing production capabilities [3][4] - The company's dynamic price-to-earnings ratio is 12.93, significantly lower than the average of comparable companies at 25.8, indicating a valuation advantage [5] - The IPO price is set at 13.75 yuan per share, which is considered relatively low within the main board context, where new stocks have averaged a 300% increase on their first trading day [5] Market Performance Predictions - Based on recent trends, Marco Polo's first-day performance could see an increase in the range of 220.7% to 234.4%, aligning with the average performance of newly listed stocks [4][5] - Despite the positive brand recognition and valuation advantages, the high fundraising amount and the impact of the real estate cycle may limit the stock's performance on its debut [5]

Core Viewpoint - The implementation of the new national standard GB/T 45817-2025 for ceramic tiles will enhance product quality and drive industry transformation, with Guangdong Dongpeng Holding Co., Ltd. being one of the first companies to achieve the highest quality level (5A级) under this standard [1][2]. Group 1: Company Achievements - Guangdong Dongpeng Holding Co., Ltd. has successfully passed the 5A级 inspection for its Dongpeng Rock Plate products, demonstrating its comprehensive capabilities in product development, manufacturing technology, and quality control [2]. - The company received the inspection report from the Foshan Quality Measurement Supervision and Testing Center, confirming that its product meets the AAAA级 requirements of the new national standard [1][2]. Group 2: Industry Impact - The new national standard establishes a unified grading criterion for ceramic tile quality, with AAAA级 representing internationally leading quality levels, which will accelerate standard upgrades and promote product quality enhancement across the industry [2]. - The implementation of the new standard is expected to drive high-quality development and integration within the industry, influencing consumer trust and market positioning for leading companies like Dongpeng [2][3]. Group 3: Future Commitment - The company will continue to adhere to its core values of "customer first, value-oriented," optimizing product performance and user experience to support sustainable high-quality development [3].

Core Viewpoint - Guangdong Dongpeng Holdings Co., Ltd. has become one of the first companies to pass the new national standard for ceramic tiles, achieving the highest quality grade of 5A, which is expected to enhance its market position and product credibility [1][2]. Group 1: Company Achievements - The company participated in the drafting and implementation of the new national standard GB/T 45817-2025 for ceramic tiles, which will take effect on December 1, 2025 [1]. - The company’s product, Dongpeng Rock Plate T09YF191803, has been certified to meet the 5A requirements of the new standard [1][2]. Group 2: Industry Impact - The new standard establishes a unified grading criterion for ceramic tile quality, with 5A representing an internationally leading quality level, which is expected to drive industry transformation and product quality enhancement [2]. - The implementation of the new standard is anticipated to accelerate a new round of standard upgrades in the consumer goods sector, promoting a virtuous cycle of consumption and investment [2]. Group 3: Future Directions - The company aims to adhere to a "user-first, value-oriented" core value, continuously optimizing product performance and user experience to support sustainable high-quality development [3].

Core Viewpoint - The company has successfully participated in the development and verification of the new national standard GB/T 45817-2025 for ceramic tiles, achieving the highest quality level 5A for its products, which enhances its market credibility and leadership in the industry [1] Group 1 - The company is one of the main drafting units for the new national standard GB/T 45817-2025 for ceramic tiles [1] - The first batch of the company's rock slab products has passed the 5A level testing, marking it as one of the first enterprises in the industry to meet this standard [1] - This achievement indicates the company's comprehensive capabilities in product R&D, manufacturing technology, and quality control at the 5A level [1] Group 2 - The compliance with the new standard is expected to optimize the product structure and improve operational quality, injecting new momentum for high-quality development [1] - The enhancement of the "Dongpeng" brand's market credibility and reputation is anticipated, solidifying the company's position as a leading enterprise in the building ceramics industry [1]

Core Points - Marco Polo Holdings Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board [1] - The total number of shares to be issued is 119,492,000, with an issue price of RMB 13.75 per share [1][2] - The IPO will consist of strategic placement, offline issuance, and online issuance [1] Issuance Details - The total number of shares offered in the IPO is 119,492,000, representing 10% of the total shares post-issuance [2] - The initial strategic placement is 11,949,200 shares, also 10% of the total issuance [2][5] - The offline issuance initially accounted for 75,280,300 shares (70% of the remaining shares), while online issuance accounted for 32,262,500 shares (30%) [2] Subscription and Allocation - The online subscription saw an effective subscription multiple of 6,927.0167 times, leading to a decision to activate the allocation mechanism [3] - After the allocation, the final online issuance quantity is 75,280,000 shares, while the offline issuance is 32,262,800 shares [3] - The final online subscription rate is 0.0336849074%, with an effective subscription multiple of 2,968.6885858 times [3] Financial Statistics - The total amount raised from online investors is RMB 1,030,292,670, while offline investors raised RMB 443,613,500 [8] - The total issuance costs amount to RMB 83.0212 million, with underwriting fees of RMB 51.8868 million [10] - The underwriting firm, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed [7] Lock-up Period - For offline investors, 30% of the shares will have a lock-up period of 6 months from the date of listing [5][6]

Core Points - Marco Polo Holdings Co., Ltd. has received approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for its initial public offering (IPO) and main board listing [1][4] - Investors are required to fulfill their payment obligations by October 15, 2025, to avoid forfeiting their subscription [1] - The underwriter, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed by investors [1] Summary by Sections - **IPO Details** - The IPO application has been approved and registered, allowing for the public offering of shares [1] - The shares offered online will have no restrictions on circulation and can be traded immediately upon listing [2] - **Investor Obligations** - Investors who fail to pay for shares after winning a subscription three times within 12 months will be barred from participating in future online subscriptions for six months [2][3] - The announcement serves as a payment notification for investors who have won shares in the online subscription [3] - **Subscription Results** - A total of 150,560 winning numbers were announced, with each winning number allowing for the subscription of 500 shares of Marco Polo A-shares [3]

Core Viewpoint - Marco Polo Holdings Co., Ltd. is set to issue 119.492 million shares at a price of 13.75 yuan per share, resulting in a diluted static P/E ratio of 14.27, which is significantly lower than the industry average of 32.20 and 27.69 for comparable companies, indicating reasonable pricing for the issuance [1] Group 1: Company Overview - Marco Polo owns two major brands, "Marco Polo Tiles" and "Weimei L&D Ceramics," which have a strong reputation both domestically and internationally [3] - The brand value of "Marco Polo Tiles" has ranked first in the building ceramics industry for 13 consecutive years, while "Weimei L&D Ceramics" ranks sixth [3] Group 2: Innovation and Technology - The company has achieved significant product innovation with core technologies such as curved rock slabs, 3mm SPT intelligent polished bright rock slabs, and AI random infinite patterns, which enhance product functionality and market appeal [4] - Marco Polo has implemented green manufacturing practices, utilizing tailings and low-temperature fast firing technologies to achieve a fully green and low-carbon production process [7] Group 3: Market Trends and Policies - The "Green Building Materials" policy aims to boost the green building materials market, with projected revenues exceeding 300 billion yuan by 2026, encouraging a shift from traditional materials to green alternatives [6][10] - The policy also supports the integration of green materials into consumer goods replacement programs, enhancing the market for eco-friendly products [6][10] Group 4: Competitive Positioning - Marco Polo is well-positioned to capitalize on the green building materials trend, having established a competitive edge through early adoption of green production practices [7] - The company has been recognized with national "Green Factory" titles for several of its subsidiaries, reinforcing its commitment to sustainable practices [7] Group 5: Market Dynamics - The building ceramics industry is expected to undergo a structural transformation, with increased concentration and a shift towards green and value-added products [14] - Smaller companies lacking green technology may exit the market, allowing leading firms like Marco Polo to capture greater market share and enhance profitability [14] Group 6: Sales and Distribution Strategy - Marco Polo has over 8,000 sales terminals, which supports the absorption of new production capacity and ensures stable revenue growth [13] - The company is actively collaborating with large home decoration enterprises to expand its market presence and adapt to changing consumer preferences [12][13]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei LD Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on both glazed and unglazed tiles [2] - Projected revenues for 2022 to 2024 are 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, with a leading global rice recombinant protein expression system [3] - The company has developed a third-generation technology platform achieving 20-30g/kg expression levels of human albumin, with several products in various stages of clinical research [3][4] - Projected revenues for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display manufacturers [5][6] - Projected revenues for 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector [7] - Projected revenues for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, with several products in various stages of clinical trials [9] - The company has a core product, BEBT-908, that has been approved for market, while others are in different phases of clinical trials [9][10] - Projected net losses for 2022 to 2024 are 188 million, 173 million, and 56 million yuan respectively [10][11]

Group 1 - The company Marco Polo has initiated its subscription process, with a total issuance of 119.49 million shares, including 32.26 million shares for online subscription at a price of 13.75 yuan per share, resulting in a price-earnings ratio of 14.27 times [1][3] - The maximum subscription limit for a single account is set at 32,000 shares, with subscriptions required to be in multiples of 500 shares [1][3] - The company specializes in the research, production, and sales of architectural ceramics [2] Group 2 - The funds raised will be allocated to various projects, including a special high-performance ceramic board project with an investment of 781.37 million yuan and an intelligent ceramic home industry park project with an investment of 674.38 million yuan [4] - Key financial indicators for the company show total assets of 142.33 billion yuan in 2024, a net asset of 96.62 billion yuan, and an operating income of 73.24 billion yuan [4] - The net profit for 2024 is projected at 1.33 billion yuan, with a basic earnings per share of 1.23 yuan [4]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on glazed and unglazed tiles [2] - For the fiscal years 2022 to 2024, Marco Polo's revenue is projected to be 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company that has developed a leading rice recombinant protein expression system [3] - The company has achieved a human albumin expression level of 20-30g/kg using its OryzHiExp third-generation technology platform [3] - Revenue projections for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3][4] - The raised funds will be allocated to the construction of an industrial base for recombinant human albumin and new drug development projects [4] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display panel manufacturers [6] - Revenue for 2022 to 2024 is expected to be 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] - The funds raised will be used for high-layer and HDI project investments and to repay bank loans [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and foreign invention patents in the 12-inch silicon wafer sector in mainland China [7] - Revenue projections for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] - The raised funds will be fully invested in the second phase of the Xi'an Yiswei silicon industry base project [8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, including cancer and autoimmune diseases [9] - The company has several products in various stages of clinical trials, with its core product BEBT-908 already approved for market [9][10] - Revenue projections for 2022 to 2024 indicate net losses of 188 million, 173 million, and 56 million yuan respectively [10] - The funds raised will be used for new drug development and the establishment of a research center and formulation industrialization base [11]