Core Viewpoint - Hai'an Group successfully listed on the Shenzhen Stock Exchange with an issue price of 48.00 yuan per share and a price-to-earnings ratio of 13.94 times [1] Group 1: Company Overview - Hai'an Group is the largest all-steel giant tire manufacturer in China and one of the top four manufacturers of giant engineering radial tires globally [2][4] - The company was founded in 2005 by Chairman Zhu Hui, who aimed to address the domestic production challenges of all-steel giant tires, which were previously dominated by foreign giants [2] - After 20 years of development, Hai'an Group has achieved annual revenue exceeding 2 billion yuan and has successfully mass-produced a full range of all-steel giant tire products, breaking the monopoly of three major international brands [2] Group 2: Strategic Importance of IPO - The IPO is strategically significant for Hai'an Group, enabling the expansion and upgrading of production equipment, improving processes, and breaking through capacity bottlenecks [3] - The listing will attract more talented individuals in the industry, enhancing the company's overall R&D capabilities and laying a solid talent foundation for long-term development [3] - It will also increase the company's brand awareness in the domestic and international all-steel giant tire industry, facilitating market share expansion and new customer acquisition [3] Group 3: Market Position and Financial Performance - The global market for all-steel giant tires is dominated by three major brands (Michelin, Bridgestone, and Goodyear), which hold over 80% of the market share [5] - Hai'an Group has been recognized for its continuous R&D investment and technological innovation, filling the gap in China's all-steel giant tire manufacturing and expanding its market influence [5] - The company's main business includes the R&D, production, and sales of giant all-steel engineering radial tires, as well as the management of mining tire operations [5] Group 4: Financial Metrics - From 2022 to the first half of 2025, Hai'an Group's main business revenue was 1.457 billion yuan, 2.208 billion yuan, 2.244 billion yuan, and 1.030 billion yuan, respectively, with net profits of 319 million yuan, 639 million yuan, 641 million yuan, and 317 million yuan, indicating rapid growth and a stable development trend [6] - The gross profit margins during the same period were 38.04%, 46.63%, 48.17%, and 45.65%, showing an upward trend [6] Group 5: Production Capacity and Services - Hai'an Group has successfully developed and mass-produced a full range of all-steel giant tire products, with production capacity reaching 7,300 units and a utilization rate of 87.84% [8] - The company provides comprehensive lifecycle management services for mining tires, which significantly reduces operational costs and enhances efficiency [9] - The company plans to raise 2.952 billion yuan through the IPO for capacity expansion and automation upgrades, which will add approximately 22,000 units of production capacity [10][11]

Core Viewpoint - N Hai'an (stock code: 001233) was listed on the Shenzhen Stock Exchange on November 25, marking a significant milestone for the company, which specializes in the research, production, and sales of giant all-steel radial tires for engineering machinery and mining tire management [2][4]. Company Overview - Hai'an Rubber Group Co., Ltd. (referred to as "Hai'an Group") was established in 2005 and focuses on the development and production of giant all-steel tires, achieving full production capabilities across all model ranges. The company has provided products or services to hundreds of mines domestically and internationally [2][4]. - In 2022, the company ranked first in the domestic market and fourth globally in terms of giant tire production [2]. Listing Performance - On its first trading day, N Hai'an opened at 87.06 CNY per share, an increase of 81.38% from the issue price of 48 CNY per share. The stock reached a peak of 100 CNY per share, reflecting a rise of 108.33%. By the end of the trading day, it closed at 83.52 CNY per share, up 74.00%, with a total market capitalization of approximately 15.53 billion CNY [2]. Strategic Partnerships - The listing attracted significant interest from strategic investors, including Zijin Mining, Jiangxi Copper, and XCMG Machinery, who are also key partners in the industry chain. The strategic placement received high recognition and active subscriptions from these industry capitals [6][7]. - The total issuance was 46.49 million shares, with strategic investors receiving 8.78 million shares, accounting for 18.88% of the total issuance. All strategic investors committed to a 12-month lock-up period [7]. Future Development Plans - With the funds raised from the listing, Hai'an Group plans to expand production capacity, enhance research and development, and build a closer collaborative ecosystem with industry partners [4][6]. - The strategic cooperation agreements signed with industry partners include long-term collaboration mechanisms and prioritized procurement arrangements, establishing a dual guarantee system of "capital + orders" [7]. Industry Positioning - Analysts suggest that the strong backing from multiple industry capitals reflects Hai'an Group's core competitiveness and irreplaceability in a high-barrier market. The "supply chain + capital" binding model is expected to stabilize the supply chain and facilitate collaborative research and market sharing, creating a virtuous cycle of mutual empowerment and growth [7].

此次上市为海安集团搭建了对接资本市场的全新平台，凭借技术优势和产业积淀，这家民族轮胎品牌有 望进一步拓宽发展空间，在全球矿业装备领域持续彰显中国力量。 今日，海安集团(001233)在深交所主板正式敲钟上市，开盘价87.06元，上涨81.38%，受到资本市场认 可。这家深耕矿用轮胎领域的企业也由此迈入资本市场新阶段。上市仪式上，当地政府领导、海安集团 领导、客户代表等多位嘉宾共同敲响开市宝钟。 上市仪式现场，海安集团董事长朱晖发表致辞。他表示，海安集团凭借核心技术突破斩获中国石油和化 工工业联合会科技进步一等奖，打破了国外技术垄断，作为制造业示范企业，公司始终深耕轮胎主业， 构建了全球领先的全生命周期管理模式，成为集研发、制造、销售于一体的矿用器材解决方案供应商， 产品远销数十个国家和地区，跻身世界前十家相关制造企业行列。 朱晖强调，上市不是荣誉的终点，而是责任的起点，海安集团将牢记民族品牌使命，主动融入国家发展 大局，拓展新领域、新市场，以开放视野链接全球，以创新破解发展难题，以实干深耕实体经济，用规 范治理、稳健经营和优异业绩回报客户、股东与社会，为经济高质量发展贡献力量。 江西铜业党委委员、执行董事喻旻 ...

Core Viewpoint - Hai'an Rubber Group has successfully broken the technological monopoly in the all-steel giant tire industry, positioning itself as a leading domestic manufacturer and aiming to become a global leader following its A-share listing on November 25 [1][8]. Company Overview - Established in 2005, Hai'an Group specializes in the research, production, and sales of giant all-steel radial tires, particularly for mining applications [2]. - The company has developed a full range of all-steel giant tire products, becoming the third manufacturer globally capable of mass production of all specifications, following Michelin and Bridgestone [2][3]. Market Position - In 2022, Hai'an Group produced 14,000 giant tires, ranking fourth globally and first in China, contributing to a significant shift in the domestic market previously dominated by international giants [3][4]. - The company has established partnerships with major domestic and international mining and engineering firms, enhancing its market presence [3]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.508 billion to 2.3 billion yuan, with net profit increasing from 354 million to 679 million yuan, indicating strong profitability and growth potential [3][4]. Technological Advancements - Hai'an Group has made significant technological breakthroughs in the all-steel giant tire sector, overcoming barriers set by international competitors through strategic foresight, technical accumulation, and systematic innovation [5][6]. - The company invests over 3% of its revenue in R&D annually, ensuring continuous innovation and development [6]. Global Market Trends - The global all-steel giant tire market is expected to grow from approximately 259,000 units in 2023 to 358,000 units by 2027, presenting opportunities for companies with technological and channel advantages [7]. - Hai'an Group is advancing into intelligent technology with its ITMS tire management system, enhancing operational efficiency and safety in mining applications [7]. Strategic Initiatives - The recent IPO is seen as a pivotal step for Hai'an Group, with funds allocated for expanding production capacity, upgrading automation, and enhancing R&D capabilities [8][9]. - The company aims to strengthen its brand credibility and market influence, facilitating customer acquisition and market share growth [9]. Future Outlook - Hai'an Group plans to continue its strategy of "rooting in China and expanding globally," focusing on domestic market development while establishing localized operations abroad [9].

Group 1 - The core point of the article is the listing of Hai'an Group on the Shenzhen Stock Exchange on November 25 [1] - Hai'an Group's main business includes the research, production, and sales of giant all-steel engineering radial tires, as well as the operation management of mining tires [2] - The total amount raised from the new share issuance is 2,231.68 million yuan, with a net amount of 2,107.53 million yuan after deducting non-tax issuance costs, which will be used for expanding production of all-steel giant engineering radial tires, upgrading automated production lines, building a research and development center, and supplementing working capital [2] Group 2 - The controlling shareholder of Hai'an Group is Fujian Xinhui Investment Group Co., Ltd., holding 28.32% of the shares [2] - Zhu Hui is the actual controller of the company, directly holding 19.50% of the shares and indirectly holding 28.32% through Xinhui Group, totaling 47.82% [2]

| 发行价格 | 17.89元 | | | --- | --- | --- | | 中签率 | 0.043394% | 询价 | | 总市值 | 325.6亿 | | | 发行市盈率 | 27.06 | 行业 | | 业务及亮点 | 1、公司作为中核集团天然铀采冶板块业务主体， | | | | 力军，有望受益于我国核电的加速发展。 | | | | 2、公司围绕独居石、铀钼矿、锂辊矿等放射性共 | | | | 将业务进一步延伸至稀土、钼、锂、铜、铜等多 | | 11月25日新股缴款(共1只 中国 中国 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 11月25日新股上市（共1只 | | 海安集团 (深市主板, 0012 | | | --- | --- | --- | | 发行价格 | 48元 | | | 中签率 | 3320.39 | 询价 | | 总市值 | 66.98亿 | | | 发行市盈率 | 13.94 | 行】 | | | 公司主营巨型全钢工程机械子午线轮胎。是全球: | | ...

Core Viewpoint - Hai'an Group, a new stock listed on the Shenzhen Main Board, specializes in the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic market against international competitors [1][2]. Group 1: Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has become the third global manufacturer capable of mass production of a full range of specifications for all-steel giant tires, following Michelin and Bridgestone [2]. Group 2: Market Position and Growth - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18%, indicating a persistent supply-demand imbalance [1]. - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including well-known domestic companies and international firms [2]. Group 3: International Expansion - The company has established 12 overseas subsidiaries or branches, with over 75% of its revenue coming from international sales, highlighting its global market reach [2]. - The exit of major international brands from the Russian market has allowed Hai'an Group to significantly increase its sales in that region, with overseas sales accounting for 65.19% to 67.18% of its main business revenue from 2022 to mid-2025 [3]. Group 4: Risks and Challenges - The company acknowledges potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its revenue, particularly from overseas markets [3].

Core Viewpoint - Haian Group (001233.SZ) has successfully listed on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management, positioning itself as a key player in the domestic and global tire manufacturing industry [1][5]. Company Overview - Haian Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company specializes in giant engineering tires, which are defined as tires with a rim diameter of 49 inches or more, primarily used in large mining dump trucks and loaders [5]. Market Position - Haian Group ranks first in domestic production and fourth globally in the giant tire market, benefiting from a significant market share despite the dominance of international brands [6]. - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18% [5]. Financial Metrics - The IPO price was set at 48.00 CNY per share, with an institutional offering price of 48.93 CNY, and a price-to-earnings ratio of 13.94 compared to the industry average of 26.38 [2]. - The company reported a performance increase of 400% [2]. Production and Expansion Plans - The company has outlined several key projects, including: - Expansion of all-steel giant engineering radial tire production with an investment of 19.45 million CNY (65.90% of total investment) - Automation upgrades for production lines at 3.71 million CNY (12.56%) - Construction of a research and development center at 2.86 million CNY (9.69%) - Supplementing working capital at 3.50 million CNY (11.86%) [4]. Global Sales and Clientele - Haian Group has established a strong global presence, with over 75% of its revenue coming from international sales, including significant sales in the Russian market following the exit of major competitors [6]. - The company serves notable clients such as Zijin Mining, XCMG, and Ural Mining and Metallurgical Company [6]. Industry Challenges - The company faces potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its profit margins [7].

Core Viewpoint - Hai'an Group (001233.SZ) has successfully listed on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic and global tire manufacturing industry [1][5]. Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has a market capitalization of approximately 8.93 billion yuan, with an issue price of 48.00 yuan per share and an issue price-to-earnings ratio of 13.94 [2]. Industry Position - The global market for giant all-steel tires has shown a compound annual growth rate (CAGR) of 5.18%, increasing from 167,000 units in 2017 to 215,000 units in 2022, indicating a persistent supply-demand imbalance [5]. - Hai'an Group has become the third manufacturer globally capable of mass-producing a full range of giant all-steel tires, breaking the domestic market monopoly held by international brands like Michelin and Bridgestone [5][6]. Production and Sales - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including major Chinese companies and international firms [6]. - The company has established a strong global presence, with over 75% of its revenue coming from international sales, particularly benefiting from the exit of major competitors from the Russian market [6]. Future Projects - Hai'an Group has outlined several key projects for expansion, including: - Full-steel giant engineering tire expansion project: 19.45 million yuan (65.90%) - Automation upgrade for full-steel giant engineering tire production line: 3.71 million yuan (12.56%) - R&D center construction: 2.86 million yuan (9.69%) - Working capital supplementation: 3.50 million yuan (11.86%) [4].

Core Viewpoint - Hai'an Group (001233.SZ) has initiated its subscription with an issue price of 48 CNY per share and a subscription limit of 14,500 shares, reflecting a price-to-earnings ratio of 13.94 times, with Guotai Junan Securities as the sponsor [1] Company Overview - Hai'an Group's main business includes the research, production, and sales of giant all-steel engineering machinery radial tires and the operation management of mining tires, possessing production technology and mass production capabilities for a full range of all-steel giant tires (rim diameter of 49 inches and above) [1] - The company serves numerous domestic and international mining companies, mining machinery manufacturers, mining service contractors, and tire traders [1] Market Analysis - According to Frost & Sullivan, the global market for all-steel giant tires grew from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.18%, indicating a persistent supply-demand imbalance [3] - The market for all-steel giant tires is expected to reach 358,000 units by 2027, highlighting significant future growth potential [3] Competitive Landscape - The global tire industry is experiencing a dynamic shift, with market share increasingly leaning towards East Asian companies, as the market share of major international tire brands has decreased from approximately 56% in 2002 to around 39% in 2022 [5] - China, as a major tire producer, accounts for nearly half of the global output, with 60% of its tires exported worldwide [5] - The exit of smaller tire manufacturers due to supply-side reforms has led to a gradual clearing of domestic tire production capacity, allowing surviving companies to gain more development space [5] Financial Performance - Hai'an Group's revenue composition for the years 2022, 2023, and 2024 shows significant growth in both all-steel giant tire sales and mining tire operation management [9] - The company reported revenues of approximately 1.508 billion CNY in 2022, 2.251 billion CNY in 2023, and an estimated 2.3 billion CNY in 2024, with net profits of about 354 million CNY, 654 million CNY, and 679 million CNY respectively [9] - Total assets increased from 2.103 billion CNY in 2022 to 3.283 billion CNY in 2024, with a notable decrease in the asset-liability ratio from 44.49% in 2022 to 21.10% in 2024 [10] Future Outlook - The non-road tire market is expected to maintain rapid growth due to increasing global mining exploration and infrastructure investment, with an estimated annual growth rate of approximately 6.7% from 2021 to 2027 [6] - The company anticipates a significant decline in net cash flow from operating activities in the first half of 2025 compared to the same period in 2024, primarily due to increased cash payments for goods and services [10]