Core Viewpoint - Jiangsu Kaida Heavy Industry Co., Ltd. has changed its IPO review status to "inquired" and plans to raise 295 million yuan for the construction of a high-performance roller production base [2][3] Company Overview - Kaida Heavy Industry was established in 2007 and primarily engages in the R&D, production, and sales of key components for steel rolling, such as rollers and rings, mainly serving the steel industry [5] Financial Performance - Revenue for Kaida Heavy Industry from 2022 to 2024 was 379 million yuan, 452 million yuan, and 460 million yuan, with a revenue growth rate decline of 17.3 percentage points in 2024 [5] - Net profit for the same period was 49 million yuan, 65 million yuan, and 63 million yuan, showing a continuous decline in growth over three years [5] Sales Expenses - Sales expenses have shown a continuous increase, particularly in the category of commissions and service fees, which were 3.43 million yuan, 5.20 million yuan, and 5.69 million yuan during the reporting period, accounting for 33.69%, 40.94%, and 38.59% of sales expenses respectively [5] - In 2023, commissions and service fees grew by 51.58%, significantly outpacing revenue growth [5] Commission and Service Fee Analysis - The highest commission and service fee received by agents from 2021 to 2023 was 961,700 yuan, contributing 1,594,290 yuan in revenue, accounting for 6.03% [6] - The lowest commission and service fee was 33,900 yuan, corresponding to sales revenue of 322,680 yuan, accounting for 1.05% [6] - The agent with the highest commission received 793,400 yuan, contributing 489,640 yuan in revenue, which accounted for 16.20% [6] Regulatory Inquiry - The Beijing Stock Exchange has requested Kaida Heavy Industry to clarify the specific composition, reasons for changes, and rationality of commissions and service fees, as well as their alignment with corresponding revenue scales [7] - The inquiry also covers the selection and management model of sales service providers, the legality and compliance of the order acquisition process, and potential issues related to commercial bribery or unfair competition [7]

Group 1: Industry Overview - In 2024, the apparent consumption of crude steel in China decreased by 5.4% year-on-year, with export volumes reaching a historical high but prices dropping over 19%, severely squeezing profit margins for enterprises [1] - The demand for high-end and special steel is gradually increasing due to the ongoing transformation and upgrading of domestic manufacturing, providing new growth points for the steel industry [1] Group 2: Company Performance - Daming International (01090.HK) reported a revenue of RMB 46.453 billion in 2024, with a loss of RMB 385 million, reflecting the severe external environment rather than a lack of internal momentum [1] - The company achieved significant sales in 2024, with stainless steel sales reaching 2.057 million tons and carbon steel sales reaching 5.059 million tons, showing resilience against industry trends [2] - The processing business generated approximately RMB 43.69 billion in revenue, while the manufacturing business contributed about RMB 1.46 billion, highlighting Daming International's leadership in one-stop metal processing services [2] Group 3: Infrastructure and Logistics - The Daming Yangtze River Terminal commenced operations in 2024, designed to handle 1.053 million tons annually, enhancing logistics services and expanding the service capacity of the Daming Jingjiang base [3] Group 4: International Expansion - Daming International is actively expanding its overseas business, with products sold to major countries and regions, and reported overseas revenue of RMB 1.48 billion in 2024, remaining stable year-on-year [4] - Successful overseas projects include the export of condenser equipment to Spain and support for major projects in South America and Australia, enhancing the company's global brand recognition [4] Group 5: Technological Innovation - The company is increasing investments in advanced processing equipment and technology to enhance service capabilities and operational efficiency, including exploring AI applications in manufacturing [5] - Analysts suggest that ongoing investments in infrastructure and high-end manufacturing will sustain demand for high-quality steel products, providing Daming International with opportunities for recovery [5][6]