Group 1 - The company, Hebei Guoliang New Materials Co., Ltd., specializes in high-temperature industrial refractory materials and provides comprehensive solutions for refractory materials [2] - The company plans to raise a total of 19,416.26 million yuan through its public offering, with a net amount expected to be 17,502.20 million yuan after deducting issuance costs [3] - The issuance price is set at 10.76 yuan per share, with an earnings per share (EPS) ratio of 14.97, which is aligned with the non-metallic mineral products industry [1] Group 2 - The major shareholders, Dong Guoliang and Zhao Sulan, hold a combined 71.99% of the company's shares, with Dong Guoliang directly owning 63.15% [2] - The company aims to use the raised funds for technological upgrades, production line construction, and working capital supplementation [3] - The public offering is scheduled for January 12, 2026, with a maximum subscription limit of 81.20 million shares for online investors [1]

Core Viewpoint - Mingguang Rier Jinda Technology Co., Ltd. is a high-tech enterprise specializing in providing comprehensive technical solutions and key refractory materials for blast furnace ironmaking systems, currently applying for an IPO [1] Group 1: Product Overview - The main products of Rier Jinda include functional consumption materials for blast furnaces, internal linings, smart main troughs, and other amorphous refractory products, with functional consumption materials accounting for 57.67% of sales in 2024 [1] - The production capacity utilization rates for internal linings, smart main troughs, and other amorphous refractory products in 2024 are relatively low at 62.10% and 76.68%, compared to 81.12% and 72.87% in 2023 [1] - The overall production capacity utilization rate for 2024 is projected to be 95.29%, an increase from 90.52% in 2023, indicating a significant discrepancy with the specific product utilization rates [1] Group 2: Financial Performance - Revenue from functional consumption materials for the first half of 2025 is projected at 139.86 million, representing 63.54% of total revenue, while for 2024, it is expected to be 261.34 million, accounting for 57.67% [5] - Revenue from internal linings for 2024 is reported at 125.72 million, with a first-half realization of 40.97 million for 2025, showing a notable difference in reported figures [2][3] - Total revenue for 2024 is projected to reach 453.17 million, with a breakdown of 261.34 million from functional consumption materials, 125.72 million from internal linings, and 58.93 million from other amorphous refractory products [3] Group 3: Employee and Expense Analysis - The company has 37 sales personnel, accounting for 13.12% of total employees, with sales expenses for the first half of 2025 amounting to 3.76 million, averaging about 100,000 per employee [7] - Business entertainment expenses for the first half of 2025 are reported at 3.57 million, nearly equivalent to the personnel costs, indicating a high spending level on entertainment compared to industry peers [7] - Compared to similar companies, Rier Jinda's per capita business entertainment expenses significantly exceed industry standards, with the highest among comparable firms being less than half of Rier Jinda's spending [7]

凭借多年耐火材料行业经验，公司生产的定形、不定形和功能性耐火材料品类齐全、种类繁多，用于整体承包的关键 耐火材料已基本实现自主生产。公司生产的耐火材料产品主要用于下游客户的整体承包服务，同时兼有直接销售业 务，形成"整体承包为主，直接销售为辅"的经营模式。整体承包模式系根据客户需要，集成热工装备用耐火材料的配 置设计研发、生产制造、安装施工、使用维护、技术服务和用后处理等工序的一体化服务模式。整体承包模式下，公 司持续对耐火材料产品进行技术升级，通过提升耐火材料产品性能，有效延长钢包、中间包、铁水包等整体承包项目 的使用寿命，降低客户吨钢耐火材料消耗，实现与客户共赢。同时，该模式具有较强的排他性，有利于提高客户粘 性，能够充分体现公司的竞争优势。 智通财经APP获悉，1月14日，国亮新材(920076.BJ)开启申购，发行价格为10.76元/股，申购上限为81.20万股，市盈率 14.97倍，属于北交所，东兴证券为其保荐机构。 据招股书，公司是一家专业从事高温工业用耐火材料整体解决方案的高新技术企业，为客户提供耐火材料整体承包服 务及耐火材料产品。 公司深耕耐火材料行业多年，专注产品生产技术的创新与突破、生产 ...

Group 1 - The core point of the article is that Jinju Group (601992.SH) has acknowledged market rumors regarding its subsidiary, Zhejiang Jinju Hangjia Green Building Technology Co., Ltd. (referred to as "Jinju Hangjia"), winning the bid for the Anhui Hefei BEST project [1] - Jinju Group's wholly-owned subsidiary, Beijing Jinju Tongda Refractory Technology Co., Ltd. (referred to as "Tongda Refractory"), is supplying refractory materials to four major launch bases: Jiuquan, Taiyuan, Xichang, and Wenchang [1] - For the period from January to September 2025, Jinju Hangjia generated revenue of 587,000 yuan (unaudited) from supplying aerated products for the Anhui Hefei BEST project [1] - Tongda Refractory achieved business revenue of 44.73 million yuan (unaudited) from supplying refractory materials to the four launch bases [1] - The revenue from these projects is relatively small compared to the company's total revenue of 69.489 billion yuan for the first three quarters of 2025, indicating a minimal impact on overall financial performance [1]

Core Viewpoint - The company has acknowledged market rumors regarding its subsidiary, Zhejiang Jinyu Hangjia Green Building Technology Co., Ltd. winning the BEST project in Hefei, Anhui, and its wholly-owned subsidiary, Beijing Jinyu Tongda Refractory Technology Co., Ltd., supplying refractory materials to four major launch bases [1] Group 1 - The subsidiary Jinyu Hangjia is expected to supply aerated products for the BEST project in Hefei, generating an income of 587,000 yuan (approximately 0.087 million) for the period from January to September 2025, which is unaudited [1] - The wholly-owned subsidiary Tongda Refractory has supplied refractory materials to the launch bases in Jiuquan, Taiyuan, Xichang, and Wenchang, achieving a business income of 44.73 million yuan (approximately 4.473 million) [1] - The revenues from these projects are minimal compared to the company's total revenue of 69.489 billion yuan (approximately 10.5 billion) for the first three quarters of 2025, indicating a small contribution to overall financial performance [1]

Core Viewpoint - The stock of Jinju Group experienced significant price fluctuations, with a cumulative increase of over 20% over two consecutive trading days, prompting the company to address market rumors regarding its subsidiaries' project wins and revenue contributions [1] Group 1: Stock Performance - Jinju Group's A-share stock price increased by over 20% on January 12 and 13, 2026, indicating abnormal trading activity [1] - The company is required to disclose information due to the significant price deviation as per Shanghai Stock Exchange regulations [1] Group 2: Subsidiary Projects and Revenue - Jinju Group's subsidiary, Zhejiang Jinju Hangjia Green Building Technology Co., Ltd. (referred to as "Jinju Hangjia"), reportedly won the bid for the Anhui Hefei BEST project [1] - The subsidiary achieved revenue of 587,000 yuan (approximately 0.087 million) from supplying aerated products for the Anhui Hefei BEST project during the first nine months of 2025 [1] - Another subsidiary, Beijing Jinju Tongda Refractory Technology Co., Ltd. (referred to as "Tongda Refractory"), generated revenue of 44.73 million yuan from supplying refractory materials to four major launch bases [1] - The combined revenue from these projects is minimal compared to the company's total revenue of 69.489 billion yuan for the first three quarters of 2025, representing a very small proportion [1]

Group 1 - The core objective of the sliding water mouth production line technology transformation project is to enhance production capacity and efficiency through the introduction of advanced automation equipment and optimized factory layout, which will help the company increase its market share and profitability [1] - The annual production capacity of 50,000 tons of magnesium-carbon bricks project aims to address production bottlenecks and improve efficiency by utilizing automated production lines and advanced equipment, contributing to the company's overall economic benefits and market competitiveness [1] - The annual production line for 150,000 tons of refractory material recycled materials will be established to enhance the company's self-sufficiency in recycled materials, reducing reliance on suppliers and aligning with national energy-saving and emission-reduction initiatives [2] Group 2 - The total investment for the sliding water mouth production line technology transformation project is 364.876 million yuan, while the magnesium-carbon brick smart manufacturing project requires an investment of 844.239 million yuan, and the recycled materials production line project is estimated at 241.105 million yuan [3] - The company, Guoliang New Materials, specializes in high-temperature industrial refractory materials and has a strong focus on technological innovation and green development, supported by a research team led by PhDs with extensive industry experience [3] - As of the signing date of the prospectus, the company holds 5 provincial scientific and technological achievement certificates, 33 invention patents, and 52 utility model patents, demonstrating its commitment to research and development [3] Group 3 - The company plans to issue 18.0449 million shares at a price of 10.76 yuan per share, with an expected total fundraising amount of 194 million yuan [4] - The company's revenue and net profit have shown fluctuations over the years, with total revenue reaching 9.844 billion yuan in 2021 and a projected decline in net profit in 2022 [5][6] - The company reported a significant increase in operating cash flow in 2024, amounting to 88.0011 million yuan, which is a 171.75% year-on-year growth [28]

吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 2026 年 01 月 13 日 国亮新材（920076）：耐火材料小巨 人，募投推进智能化、绿色化 ——北交所新股申购策略报告之一百五十六 相关研究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 ⚫ 基本面：业内知名的耐火材料小巨人。公司 2002 年成立，总部位于河北唐山，主要从事 高温工业用耐火材料整体解决方案，提供耐火材料整体承包服务及耐火材料产品。根据河 北省耐火材料行业统计分析报告（2024 年数据），公司在河北省 2,000 万以上产值规模 耐火材料企业中排名第一。区位优势显著，客户资源丰富。公司地处唐山，唐山是全国钢 铁产量第一大市，2024 年唐山粗钢产量达 1.20 亿吨、约占全国粗钢产量的 11.90%。在 钢铁行 ...

Investment Rating - The report assigns a positive investment rating to Guoliang New Materials, highlighting its leadership in the refractory materials industry and potential benefits from industry upgrades and increased concentration [1]. Core Insights - Guoliang New Materials has consistently focused on the refractory materials sector, emphasizing technological innovation and green development. The company has been recognized as a national-level "Little Giant" and is included in the key "Little Giant" list as of August 2025 [1][11]. - The company has a strong R&D team led by PhDs and has received multiple awards for its technological advancements. Its main revenue source is the overall contracting of refractory materials, which has seen a steady increase in revenue contribution from 85.64% in 2022 to 93.75% in 2025H1 [1][31]. - The company forecasts a revenue of 1.053 billion yuan and a net profit of 79.814 million yuan for 2025, representing year-on-year growth of 16.46% and 12.47%, respectively [1][45]. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides integrated solutions, including design, manufacturing, installation, and maintenance [11][19]. - The company has established partnerships with numerous well-known steel manufacturers, leveraging its technological advantages and extensive industry experience [12][60]. - The company operates primarily in North China, with a market share of 4.83% in the region as of 2024 [3][10]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 787 million yuan, with a year-on-year increase of 21.18%, and a net profit of 53.3532 million yuan, up 4.41% year-on-year [1][44]. - The gross profit margin for the first three quarters of 2025 was 20.39%, reflecting stable profitability [1][48]. - The company’s overall contracting revenue for refractory materials has been the main source of income, with significant contributions from steel ladles, intermediate ladles, and iron water buckets [31][38]. Industry Insights - The refractory materials industry is experiencing a shift towards green and intelligent upgrades, with increasing demand for high-end refractory materials driven by the steel industry's evolving requirements [2][3]. - The overall production of refractory materials in China has shown fluctuations from 2017 to 2024, with a projected decline in 2024 due to various market factors [2][3]. - The steel industry remains the primary application area for refractory materials, accounting for approximately 65% of total usage [2][15].

国亮新材明日开启申购，发行代码为920076，本次发行价格10.76元 ，发行市盈率为14.97倍，单一账户 申购上限为81.20万股。本次公开发行数量1804.49万股，发行后总股本为8363.45万股，网上发行量为 1624.04万股。本次发行战略配售股份合计180.45万股，占初始发行规模的10.00%。 本次发行预计募集资金总额1.94亿元。募集资金主要投向补充流动资金、年产5万吨镁碳砖智能制造项 目、研发中心建设项目、滑板水口产线技术改造项目、年产15万吨耐材用再生料生产线建设项目。 公司是一家专业从事高温工业用耐火材料整体解决方案的高新技术企业，为客户提供耐火材料整体承包 服务及耐火材料产品。 财务数据显示，2022年—2024年公司净利润分别为4036.80万元、8379.83万元、7096.49万元。同比变动 幅度为151.23%、107.59%、-15.31%。（数据宝） 新股申购信息 | 股票代码 | 920076 | 股票简称 | 国亮新材 | | --- | --- | --- | --- | | 发行代码 | 920076 | 发行价（元） | 10.76 | | 发行市盈率（倍） ...