Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Shanghai Yufan Environmental Technology Co., Ltd., which plans to raise approximately 544 million yuan for urban pipeline operation and maintenance service enhancements, research and development center construction, and working capital supplementation [1][3]. Company Overview - Shanghai Yufan Environmental Technology Co., Ltd. specializes in smart city underground pipeline repair services, including drainage pipeline inspection, assessment, special investigations, and non-excavation repairs [3]. - The company was established in December 2012 and has a registered capital of approximately 801.72 million yuan [5]. Financial Performance - Revenue projections for Yufan Technology are approximately 513 million yuan for 2022, 630 million yuan for 2023, 730 million yuan for 2024, and 311 million yuan for the first half of 2025 [3]. - Net profit estimates are around 78.83 million yuan for 2022, 98.25 million yuan for 2023, 130 million yuan for 2024, and 32.60 million yuan for the first half of 2025 [3]. - The company anticipates a revenue increase of 10.16% to approximately 804 million yuan in 2025 compared to 2024, with a net profit growth of 7.83% to about 140 million yuan [4]. Shareholding Structure - The major shareholders of Yufan Technology include Jingning Yufan Industrial Investment Partnership and Zhu Jun, with Zhu Jun and Li Jiachuan controlling a combined 44.35% of the company [5][7]. - Zhu Jun serves as the chairman, while Li Jiachuan is the general manager of Yufan Technology [7].