Group 1 - Company Strong One Co., Ltd. is the only company ranked among the top ten in the global semiconductor probe card industry [2] - The company achieved mass production of 2D MEMS probes and probe cards in 2020, becoming one of the few capable of large-scale production [2] - The company has a deep partnership with a globally recognized chip design company, with sales revenue from this client accounting for 82.8% [2] Group 2 - Company Yuhuan Technology focuses on smart diagnostics and health management of drainage pipeline systems [3] - The company is the leading operator in the domestic urban underground pipeline maintenance service sector, holding a market share of 4.8% [3] - The National Development and Reform Commission announced an expected investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan, which is likely to benefit companies like Yuhuan [3] Group 3 - Company Double Xin Environmental Protection is one of the three major leaders in the domestic polyvinyl alcohol industry, with a total production capacity expected to reach 13% by 2024 [3] - The company has rich domestic and international customer resources, collaborating with major firms like Jian Tao Group and Japan's Mitsubishi Chemical, exporting products to over 40 countries [3] - The company is actively developing high value-added products, with certain specialized PVA models already achieving scale production [3]

Company Overview - Shanghai Re · fine Environment Sci-tech Ltd. was established on December 17, 2012, with a registered capital of 80.1724 million yuan [1][16] - The company is located in Changning District, Shanghai, and is led by legal representative Zhu Jun [1][16] Main Business - The company provides high-tech services for urban underground pipeline repair, focusing on smart city solutions and has been recognized as a national-level specialized and innovative "little giant" enterprise [2][17] - It utilizes advanced technologies such as CCTV, robotic equipment, and non-excavation repair techniques to serve the drainage pipeline maintenance sector, aiming to create a complete industrial chain [2][17] - The main services and products include inspection and special investigation, repair, maintenance, and sales of vehicles and materials, covering the entire pipeline maintenance application range [2][17] Financial Performance - The company's total revenue for the years 2021 to 2024 was 500.1576 million yuan, 513.0131 million yuan, 630.2680 million yuan, and 730.1774 million yuan, respectively, with a compound annual growth rate (CAGR) of 13.44% [9][24] - Net profit for the same period was 97.5035 million yuan, 80.5182 million yuan, 100.3770 million yuan, and 127.2276 million yuan, with a CAGR of 9.27% [9][24] - The revenue growth rates were 2.57%, 22.86%, and 15.85% for the years 2022, 2023, and 2024, respectively [22][24] Industry Analysis - As of the end of 2023, the length of urban drainage pipelines in China reached approximately 952,500 kilometers, representing a year-on-year growth of 4.27% [4][19] - The construction length of urban drainage pipelines has increased from 439,100 kilometers in 2012 to 952,500 kilometers in 2023, with a CAGR of 7.29% [4][19] - The demand for inspection, repair, and maintenance of drainage pipelines is expected to grow steadily due to urbanization and the aging of existing infrastructure [5][20] Competitive Position - The company's gross profit margin was 42.69% in the first half of 2025, significantly higher than the industry average of 34.12% [7][20] - The company's liquidity ratios, including current and quick ratios, are competitive compared to peers, indicating strong financial health [21][20] - The inventory turnover rate for the company was 14.51 in the first half of 2025, showcasing efficient asset management compared to industry averages [8][20] Fundraising Purpose - The company plans to use the raised funds for enhancing urban pipeline operation and maintenance capabilities, establishing a research and development center, and supplementing working capital, with a total investment of 543.8887 million yuan [30]

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].