Economic Performance - The GDP of Ziyang region grew by 5.9% year-on-year in the first three quarters [2] - The industrial added value above designated size increased by 14.4% year-on-year, maintaining the highest growth rate in the province for 21 consecutive months [2][3] - A total of 157 industrial projects were successfully signed this year, with an investment amount of 21.608 billion [6] Industrial Development - The Ziyang Petroleum Steel Pipe Company is operating at full capacity, producing 150,000 tons of spiral pipes and oil casing by the end of October, exceeding the annual plan by 20,000 tons [4] - The company expects to achieve an annual output of 180,000 tons, generating an estimated revenue of 1 billion [4] - Sichuan Shared Casting Co., Ltd. reported a sales revenue of 130 million in the first three quarters, with an expected annual revenue of 180 million, reflecting an 18% year-on-year growth [4] Project Implementation - The Ziyang region has initiated 118 new projects and put 100 projects into operation this year [6] - The construction of the Beijing Xinghe Power Valley rocket project is underway, expected to be completed in the first half of 2026, with an annual capacity of 30 solid rocket launches [6] - The local government is enhancing project implementation efficiency by ensuring necessary resources for signed but unstarted projects [7] Business Environment - The establishment of the "Enterprise Home" service system has improved the investment confidence of companies, providing timely and professional responses to various inquiries [8][10] - The Ziyang region has collected and resolved 653 enterprise requests since the launch of the service system, significantly enhancing enterprise satisfaction [10]

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with a significant reliance on a single client, CNOOC, posing potential risks to its business performance [1][2]. Financial Performance - The company's net profit after deducting non-recurring gains and losses for 2022 to 2024 is projected to be 45.52 million yuan, 46.82 million yuan, and 50.41 million yuan, respectively, indicating a compound annual growth rate of over 5% [1]. - Revenue from the company's main product, subsea risers, accounted for 85.79%, 89.77%, 99.63%, and 87.15% of total revenue during the reporting period [2]. Client Concentration - CNOOC is the largest client, contributing 79.39%, 93.44%, 93.48%, and 75.39% of the company's revenue from 2022 to the first half of 2025 [1]. - The company acknowledges that its performance is highly dependent on the execution of contracts with CNOOC, and any changes in CNOOC's exploration and development plans could significantly impact its revenue [1]. Product Structure and Capacity - The company has a single product structure, with subsea risers being the primary revenue source, which poses risks if it cannot innovate or diversify its product line [2]. - The capacity utilization rate fluctuated significantly, with 101.04% in 2022, dropping to 61.62% and 59.59% in the following two years, and then rising to 105.22% in the first half of 2025 [2]. Accounts Receivable - Accounts receivable surged from 38.46 million yuan at the end of 2023 to 165 million yuan at the end of 2024, marking a year-on-year increase of 328.96%, further rising to 241 million yuan in the first half of 2025 [3]. - A significant portion of accounts receivable is attributed to CNOOC and Sinopec, which accounted for 93.10%, 88.84%, 98.51%, and 98.83% of the total at the end of each reporting period [3]. Control Risks - The company faces risks related to changes in control, as its controlling shareholder has a high debt ratio of 88.21% and reported a net loss of 16.67 million yuan in the first half of 2025 [3]. - Although the high debt and poor operating conditions of the controlling shareholder have not adversely affected the company so far, any future financial difficulties could lead to changes in control [3].

Group 1 - The Beijing Stock Exchange will hold its 28th review meeting on November 3, 2025, to assess the public offering of Shandong Qilong Marine Oil Steel Pipe Co., Ltd. [1] - Qilong Marine plans to publicly issue no more than 47,320,000 shares, with an option for overallotment of up to 15%, potentially increasing the total to 54,418,000 shares [1] - The final number of shares to be issued will be subject to approval by the Beijing Stock Exchange and registration by the China Securities Regulatory Commission [1] Group 2 - The company aims to raise approximately 381.89 million yuan for the production project of high-performance large-diameter subsea conduits [2] - As of the signing date of the prospectus, Shengli Longxi (Shandong) Petroleum Engineering Technology Service Co., Ltd. holds 111,670,000 shares, accounting for 78.66% of the total share capital, making it the controlling shareholder [2] - The company does not have an actual controller [2] Group 3 - The sponsor institution for Qilong Marine is Shichuang Securities, with representatives Liu Hong and Yu Li [3]

Economic Overview - The GDP of Ziyang reached 53.01 billion yuan in the first half of the year, with a year-on-year growth of 7.0% [2] - The industrial added value above designated size increased by 15.8%, outperforming the provincial average by 8.5 percentage points, ranking fourth in the province [2] Industrial Performance - The textile and apparel industry grew by 70.4%, general equipment manufacturing by 56.2%, and computer, communication, and other electronic equipment manufacturing by 108.3% [2] - The production of railway locomotives increased by 130.8% year-on-year [2] Market Expansion and Production Growth - CRRC Ziyang Company reported a 44% increase in locomotive deliveries compared to the same period last year, driven by strong market expansion efforts [2] - The production of lithium-ion batteries, traditional Chinese medicine, beverage alcohol, and steel structures also saw significant increases of 31.9%, 71.5%, 14.5%, and 26.4% respectively [2] Investment in Manufacturing - Manufacturing investment in Ziyang grew by 23.2%, exceeding the provincial average growth rate by 14.9 percentage points, ranking fourth in the province [2] - The new high-end aluminum alloy profile base in Lezhi has secured orders worth 530 million yuan, with eight production lines operating at full capacity [2] Natural Gas Industry Development - The cumulative natural gas production in the Gaoshiti block exceeded 20 billion cubic meters, with daily production exceeding 12 million cubic meters [3] - New projects in the natural gas sector are expected to enhance production capacity by over 30% [3] Key Industry Growth - All five major industries in Ziyang achieved positive growth, with clean energy, electronic information, and equipment manufacturing maintaining growth rates above 20% [3] - The implementation of three-year action plans for key industries such as aerospace and healthcare is underway to strengthen the industrial chain [3]