Company Overview - Guchi Down Material Co., Ltd. (stock code: 001390.SZ) was listed on the Shenzhen Stock Exchange on May 29, 2023, with an opening price of 30.00 yuan and a closing price of 32.00 yuan, resulting in a price increase of 164.90% and a total market capitalization of 6.4 billion yuan [1] Business Focus - The company specializes in the research, production, and sales of high-specification down products, primarily focusing on goose down and duck down, which are used in clothing and bedding products [2] Shareholding Structure - The controlling shareholder, Xie Yucheng, holds 70.374 million shares, accounting for 46.92% of the total shares. His daughter, Xie Wei, holds 1 million shares, representing 0.67%. Together, they control 47.58% of the company [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 667.16 million yuan, 830.38 million yuan, and 966.73 million yuan, respectively. The net profit attributable to shareholders for the same years is expected to be 97.01 million yuan, 121.78 million yuan, and 168.19 million yuan [8][9] - The company reported a significant increase in net cash flow from operating activities in 2024, with a net cash flow of 13.24 million yuan, compared to a negative cash flow of 554.95 thousand yuan in 2023 [9] Gross Margin Analysis - The gross margins for the company's main products during the reporting period were 18.05%, 19.83%, and 23.03%. The gross margin for white goose down was 34.27%, 22.91%, and 32.49%, while the margins for white duck down and gray duck down showed significant fluctuations, including negative margins in 2020 [3] Fundraising and Investment Plans - The company issued 50 million shares at a price of 12.08 yuan per share, raising a total of 604 million yuan, with a net amount of approximately 534.78 million yuan after expenses. The funds will be used for a functional down production project, upgrading the technology and R&D center, and supplementing working capital [5][7] Future Projections - For the first half of 2025, the company expects revenue between 520 million yuan and 580 million yuan, with net profit projections ranging from 98 million yuan to 107 million yuan [11][13]

Core Viewpoint - Anhui Guqi Down Material Co., Ltd. officially listed on the Shenzhen Stock Exchange on May 29, 2023, with an initial price of 12.08 yuan per share, experiencing a first-day surge of 156.62% [2] Company Overview - Founded in 2001, Guqi Down Material specializes in the research, production, and sales of high-specification down products, primarily goose and duck down, used in clothing and bedding [2][5] - The company has been recognized as one of the first batch of "Little Giant" enterprises by the Ministry of Industry and Information Technology in 2019 [2] IPO Journey - Guqi Down Material submitted its IPO application to the China Securities Regulatory Commission (CSRC) in July 2022, marking the beginning of its listing journey [4] - The company underwent four attempts to secure its IPO, with the latest submission to the Shenzhen Stock Exchange occurring on September 28, 2024 [4] Financial Performance - For the fiscal year ending December 31, 2023, the company reported total assets of 1.2037866 billion yuan, an increase from 949.5634 million yuan in 2022 [7] - The net profit for 2023 was 121.779 million yuan, up from 97.013 million yuan in 2022, reflecting a growth of 25.5% [8][9] - The company achieved a revenue of 836.8334 million yuan in 2023, a year-on-year increase of 24.4% [8][9] Market Position - Guqi Down Material targets the mid-to-high-end market, with major clients including well-known down apparel brands such as HLA and Semir [5] - The company has maintained a strong customer base, with the top five customers contributing 52%-75% of sales from 2021 to 2024, and HLA alone accounting for 29.07% of sales in the first half of 2024 [9] Future Plans - The funds raised from the IPO will primarily be allocated to a project aimed at producing 2,800 tons of functional down products, upgrading the technology and research center, and supplementing working capital [2] - The company aims to enhance its production capabilities and expand its market presence in the coming years [2]

Core Viewpoint - Anhui Guqi Down Material Co., Ltd. is set to become a new A-share listed company, with its IPO scheduled for May 19, 2025, on the Shenzhen Stock Exchange [1][3]. Company Information - Guqi Down Material was established in January 2001 and is located in Wuhu, Anhui Province. The company was previously known as Wuhu Naxiang Down Co., Ltd. [3]. - The company has a registered capital of 150 million yuan, with key shareholders including Xie Yucheng and Beijing Urban Construction Phase I (Wuhu) Equity Investment Fund Partnership [3]. IPO Details - The IPO price is set at 12.08 yuan per share, with a total issuance of 50 million shares, aiming to raise approximately 604 million yuan. After deducting issuance costs, the net fundraising amount is expected to be around 535 million yuan, slightly above the initial target of 501 million yuan [3][5]. - The funds raised will be allocated to a project for producing 2,800 tons of functional down, upgrading the technology and research center, and supplementing working capital [7]. Financial Performance - Guqi Down Material's revenue for 2022, 2023, and 2024 was approximately 667 million yuan, 830 million yuan, and 967 million yuan, respectively. The net profits for the same years were about 97.01 million yuan, 122 million yuan, and 168 million yuan [5][6]. - For the first quarter of 2025, the company reported revenue of approximately 193 million yuan, an 18.53% increase from the same period in 2024, and a net profit of about 38.11 million yuan, reflecting an 11.56% year-on-year growth [7]. Shareholder Information - Notably, shareholder Liu Xianjing's 300,000 shares were frozen by the court due to various disputes, but this represents only 0.20% of the total shares, which does not significantly impact the company's control [5][6].