Core Viewpoint - The company Shaanxi Ruike New Materials Co., Ltd. has submitted an IPO application to the Beijing Stock Exchange after previously withdrawing its application for the ChiNext board, facing ongoing performance challenges and governance issues [1][5]. Group 1: IPO Journey and Shareholder Changes - Shaanxi Ruike has had a tumultuous path to listing, initially attempting to go public on the ChiNext board in 2023 but withdrawing in March 2024, before shifting to the Beijing Stock Exchange in March 2025 [5]. - The company experienced a significant change in its shareholder structure prior to the IPO application, with eight new shareholders added through block trades between December 2024 and June 2025 [7]. - The underwriter, Kaiyuan Securities, indirectly holds 0.73% of the company's shares through two institutions that have inherited a betting agreement from original shareholders, raising concerns about potential conflicts of interest [7][8]. Group 2: Financial Performance and Concerns - The company's revenue declined from 1.185 billion yuan in 2022 to 1.052 billion yuan in 2024, with a compound annual growth rate of -5.78%, while net profit fell from 111 million yuan to 69 million yuan, reflecting a compound annual growth rate of -21.31% [9][10]. - Despite three consecutive years of declining performance, the company reported a surprising 81% increase in net profit in the first quarter of 2025, raising questions about the sustainability and legitimacy of this turnaround [11][9]. Group 3: Governance and Compliance Issues - The company has a history of governance issues, including past violations related to shareholding and related party transactions, which have raised doubts about its compliance and operational integrity [18][23]. - Previous regulatory actions against the company for shareholding irregularities highlight ongoing governance challenges that could impact investor confidence [18][23]. Group 4: Market Risks and Operational Challenges - The company faces systemic risks due to its reliance on precious metals, which constitute over 95% of its product costs, and has already recorded a significant inventory impairment due to price volatility [24][25]. - The company's ability to manage receivables is under scrutiny, with accounts receivable reaching 163 million yuan, representing 17.09% of total assets, which could pose risks in an economic downturn [25]. Group 5: Investment and Capacity Concerns - The IPO aims to raise 308 million yuan for new production facilities and resource recycling projects, but concerns exist regarding the company's governance and the ability to effectively utilize the new capacity given its declining revenue [26][27]. - The company's return on equity has decreased from 18.42% in 2022 to 10.32% in 2024, indicating potential challenges in delivering shareholder value post-IPO [28].

Core Viewpoint - The global platinum alloy catalyst mesh market is projected to reach USD 1.01 billion by 2031, with a compound annual growth rate (CAGR) of 4.2% in the coming years [4]. Market Overview - The platinum alloy catalyst mesh is primarily used in the nitric acid production industry, which accounts for approximately 90% of the demand [12]. - The knitted mesh is the dominant product type, holding about 61% of the market share [10]. - The Asia-Pacific region is the largest consumer of platinum alloy catalyst mesh, expected to exceed 53% market share by 2024, followed by Europe at around 18% [15]. Product Types and Applications - Platinum alloy catalyst mesh can be categorized into binary alloy mesh, ternary alloy mesh, and other types such as four-component alloy mesh [7]. - The ternary mesh is typically used in atmospheric nitric acid processes, while binary knitted mesh is preferred in high-pressure methods due to its economic advantages [7][16]. Market Trends - The market is characterized by international giants dominating the high-end platinum catalyst market, while domestic products are gradually achieving import substitution due to advancements in production technology [16]. - There is a trend towards the development of binary knitted mesh in response to environmental pressures and the transition to high-pressure nitric acid production methods [16]. Driving Factors - The significant demand from the nitric acid industry, which is essential for fertilizers, explosives, electronics, and pharmaceuticals, is driving the growth of the platinum alloy catalyst mesh market [17]. Challenges - Fluctuations in raw material prices and regional supply chain risks pose challenges to the market, particularly due to the geopolitical factors affecting platinum prices [18].