Core Viewpoint - The company, Guangxi Senhe High-tech Co., Ltd., is positioned as a leader in the green transformation of the gold mining industry, focusing on environmentally friendly gold extraction technologies and products, particularly its patented "Jinchai" eco-friendly gold extraction agent [1][4][9]. Company Overview - Senhe High-tech has over ten years of experience in the precious metal flotation agent sector and is recognized as a national-level specialized and innovative "little giant" enterprise [1][4]. - The company is preparing for an IPO on the Beijing Stock Exchange, highlighting its commitment to expanding its market presence [3]. Product Innovation - The core product, "Jinchai" eco-friendly gold extraction agent, can replace cyanide without altering existing gold extraction processes, addressing the environmental hazards associated with traditional cyanide use [3][4]. - The product has been recognized for its low toxicity, high recovery rate, and operational convenience, making it suitable for a wide range of gold production enterprises [4][10]. Market Trends - The demand for eco-friendly gold extraction agents is expected to grow significantly due to increasing environmental regulations and the global shift towards sustainable mining practices [9][10]. - The market for eco-friendly precious metal flotation agents is projected to reach 8.838 billion yuan by 2028, with Senhe High-tech holding approximately 19.15% market share in this segment [10][12]. Financial Performance - The company has shown strong financial performance, with projected revenues of 302 million yuan, 346 million yuan, and 623 million yuan for 2022, 2023, and 2024, respectively, alongside net profits of 47.06 million yuan, 56.07 million yuan, and 150 million yuan [7][10]. - The gross profit margin and net profit margin for 2024 are expected to be 36.80% and 24.05%, respectively, indicating robust profitability [7]. R&D and Production Capacity - Senhe High-tech employs a dual-driven R&D system combining independent research and industry-academia collaboration, resulting in a mature R&D framework [6]. - The company has achieved an annual production capacity of 85,000 tons for its flotation agents and is in the process of expanding this capacity further [6][13]. Strategic Partnerships - The company has established strong relationships with over 500 clients across more than 30 countries, including major gold mining groups, enhancing its competitive edge and market resilience [7][8]. - Collaborations with renowned research institutions have bolstered its innovation capabilities and product development [6][8]. Future Outlook - The company plans to invest 555 million yuan in a new project to produce an additional 40,000 tons of eco-friendly gold extraction agents, with expected annual sales revenue of 381 million yuan post-completion [13][14]. - Senhe High-tech aims to leverage its upcoming IPO to accelerate growth and solidify its position as a global leader in eco-friendly gold extraction technologies [14].

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Core Viewpoint - Guangxi Senhe High-tech Co., Ltd. (Senhe High-tech) has received approval for its IPO on the Beijing Stock Exchange, with Guotou Securities as the sponsor and Zhonghui Accounting Firm as the auditor [3] Company Overview - Senhe High-tech was established in April 2011 with a registered capital of 85.392 million yuan, focusing on the research, production, and sales of environmentally friendly precious metal flotation agents and by-products such as ammonium sulfate [3] - The legal representative of the company is Que Shandong [3] Financial Performance - Revenue and net profit figures for Senhe High-tech from 2022 to 2024 are as follows: - 2022: Revenue of 302 million yuan, Net profit of 47.06 million yuan, Gross margin of 30.45% - 2023: Revenue of 346 million yuan, Net profit of 56.07 million yuan, Gross margin of 31.15% - 2024: Revenue of 623 million yuan, Net profit of 150 million yuan, Gross margin of 36.8% - The company is projected to experience significant growth in 2024, with revenue and net profit increasing by 80.07% and 167.15%, respectively [3][4] Shareholding Structure - Before the IPO, Que Shandong and Liu Xin each directly held 28.083% of the company's shares, making them the actual controllers of the company [4] - A joint action agreement has been signed between Que Shandong and Liu Xin, requiring them to fully consult and communicate before making major decisions [4] - As of September 4, 2024, Liu Yihua, a relative of Que Shandong, holds 120,000 shares, bringing the total shares controlled by Que Shandong, Liu Xin, and their joint action relationship to 48.0812 million shares, which is 56.3064% of the total share capital [5] Management Background - Que Shandong, born in June 1961, has extensive experience in the mining and trade sectors, having held various managerial positions since 1994 [7] - Liu Xin, born in October 1968, has a background in metal materials and has served in several managerial roles, including as general manager at Senhe High-tech since April 2015 [8]

Group 1 - CICC International Consulting is a licensed unit for foreign-related surveys by the National Bureau of Statistics and an AAA enterprise credit certification agency, providing industry market share certification, product certification, localization rate certification, and project feasibility and business plan solutions [2] - CICC International Consulting specializes in certification services for "specialized, refined, distinctive, and innovative" small giant enterprises and single champion market share and ranking [2] - The company has 13 years of experience in preparing project feasibility reports and business plans, offering comprehensive solutions for project establishment, investment and financing, commercial cooperation, loans, land approvals, mergers and acquisitions, investment decisions, industrial planning, overseas investment, strategic planning, and risk assessment [2] Group 2 - The precious metal beneficiation industry includes three main stages: upstream (explosives, chemical agents, mining machinery), midstream (gold and silver producers responsible for exploration, mining, and beneficiation), and downstream (gold trading platforms and consumption) [3] - Beneficiation is crucial in the production of precious metals due to the complexity of ore composition and low useful mineral content, which necessitates the removal of impurities to enhance extraction efficiency [4][5] - The main methods for precious metal beneficiation include flotation, chemical leaching, and combinations of these methods, while older methods like gravity separation and magnetic separation are being phased out due to inefficiency and environmental concerns [6][7] Group 3 - The global precious metal beneficiation agent market is projected to reach CNY 61.15 billion by 2028, with an annual compound growth rate of 1.20% from 2023, while the market for environmentally friendly precious metal beneficiation agents is expected to grow at a compound annual growth rate of 13.86% [16] - By 2028, the market for environmentally friendly precious metal beneficiation agents in China is expected to reach CNY 33.03 billion, with a compound annual growth rate of 13.76% [17] - The demand for environmentally friendly precious metal beneficiation agents is increasing due to stricter environmental regulations and the need for sustainable production practices in the precious metal industry [18][19]