Core Viewpoint - The IPO application of Delijia Transmission Technology (Jiangsu) Co., Ltd. has been approved by the Shanghai Stock Exchange, indicating a positive outlook for the company's market entry and growth potential in the precision gear transmission sector [1]. Group 1: Company Overview - Delijia primarily engages in the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a focus on wind turbine gearboxes as its core product [4]. - The company was established in January 2017 and transitioned to a joint-stock company in June 2023, with a total share capital of 36 million shares prior to the IPO [4]. - As of the end of 2024, the company employs a total of 1,505 staff members [4]. Group 2: Financial Performance - The company's revenue for the reporting period was 3,107.80 million yuan, 4,441.82 million yuan, and 3,715.34 million yuan, respectively [6]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 483.54 million yuan, 573.65 million yuan, and 534.76 million yuan for the same periods [6]. Group 3: Shareholding Structure - Nanjing Chenrui holds 30.53% of the company's shares, making it the controlling shareholder [5]. - Liu Jianguo and Kong Jinfeng, who are spouses, collectively hold 38.98% of the shares, controlling 41.98% of the company [5]. Group 4: Key Issues Raised During Listing Committee Inquiry - The company was asked to explain the impact of technological trends in the wind power sector, market price changes, and the stability of its performance [7]. - Questions were raised regarding the company's governance structure and its dependency on major customers for sustainable operations [8]. - The inquiry also focused on the reasonableness of the fundraising scale and project justification in light of existing production capacity and order demand [9].

Core Viewpoint - The acquisition of Shaanxi Changkong Gear Co., Ltd. by Feiya Group aims to enhance its high-end precision manufacturing capabilities, particularly in the context of the declining traditional watch market and the rise of smart wearable devices [2][3][12]. Company Summary - Feiya Group plans to acquire a controlling stake in Shaanxi Changkong Gear, a hidden champion in the small modulus gear sector, which is controlled by the same parent company, AVIC [3][4]. - The acquisition is part of Feiya's strategy to overcome technical bottlenecks and explore new growth avenues, particularly in aerospace watches and smart wearables [3][11]. - Shaanxi Changkong Gear, established in 1969, is the only specialized gear manufacturer under AVIC and a leader in the domestic small modulus gear market, with total assets of 673 million yuan and net assets of 232 million yuan as of the end of 2024 [6][8]. Industry Context - The traditional watch market is facing significant challenges, with a reported 18%-20% decline in personal luxury goods sales in mainland China, and a 25.8% drop in Swiss watch exports to China [16]. - In contrast, the demand for smart wearable devices has surged, with a 20.1% increase in shipments in the first three quarters of the year, positioning China as the global leader in this segment [16]. - The acquisition reflects a broader trend of capital mergers in the Han Zhong region, which is undergoing a revaluation of its industrial assets and transitioning towards new industries [21][24].