Core Viewpoint - The stock price of Global Turf (共创草坪) surged by 91.18% from May 30 to June 10, 2025, amid rising interest in the "Soochow Super League" concept, despite the company's low revenue contribution from sports turf products [1][4]. Company Performance - As of June 11, the market value of shares held by the controlling shareholder Wang Qiangxiang and his investment firm increased by over 5 billion yuan [3]. - The company reported that its domestic sports turf revenue accounts for only about 20% of total revenue, with domestic market contributions at approximately 11% [4][10]. Stock Trading Activity - During the stock price surge, the trading turnover rate remained low, with a rate of 3.08% on June 10 and an average of 2.26% during the surge period [5]. - Wang Qiangxiang and his family hold a significant stake of 89.65% in the company, which contributes to the low trading activity as they rarely trade their shares [8]. Industry Context - China accounts for over 60% of the global artificial turf production capacity, with Global Turf being the largest producer [9][10]. - The global demand for artificial turf was 393 million square meters in 2023, with sales reaching 3.219 billion euros, projected to grow to 4.141 billion euros by 2027, reflecting a compound annual growth rate of 6.50% [9]. Production Capacity and Challenges - Global Turf has five production bases, with a total production capacity of 116 million square meters of artificial turf as of the end of 2024 [12]. - The company is facing capacity bottlenecks and is planning expansions in Vietnam and Mexico to enhance production capabilities [11][15]. Environmental Initiatives - The company has developed recyclable turf products in response to industry challenges such as environmental concerns and is positioned to benefit from tightening environmental regulations [16].

Core Viewpoint - Qingdao Qinghe Artificial Turf Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shanghai Stock Exchange [1] Company Overview - Qingdao Qinghe was established in August 2009 and is located in Qingdao, Shandong Province. The company was formerly known as Qingdao Kangsen Fiber Co., Ltd. It has a registered capital of approximately 110 million yuan [3] - The main shareholders include Qingdao Xinhongyi Investment Co., Ltd. and Yu Kang [3] IPO Details - The company initially disclosed its prospectus in July 2022 and submitted its application for listing in March 2023, with an update in December 2024. The planned fundraising amount was 1.092 billion yuan, intended for various projects including the construction of a production base in Vietnam and technology upgrades [3][4] Financial Performance - Qingdao Qinghe's revenue for the years 2021, 2022, 2023, and the first half of 2024 was approximately 1.358 billion yuan, 1.828 billion yuan, 1.956 billion yuan, and 1.036 billion yuan, respectively. The net profits for the same periods were about 137 million yuan, 100 million yuan, 129 million yuan, and 60.98 million yuan [5] - The company's total assets as of June 30, 2024, were approximately 2.38 billion yuan, with a debt-to-asset ratio of 50.83% [6] Product and Market - Qingdao Qinghe primarily engages in the research, production, and sales of artificial turf and grass yarn, with products categorized into leisure landscape turf and sports turf. The company exports to over 100 countries and regions worldwide [5][6] - Revenue from leisure grass accounted for approximately 72.73%, 66.95%, 73.16%, and 68.30% of its main business income in the respective years [6]

人造草坪企业青岛青禾沪主板IPO告终。 依托公司优质的产品及服务，青岛青禾不断拓宽客户布局，客户覆盖美洲、欧洲、亚洲、大洋洲、非洲等100多个国家及地区，能够持续满足全球范围内人 造草坪下游客户的需求，业务模式成熟稳定。 业绩方面，2022年至2024年上半年，青岛青禾实现营收分别为18.28亿元、19.56亿元和10.36亿元；净利润分别为1亿元、1.29亿元和0.61亿元。 据了解，人造草坪行业在国外起步较早，市场相对成熟。青岛青禾产品的售以境外市场为主，2021年至2024年上半年，公司境外销售收入占主营业务收入的 比例分别为97.94%、98.62%、98.71%和99.16%，是公司收入和利润的主要来源。 此外，近年来全球人造草坪行业发展热度较高，市场规模保持着较快的增长，未来发展空间广阔，但行业竞争程度可能不断加剧，对青岛青禾的经营产生一 定影响。目前，行业内主要企业均推行了不同程度的产能扩张，行业供给不断增加，可能导致产品价格的下降；同时，人造草坪行业集中度较高。伴随着行 业竞争加剧，青岛青禾可能面临着继续扩大市场占有率、提高行业地位的压力。 回顾其上市历程，2023年3月青岛青禾沪主板IPO获 ...

Core Viewpoint - Qingdao Qinghe has voluntarily withdrawn its IPO application on the Shanghai Stock Exchange, marking a significant setback for the company after more than two years of attempts to go public [2][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and grass yarn, ranking second globally in production and sales scale [2]. - The company has a global market share of 12.9% in artificial turf as of 2023, according to AMI Consulting [2]. Financial Performance - Revenue has shown consistent growth, but net profit has fluctuated significantly from 2019 to 2023, with figures of 24.71 million, 142 million, 137 million, 100 million, and 129 million yuan respectively [3]. - The net profit decline in 2021 and 2022 was attributed to exchange rate losses, with exchange gains accounting for a significant portion of total profits during the reporting period [3]. Accounts Receivable - As of June 2024, accounts receivable reached 490 million yuan, representing 20.58% of total assets, a 50.81% increase from the end of the previous year [3]. Shareholding Structure - The company has undergone 12 equity transfers and 9 capital increases since its establishment, resulting in a large shareholder base with 14 individual and 22 institutional shareholders [4]. - The actual controller's shareholding is only 36.34%, which may pose risks to control stability and decision-making if the company goes public [4]. International Operations - Qingdao Qinghe has faced operational challenges in its overseas business, particularly in Mexico, where a production base has been less efficient and has led to increased management difficulties [5]. - A fire incident in February 2024 at the Mexican facility resulted in a loss of 59.63 million yuan, significantly impacting the company's financial performance [6]. Legal Issues - The company has been involved in multiple patent disputes since 2020, including two significant cases with the leading artificial turf producer, which have been resolved [6]. - An ongoing lawsuit from POLYLOOM claims that Qingdao Qinghe infringed on its patents in the U.S. [6]. R&D Expenditure - Qingdao Qinghe's R&D expenditure has been notably lower than its competitors, with rates of 1.26%, 1.41%, 1.51%, and 1.03% of revenue during the reporting periods, compared to an average of 3.22% to 3.70% for its peers [7].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Qingdao Qinghe's initial public offering (IPO) application for listing on the main board due to the company's withdrawal of its application [1][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and artificial grass fibers [4]. - As of the signing date of the prospectus, Qingdao Xinhongyi Investment Co., Ltd. holds 25.47% of Qingdao Qinghe's shares, making it the controlling shareholder [4]. - The actual controller of Qingdao Qinghe is Yu Kang, who directly holds 10.87% of the shares and indirectly controls 25.47% through Xinhongyi, totaling a control of 36.34% [4]. IPO Details - Qingdao Qinghe originally planned to issue no more than 36.876 million new shares, accounting for at least 25% of the total share capital after the issuance [4]. - The company intended to raise approximately 1.09159 billion yuan (approximately 109.16 million) for various projects, including the construction of a production base in Vietnam and upgrades to technology and systems [4][5]. Fund Allocation - The intended allocation of the raised funds includes: - 633 million for the Vietnam production base project - 131.46 million for the technical renovation of the grass fiber production base - 39.26 million for the information system upgrade - 37.86 million for the R&D center renovation - 250 million for working capital [5].