Core Viewpoint - China is a major mineral resource country, and the demand for large mining machinery and equipment is increasing, which drives the market demand for all-steel giant engineering radial tires. The market size of this industry is expected to reach 19.839 billion yuan in 2024, with a year-on-year growth of 37.06% [2]. Industry Overview - Tires are essential consumables that contact the road surface, widely used in various fields including transportation and engineering machinery. Tires can be categorized into highway tires and off-the-road (OTR) tires, with OTR tires primarily used in large farms, open-pit and underground mines, ports, and construction [4]. - Engineering tires are composed of several parts, including tread, buffer layer, fabric layer, bead, carcass, and airtight layer, and are designed for high durability and low heat generation [5]. Market Demand - The demand for all-steel giant engineering radial tires is driven by the growth of the mining industry and ongoing infrastructure construction in China, including highways, railways, and bridges. This has led to increased demand for construction machinery such as loaders, bulldozers, and cranes [2]. Business Model - The procurement of all-steel giant engineering radial tires involves sourcing raw materials like natural rubber, synthetic rubber, steel wire, carbon black, and chemical additives, with a robust supplier management system in place [8]. - The production model is highly customized, following a "sales-driven production" approach, where annual sales plans are developed based on customer orders [9]. - The sales model primarily involves direct sales to well-known mining companies, machinery manufacturers, and tire traders, with technical personnel providing on-site assessments to recommend suitable tires [10]. Industry Policies - The tire industry, including all-steel giant engineering radial tires, is overseen by several government departments, including the National Development and Reform Commission and the Ministry of Industry and Information Technology, which are responsible for industry planning and policy formulation [12]. - Recent policies have emphasized the development of the tire industry, providing a favorable environment for growth through various supportive measures [13]. Development History - The exploration of all-steel radial tires in China began in the 1960s, with significant advancements occurring after the exemption of consumption tax in 2000. The industry has seen rapid development and capacity expansion in recent years due to increased demand from mining and infrastructure sectors [15]. Industry Barriers - The industry faces high technical barriers due to the complexity of developing tires that can withstand harsh working conditions and heavy loads, requiring significant time and investment in R&D [17][18]. - Market barriers exist as new entrants struggle to gain acceptance from mining companies, which prioritize safety and efficiency, making it difficult for newcomers to test their products in real-world conditions [19]. - Financial barriers are significant, as the industry requires substantial capital investment for production facilities and equipment, making it challenging for new companies to enter the market [20]. Industry Chain - The upstream of the all-steel giant engineering radial tire industry includes suppliers of raw materials and production equipment, with rubber being the most significant cost component. The midstream involves R&D and production, while the downstream includes applications in mining and construction machinery [21].

Group 1 - Hai'an Rubber's IPO status has changed to "submitted for registration" after passing the review on August 18, marking a significant step in its listing process [1] - If successfully registered, Hai'an Rubber is expected to become the first "domestic giant tire stock" in A-shares, with plans to issue up to 46.49 million shares and raise 2.952 billion yuan [3] - The raised funds will be allocated for project construction and to supplement working capital, including 1.945 billion yuan for the expansion of the all-steel giant engineering radial tire project [3] Group 2 - The company plans to invest 371 million yuan in the automation upgrade project for the all-steel giant engineering radial tire production line and 286 million yuan in the construction of a research and development center, with the remaining 350 million yuan for working capital [5] - Hai'an Rubber ranks fourth globally and first domestically in the production of all-steel giant tires [5] - In the first half of 2025, the company achieved operating revenue of 1.08 billion yuan, a year-on-year increase of 0.83%, and a net profit of 317 million yuan, up 7.4% year-on-year [7]

Core Viewpoint - Hai'an Rubber Group Co., Ltd. is set to raise 2.95232 billion yuan through its listing on the Shenzhen Stock Exchange, primarily for expanding production capacity and upgrading automation in the manufacturing of giant all-steel radial tires, as well as for research center construction and working capital supplementation [1] Company Overview - The main business of Hai'an Rubber includes the research, production, and sales of giant all-steel radial tires for engineering machinery, along with the operation management of mining tires [1] - The company is a leading player in the domestic all-steel giant tire industry, having achieved mass production of a full range of specifications, breaking the monopoly of three major international brands and achieving import substitution [1] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of 1.508 billion yuan, 2.251 billion yuan, and 2.300 billion yuan respectively, showing a growth trend [2] - The net profit attributable to the parent company for the same years was 354 million yuan, 654 million yuan, and 679 million yuan, indicating consistent profitability [2] Key Financial Metrics - Total assets as of December 31, 2024, are projected to be 3.28278 billion yuan, up from 2.80083 billion yuan in 2023 and 2.10390 billion yuan in 2022, reflecting a compound annual growth rate (CAGR) of 24.91% [3] - The equity attributable to the parent company is expected to reach 2.38693 billion yuan in 2024, compared to 1.69949 billion yuan in 2023 and 1.04421 billion yuan in 2022, with a CAGR of 51.19% [3] - The company's net profit attributable to the parent company is projected to be 679.048 million yuan in 2024, up from 653.929 million yuan in 2023 and 354.179 million yuan in 2022, with a CAGR of 38.46% [3]

Core Viewpoint - Hai'an Rubber Group Co., Ltd. has passed the listing review and plans to go public on the Shenzhen Stock Exchange, with a target of raising approximately 2.952 billion yuan for expansion and modernization projects [1][6]. Group 1: Business Overview - Hai'an Rubber specializes in the research, production, and sales of giant all-steel radial tires for engineering machinery and the management of mining tires, positioning itself as a leading player in the domestic all-steel giant tire industry [4]. - The company has achieved mass production of a full range of specifications for all-steel giant tires, breaking the monopoly of three major international brands and achieving import substitution [4]. - Major clients include Zijin Mining, Ural Mining and Metallurgical Company, and XCMG Group, among others [4]. Group 2: Financial Performance - From 2022 to 2024, the company has shown steady growth in revenue and net profit, with revenues of approximately 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan, and corresponding net profits of approximately 354 million yuan, 654 million yuan, and 679 million yuan [5]. - The company has a high proportion of overseas revenue, with sales from international markets accounting for 65.19%, 76.16%, and 74.23% of total revenue during the same period [5]. Group 3: Fundraising and Investment Plans - The company plans to issue 46.4933 million shares to raise about 2.952 billion yuan, which will be allocated to projects including the expansion of all-steel giant engineering radial tire production (1.945 billion yuan), automation upgrades (371 million yuan), research center construction (286 million yuan), and working capital (350 million yuan) [6]. Group 4: Growth Sustainability - The company asserts that the high-end all-steel giant tires have significant industry entry barriers, and once suppliers gain customer trust, they can maintain long-term stable cooperation [7]. - The global mining industry's growth is expected to drive demand for all-steel giant tires, and the company has a robust order backlog and long-term sales agreements with major clients [7].

Group 1 - The core viewpoint of the article is that four companies are set to present their initial public offerings (IPOs) to the listing committees of various stock exchanges in China, with a total fundraising target of approximately 42.3 billion yuan [1][5]. Group 2 - Hai'an Rubber plans to list on the Shenzhen Main Board and aims to raise 29.52 billion yuan for projects including the expansion of all-steel giant engineering radial tires and automation upgrades [1][2]. - Huaxin Precision Science is targeting the Shanghai Main Board with a fundraising goal of 7.12 billion yuan, focusing on precision stamping products [1][3]. - Zhigao Machinery intends to list on the Beijing Stock Exchange, seeking to raise 3.95 billion yuan, specializing in drilling rigs and screw machines [1][4]. - Shichang Co. is also planning to list on the Beijing Stock Exchange, with a target of 1.71 billion yuan, focusing on automotive fuel systems [1][5].

在成立二十周年的重要节点，海安橡胶集团股份公司（以下简称"海安橡胶"）作为全钢巨型工程子午线 轮胎领域的领军企业，即将在5月30日迎来深交所主板IPO上会时刻。 国内产能第一，技术牛在哪? 在2008年之前，中国的超大工程机械和矿车的轮胎完全依赖进口米其林、普利司通等国际品牌。这些工 程车辆要承载几百吨矿物，一条轮胎就要承受几十吨到上百吨的压力，相当于几十头大象站在上面。普 通橡胶根本无法承受这重压，一压即裂。像矿山路面崎岖，轮胎容易遭刺扎;沙漠地带酷热，常年气温 超过40摄氏度。在这样的条件下，工程轮胎不仅要坚韧抗扎，具备良好的耐热性，使用寿命还得在一年 以上。因此，这种巨型工程轮胎的制造工艺极为复杂，需如制作"千层蛋糕"一般，用特种橡胶搭配钢丝 帘线等几十层材料精准贴合，一次成型。生产过程中，任何一道工序出现差池，整条轮胎便只能报废。 所以可以说矿车轮胎的"超强待机"是靠顶级材料和工艺堆出来的!生产一条巨胎的机器就价值上亿元。 多数企业难以在长时间内持续投入研发资金且看不到即时回报，最终只能放弃。所以此前这个市场长期 被外资垄断。 但就有这么一家企业花了20年时间从研发到量产巨型工程轮胎，最终打破国际垄断 ...

IPO Review and Registration Progress - Four new IPO applications were accepted last week, with the first IPO on the Shanghai main board this year being Longyu Group, which aims to raise 700 million yuan [2][3] - Longyu Group's main business involves zirconium products, special nylon products, and fine chemical products, with over 70% of revenue coming from zirconium products, although its gross margin is declining [2][3] - The company reported revenues of 1.669 billion yuan in 2022, 1.607 billion yuan in 2023, and 1.637 billion yuan in 2024, with net profits of 257 million yuan, 188 million yuan, and 205 million yuan respectively [3] - Shenglong Co., a large molybdenum company, plans to raise 1.53 billion yuan and reported a revenue of 2.864 billion yuan in 2024, a 46.3% increase year-on-year [3] - Two new IPOs were accepted on the Beijing Stock Exchange: Peicheng Technology and Kanghua Co., with Peicheng's revenue declining by 4.02% in 2024 [3][4] Upcoming IPOs - Three companies, Zhigao Machinery, Shichang Co., and Hai'an Rubber, are scheduled for IPO meetings this week, with Hai'an Rubber aiming to raise 2.952 billion yuan [5][6] - Hai'an Rubber's revenue growth has significantly slowed, with a revenue increase of only 2.19% in 2024 compared to previous years [6] - Zhigao Machinery plans to raise 395 million yuan, while Shichang Co. aims for 171 million yuan [7] New Stock Subscription and Listing Dynamics - Three new stocks are scheduled for subscription this week, with a total expected fundraising of 1.332 billion yuan [10] - Youyou Green Energy plans to issue shares at 89.6 yuan each, aiming to raise approximately 941 million yuan, exceeding its original target by 34% [10] - The company reported a revenue of 1.497 billion yuan in 2024, an 8.85% increase, but a net profit decline of 4.6% [10] - Jiao Da Tie Fa aims to raise 168 million yuan, while Ying Shi Innovation plans to raise 464 million yuan for their respective projects [11] Policy and Regulatory Developments - The China Securities Association updated the list of D-class sponsor representatives, adding eight new names from various securities firms [13] - The Ministry of Finance announced administrative penalties against several securities evaluation institutions and asset appraisers following quality checks [14] - The Shenzhen Stock Exchange is focusing on supporting the computing chip industry through reforms and enhancing the service system from "IP" to "IPO" [15]

Core Viewpoint - This week, three companies are scheduled for IPO meetings, with a total fundraising target of approximately 35.18 billion yuan [1][2]. Group 1: Upcoming IPOs - Three companies are set to attend IPO meetings from May 26 to May 30, including Hai'an Rubber, Zhigao Machinery, and Shichang Co., Ltd. [1][2] - Hai'an Rubber plans to raise the most funds, with an expected amount of 29.52 billion yuan, aimed at expanding production and upgrading technology for giant all-steel engineering tires, among other projects [2][3]. - Zhigao Machinery and Shichang Co., Ltd. aim to raise 3.95 billion yuan and 1.71 billion yuan, respectively [2][4]. Group 2: Company Profiles - Hai'an Rubber specializes in the research, production, and sales of giant all-steel engineering tires and mining tire management [3]. - Zhigao Machinery focuses on the research, production, sales, and service of drilling rigs and screw machines [4]. - Shichang Co., Ltd. is engaged in the research, production, and sales of automotive fuel systems [5].

Group 1: New IPOs and Market Overview - This week, there are three new stocks available for subscription, including one from the ChiNext, one from the Sci-Tech Innovation Board, and one from the Beijing Stock Exchange [1] - The ChiNext new stock, Youyou Green Energy, has an issue price of 89.6 yuan and a price-to-earnings ratio of 15.37 times, while the Beijing Stock Exchange new stock, Jiaoda Tifa, has an issue price of 8.81 yuan and a price-to-earnings ratio of 13.42 times [2] - The Sci-Tech Innovation Board new stock, Yingshi Innovation, has become a leading global brand in panoramic cameras, holding a market share of 81.7% in 2024, meaning that 8 out of every 10 panoramic cameras sold globally will be from Yingshi [2][3] Group 2: Company Performance and Financials - Yingshi Innovation's revenue has surged from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with a compound annual growth rate of 65.25% [3] - The net profit attributable to the parent company increased from 407 million yuan to 995 million yuan, indicating a continuous improvement in profitability [3] - Youyou Green Energy's revenue is projected to grow from 988 million yuan in 2022 to 1.497 billion yuan in 2024, benefiting from the ongoing development of the domestic new energy vehicle and charging infrastructure industry [4] Group 3: Research and Development Focus - Yingshi Innovation has invested significantly in R&D, with expenditures of 256 million yuan, 448 million yuan, and 776 million yuan from 2022 to 2024, totaling 1.48 billion yuan, which represents 13.16% of its revenue over the last three years [2][3] - Youyou Green Energy aims to use the funds raised from its IPO for the construction of a charging module production base and a headquarters and R&D center [4][7] Group 4: Industry Trends - The charging module market is expected to see an increase of 726.60 billion watts in 2023, with Youyou Green Energy holding a market share of 10.58% [4] - The domestic new energy vehicle and charging infrastructure sectors are experiencing steady growth, which is expected to drive revenue growth for companies like Youyou Green Energy [4]