证券日报网1月11日讯，海安集团（001233）在接受调研者提问时表示，公司调整后的募集资金主要投 向三个项目：全钢巨型工程子午线轮胎扩产项目、全钢巨型工程子午线轮胎自动化生产线技改升级项目 以及研发中心建设项目。以上项目的建设周期分别为3年、2年和3年。公司已经在公告中披露了上市前 以自有资金预先投入募投项目的情况，随着项目建设的推进，新产能有望逐步释放。 ...

Core Points - Hai'an Group's stock price reached a new low of 67.53 yuan, marking a decline of 5.11% with a total market capitalization of 12.566 billion yuan [1] - The company was listed on the Shenzhen Stock Exchange on November 25, 2025, with an initial public offering (IPO) price of 48.00 yuan per share [1] - The total amount raised from the IPO was 2.23168 billion yuan, but the net amount after deducting issuance costs was 2.1075289 billion yuan, which is 844.789 million yuan less than originally planned [1] Company Information - Hai'an Group issued 46,493,334 shares, representing 25.00% of the total share capital post-issuance, with no existing shares being sold by shareholders [1] - The company planned to raise 2.9523179 billion yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital [1] - The total issuance costs (excluding VAT) amounted to 124.1511 million yuan, with underwriting and sponsorship fees accounting for 96.6279 million yuan [1]

Core Viewpoint - Hai'an Group's stock price hit a record low since its listing, indicating potential challenges in the market and investor sentiment [1] Group 1: Stock Performance - Hai'an Group's stock reached a minimum price of 71.11 yuan during trading, marking a new low since its IPO [1] - The closing price was 71.21 yuan, reflecting a decline of 4.25%, with a total market capitalization of 13.243 billion yuan [1] Group 2: IPO Details - Hai'an Group was listed on the Shenzhen Stock Exchange on November 25, 2025, with an initial public offering of 46,493,334 shares, representing 25% of the total share capital post-issue [1] - The shares were issued at a price of 48.00 yuan per share, with no existing shares being sold by current shareholders [1] Group 3: Fundraising and Use of Proceeds - The total amount raised from the IPO was 2.23168 billion yuan, with a net amount of 2.1075289 billion yuan after deducting issuance costs, which was 844.789 million yuan less than originally planned [1] - The company intended to raise 2.9523179 billion yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital [1] - The total issuance costs (excluding VAT) amounted to 124.1511 million yuan, with underwriting and sponsorship fees accounting for 96.6279 million yuan [1]

Core Viewpoint - Hai'an Group (001233.SZ) experienced a significant decline of 7.04% in its stock price, closing at 74.37 yuan on November 27, following its listing on the Shenzhen Stock Exchange on November 25 [1] Summary by Relevant Sections - **Initial Public Offering (IPO) Details** - Hai'an Group issued 46,493,334 shares, representing 25.00% of the total share capital post-issuance, with an offering price of 48.00 yuan per share [1] - The company did not transfer any existing shares, and no shareholders participated in the public sale of shares [1] - **Fundraising and Financials** - The total amount raised from the IPO was 223,168.00 million yuan, with a net amount of 210,752.89 million yuan after deducting non-taxable issuance costs, which is 84,478.90 million yuan less than the original plan [1] - The prospectus disclosed on November 20, 2025, indicated that the company aimed to raise 295,231.79 million yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital supplementation [1] - **Issuance Costs** - The total issuance costs (excluding VAT) amounted to 12,415.11 million yuan, with underwriting and sponsorship fees accounting for 9,662.79 million yuan [1]

Core Viewpoint - Hai'an Group has successfully listed on the Shenzhen Stock Exchange, marking a significant milestone as the first IPO from a small county in Fujian province this year, with a notable opening and closing price performance [1][3]. Company Overview - Hai'an Group issued 46,493,334 shares at an initial price of 48 CNY per share, raising approximately 2.232 billion CNY, with a total share capital of 185,973,334 shares post-IPO [3]. - The funds raised will be allocated for expanding production of all-steel giant radial tires and upgrading automated production lines [3]. - Strategic investors, including Zijin Mining and XCMG Machinery, received 8,780,207 shares, accounting for 18.88% of the total issuance, with a 12-month lock-up period [3]. Financial Performance - For the first nine months of 2025, Hai'an Group reported a revenue of 1.618625 billion CNY, a decrease of 4.77% year-on-year, and a net profit of 462.1525 million CNY, down 7.88% year-on-year [3][4]. - The company projects a full-year revenue of 2.25 billion to 2.35 billion CNY for 2025, with a slight fluctuation of -2.17% to 2.18%, and a net profit of 650 million to 710 million CNY, with a fluctuation of -4.28% to 4.56% [3][4]. Industry Position - Hai'an Group specializes in the manufacturing of all-steel giant radial tires, primarily used in heavy-duty mining trucks, with a significant market share in a niche segment dominated by three international brands [6][7]. - The global production of all-steel giant tires is expected to grow from 259,000 units in 2023 to 358,000 units by 2027 [6]. - The company has achieved notable technological advancements, including the development of China's first 57-inch giant tire and the world's largest 4.02-meter diameter tire [7]. Market Expansion - Hai'an Group has successfully penetrated international markets, with over 70% of its main business revenue coming from overseas sales in 2024 [10]. - The company has established a presence in numerous countries, including Russia, where it has gained clients due to the exit of major international brands from the market [10][12]. - The Southeast European and ASEAN regions are targeted for further market expansion, leveraging their resource advantages [12].

Core Viewpoint - The Haian Rubber Group plans to publicly issue 46.49 million shares, accounting for 25% of the total share capital after the issuance, with the listing subscription starting on November 14, 2025 [1] Group 1: Fundraising and Investment - The total fundraising amount is approximately 2.952 billion yuan, with two-thirds allocated for the production of giant tires [2] - The investment projects include: - Full steel giant tire expansion project with a total investment of 1.945 billion yuan [4] - Automation production line upgrade project for full steel giant tires with an investment of 371 million yuan [4] - R&D center construction project with an investment of 286 million yuan [4] - Supplementing working capital with an investment of 350 million yuan [4] Group 2: Company Overview - Haian Group specializes in the R&D, production, and sales of giant full steel radial tires, headquartered in Putian, Fujian [5] - The company operates under a "manufacturing + service" model, providing lifecycle management services for mining tires, serving both domestic and international large mining enterprises [5][7] - The company has become the fourth largest global manufacturer and the largest domestic manufacturer of full steel giant tires, with a significant market share [7] Group 3: Financial Performance - In 2024, the comprehensive gross profit margin of Haian Rubber reached 48.17%, significantly higher than the industry average, attributed to the increased proportion of high-value-added products [7] - The sustainability of this high gross profit margin post-expansion is a key concern for the industry [9]

Group 1: New Stock Listings and Performance - A total of 5 new stocks were listed in the A-share market last week, with an average first-day increase of 260.9%, including significant gains from Danah Biotechnology and Zhongcheng Consulting at 497.08% and 170.08% respectively [1] - The upcoming week (November 10-14) will see two new stocks available for subscription: Nantong Technology and Hai'an Group, with Nantong's subscription price set at 8.66 yuan per share [2] Group 2: Nantong Technology Overview - Nantong Technology specializes in precision mechanical components for air conditioning compressors, serving major clients like Midea Group and Gree Electric, with market shares of approximately 13% and 30% respectively [3] - The company has expanded its product applications into the automotive sector, achieving IATF16949 certification and supplying components to various automotive manufacturers [3] Group 3: Financial Performance of Nantong Technology - Projected revenues for Nantong Technology from 2022 to 2024 are 834 million yuan, 938 million yuan, and 1.031 billion yuan, with net profits of 47 million yuan, 84 million yuan, and 98 million yuan respectively [4] Group 4: Hai'an Group Overview - Hai'an Group focuses on the research, production, and sales of giant all-steel engineering tires, with a significant market presence and a production capacity for a full range of models [6] - The company has established itself in the market by providing high-quality products that meet the rigorous demands of the mining industry, effectively breaking the monopoly of three major international brands [6] Group 5: Financial Performance of Hai'an Group - Projected revenues for Hai'an Group from 2022 to 2024 are 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan, with net profits of 354 million yuan, 654 million yuan, and 679 million yuan respectively [7]

Group 1: New Stock Market Performance - A total of 92 new stocks have been listed on the A-share market as of November 7, 2023, reaching 92% of last year's total of 100 new stocks [1] - Among these, 81 stocks have seen their first-day price increase by more than 100%, accounting for nearly 88% of the market, which is higher than last year's 71% [1] - No new stocks have experienced a price drop since their listing this year, with an average first-day increase exceeding 200% [3] Group 2: Upcoming IPOs - Nantong Technology will be available for subscription on November 11, with an issue price of 8.66 yuan per share and a corresponding price-earnings ratio of 13.6 times, planning to issue 37.183 million shares [1] - Nantong Technology specializes in the R&D, production, and sales of precision mechanical components, with established partnerships with major companies like Midea Group and Gree Electric [1] - Haian Group will be available for subscription on November 14, with plans to issue 46.493 million shares and raise 2.952 billion yuan for expansion and upgrades [2] Group 3: Financial Performance of Companies - Nantong Technology's revenue and profit have shown consistent growth, with projected revenue exceeding 1 billion yuan and net profit surpassing 98 million yuan in 2024 [2] - For the first three quarters of 2025, Nantong Technology reported a revenue of 824 million yuan, an increase of 8.73% year-on-year, and a net profit of approximately 82.6 million yuan, up 19.43% year-on-year [2] - Haian Group is recognized as a leading manufacturer of all-steel giant tires, with a projected weighted average return on equity of 33.23% in 2024, down 14.44 percentage points from the previous year [2]

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]