Core Viewpoint - Beijing Jinwanzhong Machinery Technology Co., Ltd. (hereinafter referred to as Jinwanzhong) has received acceptance for its IPO application on the Beijing Stock Exchange, following the withdrawal of its previous application for the Shanghai Stock Exchange due to new listing rules that raised financial and market value requirements [4] Group 1: Company Overview - Jinwanzhong was established in June 2011 and began its tool manufacturing business in 2012, launching its own tool brand "Rentianxing" in 2016 [4] - The company has expanded its services to include tool coating and tool sharpening [4] Group 2: Financial Performance - Jinwanzhong's revenue for the years 2022 to 2024 was 988 million, 950 million, and 923 million respectively, while net profits were 83.46 million, 75.49 million, and 87.32 million respectively [4] - The gross profit margins for the same period were 25.3%, 24.33%, and 24.64% [4] Group 3: Shareholding Structure - The controlling shareholder and actual controller of Jinwanzhong is Sun Xiaoming, who directly holds 78.62% of the shares and controls a total of 90.28% of the voting rights through various entities [5] - Sun Xiaoming has a diverse background in management and engineering, with extensive experience in various companies related to machinery and technology [6][7][8]

Core Viewpoint - After failing to list on the Shanghai Stock Exchange (SSE) due to increased financial requirements, Beijing Jinwanzhong Machinery Technology Co., Ltd. (referred to as "Jinwanzhong") is preparing for an IPO on the Beijing Stock Exchange (BSE) [1][4]. Group 1: Company Background - Jinwanzhong was established in June 2011 and operates as a one-stop comprehensive service platform for cutting tools [3]. - The company primarily generates revenue from the distribution of third-party brand cutting tools, with over 78% of its revenue in 2022 coming from Japanese brands [1][11]. Group 2: IPO History and Financial Requirements - Jinwanzhong voluntarily withdrew its application for the SSE main board listing in April 2024, citing that it did not meet the new financial criteria set by the SSE [4][5]. - The SSE raised its financial metrics, including cumulative net profit from 150 million to 200 million yuan, and cumulative operating cash flow from 100 million to 200 million yuan [5][6]. Group 3: Financial Performance - Jinwanzhong's revenue for the years 2020, 2021, and 2022 was approximately 850 million, 1.021 billion, and 988 million yuan, respectively, with net profits of 85.01 million, 102 million, and 83.46 million yuan [7][8]. - The company reported a total revenue of around 2.859 billion yuan and a cumulative net profit exceeding 270 million yuan over the three years, although the net profit for 2022 fell below 100 million yuan [8][9]. Group 4: Business Operations - During the reporting period, Jinwanzhong served nearly 10,000 customers, including around 400 listed companies and numerous state-owned enterprises [11]. - The company’s revenue is predominantly derived from the sale of cutting tools and related products, with third-party brand distribution accounting for approximately 87% of its revenue [11][12]. Group 5: Shareholding Structure - The controlling shareholder of Jinwanzhong is Sun Xiaoming, who holds 78.62% of the shares, along with additional control through various entities [12][13].