Core Viewpoint - Guoliang New Materials Co., Ltd. officially listed on the Beijing Stock Exchange on January 22, 2026, marking a significant entry of a key player in the refractory materials industry into the capital market [2] Group 1: Company Overview - Guoliang New Materials, established in 2002, specializes in high-temperature industrial refractory materials and provides comprehensive solutions for industries such as steel and cement [3] - The company reported revenues of 937 million yuan, 984 million yuan, and 905 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 40.37 million yuan, 83.80 million yuan, and 70.96 million yuan during the same period [3] - In the first half of 2025, the company achieved a revenue of 511 million yuan and a net profit of 41.50 million yuan [3] Group 2: Research and Development - Guoliang New Materials has invested significantly in R&D, with expenditures of 43.50 million yuan, 48.86 million yuan, and 44.83 million yuan from 2022 to 2024, totaling over 150 million yuan [3] - The company employs 105 R&D personnel, including 11 senior engineers and 1 chief engineer, and holds 33 invention patents and 52 utility model patents [4] Group 3: Industry Trends - The refractory materials industry is evolving from a perception of being "high energy consumption and low technology" to a more technology-intensive sector due to the steel industry's shift towards larger and smarter operations [4] - Key trends include the development of long-lasting, energy-efficient, and functional products, a shift from single product sales to comprehensive solutions, and a focus on green manufacturing and circular economy [4] Group 4: Fundraising and Future Plans - Guoliang New Materials plans to raise approximately 175 million yuan through its listing, focusing on projects such as technological upgrades for production lines and the establishment of a production line for recycled materials [6] - The company aims to enhance its production capacity and efficiency through automation and reduce reliance on suppliers for raw materials [6] - The listing is expected to strengthen the company's financial position, enhance brand influence, and improve governance and operational efficiency for sustainable growth [6]

Investment Rating - The report suggests to pay attention to Guoliang New Materials as a leading provider of overall solutions for high-temperature industrial refractory materials [55]. Core Viewpoints - Guoliang New Materials focuses on high-temperature industrial refractory materials, providing comprehensive contracting services and direct sales to the steel industry, with stable relationships with major clients like Donghai Special Steel [55]. - The company is expected to benefit from the "dual carbon" policy and technological upgrades in the steel industry, leading to increased demand for high-performance and long-lasting refractory materials [55]. - The company plans to invest in capacity upgrades and smart manufacturing, which is anticipated to enhance product competitiveness and market coverage after the completion of fundraising projects [55]. Summary by Sections 1. Issuance Information - The issuance price is set at 10.76 CNY per share with a P/E ratio of 12.68X, and the subscription date is January 14, 2026 [5][6]. - A total of 18.04 million shares will be issued, accounting for 21.58% of the total share capital post-issuance [5][6]. 2. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials, with a net profit of 83.8 million CNY in 2023, representing a year-on-year increase of 107.59% [10]. - The company has a strong R&D team and has received multiple awards for its technological innovations [10]. - The company’s revenue for Q1-Q3 2025 was 787 million CNY, with a year-on-year growth of 21.18% [33]. 3. Industry Overview - The refractory materials industry is closely tied to the steel industry, which accounts for approximately 65% of refractory material usage [44]. - The national production of refractory materials is projected to be 22.07 million tons in 2024, reflecting a year-on-year decrease of 3.94% [40]. - The industry is expected to see increased demand for high-end refractory materials due to the implementation of carbon neutrality policies and advancements in steelmaking technology [38]. 4. Financial Performance - From 2022 to 2024, the compound annual growth rate (CAGR) of the company's net profit is 32.6% [33]. - The company’s gross margin has improved significantly, rising from 16.50% in 2021 to 20.39% in Q1-Q3 2025 [33]. - The revenue for 2024 is expected to be 905 million CNY, with a net profit of approximately 70.96 million CNY [6][33].

Investment Rating - The report assigns a positive investment rating to Guoliang New Materials, highlighting its leadership in the refractory materials industry and potential benefits from industry upgrades and increased concentration [1]. Core Insights - Guoliang New Materials has consistently focused on the refractory materials sector, emphasizing technological innovation and green development. The company has been recognized as a national-level "Little Giant" and is included in the key "Little Giant" list as of August 2025 [1][11]. - The company has a strong R&D team led by PhDs and has received multiple awards for its technological advancements. Its main revenue source is the overall contracting of refractory materials, which has seen a steady increase in revenue contribution from 85.64% in 2022 to 93.75% in 2025H1 [1][31]. - The company forecasts a revenue of 1.053 billion yuan and a net profit of 79.814 million yuan for 2025, representing year-on-year growth of 16.46% and 12.47%, respectively [1][45]. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides integrated solutions, including design, manufacturing, installation, and maintenance [11][19]. - The company has established partnerships with numerous well-known steel manufacturers, leveraging its technological advantages and extensive industry experience [12][60]. - The company operates primarily in North China, with a market share of 4.83% in the region as of 2024 [3][10]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 787 million yuan, with a year-on-year increase of 21.18%, and a net profit of 53.3532 million yuan, up 4.41% year-on-year [1][44]. - The gross profit margin for the first three quarters of 2025 was 20.39%, reflecting stable profitability [1][48]. - The company’s overall contracting revenue for refractory materials has been the main source of income, with significant contributions from steel ladles, intermediate ladles, and iron water buckets [31][38]. Industry Insights - The refractory materials industry is experiencing a shift towards green and intelligent upgrades, with increasing demand for high-end refractory materials driven by the steel industry's evolving requirements [2][3]. - The overall production of refractory materials in China has shown fluctuations from 2017 to 2024, with a projected decline in 2024 due to various market factors [2][3]. - The steel industry remains the primary application area for refractory materials, accounting for approximately 65% of total usage [2][15].