2026年1月22日，河北国亮新材料股份有限公司（以下简称"国亮新材"）正式登陆北京证券交易所，发 行价格10.76元/股。作为国家级专精特新"小巨人"企业，国亮新材的上市标志着耐火材料行业又一重要 企业进入资本市场视野。 研发投入构筑核心竞争力 招股书显示，国亮新材成立于2002年，是一家专业从事高温工业用耐火材料整体解决方案的高新技术企 业，主要产品包括定形、不定形和功能性耐火材料，并为钢铁、水泥等高温工业客户提供整体承包服 务。 财务数据显示，2022年至2024年，公司营业收入分别为9.37亿元、9.84亿元和9.05亿元；同期归母净利 润分别为4036.80万元、8379.83万元和7096.49万元。2025年上半年，公司实现营业收入5.11亿元，净利 润4149.72万元。 近年来，随着钢铁行业朝着装备大型化、生产智能化方向发展，钢铁企业和耐火材料企业不断优化窑炉 结构设计和耐火材料配置，推动耐火材料的品质提升和品种结构的优化。耐火材料整体承包服务模式促 使耐火材料企业加大科技研发力度、持续提升耐火材料使用水平和运维服务。 国亮新材自设立以来，始终重视科技创新2022年—2024年和2025年上 ...

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].