Core Insights - Qingdao Taike Ying Special Tires Co., Ltd. successfully listed on the Beijing Stock Exchange, becoming one of the most anticipated manufacturing IPOs of the year [1] - The company has been recognized with multiple honors, including being named a "Little Giant" enterprise and a top brand in China, reflecting its strong market position and innovation capabilities [3] Company Overview - Taike Ying specializes in the global mining and construction tire market, with a focus on "scenario-based technological innovation" as its core development driver [3][5] - The company has developed over 700 types of scenario-specific tires, addressing complex operational conditions and creating a significant technological barrier in the engineering radial tire sector [5] Technological Innovation - Taike Ying's R&D system transforms extreme operational environment parameters into specific technical indicators, supported by 188 patents and four internationally leading key technologies [5] - The proprietary TIKS tire intelligent management system utilizes IoT devices and AI algorithms to extend tire lifespan by over 20% [5] Market Position - In 2023, Taike Ying ranked third among Chinese brands and eighth globally in engineering radial tire sales, with a leading market share in large-tonnage crane tires domestically [7] - The company has a global presence, with products sold in over 100 countries and 70% of its revenue coming from international markets [7] Strategic Partnerships - Taike Ying has established long-term agreements with major mining companies like Rio Tinto and has entered the A-class supplier system of Liebherr, enhancing its position in the global supply chain [9] - The company maintains a gross margin of over 35%, which is approximately 10 percentage points higher than the industry average, due to its technological premium [9] Future Plans - Post-IPO, Taike Ying plans to invest in three key areas: upgrading its full range of scenario-specific tire products, establishing an innovation technology R&D center, and enhancing its intelligent management system [10] - The company aims to transition from a "product supplier" to a "global mining tire solution provider," capitalizing on the ongoing global mining electrification and intelligent transformation [12] Regional Impact - Taike Ying's listing reflects the collaborative development of Qingdao's manufacturing sector and capital markets, contributing to the city's economic growth [13] - In the first half of 2025, Qingdao's 64 listed companies achieved a revenue of 332.3 billion yuan, accounting for 39% of the city's GDP, indicating a robust industrial strategy [13][15]

Core Points - The company TaiKaiYing has been listed on the Beijing Stock Exchange, with a closing price of 21.64 yuan, representing a 188.53% increase from the opening price of 19.05 yuan, and a total market capitalization of 4.788 billion yuan [1] - TaiKaiYing focuses on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires [1] - The company raised a net amount of approximately 290.44 million yuan from its IPO, which will be used for product upgrades, technology research and development, and management system enhancements [4] Financial Performance - In recent years, TaiKaiYing's revenue has shown a steady increase, with reported revenues of 1.803 billion yuan in 2022, 2.031 billion yuan in 2023, and 2.295 billion yuan in 2024, with a projected revenue of 1.242 billion yuan for the first half of 2025 [5][6] - The net profit attributable to the parent company was 108 million yuan in 2022, 138 million yuan in 2023, and 157 million yuan in 2024, with a projected net profit of approximately 87.4 million yuan for the first half of 2025 [5][6] - The company expects to achieve a revenue of 1.9 billion to 1.965 billion yuan for the first nine months of 2025, representing a year-on-year growth of 12.08% to 15.92% [9][10] Shareholding Structure - Before the IPO, TaiKaiYing Holdings directly held 129,106,698 shares, accounting for 72.94% of the total share capital, and after the IPO, this percentage decreased to 58.35% [2] - The actual controllers of the company, Wang Chuan Zhu and his spouse Guo Yong Fang, held a combined total of 63.77% of the shares after the IPO [2]

New IPOs and Listings - Two new stocks are available for subscription: Delijia (603092.SH) on the Shanghai Stock Exchange and Zhongcheng Consulting (920003.BJ) on the Beijing Stock Exchange [1] - Four stocks are listed today: Bibete (688759.SH), Xi'an Yicai (688783.SH), Heyuan Bio (688765.SH), and Taikaiying (920020.BJ) [1] Delijia (603092.SH) - Delijia specializes in the R&D, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [2][7] - The IPO price is 46.68 CNY per share, with an institutional offering price of 47.68 CNY, and a market capitalization of 16.8 billion CNY [5] - The company has a projected market share of 10.36% globally and 16.22% in China for wind power transmission equipment by 2024, ranking third globally and second in China [7] - Delijia's revenue from onshore wind power is expected to be 36.25 billion CNY in 2024, accounting for 98.57% of its total revenue [7] Zhongcheng Consulting (920003.BJ) - Zhongcheng Consulting focuses on engineering consulting services and has ranked among the top five in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024 [8][11] - The IPO price is 14.27 CNY per share, with a market capitalization of 1.4 billion CNY [11] - The company plans to invest 1.23 billion CNY in building an engineering consulting service network and 0.77 billion CNY in R&D and information technology [11] Taikaiying (920020.BJ) - Taikaiying is the first company in the mining and construction tire segment to be listed on the Beijing Stock Exchange, recognized as the "first tire stock" on the exchange [15][19] - The IPO price is 7.50 CNY per share, with a market capitalization of 750 million CNY [18] - The company holds the number one market share in the domestic market for large-tonnage crane tires [19] Xi'an Yicai (688783.SH) - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, ranking first in China and sixth globally in terms of production capacity [21][22] - The IPO price is 8.62 CNY per share, with a market capitalization of 34.81 billion CNY [21] - The company has a projected capacity of 120,000 wafers per month by 2026, which will meet 40% of the demand in mainland China [22] Heyuan Bio (688765.SH) - Heyuan Bio focuses on the research and development of plant-derived recombinant protein expression technology and has developed several pharmaceutical products [33][38] - The IPO price is 29.06 CNY per share, with a market capitalization of 10.39 billion CNY [35] - The company plans to invest 19.09 billion CNY in the construction of a plant for recombinant human serum albumin and 7.94 billion CNY in new drug development [37]

Group 1: Company Overview - Taika Ying is the first company in the tire segment of the mining and construction industry to be listed on the Beijing Stock Exchange, recognized as the "first tire stock of the Beijing Stock Exchange" [2] - The company specializes in engineering radial tires and all-steel truck tires, holding a leading position in the engineering radial tire sector, ranking 3rd among Chinese brands and 8th globally in 2023 [3] - Taika Ying has established partnerships with major global and domestic construction machinery manufacturers, including SANY Group, XCMG, Liebherr, and JCB, among others [3] Group 2: Financial Performance - In 2024, Chaoying Electronics reported a main business revenue of 3.945 billion yuan, ranking 41st among global PCB manufacturers with a market share of 0.75% [5] - The company ranks 23rd among comprehensive PCB companies in China, with a market share of 1.41% in mainland China [5] - Chaoying Electronics is recognized as one of the top ten automotive electronic PCB suppliers globally and among the top five in China [5] Group 3: Market Position and Risks - Taika Ying's market share in the domestic engineering radial tire supporting market ranks 3rd among all tire brands, with the highest market share in the domestic market for large-tonnage crane tires [3] - Chaoying Electronics has a stable collaboration with Tier 1 automotive suppliers and well-known electric vehicle manufacturers like Tesla [4] - Both companies face risks related to their operational models, with Taika Ying relying on an outsourcing production model and Chaoying Electronics being sensitive to macroeconomic fluctuations and downstream market demand [4][5]

Core Viewpoint - Qingdao Taike Ying Special Tire Co., Ltd. has officially launched its issuance subscription on the Beijing Stock Exchange, aiming to raise a total of 332 million yuan through the issuance of shares priced at 7.50 yuan each, with a price-to-earnings ratio of 11.02 times [1] Group 1: Fundraising Purpose - The raised funds will be allocated to projects including the upgrade of the full range of specialized tire products, the establishment of an innovative technology research and development center for specialized tires, and the enhancement of an intelligent management system for tires [1] - Successful implementation of these projects is expected to optimize the company's product line, enhance its research and development capabilities, and expand its market reach, thereby increasing the scale of the company's main business revenue [1] Group 2: Company Profile - Taike Ying focuses on the global mining and construction tire market, specializing in the design, research and development, sales, and service of mining and construction tires, including engineering radial tires and all-steel truck tires [1] - The company's core competitive advantage lies in its ability to develop products based on user scenario demands [1]

Core Viewpoint - The company aims to enhance its financial strength and market competitiveness through a fundraising initiative, focusing on product innovation, research capabilities, and intelligent tire management systems [1][2]. Group 1: Fundraising and Investment Projects - The fundraising will significantly improve the company's financial strength, allowing for concentrated investment in product competitiveness, research capabilities, and intelligent tire management systems [1]. - Key projects include upgrading the entire series of scene-specific tire products, establishing a specialized tire innovation technology research center, and enhancing the intelligent tire management system [1]. - Successful implementation of these projects is expected to optimize the product line, enhance research capabilities, and expand market reach, ultimately increasing the company's main business revenue [1]. Group 2: Company Overview - The company, Taikaiying, is driven by technological innovation and focuses on the global mining and construction tire market, specializing in the design, research, sales, and service of mining and construction tires [2]. - The product range includes engineering radial tires and all-steel truck tires, developed through a scenario-based technology development system aimed at reducing tire consumption and improving equipment operational efficiency [2]. Group 3: Financial Overview - The company plans to issue 44.25 million shares at a price of 7.5 yuan per share, with an expected total fundraising amount of 332 million yuan [3]. - The company's revenue composition for 2024 indicates that engineering radial tires contribute 1.7177 billion yuan, while all-steel truck tires contribute 501.2 million yuan [5]. - Historical revenue growth rates show fluctuations, with total revenue growth rates and net profit growth rates varying over the years [5][6]. Group 4: Financial Ratios and Performance Metrics - The company's weighted average return on equity for 2024 is projected at 25.56%, a decrease of 2.84 percentage points from the previous year [18]. - The operating cash flow net amount for 2024 is reported at 145 million yuan, a decline of 10.13% year-on-year [21]. - The company's liquidity ratios indicate a current ratio of 1.76 and a quick ratio of 1.65 for 2024, improving to 1.87 and 1.72 respectively in the first half of 2025 [50].

Core Viewpoint - Taike Ying (920020.BJ) has initiated its subscription on October 15, with an issue price of 7.50 CNY per share and a subscription limit of 199.12 million shares, reflecting a price-to-earnings ratio of 11.02 times, indicating its focus on the global mining and construction tire market driven by technological innovation [1] Company Overview - Taike Ying specializes in the design, research and development, sales, and service of tires for mining and construction, particularly in engineering radial tires and all-steel truck tires [1] - The company ranks third among Chinese brands and eighth globally in engineering radial tires as of 2023, with a market share of third place in the domestic engineering radial tire matching market, and first in the domestic market for large-tonnage crane tires [1] Clientele - The company collaborates with leading domestic engineering machinery firms such as SANY Group and XCMG, as well as global giants like Liebherr, JCB, Zijin Mining, Rio Tinto, Glencore, Vale, and BHP [2] Financial Performance - For the fiscal years 2022, 2023, and 2024, Taike Ying reported revenues of approximately 1.803 billion CNY, 2.031 billion CNY, and 2.295 billion CNY respectively, with net profits of about 108 million CNY, 138 million CNY, and 157 million CNY respectively [2] - As of June 30, 2025, total assets are projected to be approximately 1.726 billion CNY, with total equity of about 780 million CNY, and a debt-to-asset ratio of 65.99% [3] - The company’s gross profit margin has shown slight fluctuations, recorded at 18.12% for the first half of 2025, compared to 19.20% in 2023 [3] - Research and development expenses accounted for 2.24% of revenue in the first half of 2025, up from 1.78% in 2022 [3]

Investment Rating - The report suggests a focus on the company, with a price of 7.50 CNY per share and a P/E ratio of 10.59X for the upcoming issuance [2][5]. Core Insights - The company, Taikaiying, is recognized as a "little giant" in the engineering radial tire sector, with a projected CAGR of 37.81% for net profit from 2021 to 2024 [10][47]. - The company has developed over 600 tire products suitable for various operational scenarios and holds 166 patents [13][16]. - The engineering radial tire market is expected to grow significantly, with a projected market size of 16 billion USD by 2029 [56][60]. Summary by Sections 1. Initial Issuance - The company plans to issue 44,250,000 shares at a price of 7.50 CNY per share, representing 20% of the total post-issuance share capital [2][5]. - The net proceeds from the issuance will be invested in projects aimed at upgrading specialized tire products and enhancing technological capabilities [8][9]. 2. Company Overview - Taikaiying specializes in the design, research, and sales of tires for mining and construction, focusing on reducing tire consumption and improving operational efficiency [10][22]. - The company has a diverse product range, including engineering radial tires and all-steel truck tires, with projected revenues of 1.718 billion CNY from engineering radial tires in 2024 [20][36]. 3. Industry Insights - The global market for engineering radial tires is estimated at 8 billion USD in 2023, with a significant growth trajectory expected [56][60]. - The trend towards radialization in the tire industry is evident, with China's overall radialization rate reaching 95.20% in 2022, although the engineering tire radialization rate was only 43.2% in 2023 [58][61].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report suggests a positive outlook for participation in the upcoming IPO, indicating a favorable investment sentiment [20]. Core Viewpoints - The company, Taikaiying, is recognized as a "small giant" in the tire industry, specializing in engineering radial tires and all-steel truck tires, with a strong focus on the mining and construction tire market [4][20]. - The company has achieved significant market recognition, ranking third among Chinese brands and eighth globally in engineering radial tires as of 2023 [7]. - The revenue performance is stable, with projected revenue of 2.295 billion yuan for 2024, reflecting a compound annual growth rate (CAGR) of 12.82% over the past three years [8]. - The company plans to utilize the funds raised from the IPO for product upgrades, the establishment of a research and development center, and the enhancement of a specialized tire intelligent management system [10]. Summary by Sections 1. Company Overview - Taikaiying was established in 2007 and is headquartered in Qingdao, Shandong, focusing on the design, research and development, sales, and service of mining and construction tires [4][7]. - The company has established a strong brand presence and has been recognized by international clients, including major industry players [7]. 2. Financial Performance - The projected revenue for 2024 is 2.295 billion yuan, with a net profit of approximately 156.65 million yuan, indicating a CAGR of 20.25% over the past three years [8]. - The gross margin for 2024 is expected to be 18.79%, while the net margin is projected at 6.82% [8]. 3. IPO Details - The IPO will involve a direct pricing method with an issue price of 7.50 yuan per share, raising approximately 3.32 billion yuan [11]. - The initial issuance will consist of 44.25 million shares, representing 20% of the total post-issue share capital, with a low expected free float of 18% [12]. 4. Industry Context - The Chinese tire industry is experiencing growth, with a decline in global market concentration, and is a major production hub for tires [13][14]. - The demand for tires is expected to increase due to rising vehicle ownership and the expansion of the replacement market, particularly in the context of new infrastructure and energy initiatives [14]. 5. Competitive Advantages - The company has a strong technical innovation advantage, having developed over 700 types of tires suitable for various operational environments [15]. - It employs a localized service model to meet customer needs effectively, covering the entire sales process from market research to product claims [15]. 6. Purchase Analysis - The report recommends active participation in the IPO, highlighting the company's low initial valuation and limited historical trading records, which may present a favorable investment opportunity [20].

Investment Rating - The investment rating for the company is suggested to be "actively participate" in the new share subscription [23]. Core Viewpoints - The company is recognized as a "small giant" in the domestic tire sector, specializing in engineering radial tires and all-steel truck tires, focusing on the mining and construction tire market. It has a strong market position and plans to use the raised funds for product upgrades, R&D center construction, and enhancing a specialized tire intelligent management system [23][11]. Summary by Sections 1. Company Overview - The company, established in 2007 and headquartered in Qingdao, Shandong, specializes in the design, R&D, sales, and service of mining and construction tires. It ranks 3rd among Chinese brands and 8th globally in engineering radial tires as of 2023 [8][9]. 2. Financial Performance - The company is projected to achieve a revenue of 2.295 billion yuan in 2024, with a 3-year CAGR of +12.82%. The net profit attributable to the parent company is expected to be 156.65 million yuan, with a 3-year CAGR of +20.25%. The gross margin is forecasted at 18.79%, and the net margin at 6.82% for 2024 [9][14]. 3. Issuance Plan - The new share issuance will adopt a direct pricing method with an issue price of 7.50 yuan per share. The initial issuance scale is 44.25 million shares, accounting for 20% of the total share capital post-issuance. The expected market capitalization after issuance is 1.659 billion yuan [13][14]. 4. Industry Situation - The Chinese tire industry is on the rise, with a decreasing concentration in the global tire market. The demand for tires is expected to grow due to the increasing ownership of automobiles and engineering machinery, alongside the promotion of new infrastructure and new energy initiatives [15][16]. 5. Competitive Advantages - The company has several competitive advantages, including a strong focus on technological innovation, a localized service model, and effective supply resource integration. It has developed over 700 types of tires suitable for various operational environments [17]. 6. Comparable Companies - The company is relatively small in scale compared to its peers, with a gross margin that is in the mid-range of the industry. The financial comparison with similar companies shows that it has a lower PE ratio compared to the median of comparable firms [22][24]. 7. Subscription Analysis - The report suggests that the company's initial valuation is low, with a low proportion of shares available for circulation. It is recommended to actively participate in the subscription due to these favorable conditions [23].