Core Viewpoint - Hunan Juren New Materials Co., Ltd. has submitted an application for public stock issuance and listing on the Beijing Stock Exchange, with CITIC Securities as the sponsor, highlighting its focus on the research, production, and sales of caprolactam series products in the advanced chemical materials sector [1][2]. Group 1: Company Structure and Control - The actual controller of Juren New Materials is Wang Hanyu, who controls 56.61% of the voting rights through three holding platforms: Yueyang Juyi, Yueyang Rongchuang, and Yueyang Jutai, without direct shareholding [3]. - There have been multiple instances of shareholding entrustment and capital contribution flaws during the establishment and historical capital increases of Juren New Materials, with some founding shareholders, such as Tao Dan, no longer holding shares since 2017 [4][5]. Group 2: Shareholding and Investment Agreements - The company is required to clarify the background and reasons for shareholding entrustment, including the verification of investment agreements, resolutions, payment vouchers, tax payment certificates, and fund flow checks [4]. - The company must explain the reasons for the exit of founding shareholders like Tao Dan in 2017, their current investment activities, and any potential business overlaps with Juren New Materials [5]. Group 3: Special Investment Terms and Control Stability - The company needs to address the specific content of the special investment terms and the likelihood of their triggering, as well as the actual controller's ability to fulfill buyback obligations [6]. - The company must clarify the situation of shareholders from platforms like Yueyang Rongchuang and Yueyang Ronghao, including whether they are employees and the rationale for any equity incentives [6]. Group 4: Historical Shareholding and Control Assessment - The company is tasked with assessing whether Wang Hanyu is accurately recognized as the actual controller based on historical shareholding entrustment and special investment terms, and whether these factors affect the clarity of ownership and stability of control [7].

Core Viewpoint - Hunan Juren New Materials Co., Ltd. (referred to as "Juren New Materials") has been accepted for IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of caprolactam series products, marking a significant step in the domestic chemical materials industry [1][4]. Group 1: Company Overview - Juren New Materials is the largest domestic supplier of caprolactam series products, having established the first 10,000-ton continuous production line for caprolactam series products in China, filling a gap in large-scale production [2][4]. - The company has achieved a compound annual growth rate (CAGR) of 58.12% in revenue during the reporting period, indicating strong growth momentum [5]. Group 2: Financial Performance - Revenue figures for Juren New Materials from 2022 to 2024 are as follows: 192 million yuan, 282 million yuan, and 479 million yuan, respectively, demonstrating rapid growth [1]. - Net profit for the same period has also shown significant increases: 47.26 million yuan, 74.20 million yuan, and 83.35 million yuan [1]. Group 3: Investment and Projects - The company plans to raise 292 million yuan through its IPO, which will be allocated to a 40,000-ton/year special polycaprolactone intelligent factory project, a research and development center project, and to supplement working capital [1]. - In 2023, Juren New Materials completed the construction of the world's largest single-capacity caprolactam facility, with an annual capacity of 50,000 tons [7]. Group 4: Market Position and Collaborations - Juren New Materials has established partnerships with major international companies such as BASF, BIC, and Covestro, as well as long-term collaborations with domestic leaders like Wanhua Chemical and Meirui New Materials [5]. - The company's market share in the domestic caprolactam market increased from 35.19% in 2022 to 37.21% in 2023, solidifying its position as the largest supplier in the sector [5]. Group 5: Innovation and Certifications - The company has built a comprehensive technology transfer system from basic research to industrialization, supported by various innovation platforms [6]. - Juren New Materials has received multiple certifications, including being recognized as a "Little Giant" enterprise and a high-tech enterprise, and has participated in the formulation of national standards for biodegradable materials [6].

Core Viewpoint - Hunan Juren New Materials Co., Ltd. has received approval for its IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of caprolactam series products, positioning itself as an innovative manufacturer in advanced chemical materials [2]. Group 1: IPO Details - The company plans to raise 292 million yuan through the IPO, which will be allocated to a 40,000 tons per annum special polycaprolactone intelligent chemical plant project, a research and development center project, and to supplement working capital [3]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is reported as 192 million yuan, 282 million yuan, and 479 million yuan respectively, with net profits of 47.26 million yuan, 74.20 million yuan, and 83.35 million yuan for the same years [4]. - The total assets as of December 31, 2024, are projected to be approximately 781.77 million yuan, with total equity of about 687.41 million yuan, reflecting a significant increase from previous years [4]. Group 3: Shareholding Structure - The controlling shareholder of the company is Yueyang Juyi, holding 15.07 million shares, which accounts for 41.85% of the total shares, while the actual controller, Wang Hanyu, indirectly holds 56.61% of the voting rights through various holding platforms [6].