Core Viewpoint - Zhixing Co., Ltd. has submitted materials for public offering and listing on the Beijing Stock Exchange, indicating its intention to expand capital and enhance market presence [1][13]. Company Overview - Zhixing Co., Ltd. was established in 2011 and specializes in the research, production, and sales of green and low-carbon road materials. It was listed on the New Third Board in July 2017 [4]. - The company has developed a "drainage and noise reduction" super pavement material, which has a water permeability rate of 3.5L/(min·㎡), effectively preventing urban flooding. This technology is included in the technical standards for urban road drainage asphalt pavement in Sichuan Province [4]. Shareholding Structure - The shareholding structure of Zhixing Co. is highly concentrated, with the controlling shareholders being Zhang Nannan and Liu Yongwei, who together hold 77.17% of the shares. Zhang Nannan directly holds 59.46%, Liu Yongwei holds 4.21%, and Huang Zhenying holds 8.53% [4][6]. Financial Performance - The company has shown steady growth in financial performance, with revenues of 341 million, 465 million, and 676 million yuan for the years 2022, 2023, and 2024 respectively. The net profit attributable to shareholders was 32.21 million, 36.46 million, and 42.39 million yuan for the same years [10]. - In the first half of 2025, the company achieved a revenue of 345 million yuan, a year-on-year increase of 46.57%, and a net profit of 34.74 million yuan, a significant increase of 95.27% compared to the previous year [11][12]. Governance and Management - The company has established a governance structure but faces potential risks if internal controls are ineffective. Zhang Nannan and Liu Yongwei, as key decision-makers, have significant influence over the company's operations [6][8]. - Zhang Nannan holds a master's degree and has a diverse career background, while Liu Yongwei has a legal background and has held various managerial positions [8]. IPO Guidance History - This is not the first attempt by Zhixing Co. to initiate an IPO on the Beijing Stock Exchange. Previous attempts were made in June 2022 and were later terminated in March 2024. The company has since changed its advisory institution to Kaiyuan Securities for the current IPO guidance [13].