Core Viewpoint - Aomisen (920080.BJ) has initiated its subscription on September 22, with an issue price of 8.25 CNY per share and a maximum subscription limit of 950,000 shares, reflecting a price-to-earnings ratio of 12.52 times, and is listed on the Beijing Stock Exchange, with Xinda Securities as its sponsor [1] Company Overview - Aomisen is a specialized manufacturer of intelligent equipment, focusing on the research, design, production, and sales of intelligent production devices and lines. Its products are widely applicable in various sectors, including electrical appliances, environmental protection, wind power, and lithium battery new energy, serving as key equipment for achieving automation, intelligence, and efficiency in production [1] Business Revenue Breakdown - The main business revenue of Aomisen includes sales from heat exchanger production intelligent equipment, pipeline processing intelligent equipment, other customized intelligent equipment, and sales of components and others. The total revenue for the years 2022, 2023, and 2024 is projected to be 2.741 billion CNY, 3.203 billion CNY, and 3.534 billion CNY respectively [4][6] Financial Performance - Aomisen's financial performance shows a steady increase in revenue and net profit over the years. The company achieved revenues of approximately 279 million CNY, 325 million CNY, and 358 million CNY for the years 2022, 2023, and 2024 respectively, with net profits of about 20.13 million CNY, 49.76 million CNY, and 58.81 million CNY during the same periods [6][7] Product Innovation - The primary upgrade direction for air conditioning heat exchangers is the adoption of thin-walled small-diameter copper tubes (typically with a diameter ≤ 5mm) to replace larger diameter tubes. This change enhances the heat transfer coefficient and significantly reduces costs. Aomisen produces a non-shrinkage forced expansion machine capable of manufacturing heat exchangers with a minimum expansion diameter of 3.4mm, leading to a 10% increase in heat transfer efficiency and over 50% cost reduction when switching from a 9.52mm to a 5mm copper tube [6]