Core Points - Zhigao Machinery Co., Ltd. (stock code: 920101.BJ) was listed on the Beijing Stock Exchange, closing at 57.66 yuan with a rise of 231.19% and a trading volume of 10.83 billion yuan, resulting in a total market capitalization of 4.954 billion yuan [1] - The company specializes in the research, production, sales, and service of rock drilling equipment and air compressors, focusing on energy-saving, environmentally friendly, safe, and efficient products [1] - Zhigao Machinery is recognized as one of the "Little Giants" in the fourth batch of specialized and innovative enterprises in China [1] Company Ownership and Control - Zhigao Holdings directly holds 29.58 million shares, accounting for 45.90% of the total shares, making it the controlling shareholder [1] - Xie Cun directly holds 18.08% of Zhigao Machinery's shares and has significant influence over the company's decisions as the chairman and general manager [1] Financial Performance - In 2022, 2023, and 2024, Zhigao Machinery's revenue was 795 million yuan, 840 million yuan, and 888 million yuan respectively, with net profits of 88.99 million yuan, 104 million yuan, and 105 million yuan [6] - For the first half of 2025, the company achieved a revenue of 469.40 million yuan, a year-on-year increase of 4.99%, and a net profit of 59.59 million yuan, up 25.15% [9] Fundraising and Project Investment - The company raised approximately 373.99 million yuan from its IPO, with net proceeds of about 318.28 million yuan after deducting issuance costs [4] - The funds will be allocated to projects including the construction of a production line for 300 intelligent drilling machines, an engineering technology research center, and working capital [5] Future Projections - For the first nine months of 2025, the company expects to achieve revenue between 660.29 million yuan and 722.19 million yuan, representing a year-on-year growth of approximately 0.80% to 10.25% [9]

本次发行预计募集资金总额3.74亿元。若全额行使超额配售选择权本次募集资金总额为4.30亿元。募集 资金主要投向年产300台智能化钻机生产线建设项目、年产 300 台智能化钻机生产线建设项目、年产 2,000台工艺节能螺杆式空气压缩机生产项目、工程技术研发中心建设项目、工程技术研发中心建设项 目、补充流动资金项目、补充流动资金项目。 公司主营业务为钻机及螺杆机产品的研发、生产、销售和服务。 财务数据显示，2022年—2024年公司净利润分别为8898.74万元、1.04亿元、1.05亿元。同比变动幅度为 32.93%、16.31%、1.49%。（数据宝） 新股申购信息 | 股票代码 | 920101 | 股票简称 | 志高机械 | | --- | --- | --- | --- | | 发行代码 | 920101 | 发行价（元） | 17.41 | | 发行市盈率（倍） | 14.50 | 参考行业市盈率（倍） | 31.38 | | 申购日期 | 2025.08.05 | 初始发行数量（万股） | 2148.15 | | 超额配售启用后网上发行量（万股） | 2040.76 | 申购股数上限（万股） | ...

Core Viewpoint - Zhejiang Zhigao Machinery Co., Ltd. (Zhigao Machinery) is under scrutiny during its IPO process on the Beijing Stock Exchange after its previous attempt on the Shenzhen Stock Exchange was terminated, raising concerns about the authenticity of its sales revenue and overall growth potential [1][3][19] Financial Performance - Zhigao Machinery has shown moderate growth in operating performance over recent years, with revenues of 8.81 billion, 7.95 billion, 8.40 billion, and 8.88 billion from 2021 to 2024, reflecting a slow growth trend [16] - Domestic sales have declined from 8.50 billion in 2021 to 6.19 billion in 2023, while international sales surged from 189.7 million to 1.89 billion in the same period, indicating a shift towards foreign markets [16] IPO Details - The company plans to raise 3.95 billion for the construction of a high-end drilling rig production line, with a total investment of approximately 3.78 billion for this project [4][10] - The initial fundraising target was 5.36 billion, which was later reduced due to market concerns, reflecting a 26.31% decrease [10][8] Sales Model and Revenue Recognition - Zhigao Machinery employs a mixed sales model, primarily using distributors, which has led to questions about the stability of its customer base and the authenticity of its sales figures [1][16] - The company has faced scrutiny over its revenue recognition practices, particularly regarding the transition of direct sales customers to distributors, which may affect how revenue is reported [17][18] Dividend Distribution - The company has distributed a total of approximately 1.64 billion in cash dividends from 2019 to 2023, raising questions about its financial management, especially when it plans to use part of the IPO proceeds for cash flow supplementation [7][8] Project Investment Concerns - The total investment for the drilling rig production line has seen significant fluctuations, increasing by 1.90 billion over two IPO attempts, which has led to skepticism about the company's financial planning and project viability [5][9] - The company has not provided sufficient justification for the drastic changes in project investment amounts, raising concerns about the rigor of its financial assessments [11][12] Market Position and Competition - The pricing strategy for new products, particularly the intelligent underground drilling rigs, has been questioned due to a significant markup compared to historical prices, with the expected price being approximately 310.83 million per unit, which is about eight times higher than previous averages [14][15] - The company has not adequately substantiated its claims of technological advancements justifying these price increases, leading to further doubts about its competitive positioning in the market [14][15]