Core Insights - Beikang Testing officially listed on the Beijing Stock Exchange on November 18, with a remarkable increase of 295.52% on its debut [2] - The company issued 28.32 million shares at a price of 6.70 yuan per share, raising a total of 189 million yuan, which will be used for the development of advanced testing instruments and to supplement working capital [2] - Beikang Testing is recognized as one of the most comprehensive and powerful testing and research service institutions in the field of non-ferrous metal inspection and testing [2] Industry Context - The President of the China Nonferrous Metals Industry Association highlighted that China is the largest producer, consumer, and trader of non-ferrous metals globally, emphasizing the industry's critical role in supporting high-tech development and national strategic security [2] - Testing and inspection are crucial for quality control and standard formulation, directly impacting product safety, environmental protection, and enhancing international influence [2] Company Strategy - The Chairman of Minmetals Technology Group, Han Long, stated that Beikang Testing has gained customer trust and market recognition through its commitment to professionalism and service quality, evolving into a listed company and a national-level "specialized and innovative" enterprise [3] - Beikang Testing's Chairman, Li Huachang, expressed the company's commitment to maintaining a sound governance structure and achieving sustainable high-quality development, aiming to enhance profitability and competitiveness while giving back to investors and society [3]

Core Insights - Beikang Testing Technology Co., Ltd. has successfully listed on the Beijing Stock Exchange, marking it as the 24th company from the "Beijing Team" to go public [1][2] - The company originated from a small laboratory established in 1956 and has evolved into a national-level specialized "little giant" in the capital market [1] - Beikang Testing specializes in the research and technical services of non-ferrous metal mineral resource inspection and testing, making it one of the most comprehensive and powerful institutions in this field [1] Company Overview - Beikang Testing is headquartered in Daxing District, Beijing, and was transformed into a joint-stock company in October 2016 [1] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 5.57%, 7.44%, and 9.32% of operating income over the past three years [1] Shareholding Structure - As of the listing, the controlling shareholder, Mining and Metallurgy Group, directly holds 86.11% of Beikang Testing's shares, with an additional 1.53% held indirectly through the Beijing General Research Institute of Mining and Metallurgy, totaling 87.64% [1] - The State-owned Assets Supervision and Administration Commission holds 100% of Mining and Metallurgy Group, making it the actual controller of Beikang Testing [1] Listing Details - The company was listed on the Beijing Stock Exchange after its application was approved by the listing committee and registered by the China Securities Regulatory Commission [2] - Beikang Testing publicly issued 28.32 million shares at a price of 6.70 yuan per share, raising a total of 189 million yuan [2] - The funds raised will be used for the development of advanced testing instrument research bases, enhancement of testing capabilities, and to supplement working capital [2] Market Performance - On its first day of trading, Beikang Testing's stock price surged by 295.52% compared to the issue price [2] - The chairman of Beikang Testing expressed commitment to maintaining a sound governance structure and focusing on sustainable, high-quality development to enhance profitability and competitiveness [2]

Group 1 - Two new stocks were listed on November 18: Nanfang Digital on the ChiNext, Hengkang New Materials on the STAR Market, and Beikang Testing on the Beijing Stock Exchange [1] - Nanfang Digital's IPO price was 5.69 CNY per share with an issuance P/E ratio of 32.22, issuing a total of 477 million shares, with 97.74 million shares offered online [1] - Hengkang New Materials' IPO price was 14.99 CNY per share with an issuance P/E ratio of 71.42, issuing a total of 67.40 million shares, with 16.19 million shares offered online [1] - Beikang Testing's IPO price was 6.70 CNY per share with an issuance P/E ratio of 14.99, issuing a total of 28.32 million shares, with 25.49 million shares offered online [1] Group 2 - Nanfang Digital specializes in providing comprehensive digital construction solutions for clients in the electric power and energy industries [1] - Hengkang New Materials focuses on the research, production, and sales of photolithography materials and precursors, including KrF/ArF photoresists and TEOS [1] - Beikang Testing is engaged in the research and development of inspection and testing technology for non-ferrous metal mineral resources, as well as technical services and instrument development [1]

Core Viewpoint - The article discusses the recent IPO approval of Beikang Testing Technology Co., Ltd. by the Beijing Stock Exchange, highlighting its financial performance and market position in the non-ferrous metal testing industry. Group 1: Company Overview - Beikang Testing specializes in the research and development of testing technologies for non-ferrous metal mineral resources, offering services in various areas including ore and mineral products, smelting products, and advanced materials [4] - The company was established in October 2016 and transitioned to a joint-stock company in September 2022, with a total of 84.96 million shares before issuance [4] - As of the end of 2024, the company has a total of 198 employees and operates two subsidiaries [4] Group 2: Financial Performance - In the reporting period, the company's revenue was 91.74 million yuan, 110.47 million yuan, and 148.02 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 33.15 million yuan, 41.66 million yuan, and 50.63 million yuan [7][11] - The total assets as of December 31, 2024, were approximately 346.70 million yuan, with total equity of about 302.62 million yuan [8] - The company has maintained a high gross profit margin, with rates of 62.65%, 64.69%, and 61.43% for 2022, 2023, and 2024 respectively, significantly higher than the average of comparable companies [18][21] Group 3: Market Position - Beikang Testing is recognized as a leading service provider in the non-ferrous metal testing sector, holding a market share of 3.04% in 2023, ranking first in the industry [9][10] - The company has been classified as a national "little giant" enterprise and a high-tech enterprise, indicating its strong position in the market [9] Group 4: Shareholder Structure - The controlling shareholder, Minmetals Group, holds 86.11% of the company's shares, with the State-owned Assets Supervision and Administration Commission being the actual controller [5][6] - Minmetals Group has also been a significant customer and supplier for Beikang Testing, raising questions about the company's operational independence [13][16] Group 5: Future Outlook - The company projects a revenue of approximately 81 million to 90 million yuan for the first half of 2025, representing a year-on-year growth of 23.75% to 37.50% [11][12] - The IPO aims to raise approximately 178.80 million yuan, with a portion allocated for the development of advanced testing instruments [27]