Company Overview - Shanghai Re · fine Environment Sci-tech Ltd. was established on December 17, 2012, with a registered capital of 80.1724 million yuan [1][16] - The company is located in Changning District, Shanghai, and is led by legal representative Zhu Jun [1][16] Main Business - The company provides high-tech services for urban underground pipeline repair, focusing on smart city solutions and has been recognized as a national-level specialized and innovative "little giant" enterprise [2][17] - It utilizes advanced technologies such as CCTV, robotic equipment, and non-excavation repair techniques to serve the drainage pipeline maintenance sector, aiming to create a complete industrial chain [2][17] - The main services and products include inspection and special investigation, repair, maintenance, and sales of vehicles and materials, covering the entire pipeline maintenance application range [2][17] Financial Performance - The company's total revenue for the years 2021 to 2024 was 500.1576 million yuan, 513.0131 million yuan, 630.2680 million yuan, and 730.1774 million yuan, respectively, with a compound annual growth rate (CAGR) of 13.44% [9][24] - Net profit for the same period was 97.5035 million yuan, 80.5182 million yuan, 100.3770 million yuan, and 127.2276 million yuan, with a CAGR of 9.27% [9][24] - The revenue growth rates were 2.57%, 22.86%, and 15.85% for the years 2022, 2023, and 2024, respectively [22][24] Industry Analysis - As of the end of 2023, the length of urban drainage pipelines in China reached approximately 952,500 kilometers, representing a year-on-year growth of 4.27% [4][19] - The construction length of urban drainage pipelines has increased from 439,100 kilometers in 2012 to 952,500 kilometers in 2023, with a CAGR of 7.29% [4][19] - The demand for inspection, repair, and maintenance of drainage pipelines is expected to grow steadily due to urbanization and the aging of existing infrastructure [5][20] Competitive Position - The company's gross profit margin was 42.69% in the first half of 2025, significantly higher than the industry average of 34.12% [7][20] - The company's liquidity ratios, including current and quick ratios, are competitive compared to peers, indicating strong financial health [21][20] - The inventory turnover rate for the company was 14.51 in the first half of 2025, showcasing efficient asset management compared to industry averages [8][20] Fundraising Purpose - The company plans to use the raised funds for enhancing urban pipeline operation and maintenance capabilities, establishing a research and development center, and supplementing working capital, with a total investment of 543.8887 million yuan [30]