Core Viewpoint - Xinjiang Bosiran Intelligent Agricultural Machinery Co., Ltd. has withdrawn its IPO application, leading to the termination of its review process by the Shanghai Stock Exchange [1][3]. Company Overview - Bosiran was established in August 2009 and is located in Wusu City, Tacheng Prefecture, Xinjiang. The company has a registered capital of approximately 112 million yuan [3]. - The main products include cotton harvesters and various agricultural machinery, covering the entire cotton planting industry chain [4]. IPO Application Process - The company initially disclosed its prospectus in June 2022, aiming to raise 1.186 billion yuan. After the implementation of the comprehensive registration system, it submitted its prospectus again in February 2023 [3]. - Despite updating its prospectus in December 2024 and June 2025, the IPO process was terminated in September 2025 without progressing to the next stage [3]. Financial Performance - Revenue for Bosiran was approximately 1.138 billion yuan in 2022, declining to 989 million yuan in 2023, and slightly increasing to 1.03 billion yuan in 2024, indicating a fluctuation in performance [5][8]. - Net profit figures were around 238 million yuan in 2022, dropping to 184 million yuan in 2023, and remaining stable at 184 million yuan in 2024 [5][8]. - The company's total assets as of December 31, 2024, were approximately 2.077 billion yuan, with a debt-to-asset ratio of 33.87% [6]. Shareholder Structure - Major shareholders include Zhejiang Yate Investment Co., Ltd. (42.53%) and Jiaxing Juyue Investment Partnership (8.9%) [4].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of the initial public offering (IPO) application of Xinjiang Boshan Intelligent Agricultural Machinery Co., Ltd. (referred to as "Boshan") after the company and its sponsor, Guotou Securities Co., Ltd., requested to withdraw their application [1][2]. Company Overview - Boshan is a modern high-end intelligent agricultural machinery manufacturer that integrates research and development, production, sales, and service. Its core product is the cotton harvester, along with other machinery for cotton planting, covering the entire industry chain of "tillage, planting, management, and harvesting" [3][4]. Financial Performance - The projected revenues for Boshan from 2022 to 2024 are as follows: 1.138 billion yuan in 2022, 989 million yuan in 2023, and 1.03 billion yuan in 2024. The net profits attributable to the parent company are projected to be 238 million yuan, 184 million yuan, and 184 million yuan for the same years [3][4]. - As of December 31, 2024, the total assets are projected to be approximately 2.077 billion yuan, with net profits of approximately 184 million yuan and a debt-to-asset ratio of 33.87% [4][5]. IPO Fundraising Plans - Boshan intended to raise 1.186 billion yuan through the IPO to fund projects including high-end agricultural machinery R&D and production base construction, agricultural machinery sales and after-sales service center construction, intelligent agricultural machinery R&D center and cloud platform construction, and to supplement working capital [5][6]. Market Position and Future Outlook - Boshan claims to be a leading enterprise in the cotton planting machinery sector, possessing a significant market share and a broad future market space, indicating strong industry representation. The company asserts that its mature business model, stable operating performance, and large scale align with the main board's positioning requirements [7][8].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of the initial public offering (IPO) application for Xinjiang Boshi Ran Intelligent Agricultural Machinery Co., Ltd. (referred to as "Boshi Ran") on the Shanghai Main Board [1][3]. Group 1: Company Overview - Boshi Ran is a modern high-end intelligent agricultural machinery manufacturing enterprise that integrates research and development, production, sales, and services [3]. - The company's product line focuses on cotton harvesting machines and includes hydraulic turning plows, combined tillage machines, precision film laying seeders, spray rod sprayers, and residual film recovery machines, covering the entire cotton planting industry chain from tillage, sowing, management, to harvesting [3]. Group 2: IPO Details - The company originally planned to publicly issue up to 37.43 million shares, accounting for no less than 25% of the total share capital after issuance [5]. - The intended fundraising amount was 1.186 billion yuan, aimed at projects including high-end agricultural machinery R&D and production base construction, agricultural machinery sales and after-sales service center construction, intelligent agricultural machinery R&D center and agricultural machinery cloud platform construction, and supplementing working capital [5]. - The lead underwriter for this issuance was Guotou Securities Co., Ltd., with representatives Wei Wei and Xiao Jiangbo [6].

Core Viewpoint - The IPO application of Xinjiang Bosiran Intelligent Agricultural Machinery Co., Ltd. has been terminated due to the withdrawal of the application by the company and its sponsor, as per the regulations of the Shanghai Stock Exchange [1] Company Overview - Bosiran is a modern high-end intelligent agricultural machinery manufacturer that integrates research and development, production, sales, and service [1] - The company's core product is the cotton harvester, along with other agricultural machinery such as hydraulic turning plows, combined tillage machines, precision film laying seeders, spray rod sprayers, and residual film recovery machines, covering the entire cotton planting industry chain [1] Product Development - The company has focused on innovation and has continuously upgraded its six-row box-type machines, leading to the production of high-end models that meet diverse customer needs [1] - Bosiran has developed various agricultural machinery products to address weak links in China's agricultural mechanization process, resulting in a rich and diversified product structure [1] Financial Performance - In 2022, 2023, and 2024, Bosiran achieved operating revenues of approximately 1.138 billion, 989 million, and 1.030 billion RMB, respectively, with net profits of approximately 238 million, 184 million, and 184 million RMB [2] - The total assets of the company as of December 31 for 2022, 2023, and 2024 were 1.479 billion, 1.789 billion, and 2.077 billion RMB, respectively [3] - The equity attributable to the parent company increased from approximately 901 million RMB in 2022 to approximately 1.284 billion RMB in 2024 [3] - The company's asset-liability ratio increased from 30.75% in 2022 to 33.87% in 2024 [3]

Core Viewpoint - Agricultural mechanization is a key indicator of agricultural modernization and plays a crucial role in promoting high-quality agricultural development in Dalu Village, Ningjin County, Hebei Province [1] Group 1: Industrial Cluster Development - Dalu Village is the core area of the agricultural machinery manufacturing industry cluster in Ningjin County, housing over 790 agricultural machinery manufacturing enterprises, contributing to a robust internal and expanding external market cycle [2] - The revenue of the enterprises in Dalu Village reached 12 billion yuan, with a year-on-year growth of 17.6% [2] - Notable market shares include 65% for rotary tillers and 31% for the 4LF-550 reversible plow, indicating strong competitiveness in the agricultural machinery sector [2] Group 2: Innovation-Driven Development - Dalu Village emphasizes innovation as a driver for development, establishing six industry-university-research cooperation bases with universities to tackle technical challenges and enhance product practicality [3][4] - The county has introduced 15 measures to support technological innovation, leading to the development of high-end products like Beidou navigation seeders and film recovery machines [4] - The village has nurtured one national-level "little giant" enterprise and 18 provincial-level specialized enterprises, showcasing its commitment to innovation and high-tech development [4] Group 3: Exhibition Platform Expansion - Dalu Village actively utilizes exhibitions to enhance brand visibility and market reach, with the recent agricultural machinery exhibition attracting over 620 enterprises and generating a transaction volume of 250 million yuan [5][6] - Participation in domestic and international exhibitions has significantly increased the recognition and competitiveness of Dalu Village's agricultural machinery brands [6] - The village aims to continue its focus on the agricultural machinery sector, aspiring to become a nationally recognized hub for agricultural machinery [6]

Overview - China is a major agricultural country with widespread use of agricultural plastic films. Despite a reduction in the usage of plastic films due to environmental policies, the accumulated residual film remains significant, and non-degradable films still dominate the market. This has led to a continuous increase in the demand for residual film recovery machines, which not only address pollution issues but also promote the development of the recycling market, providing economic benefits and further stimulating market demand. In 2024, data shows that 9 provinces have subsidies for residual film recovery machines, with a total of 4,229 machines subsidized, including 2,156 machines sold under subsidy [1][11]. Market Policies - A series of supportive policies have been issued to encourage the development of the agricultural machinery industry, including residual film recovery machines. Key policies include the "2024 Industry Structure Adjustment Guidance Catalog," "2024-2026 Agricultural Machinery Purchase and Application Subsidy Implementation Opinions," and others aimed at promoting the modernization and sustainability of agricultural practices [4][5][7]. Industry Chain - The upstream of the residual film recovery machine industry includes suppliers of raw materials such as steel, rubber, and plastic, as well as core component suppliers like engines, electric motors, hydraulic systems, and control systems. The midstream involves the research and production of recovery machines, while the downstream market primarily consists of agricultural production units, large-scale farmers, and cooperatives that utilize these machines to recover residual films [9]. Development Status - The market demand for residual film recovery machines continues to grow due to the increasing use of agricultural plastic films and the heightened awareness of environmental issues. The subsidy data indicates a growing recognition of the need to address "white pollution," with an expanding range of provinces offering subsidies for these machines, suggesting significant future market potential [11][13]. Competitive Landscape - The market for residual film recovery machines is concentrated, with over 50 companies reported to have subsidy sales data in 2024. The top 10 companies account for over 70% of the market share. Notably, Guyuan Xinyu Agricultural Machinery Co., Ltd. leads with a subsidy sales volume of 461 machines, representing a market share of 21.38% [13][15]. Industry Representative Companies - Guyuan Xinyu Agricultural Machinery Co., Ltd. focuses on the production and promotion of agricultural machinery, including various models of residual film recovery machines. The company has received multiple patents and has successfully marketed its products across several provinces [15][16]. - Ningxia Haiyuan Guohua Agricultural Machinery Manufacturing Co., Ltd. has a long history and produces a range of agricultural machinery, including residual film recovery machines, with a strong reputation in several provinces [17]. Development Trends - The future of residual film recovery machines is expected to integrate more smart technologies, such as sensors and IoT, enabling remote monitoring and automatic adjustments to improve efficiency. Additionally, these machines are likely to evolve towards multifunctional capabilities, combining tasks like deep plowing, fertilization, and sowing to enhance land utilization and reduce operational costs [19].