Group 1: Company Overview - Tianfulong (天富龙) is set to issue shares at a price of 23.6 yuan per share with a P/E ratio of 20.93, which is lower than the industry average of 32.3 [1] - Fuen Co., Ltd. (福恩股份) has submitted its prospectus for an IPO on the Shenzhen Main Board, with CITIC Securities as the sponsor [1][3] - Fuen Co. specializes in recycled fabrics for clothing, serving major brands like H&M, Uniqlo, and Zara, but faces risks related to high brand concentration and increasing accounts receivable [1][8] Group 2: Financial Performance - Fuen Co. reported revenues of approximately 17.64 billion yuan in 2022, 15.17 billion yuan in 2023, and an expected 18.13 billion yuan in 2024, with net profits of 2.77 billion yuan, 2.29 billion yuan, and 2.75 billion yuan respectively [22] - The company’s gross profit margins were 27.79%, 29.97%, and 28.65% over the reporting periods, slightly above the average for comparable companies [23] Group 3: Market Position and Risks - Fuen Co. holds a market share of approximately 4% in recycled polyester blended fabrics and 6% in recycled color-spun fabrics in the domestic market [22] - The company faces risks from high customer concentration, with the top five clothing brands accounting for about 70% of its revenue [15] - Accounts receivable have been increasing, with values of approximately 246 million yuan, 255 million yuan, and 274 million yuan over the reporting periods, representing about 30% of current assets [16]

Core Viewpoint - Hangzhou Fu'en Co., Ltd. has entered the inquiry stage for its main board IPO, focusing on sustainable development as a global ecological and environmental fabric supplier [1] Group 1: Company Overview - Fu'en Co. specializes in the research, production, and sales of eco-friendly fabrics, becoming a large enterprise that integrates fabric design, research, spinning, weaving, dyeing, finishing, and sales [1] - The company has established strong relationships with major global clothing brands such as H&M, Uniqlo, GU, ZARA, and others, positioning itself as a key supplier in the supply chain [2][3] Group 2: Business Performance - The company is projected to achieve revenue of over 1.8 billion yuan and a net profit of over 270 million yuan in 2024, with total assets nearing 1.9 billion yuan by the end of 2024 [1] - Fu'en Co. has obtained a total of 76 patents, including 13 invention patents, and develops thousands of new products annually, with an increasing output and proportion of recycled fabrics [1][2] Group 3: Industry Context - The textile industry is a significant pillar of the national economy, with green development becoming a central theme, pushing for a low-carbon transformation across the entire industry chain [3] - The textile and apparel industry accounts for 10% of global carbon emissions, and it is predicted that by 2030, it may surpass the oil industry as the largest carbon emitter [3] Group 4: Market Trends and Strategy - There is a growing global demand for eco-friendly fabrics, with recycled materials becoming mainstream in the apparel sector, and Fu'en Co. is positioned as a leading player in this market [4] - The company plans to expand its production capacity and enhance its research capabilities through the proceeds from its IPO, focusing on integrated projects for recycled eco-friendly fabrics [4][5] - Fu'en Co. aims to deepen its market presence both domestically and internationally, targeting new markets in Southeast Asia and the Middle East while continuing to serve major international brands [5]