Core Viewpoint - Shanghai ShenKai Oil Chemical Equipment Co., Ltd. plans to issue 26,128,266 shares at a price of 8.42 yuan per share, with the listing expected on December 26, 2025, aiming to raise a total of approximately 219.99 million yuan [1][2]. Group 1: Issuance Details - The issuance involves seven specific investors, with the total number of shares allocated being 26,128,266 and the total amount raised being 219,999,999.72 yuan [2]. - The shares will have a lock-up period of six months, starting from the listing date [2]. Group 2: Fund Utilization - The net proceeds from the issuance, after deducting issuance costs of approximately 4.03 million yuan, will be used for three main projects: - High-end marine engineering equipment manufacturing base, with an investment of 110 million yuan [3]. - Acquisition of 51% equity in Blue Ocean Zhixin, with a planned investment of 60 million yuan [4]. - Supplementing working capital with 50 million yuan [5]. Group 3: Project Descriptions - The high-end marine engineering equipment manufacturing base aims to create a benchmark production line for underwater production systems and intelligent control systems, with an annual capacity of 400 sets of equipment [4]. - The acquisition of Blue Ocean Zhixin is part of the company's strategy to enhance its industry position and is expected to be completed by August 2025 [5]. Group 4: Company Overview - The company focuses on the research, development, manufacturing, and sales of equipment for oil exploration, drilling, and refining, covering the entire upstream and downstream value chain of the oil and gas industry [6].

Core Viewpoint - ShenKong Co., Ltd. (002278.SZ) is consolidating its leading position in the oil and gas equipment industry by raising up to 220 million yuan through a simplified procedure for specific investors, aimed at enhancing competitiveness and optimizing capital structure [1][2]. Fundraising and Projects - The company plans to use the raised funds for a high-end marine engineering equipment manufacturing base project, acquiring 51% of Blue Ocean Zhixin, and supplementing working capital [2][4]. - This marks the first financing plan since the company's IPO in 2009, with previous IPO funds of 734 million yuan fully utilized [2]. High-end Marine Engineering Equipment Manufacturing Base - The project has a construction period of 1.5 years and a total investment of 110 million yuan, expected to produce 400 sets of offshore wellhead equipment and other advanced systems annually [3]. - Upon reaching full production, the project is projected to generate annual revenue of 242 million yuan and a net profit of approximately 20.48 million yuan, with a gross margin of 30.88% and a net margin of 8.45% [3]. Acquisition of Blue Ocean Zhixin - The acquisition of 51% of Blue Ocean Zhixin is valued at 60 million yuan, with the company expected to achieve a cumulative net profit of no less than 54 million yuan over three years from 2025 to 2027 [4]. - The valuation of Blue Ocean Zhixin's 100% equity is approximately 120 million yuan, reflecting a significant increase compared to the net assets on the consolidated financial statements [4]. Financial Performance - In Q1 2025, the company reported revenues of 202 million yuan and a net profit of 18.46 million yuan, marking year-on-year increases of 41.78% and 434.81%, respectively [1][7]. - The company’s international market strategy has led to overseas revenue of 161 million yuan in 2024, accounting for 21.91% of total revenue [7]. Research and Development - The company emphasizes R&D, with 72.36 million yuan invested in 2024, representing 9.87% of revenue, and a workforce of 207 R&D personnel [8]. - In Q1 2025, R&D expenses increased by 9.78% to 15.86 million yuan, accounting for 7.86% of revenue [8].