Group 1 - The China Securities Regulatory Commission (CSRC) has received IPO applications from companies including Jinyan High-tech and Haiqing Zhiyuan for listings in Hong Kong [1][2] - Jinyan High-tech specializes in coal-based kaolin, integrating mining, R&D, processing, production, and sales, and is a major producer of calcined kaolin products in China [1] - Jinyan High-tech's products include materials for precision casting and refractory applications, supported by rich and high-quality coal-based kaolin resources [1] Group 2 - Haiqing Zhiyuan is a leading Chinese company in multispectral AI technology, offering products that detect both visible and invisible physical information [2] - The company's solutions enhance perception and security monitoring for clients in various sectors, including software and IT services, telecommunications, and IoT [2] - LeShuShi focuses on emerging markets in Africa, Latin America, and Central Asia, developing and selling hygiene products such as baby diapers and sanitary napkins [2] - Manycore Tech Inc. is a leading provider of cloud-native spatial design software, utilizing AI technology and GPU clusters for immersive design experiences [2]

Core Viewpoint - Anhui Jinyan Kaolin New Materials Co., Ltd. (Jinyan High-Tech) has submitted its IPO application for the second time on the Hong Kong Stock Exchange, aiming to raise funds for various projects, including deep processing of materials and repayment of bank loans, despite facing significant risks related to product structure imbalance and cash flow pressure [1][2][5]. Group 1: Financial Performance - The company expects a compound annual growth rate (CAGR) of 17.4% in revenue from 2022 to 2024, with projected revenues of approximately 190 million yuan, 205 million yuan, and 267 million yuan for those years [2][3]. - Net profit is anticipated to grow at a CAGR of 48.6%, with figures of around 24 million yuan, 44 million yuan, and 53 million yuan for the same period [2][3]. - In the first five months of 2025, revenue reached approximately 105 million yuan, an 18.8% increase compared to the same period in 2024 [2]. Group 2: Product and Market Dynamics - The company is shifting its product focus from high-margin to low-margin offerings, with the revenue share of high-margin precision casting materials decreasing from 96.8% in 2022 to 65.0% in early 2025 [3]. - The average selling price of precision casting materials has declined significantly, dropping to 1307 yuan per ton in the first five months of 2025, which is over 10% lower than the industry average [4][3]. - The company’s only mining resource has a remaining lifespan of approximately 16 years, which poses a challenge for sustaining production and necessitates early investment in exploration [5][6]. Group 3: Capital and Valuation Challenges - The company’s operational and capital expenditures are projected to remain around 280 million yuan, while cash flow from operations has been consistently low, relying heavily on external financing [6][7]. - The previous financing valuation was only 399 million yuan, which is below the minimum market capitalization requirement of 465 million yuan for the Hong Kong Stock Exchange [7][8]. - Multiple potential risks, including lower future revenue growth and high capital expenditure pressure, may further suppress the company's valuation and attractiveness to investors [8].

金岩高新成立于2012年，主营煤系高岭土业务，拥有从采矿、研发、加工到生产、销售的全价值链整合能力。公司主要产品为精铸 用莫来石材料和耐火用莫来石材料。精铸用莫来石材料主要用于精密铸造工艺中型壳制造，服务汽车、航空、医疗等行业；耐火用 莫来石材料用于生产耐火材料，应用于冶金及建材行业。 金岩高新近期向港交所递交了IPO申请文件，联席保荐人为国元国际、民银资本。此前，金岩高新于2025年1月首次递表。 据弗若斯特沙利文资料，按2024年的收入计算，金岩高新是中国最大的精铸用莫来石材料生产商，市场份额达19.1%。 自2021年起，公司全资拥有安徽省淮北市的朔里高岭土矿，截至2025年5月31日，该矿估计资源总量约为1864.9万吨，按年产能40万 吨估算，剩余采矿年限预计约16年。 营收利润增长，核心产品价格下滑 2022年、2023年、2024年及2025年前5个月，金岩高新的营收分别约为1.90亿元、2.05亿元、2.67亿元及1.05亿元，净利润分别约为 2442.3万元、4361.7万元、5260.2万元及1803.2万元，整体呈现增长趋势。期间，毛利率分别为30.2%、34.8%、36.7%及35.5 ...

Core Viewpoint - The article discusses the IPO application of Anhui Jinyan Kaolin New Materials Co., Ltd., highlighting its financial performance, market position, and future plans for fundraising through the Hong Kong Stock Exchange [1][9]. Group 1: Company Overview - Anhui Jinyan was established in 2012 and specializes in coal series kaolin, integrating the entire value chain from mining to sales [3]. - The main products include precision casting mullite materials and refractory mullite materials, essential for high-precision components in various industries [3]. - The company holds the only kaolin mine in Shuli, Huai Bei City, with an estimated total resource of approximately 18.64 million tons as of May 31, 2025 [4][5]. Group 2: Financial Performance - Revenue for the years 2022 to 2024 and the first five months of 2025 was approximately CNY 190 million, CNY 205 million, CNY 267 million, and CNY 105 million, respectively, with net profits showing significant fluctuations [7]. - The average selling price of precision casting mullite materials decreased from CNY 1,554 per ton to CNY 1,307 per ton, contributing to an 8.02% decline in sales volume in 2023 [7]. - The asset-liability ratio increased from 16.2% in 2022 to 42.3% in 2024, indicating a rising financial leverage [8]. Group 3: Market Position - Jinyan holds a 19.1% market share in the precision casting mullite materials sector in 2024, up from 17.9% in 2023 [4]. - The overall market size for kaolin products in China is projected to be approximately CNY 10.16 billion in 2024, with coal series calcined kaolin accounting for about CNY 4.97 billion [4]. Group 4: Future Plans - The company plans to use the funds raised from the IPO for technology research and development, repayment of bank loans, and enhancing the production capacity of refractory mullite materials [9].

金岩高新精铸用莫来石材料的营收占比从2022年的96.8%下滑至2025年前5个月的65%；耐火用莫来石材料的营收占比从2022年的3.2%上升至 2025年前5个月的23.5%，收入构成有明显变化。 7月25日，港交所官网显示，国内最大精铸用莫来石材料生产商安徽金岩高岭土新材料股份有限公司（下称"金岩高新"）再次向港交所递交了 上市申请，由前一次递表时的独家保荐人国元国际变更为国元国际、民银资本联合保荐。此前，金岩高新于今年1月递交IPO申请文件后失效。 此次递表，金岩高新新增披露了2024年及2025年前五个月的业绩情况。IPO日报注意到，除了登陆新三板前一年业绩亮眼，金岩高新再次于上 市前一年即2024年获得了亮眼业绩，且市场份额相比2023年也有所提升。 来源：张力 服务年限剩16年 金岩高新成立于2012年，在中国专营煤系高岭土业务，具备从采矿、研发、加工到生产、销售的全价值链整合能力。 金岩高新的主要产品包括精铸用莫来石材料和耐火用莫来石材料，同时也销售生焦生粉，供客户进一步加工使用。 资料显示，精铸用莫来石材料主要用作精密铸造工艺中型壳制造的材料，是汽车、航空、医疗及通用器械等行业铸造高精度零部 ...

《每日经济新闻》记者了解到，这是金岩高新在今年1月呈交的IPO申请文件失效后，时隔6个月再次递 表。与今年1月的申请文件相比，最新的IPO申请文件（以下简称申请文件）披露了金岩高新2024年全 年以及今年前5个月的财务数据，以及这两个报告期对应的业务情况。 公开资料显示，金岩高新于2022年11月22日在新三板挂牌，曾于2022年12月向安徽证监局提交了上市辅 导备案材料，但公司于2024年9月公告终止在北交所的上市辅导，转而于2025年1月向港交所递交了IPO 申请。 公司旗下有一座矿场 申请文件显示，金岩高新成立于2012年10月25日，注册资本2600万元。在中国专营煤系高岭土业务，具 备从采矿、研发、加工到生产、销售的全价值链整合能力。 金岩高新主要产品包括精铸用莫来石材料和耐火用莫来石材料，同时也销售生焦生粉，供客户进一步加 工使用。从公司披露的数据来看，金岩高新精铸用莫来石材料的营收占比，已经从2022年的96.8%下滑 至2025年前5个月的65%。同时，耐火用莫来石材料的营收占比从2022年的3.2%上升至2025年前5个月的 23.5%。 申请文件显示，金岩高新产品能满足多个行业的关键需求： ...

Core Viewpoint - Anhui Jinyan Kaolin New Materials Co., Ltd. is seeking to go public in Hong Kong after a previous application lapsed, highlighting its position as a leading player in China's coal-based kaolin industry with a comprehensive value chain integration [1][8]. Company Background - Established in 2012, the company is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% as of 2024 [1]. - The company is primarily owned by Huainan Mining Group, which holds 60.13% of its shares, indicating a strong backing from a major player in the industry [1]. Financial Performance - Revenue figures for the company during the reporting periods are as follows: approximately 190.37 million RMB in 2022, 204.69 million RMB in 2023, and 267.14 million RMB in 2024 [2][3]. - The net profit and total comprehensive income for the same periods were 24.42 million RMB, 43.62 million RMB, and 52.60 million RMB respectively, showing significant growth [2][3]. - The gross profit margins for 2022, 2023, and 2024 were 30.2%, 34.8%, and 36.7% respectively, indicating improved profitability [3]. Product and Market Analysis - The majority of the company's revenue comes from precision casting mullite materials, which accounted for 100%, 92.6%, 88.9%, and 88.5% of total revenue during the reporting periods [4]. - The average selling price of precision casting mullite materials has been declining, from 1554 RMB/ton in 2022 to 1426 RMB/ton in 2024, alongside a decrease in sales volume [4][12]. - The market for precision casting mullite materials is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2028, down from 11.2% from 2019 to 2023 [8][9]. Operational Capacity - The company operates a kaolin mine with a licensed production capacity of 500,000 tons per year, but actual extraction rates have been significantly lower, indicating underutilization [11][12]. - Plans are in place to expand production capacity with a new line for refractory mullite materials, despite the market's modest growth expectations [8][12]. Cash Flow and Financial Health - The company has experienced fluctuations in cash flow, with net cash inflows from operating activities recorded at approximately 45.62 million RMB in 2022, dropping to 11.97 million RMB in 2023 [5][7]. - The cash and cash equivalents have decreased over the reporting periods, raising concerns about the sustainability of operations if cash flow issues persist [6][7].

Core Viewpoint - Anhui Jinyan High-Tech Materials Co., Ltd. (referred to as Jinyan High-Tech) has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its integrated capabilities in the kaolin industry, particularly in the production of calcined kaolin products [1] Company Overview - Jinyan High-Tech specializes in coal series kaolin in China, possessing a fully integrated value chain from mining, R&D, processing, to production and sales [1] - The company is a major producer of calcined kaolin products, relying on rich and high-quality coal series kaolin mineral resources [1] - Key products include precision casting mullite materials and refractory mullite materials, essential for precision casting shells and refractory materials [1] Market Position - Jinyan High-Tech has established a solid market position due to its vertically integrated business model and product quality advantages [1] - According to Frost & Sullivan, Jinyan High-Tech is the largest producer of precision casting mullite materials in China, with a market share of 19.1% based on projected revenues for 2024 [1] Market Growth - The market size for precision casting mullite materials in China is expected to grow from approximately RMB 972 million in 2024 to RMB 1.362 billion in 2029, with a compound annual growth rate (CAGR) of 7.0% [1] - The market for refractory mullite materials is projected to increase from RMB 5.526 billion in 2024 to RMB 6.431 billion in 2029, with a CAGR of 3.1% [1] Financial Performance - For the fiscal years 2022, 2023, and 2024, Jinyan High-Tech reported revenues of approximately RMB 190.4 million, RMB 204.7 million, and RMB 267.1 million, respectively [2][3] - The net profit and total comprehensive income for the same years were RMB 24.4 million, RMB 43.6 million, and RMB 52.6 million, respectively [2][3] - For the five months ending May 31, 2024, the company achieved revenue of RMB 88.3 million and a net profit of RMB 14.5 million [2][3]

Company Overview - Anhui Jinyan Kaolin New Materials Co., Ltd. (referred to as Jinyan High-tech) is a leading company in China's coal-based kaolin industry, possessing integrated capabilities across mining, R&D, processing, production, and sales [2] - The company is a major producer of calcined kaolin products, relying on rich and high-quality coal-based kaolin mineral resources [2] Product Information - Jinyan High-tech's main products include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [2] - The company also sells raw coke and raw powder, which customers can further process [2] Production Data - For the fiscal years ending 2022 and 2023, as well as the nine months ending September 30, 2023, the production volumes were as follows: - Precision casting mullite materials: 117.9 thousand tons, 114.5 thousand tons, 84.4 thousand tons, and 91.8 thousand tons [2] - Refractory mullite materials: 5.2 thousand tons, 19.8 thousand tons, 9.8 thousand tons, and 18.1 thousand tons [2] Market Position and Growth - According to Frost & Sullivan, Jinyan High-tech is the largest producer of precision casting mullite materials in China, with a market share of 17.9% based on 2023 revenue [2] - The market for precision casting mullite materials in China is expected to grow from approximately 986 million RMB in 2024 to 1.363 billion RMB in 2028, with a compound annual growth rate (CAGR) of 8.4% [2] - The market for refractory mullite materials in China is projected to increase from 5.524 billion RMB in 2024 to 6.766 billion RMB in 2028, with a CAGR of 5.2% [2]