Core Viewpoint - Shenzhen Haimingrun Superhard Materials Co., Ltd. has initiated an IPO counseling record with the Shenzhen Securities Regulatory Commission, aiming for listing on the Beijing Stock Exchange, with Guojin Securities as the counseling institution [2][3]. Company Overview - Established on August 4, 2000, Haimingrun has a registered capital of 59.232584 million yuan and is led by legal representative Li Shangqian [2][3]. - The company specializes in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard composite materials, recognized as a high-tech enterprise and a "little giant" by the Ministry of Industry and Information Technology [3]. Shareholding Structure - Li Shangqian is both the controlling shareholder and actual controller, holding 31.8715% of the shares directly and an additional 1.4153% indirectly through Shenzhen Haimingrun Gongcheng Management Consulting Partnership [6]. - The total control over the company amounts to 56.9867% when including shares controlled through a partnership and concerted action [6]. Financial Performance - For the period from January to September 2025, Haimingrun reported operating revenue of 244.88 million yuan, a year-on-year increase of 17.78%, and a net profit attributable to shareholders of 43.32 million yuan, up 9.28% [4]. - The net cash flow from operating activities reached 57.39 million yuan, reflecting a significant increase of 44.76% compared to the previous year [4]. - Basic earnings per share improved to 0.73 yuan, representing a growth of 17.74% [4]. Historical Financial Data - In 2023 and 2024, Haimingrun achieved operating revenues of 257 million yuan and 291 million yuan, respectively, with net profits of 49.30 million yuan and 60.54 million yuan [5].

Company Overview - Shenzhen Haimingrun Superhard Materials Co., Ltd. was established on August 4, 2000, with a registered capital of 59.232584 million yuan [2] - The company is engaged in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard composite materials, recognized as a high-tech enterprise and a "little giant" by the Ministry of Industry and Information Technology [3] Shareholding Structure - The controlling shareholder and actual controller of the company is Li Shangjie, who directly holds 31.8715% of the shares and indirectly holds an additional 1.4153% through Shenzhen Haimingrun Gongcheng Management Consulting Partnership [2] - The total shareholding controlled by Li Shangjie amounts to 56.9867% when considering both direct and indirect holdings [2] IPO and Market Listing - Haimingrun has initiated the IPO counseling record with the Shenzhen Securities Regulatory Bureau, aiming for a listing on the Beijing Stock Exchange, with Guojin Securities as the counseling institution [2] Financial Performance - For the period from January to September 2025, the company achieved an operating income of 244.88 million yuan, representing a year-on-year increase of 17.78% [4] - The net profit attributable to shareholders for the same period was 43.32 million yuan, up 9.28% from the previous year [4] - The net cash flow from operating activities increased by 44.76% to 57.39 million yuan [4] - Basic earnings per share rose to 0.73 yuan, a 17.74% increase compared to the previous year [4] Historical Financial Data - In 2023 and 2024, the company reported operating revenues of 257 million yuan and 291 million yuan, respectively, with net profits of 49.30 million yuan and 60.54 million yuan [5]

Group 1 - Shenzhen Haimingrun Superhard Materials Co., Ltd. has disclosed its public transfer prospectus and its application for listing on the New Third Board has been officially accepted, with plans to list in the innovation layer [1][4] - Greenway Technology (301322) is a notable shareholder in Haimingrun, indicating its strategic investment in the industry [1][4] - The listing on the New Third Board is expected to enhance Haimingrun's market visibility and financing capabilities, supporting its R&D, market expansion, and capacity enhancement [4] Group 2 - Greenway Technology has been deeply involved in the field of electric vehicles for venues, with products widely used in various scenarios such as scenic spots and factories, gaining market recognition for high cost-effectiveness and quality [3] - To further expand its business boundaries and enhance core competitiveness, Greenway Technology has actively invested in the industry, establishing the Guangdong Greenway Technology Industry Investment Fund in partnership with Guangzhou Chuangyu Investment Management Co., Ltd. [3] - Haimingrun specializes in the R&D, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and is recognized as a national high-tech enterprise, with products applied in critical sectors like oil and gas drilling and mining [3]

Core Viewpoint - Shenzhen Haimingrun Superhard Materials Co., Ltd. (referred to as "Haijingrun") is attempting to return to the A-share market after nearly a decade since its last IPO attempt, with a deadline to complete the listing by the end of 2026 to avoid potential buyback requests from investors [2][3][8]. Group 1: Company Background and Previous IPO Attempts - Established in August 2000, Haijingrun specializes in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard materials, primarily focusing on oil and gas drilling tools [3][4]. - In June 2015, Haijingrun submitted its IPO application for the ChiNext board but withdrew it in August 2016 after facing significant operational challenges due to declining oil prices, which led to a sharp drop in revenue and profits [5][6][11]. - The company reported revenues of 188.44 million, 202.74 million, and 136.25 million from 2013 to 2015, with net profits of 36.36 million, 42.63 million, and 23.28 million respectively, and a net profit of less than 5 million in the first half of 2016 [5][6]. Group 2: Current Financial Status and Future Plans - As of 2023, Haijingrun's revenue reached 256.6 million, with a net profit of 46.34 million, indicating a recovery to levels similar to those in 2013 [6][8]. - In 2024, the company achieved a revenue of 291 million and a net profit of 57.69 million, but still fell short of the new listing requirements for the ChiNext board, which now mandates a net profit of at least 60 million in the most recent year [7][8]. - Haijingrun has submitted an application for listing on the New Third Board and aims to transition to the Beijing Stock Exchange, which is seen as the only viable option for a quick A-share listing [2][8]. Group 3: Risks and Challenges - The company faces significant time constraints and operational challenges to meet the listing deadline by the end of 2026, as it must be listed on the New Third Board for at least 12 months before applying for the Beijing Stock Exchange [8][9]. - Haijingrun's reliance on a limited number of clients remains a concern, with its largest client, National Oilwell Varco, contributing 38.22% and 41.08% of its revenue in 2023 and 2024, respectively [11][13]. - The company has acknowledged the risks associated with fluctuating oil and gas prices, which previously led to its IPO failure, and continues to face challenges in diversifying its product offerings beyond PDC products [14][15].