Core Viewpoint - Shenzhen Xinghe Environment Co., Ltd. is progressing with its initial public offering (IPO) guidance, with the guidance period set from April 1, 2025, to June 30, 2025, and is currently negotiating with investors regarding buyback clauses in investment agreements [3][5]. Group 1: Company Overview - Xinghe Environment was established in July 2017 and focuses on hazardous waste disposal, resource utilization, and comprehensive environmental services [5]. - The company has a registered capital of 195 million yuan [5]. - As of the first eight months of 2024, Xinghe Environment reported revenues of 699.43 million yuan and a net profit of 51.12 million yuan, with a gross margin of 29.96% [6]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and the first eight months of 2024 was 771 million yuan, 1.008 billion yuan, and 699.43 million yuan, respectively [5]. - Net profits for the same periods were 80.52 million yuan, 105 million yuan, and 51.12 million yuan, with gross margins of 36.31%, 35.07%, and 29.96% [5][6]. Group 3: Shareholding Structure - The actual controller of Xinghe Environment is Chen Shusheng, who directly holds 18.32% of the shares and indirectly controls an additional 23.25% through related entities [7]. - The company has completed multiple financing rounds, raising a total of 663 million yuan, with strategic investors including State Power Investment Corporation and China Merchants Capital [6][9]. - The major shareholders include Chen Shusheng, State Power Investment, and Qichang Investment, among others, with a total of 81.68% of shares accounted for by the top shareholders [8].