Group 1: Company Overview and Operations - Jiangsu Changyou Environmental Protection Technology Co., Ltd. focuses on the research, production, and sales of polymer composite materials and lightweight sandwich materials [2][3] - The company operates under a "sales-driven production" model, ensuring normal operation of production activities based on customer orders [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.05 billion, a year-on-year increase of 20.53%, and a net profit of CNY 105 million, up 27.39% from the previous year [6] - For Q1 2025, the company reported a revenue of CNY 201 million, a 20.48% increase year-on-year, and a net profit of CNY 11.01 million, up 19.91% [6] Group 3: Market Position and Industry Trends - The domestic wind power industry continued to grow in 2024, with a new installed capacity of 79.82 GW, a 6% increase year-on-year [7] - By the end of 2024, the cumulative installed capacity of wind power in China reached 520.68 GW, an 18% increase year-on-year [7] Group 4: Innovation and Patents - As of December 31, 2024, the company holds a total of 108 patents, including 25 invention patents, reflecting its commitment to innovation [5] Group 5: Future Growth and Strategic Plans - The company has no current plans for share buybacks or increases but emphasizes enhancing core competitiveness and operational performance to reward shareholders [4] - The company aims to expand its product range and downstream applications, striving to become a well-known provider of composite material services both domestically and internationally [6][8]

Core Viewpoint - Jiangsu Changyou Environmental Technology Co., Ltd. (Changyou Technology) was listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 89.99 yuan, reflecting a significant increase of 211.60% on its first day of trading [1] Company Overview - Changyou Technology specializes in the research, production, and sales of polymer composite materials and lightweight sandwich materials, primarily serving the wind power sector and rail transportation [1] - The company has a total market capitalization of 3.987 billion yuan [1] Shareholding Structure - The controlling shareholders of Changyou Technology are Liu Wenye, Bao Hanyu, Liu Botao, and Liu Wenjun, collectively holding 77.44% of the voting rights [4] - Liu Wenye directly holds 23.32% of the shares and indirectly controls 32.03% through Changzhou Jun Chuang [3][4] Financial Performance - For the years 2021 to 2023, the company reported revenues of 619.60 million yuan, 739.80 million yuan, and 871.31 million yuan, with net profits of 61.82 million yuan, 87.54 million yuan, and 82.60 million yuan respectively [12] - The company expects a revenue of 1.05 billion yuan in 2024, representing a growth of 20.53%, and a net profit of 105.23 million yuan, reflecting a growth of 27.39% [13] Fundraising and Use of Proceeds - The company raised approximately 319.99 million yuan through its IPO, with a net amount of 262.67 million yuan after deducting issuance costs [11] - The funds will be allocated to the expansion of production lines for high-performance composite materials, lightweight composite components, R&D center projects, working capital, and repayment of bank loans [11]

海通证券股份有限公司 关于江苏常友环保科技股份有限公司 首次公开发行股票并在创业板上市 之 上市保荐书 保荐人（主承销商） （上海市广东路 689 号） 二〇二五年三月 声 明 本保荐人及保荐代表人已根据《中华人民共和国公司法》（下称"《公司 法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上市保荐业 务管理办法》（下称"《保荐管理办法》"）、《首次公开发行股票注册管理办法》（下 称"《注册管理办法》"）、《深圳证券交易所创业板股票上市规则（2024 年修订）》 （下称"《上市规则》"）等有关法律、行政法规和中国证券监督管理委员会（下 称"中国证监会"）、深圳证券交易所有关规定，诚实守信，勤勉尽责，严格按 照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、 准确、完整。 3-1-3-1 一、发行人基本情况 | （一）发行人基本信息 | | --- | | 中文名称 | 江苏常友环保科技股份有限公司 | | --- | --- | | 英文名称 | Jiangsu Changyou Environmental Protection Technology | | | Co ...