Core Viewpoint - Jiangsu Kaida Heavy Industry Co., Ltd. has changed its IPO review status to "inquired" and plans to raise 295 million yuan for the construction of a high-performance roller production base [2][3] Company Overview - Kaida Heavy Industry was established in 2007 and primarily engages in the R&D, production, and sales of key components for steel rolling, such as rollers and rings, mainly serving the steel industry [5] Financial Performance - Revenue for Kaida Heavy Industry from 2022 to 2024 was 379 million yuan, 452 million yuan, and 460 million yuan, with a revenue growth rate decline of 17.3 percentage points in 2024 [5] - Net profit for the same period was 49 million yuan, 65 million yuan, and 63 million yuan, showing a continuous decline in growth over three years [5] Sales Expenses - Sales expenses have shown a continuous increase, particularly in the category of commissions and service fees, which were 3.43 million yuan, 5.20 million yuan, and 5.69 million yuan during the reporting period, accounting for 33.69%, 40.94%, and 38.59% of sales expenses respectively [5] - In 2023, commissions and service fees grew by 51.58%, significantly outpacing revenue growth [5] Commission and Service Fee Analysis - The highest commission and service fee received by agents from 2021 to 2023 was 961,700 yuan, contributing 1,594,290 yuan in revenue, accounting for 6.03% [6] - The lowest commission and service fee was 33,900 yuan, corresponding to sales revenue of 322,680 yuan, accounting for 1.05% [6] - The agent with the highest commission received 793,400 yuan, contributing 489,640 yuan in revenue, which accounted for 16.20% [6] Regulatory Inquiry - The Beijing Stock Exchange has requested Kaida Heavy Industry to clarify the specific composition, reasons for changes, and rationality of commissions and service fees, as well as their alignment with corresponding revenue scales [7] - The inquiry also covers the selection and management model of sales service providers, the legality and compliance of the order acquisition process, and potential issues related to commercial bribery or unfair competition [7]

Core Viewpoint - Jiangsu Kaida Heavy Industry Co., Ltd. (hereinafter referred to as Kaida Heavy Industry) has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 295 million yuan for the construction of a high-performance roller production base [3]. Company Overview - Kaida Heavy Industry specializes in the research, production, and sales of key components for steel rolling, such as rollers and rings, primarily serving well-known domestic and international steel enterprises [3]. - The company offers tailored design and optimization services based on customer requirements, including tooling, casting processes, alloy composition, heat treatment processes, precision machining, and after-sales support [3]. Financial Performance - Projected revenues for Kaida Heavy Industry from 2022 to 2024 are 379 million yuan, 452 million yuan, and 460 million yuan, respectively [3]. - Net profits for the same period are expected to be 48.69 million yuan, 65.32 million yuan, and 62.74 million yuan, respectively [3]. - The gross profit margins for 2022, 2023, and 2024 are projected to be 24.82%, 26.77%, and 23.93%, respectively [3]. Shareholder Structure - As of the signing date of the prospectus, Xu Yanan and Wan Yaying hold 60% and 40% of the shares of the controlling shareholder Guoye Holdings, which directly holds 70.91% of the company's shares [4]. - Xu Yanan and Wan Yaying are married and collectively control 70.91% of the voting shares, making them the actual controllers of the company [4]. Management Team - Xu Yanan serves as the Chairman and General Manager of Kaida Heavy Industry, with a background in engineering and extensive experience in the industry [6]. - Other key management members include Jiang Wei, who is the Vice General Manager and Secretary of the Board, and Wan Weihua, who serves as the Vice General Manager [6][7].