Core Viewpoint - Changde Technology's IPO has been accepted, but the company has experienced declining profits despite increasing revenues in recent years, leading to a need for fundraising to improve liquidity [1][3]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as 969 million, 1.064 billion, 1.555 billion, and 719 million yuan respectively, while net profit has decreased from 183 million to 49.25 million yuan during the same period [3][4]. - The gross profit margin has fluctuated, showing a decline from 35.21% in 2022 to 14.06% in the first half of 2025 [4][6]. Business Operations - Changde Technology focuses on green low-carbon industries, specializing in resource utilization and new material manufacturing, with established partnerships with notable companies [2]. - The company plans to raise 500 million yuan through its IPO, with funds allocated for expanding production capacity and improving product quality [7][8]. Production Capacity - As of the first half of 2025, the utilization rates for several key products remain unsaturated, with rates of 86.91% for by-product utilization and only 38.24% for polyether amine series products [9][10]. - The company has faced production challenges due to upstream supplier relocations and market price fluctuations, impacting overall performance [5][6]. Cost Structure - Raw material costs account for over 80% of the total production costs, with significant risks associated with price volatility [11]. - The company's inventory has been increasing year by year, raising concerns about potential declines in product sales prices and the risk of inventory impairment [13].