Core Viewpoint - Minshan Environmental Technology Co., Ltd. has met the conditions for issuance, listing, and information disclosure as per the announcement from the Beijing Stock Exchange [1] Group 1: Business Performance - The company reported revenues of 2.599 billion, 2.939 billion, and 2.895 billion from 2022 to 2024, with net profits of 46.14 million, 61.25 million, and 72.99 million respectively [4] - For the first quarter of 2025, the company expects revenue between 790 million to 810 million, representing a year-on-year growth of 23.19% to 26.31% [4] Group 2: Risks and Challenges - The company faces risks related to the non-payment of social security and housing funds for some employees as of the end of the reporting period [2] - The company operates in a heavily regulated non-ferrous metal smelting industry, which is subject to macro-control policies that could adversely affect operations [2] - Environmental production restrictions may impact operations during periods of poor air quality, with a 30% production limit on certain products [2] - The company has a relatively underdeveloped hazardous waste recovery network, which may hinder its operational advantages [3] - As of the end of the reporting period, the company had assets worth 385.74 million under mortgage or pledge, accounting for 26.54% of total assets, posing a risk to normal operations if debts are not repaid [3] Group 3: IPO and Fundraising - The company plans to raise 295 million through an IPO, with the issuance of up to 70 million shares or 80.5 million shares if the overallotment option is fully exercised [5]