Core Viewpoint - The article discusses the recent IPO approval of Beikang Testing Technology Co., Ltd. by the Beijing Stock Exchange, highlighting its financial performance and market position in the non-ferrous metal testing industry. Group 1: Company Overview - Beikang Testing specializes in the research and development of testing technologies for non-ferrous metal mineral resources, offering services in various areas including ore and mineral products, smelting products, and advanced materials [4] - The company was established in October 2016 and transitioned to a joint-stock company in September 2022, with a total of 84.96 million shares before issuance [4] - As of the end of 2024, the company has a total of 198 employees and operates two subsidiaries [4] Group 2: Financial Performance - In the reporting period, the company's revenue was 91.74 million yuan, 110.47 million yuan, and 148.02 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 33.15 million yuan, 41.66 million yuan, and 50.63 million yuan [7][11] - The total assets as of December 31, 2024, were approximately 346.70 million yuan, with total equity of about 302.62 million yuan [8] - The company has maintained a high gross profit margin, with rates of 62.65%, 64.69%, and 61.43% for 2022, 2023, and 2024 respectively, significantly higher than the average of comparable companies [18][21] Group 3: Market Position - Beikang Testing is recognized as a leading service provider in the non-ferrous metal testing sector, holding a market share of 3.04% in 2023, ranking first in the industry [9][10] - The company has been classified as a national "little giant" enterprise and a high-tech enterprise, indicating its strong position in the market [9] Group 4: Shareholder Structure - The controlling shareholder, Minmetals Group, holds 86.11% of the company's shares, with the State-owned Assets Supervision and Administration Commission being the actual controller [5][6] - Minmetals Group has also been a significant customer and supplier for Beikang Testing, raising questions about the company's operational independence [13][16] Group 5: Future Outlook - The company projects a revenue of approximately 81 million to 90 million yuan for the first half of 2025, representing a year-on-year growth of 23.75% to 37.50% [11][12] - The IPO aims to raise approximately 178.80 million yuan, with a portion allocated for the development of advanced testing instruments [27]

Core Viewpoint - The company, 聚光科技, is experiencing pressure on its performance for the first half of 2025, while its subsidiary, 谱育, is showing improved operational conditions [2][9]. Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [4]. - The company expects a net loss of 54 million yuan, compared to a profit of 45.55 million yuan in the same period last year [5][6]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 84 million yuan, down from a profit of 12.28 million yuan in the previous year [6]. Reasons for Performance Changes - The company is focusing on high-quality transformation and upgrading, concentrating resources on high-end analytical instruments and core supporting businesses [8]. - The operational results are under pressure due to strategic choices made to enhance long-term competitiveness, with cash flow remaining stable and core high-end business showing good momentum [9]. - Non-recurring gains and losses for the first half of 2025 are estimated at approximately 30 million yuan, mainly from government subsidies [10]. - The subsidiary, 杭州谱育科技, has improved operational efficiency, resulting in a significant reduction in losses despite a temporary adjustment in revenue [10].

Investment Rating - The report assigns a "Buy" rating to the company, projecting significant revenue and profit growth in the coming years [88]. Core Insights - The company, 聚光科技, is positioned as a leading domestic high-end instrument manufacturer, with a strong foundation and a turning point in its operations [3][5]. - The global analytical instrument market is expected to grow from $60 billion in 2025 to $111.4 billion by 2034, with a CAGR of 6.5%, indicating substantial growth potential for the industry [3][39]. - The company has successfully turned around its financial performance, achieving a revenue of 3.61 billion yuan in 2024, a 13.58% increase year-on-year, and a net profit of 207 million yuan, marking a 164.11% increase [24][88]. Summary by Sections Company Overview - 聚光科技 was established in 2002 and focuses on high-end analytical instruments, maintaining a "4+X" multi-business layout across various sectors [3][12]. - The company has undergone strategic adjustments, including the divestment of PPP projects, to enhance operational efficiency and focus on core instrument business [9][85]. Market Environment - The global analytical instrument market is dominated by North America, Europe, and China, with significant growth expected in the Asian market due to increasing R&D expenditures [3][39]. - Domestic demand for high-end analytical instruments is rising, driven by the need for local alternatives to imported products, as the import rate for high-end instruments remains high [43][47]. Financial Analysis - The company has experienced historical revenue and profit fluctuations but has shown signs of recovery, with a focus on cash flow and contract quality since 2023 [24][85]. - In 2024, the company achieved a revenue of 3.61 billion yuan and a net profit of 207 million yuan, indicating a successful turnaround [24][88]. Growth Projections - The company is projected to achieve revenues of 4.19 billion yuan in 2025, 4.80 billion yuan in 2026, and 5.41 billion yuan in 2027, with corresponding net profits of 320 million yuan, 451 million yuan, and 556 million yuan [88].

Core Viewpoint - The company, 聚光科技, has recently turned a profit after a series of losses, while its major shareholder, 浙江睿洋科技有限公司, has been continuously selling off its shares due to judicial rulings and financial needs [1][5]. Shareholder Changes - 浙江睿洋科技's shareholding in 聚光科技 has decreased from 16.45% to 12.85%, with a total of 57.65 million shares held [2][5]. - A significant portion of 浙江睿洋科技's shares, 46.35 million, has been frozen, representing 80.40% of its holdings and 10.33% of the total shares of 聚光科技 [5][8]. - The shareholder has been forced to sell shares through various judicial processes, including a recent auction of 2.3 million shares [4][5]. Financial Performance - 聚光科技 reported net losses of 232 million, 375 million, and 323 million yuan from 2021 to 2023, with a notable improvement in 2024, achieving a net profit of 207 million yuan [2][8]. - The company's revenue has been declining for three consecutive years, with figures of 3.751 billion, 3.451 billion, and 3.182 billion yuan from 2021 to 2023 [8]. - In the first quarter of 2025, 聚光科技 recorded a revenue of 547 million yuan, a year-on-year increase of 1.38%, but still reported a net loss of 20.52 million yuan [10]. Debt Situation - The company's debt ratio has been increasing, reaching 67.47% in 2023, but improved to 63.91% by the end of 2024 [8][10]. - As of the end of the first quarter of 2025, the debt ratio stood at 63.64% [3][10]. Strategic Adjustments - 聚光科技 has implemented measures to optimize its business structure, focusing on improving contract quality and cash flow management, while reducing non-profitable business lines [9]. - The company aims to strengthen its core business in high-end analytical instruments and is adjusting its product lines to focus on areas with significant growth opportunities [9].