Core Viewpoint - ShenGu Group Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, aiming to raise 2.134 billion yuan for various projects, including the industrialization of green and efficient major technical equipment and the construction of a clean energy green factory [2] Group 1: Company Overview - ShenGu Group is a strategic, pillar, and leading enterprise in China's general machinery industry, responsible for providing major technical equipment and complete solutions for sectors such as petroleum, chemical, electric power, natural gas, and new energy [2] - The company is one of the few manufacturers globally capable of independently designing and manufacturing large complex compressors and high-end nuclear main pumps [2] Group 2: Financial Performance - For the fiscal years 2022 to 2025, the company's operating revenue is projected to grow from 7.396 billion yuan in 2022 to 9.309 billion yuan in 2024, with an interim revenue of 4.723 billion yuan for the first half of 2025 [3] - The net profit attributable to shareholders of the parent company is expected to increase from 181 million yuan in 2022 to 442 million yuan in 2024, with an interim net profit of 286 million yuan for the first half of 2025 [3] Group 3: Shareholding Structure - As of the signing date of the prospectus, the Tiexin District State-owned Assets Company holds 43.07% of the shares, making it the controlling shareholder of ShenGu Group [5] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Tiexin District, which holds 90% of the shares in the Tiexin District State-owned Assets Company [5] - The Advanced Manufacturing Fund is the second-largest shareholder, holding 38.23% of the shares, and has committed not to seek control over ShenGu Group [5]

Core Viewpoint - ShenGu Group Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with CICC as the sponsor, highlighting its strategic role in China's general machinery industry and its capabilities in providing major technical equipment and complete solutions for various sectors [2] Group 1: Company Overview - ShenGu Group is recognized as a strategic, pillar, and leading enterprise in China's general machinery industry, responsible for the localization of major technical equipment for sectors such as oil, chemicals, electricity, natural gas, and new energy [2] - The company is one of the few manufacturers globally capable of independently designing and producing large, complex compressors and high-end nuclear main pumps [2] Group 2: Financial Performance - As of December 31, 2022, the company's total assets were 20.75 billion yuan, with a net profit attributable to shareholders of the parent company at 1.81 billion yuan [3] - For the fiscal years 2022, 2023, and 2024, the company's operating revenues were 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan, respectively, with net profits of 1.812 billion yuan, 3.555 billion yuan, and 4.42 billion yuan [3] - The company's debt-to-asset ratio has improved from 28.27% in 2022 to 16.36% in 2025, indicating a strengthening financial position [3] Group 3: Shareholding Structure - As of the date of the prospectus, the Tiexin District State-owned Assets Company holds 43.07% of the company's shares, making it the controlling shareholder [5] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Tiexin District, which holds 90% of the shares in the Tiexin District State-owned Assets Company [5]