Core Viewpoint - Hongban Technology is set to advance its IPO process on October 31, following a four-month queue, with the company aiming to raise approximately 2.057 billion yuan for its high-precision circuit board project [1][3]. Group 1: Company Overview - Hongban Technology specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on applications in consumer electronics, automotive electronics, high-end displays, industrial control, computers and peripherals, communication electronics, and integrated circuits [3]. - The company was established in 2005 and has been dedicated to developing high-end precision circuit board products since its inception [3]. Group 2: Financial Performance - The company reported revenues of approximately 2.205 billion yuan, 2.34 billion yuan, 2.702 billion yuan, and 1.71 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Corresponding net profits for the same periods were approximately 141 million yuan, 105 million yuan, 214 million yuan, and 240 million yuan [6]. - Hongban Technology distributed cash dividends of 60 million yuan in 2022 and 78 million yuan in 2023, indicating a strong cash flow position [6][7]. Group 3: R&D Expenditure - The company's R&D expenses for 2022, 2023, 2024, and the first half of 2025 were approximately 101 million yuan, 110 million yuan, 125 million yuan, and 62.438 million yuan, respectively, with R&D expense ratios of 4.56%, 4.69%, 4.63%, and 3.65% [4][5]. - These R&D expense ratios were consistently lower than the industry average, which were 4.7%, 5.14%, 5.13%, and 4.88% for the corresponding periods [4]. Group 4: Ownership and Control - The actual controller of Hongban Technology, Ye Senran, holds 95.12% of the voting rights, indicating a strong control over the company [6]. - The high ownership concentration may impact the governance and oversight by minority shareholders [6]. Group 5: Capital Structure and Asset Management - The company has a relatively high debt-to-asset ratio, reported at 54.31%, 54.06%, 54.29%, and 54.62% for the respective periods [7]. - The fixed asset investment per unit capacity is significantly higher than that of comparable companies, indicating a more capital-intensive operation [7].