Core Viewpoint - TSI Group Co., Ltd. (referred to as "TSI Group") successfully listed on the Shanghai Stock Exchange, with a closing price of 40.75 yuan, representing a significant increase of 274.54% and a total market capitalization of 16.3 billion yuan [1] Company Overview - TSI Group specializes in the research, innovation, and industrialization of dietary nutritional supplements, positioning itself as an international enterprise group [1] - Prior to the issuance, TSI Hong Kong held 27,567.38 million shares, accounting for 78.76% of the total share capital, and remains the controlling shareholder post-issuance with a reduced stake of 68.92% [1] Shareholding Structure - The actual controllers, Zhou Jingshi and Long Ling, held 58.91% and 62.82% of TSI Group and TSI Holdings respectively, controlling a total of 84.47% voting rights before the issuance [2] - Post-issuance, the couple controls 73.91% of the voting rights, maintaining their status as actual controllers [2] Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 947.24 million yuan, 891.89 million yuan, and 1 billion yuan respectively, with net profits of 143.61 million yuan, 160.51 million yuan, and 175.34 million yuan [5] - The total assets as of December 31 for 2022, 2023, and 2024 were 924.46 million yuan, 1.02 billion yuan, and 1.19 billion yuan respectively, with a decreasing debt ratio from 34.30% to 20.23% [6] Fundraising and Project Allocation - The total number of shares issued was 50.01 million at a price of 10.88 yuan per share, raising a total of 54.41 million yuan, with a net amount of 47.98 million yuan after expenses [3] - The planned allocation of raised funds includes projects for the construction of a nutritional health raw material production base, expansion of production lines, and a technology innovation center, totaling 602.73 million yuan [4] Customer Dependency - TSI Group is the preferred supplier of HMB nutritional raw materials for Abbott Group, with sales to Abbott accounting for 23.44%, 17.38%, and 19.44% of the main business income in the reporting periods [10]