Core Viewpoint - The company, Tianzhen Co., Ltd., has made significant advancements in 3D printing technology, particularly in the application of PVC and PET flooring, enhancing product competitiveness and meeting diverse market demands [2]. Group 1: Company Performance - In the first nine months of 2025, Tianzhen Co., Ltd. achieved a revenue of 1.2 billion yuan, representing a year-on-year growth of 125.08% [8]. - The net profit attributable to the parent company for the same period was 85.24 million yuan, showing a substantial increase of 301.08% year-on-year [8]. - The company has distributed a total of 150 million yuan in dividends since its A-share listing [9]. Group 2: Market Position and Financials - As of September 30, 2025, the company had a market capitalization of 5.402 billion yuan, with a trading volume of 85.01 million yuan on February 26, 2024 [1]. - The company’s overseas revenue accounted for 98.25% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. - The average trading cost of the stock is 23.78 yuan, with the current price near a support level of 24.57 yuan [7]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 3.02% to 14,900, while the average circulating shares per person increased by 3.11% to 3,690 shares [8]. - The second-largest circulating shareholder, Huaxia Xingyang Mixed Fund, reduced its holdings by 547,400 shares, while other significant shareholders also adjusted their positions [9].

Company and Industry Summary Company Overview - **Company**: 海象新材 (Hai Xiang New Materials) - **Industry**: Foreign Trade and Manufacturing Key Points Financial Performance and Outlook - The company expects stable growth in 2026, with net profit in Q4 impacted by impairment of idle capacity, showing no significant growth compared to Q3 [2][3] - For 2025, the profit forecast ranges from 90 million to 110 million, reflecting a significant increase from the previous year due to reduced impairment [3][19] - The company aims to maintain stable performance in the foreign trade sector, with no unexpected situations anticipated [3] Production Capacity and Utilization - The Vietnam plant has a designed capacity of 15 million square meters, currently operating at approximately 60% utilization [2][4] - The company plans to adjust domestic and international production capacity based on order trends, with expectations to maintain around 200 containers per month [2][6] - The Vietnam base is focusing on increasing localization and refined management to control costs [2][7] Market Dynamics - The U.S. market accounts for about 40% of total sales, primarily produced in Vietnam, while the European market constitutes 60%, with most production also in Vietnam [2][8] - The company holds a neutral view on the recovery of U.S. market demand in 2026, focusing more on the European market, which requires more precise management due to its dispersed orders [10][11] Cost Management and Pricing - The company is managing costs through refined management and maintaining customer stickiness, especially in the SPC flooring segment, which faces intense competition [4][12] - PVC prices are currently at historical lows but are expected to rise; the company can pass on raw material costs to customers within a controllable timeframe [12][23] Product Development and Market Strategy - The SPC flooring market is highly competitive, with a slight decline in market share, while the WPC flooring market is performing better [12][14] - The company is exploring non-PVC products, which currently have no revenue contribution but are being monitored for market acceptance [15][16] - Domestic factory utilization has decreased due to reduced orders, with expectations for gradual growth as consumer acceptance increases [17][18] Capital Expenditure and Financial Strategy - The company has no major capital expenditure plans in the near term, focusing on optimizing financial structure and reducing debt levels [21] - A new equity incentive plan was launched in early 2026 to attract new employees and replace an expiring buyback plan, with performance targets set conservatively [22] Currency Exchange and Risk Management - The company experienced some exchange gains early in the year, but overall fluctuations have balanced out by year-end [23] Additional Insights - The company is actively seeking new product opportunities and is prepared to adjust strategies based on market conditions and customer feedback [2][3][15] - The stability of U.S.-Vietnam relations is viewed positively, reducing concerns over tariff pressures [9]

Group 1: Research Basic Information - The research object is Haixiang New Materials, belonging to the plastics products industry, and the reception time is February 4, 2026. The listed company's reception personnel are the securities affairs representative and the manager of the securities legal department, Ma Huanjun [16] Group 2: Detailed Research Institutions - The research institutions include BOC International Securities (securities company, represented by Wei Wei), Shangzheng Fund (fund management company, represented by Zhang Xianglin), China Life Asset Management (insurance asset management company, represented by Gong Cheng), Green Fund (fund management company, represented by Liu Zhe), Huafu Securities (securities company, represented by Wang Junzhe), and Shanghai Xueshi Asset (others, represented by Huang Xi) [17] Group 3: Core Views and Main Content - **2025 Performance**: According to the 2025 performance forecast, the net profit attributable to the parent is expected to be between 90 million yuan and 110 million yuan, a year - on - year increase of 79.64% to 119.56%, mainly due to a significant reduction in asset impairment provisions compared with the same period last year [22] - **Asset Impairment**: The company will determine whether to make asset impairment provisions based on specific circumstances and the principle of prudence, subject to subsequent announcements [22] - **Fund Arrangement**: The company's future fund arrangement focuses on optimizing the asset - liability ratio. With orders moving overseas, there are no plans to add new domestic production capacity [22] - **Product Structure**: The company's products are still mainly PVC floors such as SPC, WPC, and LVT. SPC floors still account for the main revenue, but the proportion has decreased relatively. The product structure will be further adjusted according to customer needs [22] - **Exchange Gains and Losses**: In 2025, the company's exchange gains and losses fluctuated greatly, but remained balanced throughout the year. The company will take various measures to reduce the impact of exchange rates [23] - **PVC Price Fluctuation**: The PVC price has been at a relatively low historical level in the past year. If the PVC price fluctuates significantly, the company will negotiate price transmission with downstream customers. The impact on the gross profit margin is controllable [23] - **US Tariff Policy**: The US tariff policy for domestic and Vietnamese products has been relatively stable, reducing policy uncertainty. In 2025, the company has negotiated a tariff sharing plan with customers [23]

Financial Performance - The company's net profit for 2025 is expected to be between 90 million and 110 million CNY, representing a growth of 79.64% to 119.56% compared to the previous year, primarily due to a significant reduction in asset impairment provisions [3] - The fourth quarter of 2025's net profit was mainly impacted by asset impairment provisions, with detailed financial metrics to be disclosed in the upcoming annual report [3] Asset Impairment - The company will determine future asset impairment provisions based on specific circumstances and a principle of prudence, with announcements to follow [4] Financial Planning - Future financial arrangements will focus on optimizing the asset-liability ratio, with no plans for new production capacity domestically as orders shift overseas [5] Product Structure - The company's product lineup remains centered on SPC, WPC, and LVT PVC flooring, with SPC flooring still generating the majority of revenue, although its proportion is decreasing. Adjustments to the product structure will be made based on customer demand [6] Exchange Rate Impact - In 2025, the company experienced significant fluctuations in exchange gains and losses, but overall, it maintained balance. Future strategies will be implemented to mitigate the impact of exchange rates [7] PVC Price Fluctuations - PVC prices have been at historically low levels over the past year. Significant price fluctuations may affect the company's gross margin, but the overall risk is considered manageable [8] Tariff Policies - The U.S. tariff policies on domestic and Vietnamese products have stabilized, reducing uncertainty. In 2025, the company negotiated a tariff-sharing plan with customers [8]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 JIANGSU ZHONGXIN PRIDON NEW MATERIAL CO., LTD. 江蘇中鑫家居新材料股份有限公司 （「本公司」） （於中華人民共和國成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員 表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長 登記前，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該 招股章程的文本將於發售期內向公眾人士刊發。 ...

Group 1 - The core point of the news is that Tianzhen Co., Ltd. experienced a stock decline of 1.03%, with a current share price of 21.10 yuan and a total market value of 4.558 billion yuan [1] - Tianzhen Co., Ltd. is located in Anji Economic Development Zone, Zhejiang Province, and was established on January 16, 2003, with its listing date on November 14, 2022 [1] - The company's main business involves the research, production, and sales of new PVC composite flooring materials, with revenue composition as follows: SPC flooring 57.42%, WPC flooring 20.05%, RPET flooring 16.26%, LVT flooring 4.54%, and other products 1.73% [1] Group 2 - From the perspective of fund holdings, one fund under Baoying Fund has a significant position in Tianzhen Co., Ltd., specifically Baoying New Sharp Mixed A (001543), which held 73,000 shares, accounting for 1.16% of the fund's net value [2] - The fund has a current scale of 132 million yuan and has achieved a return of 40.39% this year, ranking 2023/8085 among its peers [2] - The fund manager, Cai Dan, has been in position for 8 years and 151 days, with the best fund return during this period being 102.33% [2]

Core Viewpoint - Tianzhen Co., Ltd. is a significant player in the global new PVC composite flooring industry, focusing on the research, production, and sales of innovative PVC composite flooring products, with advanced production technology and a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Tianzhen achieved a revenue of 1.2 billion yuan, ranking 7th among 13 companies in the industry [2] - The company's net profit for the same period was 85.24 million yuan, placing it 6th in the industry [2] - The revenue breakdown includes SPC flooring at 457 million yuan (57.42%), WPC flooring at 160 million yuan (20.05%), RPET flooring at 129 million yuan (16.26%), LVT flooring at 36.11 million yuan (4.54%), and other products at 13.76 million yuan (1.73%) [2] Group 2: Financial Ratios - As of Q3 2025, Tianzhen's debt-to-asset ratio was 8.04%, significantly lower than the industry average of 39.52%, indicating strong solvency [3] - The gross profit margin for the same period was 17.85%, which is below the industry average of 23.08% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.02% to 14,900 [5] - The average number of circulating A-shares held per shareholder increased by 3.11% to 3,690.91 [5] - Major shareholders include Huaxia Xingyang One-Year Holding Mixed Fund, which reduced its holdings by 547,400 shares [5]

Group 1 - The stock of Tianzhen Co., Ltd. dropped by 5.36% on October 30, closing at 24.20 CNY per share, with a trading volume of 106 million CNY and a turnover rate of 7.65%, resulting in a total market capitalization of 5.227 billion CNY [1] - Tianzhen Co., Ltd. specializes in the research, production, and sales of new PVC composite flooring materials, with its main business revenue composition being: SPC flooring 57.42%, WPC flooring 20.05%, RPET flooring 16.26%, LVT flooring 4.54%, and other products 1.73% [1] Group 2 - According to data, one fund under Baoying Fund holds a significant position in Tianzhen Co., Ltd., specifically Baoying New锐 Mixed A (001543), which held 73,000 shares in the third quarter, accounting for 1.16% of the fund's net value, making it the second-largest holding [2] - Baoying New锐 Mixed A (001543) has achieved a year-to-date return of 36.25%, ranking 2591 out of 8152 in its category, and a one-year return of 45.11%, ranking 1467 out of 8038 [2] - The fund manager, Cai Dan, has been in position for 8 years and 89 days, with the fund's total asset size currently at 2.35 billion CNY, achieving a best return of 102.33% and a worst return of 0.99% during his tenure [2]

Group 1 - The core point of the news is that Tianzhen Co., Ltd. experienced a stock price increase of 5.36%, reaching 25.77 CNY per share, with a total market capitalization of 5.566 billion CNY [1] - Tianzhen Co., Ltd. is located in Anji Economic Development Zone, Zhejiang Province, and was established on January 16, 2003, with its listing date on November 14, 2022 [1] - The company's main business involves the research, production, and sales of new PVC composite flooring materials, with revenue composition as follows: SPC flooring 57.42%, WPC flooring 20.05%, RPET flooring 16.26%, LVT flooring 4.54%, and other products 1.73% [1] Group 2 - Among the top ten circulating shareholders of Tianzhen Co., Ltd., a fund under Yinhua Fund holds a position, having reduced its holdings by 804,200 shares in the third quarter, now holding 627,100 shares, which is 1.14% of the circulating shares [2] - The Yinhua Value Selected Mixed Fund (519001) was established on September 27, 2005, with a latest scale of 1.823 billion CNY, and has achieved a year-to-date return of 11.72% [2] - The fund manager, Su Jingran, has been in position for 8 years and 81 days, with a total fund asset scale of 2.887 billion CNY, achieving a best return of 92.74% and a worst return of -19.14% during the tenure [3]

Core Viewpoint - Tianzhen Co., Ltd. has seen a stock price increase of 5.04%, reaching 24.19 CNY per share, with a total market capitalization of 5.225 billion CNY as of October 21 [1] Company Overview - Zhejiang Tianzhen Technology Co., Ltd. was established on January 16, 2003, and went public on November 14, 2022 [1] - The company specializes in the research, production, and sales of new PVC composite flooring materials [1] - Revenue composition includes: SPC flooring 57.42%, WPC flooring 20.05%, RPET flooring 16.26%, LVT flooring 4.54%, and other products 1.73% [1] Shareholder Information - Silver Hua Fund's Silver Value Preferred Mixed Fund (519001) is among the top ten circulating shareholders of Tianzhen Co., Ltd. [2] - In the second quarter, the fund reduced its holdings by 392,800 shares, maintaining 1,431,300 shares, which accounts for 2.61% of circulating shares [2] - The fund has achieved a floating profit of approximately 1.6603 million CNY as of today [2] Fund Manager Profile - The fund manager of Silver Value Preferred Mixed Fund is Su Jingran, who has been in the position for 8 years and 74 days [3] - The total asset size of the fund is 2.754 billion CNY, with the best return during the tenure being 91.11% and the worst return being -20.6% [3]