Hard Alloy Producer Changying Hard Technology Launches IPO Subscription, Supplies Sandvik and Sany Group

On July 15th, Changying Hard Technology Co., Ltd. (BJSE: 920238) initiated its public offering subscription. The issue price is set at 18.89 yuan per share, with a maximum subscription limit of 814,200 shares. The price-to-earnings ratio is 14.99 times. The company is listed on the Beijing Stock Exchange, with Soochow Securities acting as its sponsor.

The prospectus indicates that Changying Hard Technology is a high-tech enterprise specializing in the research, development, production, and sales of hard alloy products. According to statistics from the China Tungsten Industry Association, from 2022 to 2024, the company's ranking in terms of hard alloy production output consistently held the 5th position domestically.

The company's roster of core, high-quality customers has grown year by year. Its downstream clients encompass globally leading tool and mold brands such as Sandvik, LMT Tools, Panasonic Industrial Devices, and Nagoya Seiko, as well as the Sany Group. It also includes well-known domestic tool and mold manufacturers like Wod Jin Tian Saw Industry, Sanhe Tianbaili, Hengcheng Tools, and Wuxi Weiyan. The company has established long-term cooperative relationships with these clients.

As the application of hard alloy products continues to expand and deepen within the global manufacturing sector, the industry's scale is also on the rise. Based on data from Zhiyan Consulting, the global output increased from 72,400 tons in 2015 to 138,900 tons in 2024, achieving a compound annual growth rate of 7.51%.

As the world's largest producer of hard alloys, China's position in the global supply chain is increasingly significant. The proportion of global hard alloy output contributed by China rose from 36.60% in 2015 to 43.20% in 2024.

Financially, for the fiscal years 2023, 2024, and 2025, the company reported operating revenues of approximately 881 million yuan, 972 million yuan, and 1.216 billion yuan, respectively. During the same periods, it recorded net profits of approximately 74.1804 million yuan, 63.5972 million yuan, and 125 million yuan, respectively.