Hongyuan Stock (920018) is scheduled to list on the Beijing Stock Exchange on August 20, with simultaneous delisting from the New Third Board on the same day.
According to available information, Hongyuan Stock has set its issue price at 9.17 yuan per share, with 30.6818 million shares to be issued, raising a total of 281 million yuan. The raised funds will be allocated to the construction of photovoltaic bracket core component production base, R&D center construction project, intelligent transformation and expansion project, and supplementing working capital.
Hongyuan Stock is a high-tech enterprise specializing in the research, development, production and sales of electromagnetic wire. The company's product portfolio includes various categories such as transposed conductors, paper-wrapped wire, enameled wire, enameled paper-wrapped wire, and composite conductors. These products are primarily used in high-voltage, large-capacity power transformers, converter transformers, and reactors, among other major power transmission and transformation equipment.
As a pioneer in China's ultra/extra-high voltage transformer electromagnetic wire sector, the company has successfully completed three major breakthroughs in the application of electromagnetic wire products for power transformers in ultra/extra-high voltage fields of ±500kV, ±800kV, and ±1100kV, securing a leading market position in the extra-high voltage transformer electromagnetic wire field.
Notably, the company has participated in multiple major ultra/extra-high voltage transmission projects with industry-leading standards. These include the world's highest voltage level ±1100kV Changji-Guquan UHV DC transmission project, the Baihetan-Zhejiang/Jiangsu ±800kV UHV DC transmission project, and the world's first flexible DC grid project (a key supporting project for the Beijing Winter Olympics) ±500kV Zhangbei flexible DC transmission project.
In terms of technical capabilities, the company's independently developed and produced "ultra-thin transposed conductor" fills a domestic gap, with comprehensive performance indicators reaching international leading levels among similar products. The "high-temperature resistant self-adhesive enameled transposed conductor" achieves international advanced levels in comprehensive performance indicators, while the "corona-resistant high PDIV enameled copper flat wire for 800V drive motors in new energy vehicles" reaches international leading levels in comprehensive performance indicators among similar products.
Regarding customer base, the company has established cooperative relationships with power transmission and transformation equipment/power transformer manufacturers including Tbea Co.,Ltd. (600089.SH), China Xd Electric Co.,Ltd. (601179.SH), Shandong Electric Power Equipment, Shandong Power Transmission and Transformation, Baoding Tianwei Baobian Electric Co.,Ltd. (600550.SH), Hitachi Energy, Turkey's ASTOR, USA's VTC, Egypt's ELSEWEDY, and Indonesia's B&D. Additionally, the company has secured electromagnetic wire orders for high-power drive motors from Vietnamese new energy vehicle manufacturer VinFast.
Performance-wise, from 2022 to 2024, the company's operating revenue reached 1.311 billion yuan, 1.461 billion yuan, and 2.072 billion yuan respectively, with year-over-year growth rates of 31.1%, 11.47%, and 41.84%. Net profit attributable to shareholders totaled 50 million yuan, 64.47 million yuan, and 101 million yuan respectively, with year-over-year growth rates of 6.25%, 28.94%, and 57.14%.
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