A-share subscription | Hard alloy product R&D company Changying Hard Science (920238.BJ) opens subscriptions, supplying Sandvik and Sany Group.

On July 15th, Changying Hard Science (920238.BJ) started its subscription, with an issue price of 18.89 yuan/share and a subscription cap of 814,200 shares, with a P/E ratio of 14.99 times, listed on the North Stock Exchange, with Soochow as its sponsoring institution. According to the prospectus, Changying Hard Science is a high-tech enterprise specializing in the research, production, and sales of hard alloy products. According to statistics from the China Tungsten Association, the company's industry ranking for hard alloy production from 2022 to 2024 is fifth in the country. The company's core high-quality customers have been increasing year by year, with downstream customers including global leading tool and mold brands such as "Sandvik," "Kennametal," "Iscar," "Mitsubishi Materials," "Sany Group," as well as domestic high-profile tool and mold manufacturers such as "Volkswagen-TIA," "Sanhe Tool," "Hengcheng Tools," "Wuxi Weiyan," forming long-term cooperative relationships with them. With the continuous expansion and deepening of the application of hard alloy products in the global manufacturing industry, the industrial scale is also constantly increasing. According to statistics from Wisdom Consulting, the production capacity of hard alloys has increased from 72.4 thousand tons in 2015 to 138.9 thousand tons in 2024, with a compound growth rate of 7.51%. As the world's largest producer of hard alloys, China's position in the global industrial chain is growing, and the proportion of China's hard alloy production in the global market has risen from 36.60% in 2015 to 43.20% in 2024. Financially, in the fiscal years 2023, 2024, and 2025, the company achieved operating revenues of approximately 881 million yuan, 972 million yuan, and 1.216 billion yuan respectively; during the same period, net profits were approximately 74.18 million yuan, 63.5972 million yuan, and 125 million yuan respectively.