A-share Subscription | Tianyuan Heavy Industry (920306.BJ) Opens for Subscription as a Provider of Bridge Load-Bearing Products and Integrated Services

On October 20, Tianyuan Heavy Industry (920306.BJ) opened for subscription, with an issue price of RMB 4.48 per share, a subscription cap of 1.8190 million shares, and an issue price-to-earnings ratio of 14.93 times. It is listed on the Beijing Stock Exchange, with First Capital Securities as its sponsor. According to the prospectus, the company is a provider of bridge load-bearing products and integrated services, mainly engaged in the R&D, design, manufacturing, installation, and technical services of bridge load-bearing products. Its products and services mainly include bridge load-bearing components such as cable saddles and cable clamps, bridge steel structure products, and their installation, maintenance, and quality inspection services. With the vision of "becoming a globally leading manufacturer and service provider of core bridge components and building a specialized, internationalized, and innovative century-old enterprise," the company is committed to providing customers with bridge load-bearing product solutions covering the full product series and full life-cycle services. With sound product quality, strong technical strength, and efficient customer response speed, the company has developed into one of the major domestic providers of overall solutions for bridge load-bearing products. The company's products have been applied in major domestic bridge projects such as the Huajiang Canyon Bridge (currently the world's highest bridge and the suspension bridge with the longest span in mountainous areas), the Lingdingyang Bridge of the Shenzhen-Zhongshan Link (currently the world's largest-span all-offshore sea steel box girder suspension bridge), the Zhangjinggao Yangtze River Bridge (currently the world's largest-span suspension bridge under construction), the Shiziyang Bridge (currently the world's largest-span double-deck highway suspension bridge under construction), the G3 Tongling Yangtze River Road-Rail Bridge (the world's first bridge with a double-deck cable-stayed-suspension collaborative system), the Wufengshan Yangtze River Bridge (the world's first kilometer-class road-rail dual-purpose double-deck suspension bridge), and the Zhang Jia Jie Tourism Group Grand Canyon Glass Bridge (the world's highest and longest-span glass bridge), as well as foreign bridge projects such as the Maputo Bridge in Mozambique (currently Africa's largest suspension bridge and a benchmark project of the "Belt and Road" initiative), the Hwatae Island-Baekya Island Bridge in South Korea (South Korea's largest-span three-dimensional spatial cable suspension bridge), Bridges No. 8 and No. 9 in Lusail City, Qatar, the Thuan Phuoc Bridge in Da Nang, Vietnam, and the Lai Wei Bridge in Myanmar. The company continues to deepen its presence in the field of bridge load-bearing products. With strong R&D and innovation capabilities, rich project experience, and a complete product manufacturing system, the company has established good cooperative relationships with well-known domestic and foreign customers such as China Railway, China Railway Construction Corporation, China Communications Construction, Shudao Group, Samsung Group of South Korea, and CableTec of South Korea. As of the end of the reporting period, the company had obtained a total of 257 patents, including 47 invention patents, and was rated as a "National Intellectual Property Advantage Enterprise" by the China National Intellectual Property Administration in 2022. Focusing on the field of bridge load-bearing products, the company has mastered a complete set of core technology systems, including more than 20 core technologies with industry-leading levels, such as "suspension bridge cable clamp blank casting technology," "manufacturing method for quenched and tempered cable clamps of suspension bridges," "swing test method for pendulum-type splay saddles," "narrow and deep space welding forming technology for integral friction plates of suspension bridge cable saddles," "key technology for split combined pendulum-type splay saddles of suspension bridges," "advanced production technology for low-temperature impact resistance of cast steel materials for cable clamps," "key technology for high-performance forged-welded combined cable saddles," "integral processing method for split-type main cable saddles of suspension bridges," "key technology for composite cable saddles of suspension bridges," "main cable saddle head structure and its forming method," and "key construction technology and application for long-span spatial cable suspension bridges in cold marine environments." Among them, 8 were rated as "internationally leading" and 4 as "internationally advanced." In the future, with the continuous improvement of the company's technical strength and brand influence and the gradual enrichment of product categories, the company will continue to provide comprehensive services to large domestic and foreign infrastructure construction enterprises, while serving the national development strategy of building a transportation powerhouse, and is committed to becoming an internationally excellent supplier of R&D, manufacturing, and services for bridge load-bearing products. In terms of financials, for the years 2023, 2024, and 2025 and the January-June period of 2026, the company achieved operating revenue of approximately RMB 701 million, RMB 613 million, RMB 616 million, and RMB 232 million, respectively; during the same periods, net profit was approximately RMB 54.8665 million, RMB 58.3408 million, RMB 67.3703 million, and RMB 29.8835 million, respectively.