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China Securities Regulatory Commission approves Hongdi Technology's registration for IPO on the tech innovation board.

On September 13th, the China Securities Regulatory Commission issued the "Reply on Approving the Initial Public Offering of Shares of Wuhan Gangdi Technology Co., Ltd.". It is reported that Gangdi Technology plans to list on the Shenzhen Stock Exchange's ChiNext board, with Zhongtai as the IPO sponsor, aiming to raise 656.04 million yuan. According to the prospectus, Gangdi Technology is a high-tech enterprise and a national-level specialized and new "little giant" enterprise focusing on the research and development, production, and sales of products in the field of industrial automation. Its products mainly include automation drive products, intelligent control systems, and management system software. Currently, the products are mainly used for the single-machine automation control of various medium and large-scale equipment, as well as the automation control of equipment production operations. Industrial automation can be mainly divided into equipment single-machine automation, equipment production operation process automation, and enterprise production management automation according to the progressive order of automation levels. The company's automation drive products are one of the core driving components to achieve equipment single-machine automation. The intelligent control system is based on equipment single-machine automation to achieve remote or automatic control of equipment or equipment groups, thus realizing the automation of equipment production operation processes. At the same time, based on the demand of customers in the aforementioned two business areas for production management automation and informatization, the company has launched management system software combining its own technical foundation to help customers achieve production management automation. At present, the revenue from management system software is relatively small, but it is one of the directions for the company's future business development. Gangdi Technology's downstream customers cover various industries such as ports, shield tunnels, cement, construction machinery, railways, metallurgy, logistics, ships, fans, pumps, and petrochemicals. The company's products have been adopted by many well-known domestic and foreign enterprises such as Yangpu Port, Ningbo Zhoushan Port, Shanghai Port, Guangzhou Port, Shenzhen Port, QINGDAO PORT, Xiamen Port, Beibu Gulf Port, Jiangsu Lianyungang Port, China Railway Engineering Equipment, China Railway Construction Heavy Industry Corporation Limited, CNBM, Huaxin Cement, and China Railway Group, forming a good market reputation.
13/09/2024

A-share subscription | Wireless Media (301551.SZ) opens for subscription, serving as the sole operating agency for the integrated content distribution and control platform for the three-network convergence in Hebei Province.

On September 13, Wireless Media (301551.SZ) started its subscription, with an issue price of 9.40 yuan per share, a subscription limit of 0.6 million shares, a price-earning ratio of 13.95 times, and it belongs to the ChiNext Board of the Shenzhen Stock Exchange. China Securities Co.,Ltd. is the exclusive sponsor. According to the prospectus, authorized by Hebei Radio and Television Station, Wireless Media exclusively conducts IPTV content integration and operation services in Hebei Province, and is the only operating organization for the integrated broadcasting platform of the three-network convergence content control in Hebei Province. By the date of signing this prospectus, Wireless Media has gathered nearly 300 high-definition and standard-definition live channels, over 300,000 hours of classified on-demand programs, as well as diversified value-added services such as online education, TV games, smart communities, and smart education. It also offers unique IPTV features such as 2-hour time-shift and 7-day playback, providing users with differentiated, personalized, and high-quality interactive TV services. By the end of 2023, the basic and value-added IPTV users of Wireless Media were 15.36 million households and 704,100 households, respectively, maintaining relative stability compared to the end of 2022. According to data from the Ministry of Industry and Information Technology, by the end of 2023, the number of fixed broadband Internet access users in Hebei Province reached 31.797 million households. Due to the deep integration characteristics of IPTV business with broadband Internet access business, there is still room for the expansion of the user scale of Wireless Media's IPTV business. In terms of finance, the company's operating income in 2021, 2022, and 2023 were approximately 672 million yuan, 654 million yuan, and 646 million yuan respectively. The company's net profit was approximately 356 million yuan, 291 million yuan, and 284 million yuan respectively. It is understood that the funds raised by Wireless Media are intended to be used for the following projects after deducting issuance expenses: It should be noted that the prospectus specifically reminds investors to pay attention to the risk of limited expansion of IPTV basic business user scale. During the reporting period, the company's main source of revenue comes from the IPTV integrated broadcasting and control business. According to relevant policies of the State Administration of Radio, Film, and Television, provincial IPTV integrated broadcasting and control platforms can only provide IPTV services within their respective provinces and are not allowed to operate across regions. Under these policy regulations, the company's IPTV basic business only targets end customers within Hebei Province, and the growth of end customers is affected by the population and household size growth in Hebei Province; value-added services can be expanded to other provinces, but have not yet generated significant operating income. If the company cannot effectively expand its business boundaries or increase average revenue per user on the current business basis, it may face the risk of slowing down or declining business performance.
13/09/2024

A-share subscription | Hehe Information (688615.SH) opens subscription. Core products include Scan King, Business Card King, and Qixinbao.

On September 13, Hehe Information (688615.SH) started its subscription, with an issue price of 55.18 yuan per share, a subscription limit of 6,000 shares, a P/E ratio of 18.55 times, and it belongs to the Science and Technology Innovation Board of the Shanghai Stock Exchange, with CICC as its exclusive sponsor. According to the prospectus, Hehe Information is an artificial intelligence and big data technology company, providing digital and intelligent products and services to global C-end users and diversified B-end customers based on its leading intelligent text recognition and commercial big data core technology. The company's C-end business mainly consists of three core products aimed at global individual users, including the Scan King (intelligent scanning and text recognition app), Business Card King (intelligent business card and contact management app), and Qixin Bao (enterprise business information query app). The company's B-end business provides services to enterprise customers based on intelligent text recognition and commercial big data core technology, forming a business matrix including basic technical services, standardized services, and scenario-based solutions to meet various needs such as cost reduction, risk management, intelligent marketing, and help customers achieve digital and intelligent transformation. According to the prospectus, the company's core technologies include intelligent text recognition and commercial big data technology. The intelligent text recognition technology integrates AI technologies such as intelligent image processing, complex scene text recognition, and NLP, providing more cognitive and understanding capabilities compared to traditional simple text recognition. It can adapt to complex scenes such as multiple languages, formats, and styles and can be applied to various commercial scenarios, such as invoice classification, document structuring, key information extraction from contracts, and intelligent auditing. The commercial big data technology includes technologies such as big data mining and knowledge graph, exploring the value hidden behind commercial data to empower various industries. In terms of industry competition, with leading independent research and development technology and mature product implementation capabilities, the company's three C-end APP products cover billions of users in over a hundred countries and regions globally, with excellent brand awareness and user experience. Especially, Business Card King and Scan King were launched in 2009 and 2010, accumulating over ten years of profound brand influence. In the App Store, similar apps to the company's Scan King and Business Card King include ABBYY FineScanner, ABBYY Business Card Reader, and Google Lens. According to App Annie data, the combined active users and downloads of Scan King and Business Card King far exceed those of similar apps in the reporting period, with higher ratings in the iOS China region. According to Zhi Shixun Consulting, Qixin Bao ranks third in the 2022 Chinese commercial information query C-end market (i.e., commercial big data C-end market). Financially, in the years 2021, 2022, and 2023, the company achieved operating revenues of approximately 806 million yuan, 9.88 billion yuan, and 11.87 billion yuan respectively. The net profits were approximately 144 million yuan, 284 million yuan, and 323 million yuan respectively. According to Hehe Information's prospectus, the company may face overseas operating risks. During the reporting period, the company sold C-end products and B-end services to overseas customers in major countries and regions such as Europe, America, and East Asia according to their preferences and demands. The company's overseas revenue was mainly concentrated in Asia (mainly Japan and South Korea) and North America (mainly the United States) and maintained a stable growth trend. In terms of compliance risks in overseas business operations, although the company has not been penalized by the revenue source countries since engaging in overseas operations, as the business scale expands further, the legal and regulatory environment involved in the company's overseas operations will become more complex. If the company fails to fully comply with the laws or regulations of the product sales locations in the future, it may face corresponding penalties, affecting its local operations.
13/09/2024

Kingbio's IPO on the Shenzhen Stock Exchange has been terminated. The original plan was to raise approximately 500 million yuan.

On September 11, Hangzhou Jingjie BioScience and Technology Co., Ltd. (referred to as Jingjie Bio) terminated its IPO on the ChiNext board of the Shenzhen Stock Exchange. The IPO was terminated because Jingjie Bio and the sponsor withdrew their application for listing. According to Article 62 of the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (Amended in 2024)", the Shenzhen Stock Exchange decided to terminate the listing review. The prospectus shows that Jingjie Bio's core technology is protein analysis. By providing protein omics technology services and antibody reagent products, the company serves basic research in life sciences, drug development, and clinical diagnosis and treatment. Since its establishment in 2010, the company has been deeply involved in the proteomics industry, using mass spectrometry as its core tool, combining antibody reagent products, integrating multiple interdisciplinary fields such as biochemistry, immunology, molecular biology, and bioinformatics. They have established an organic integrated business layout of "high-throughput proteomics analysis + high-specificity antibody development", making them a pioneer in providing a comprehensive solution for proteomics analysis covering protein "discovery", "validation", and "detection" in the industry. Based on a profound understanding of the biological significance of post-translational modifications of proteins and the technical advantages accumulated in the fields of protein modification analysis and antibody development, the company has always adhered to independent research and development innovation. Since its establishment in 2010, it has continuously introduced 11 new types of protein modification analysis services, including butyrylation, succinylation, acetylation, 2-hydroxyisobutyrylation, glutarylation, benzoylation, 3-hydroxybutyrylation, and lactylation. In addition, Jingjie Bio actively explores customers in the industrial sector, including biotechnology and new drug development companies. They have established business cooperation with well-known pharmaceutical companies such as BEIGENE, LuGu Pharmaceutical, Kunyuan Gene, and Jodas-Fortune Ocean, as well as gene testing companies. The funds raised this time will be mainly used for the following purposes: Financially, as of the years 2019, 2020, 2021, and June 30, 2022, Jingjie Bio achieved revenues of approximately 116 million, 153 million, 221 million, and 89.3254 million RMB respectively. During the same period, net profits were approximately 23.1767 million, 41.3278 million, 68.1545 million, and 9.4471 million RMB respectively.
12/09/2024

A-share subscription | Ruihua Technology (920099.BJ) opens subscription to become the leading provider of petrochemical technology in China.

On September 10th, Ruihua Technology (920099.BJ) started its subscription, with an issue price of 19 yuan/share and a subscription limit of 760,000 shares. The price-to-earnings ratio is 13.12 times, and it belongs to the Beijing Stock Exchange, with China Securities Co., Ltd. as its exclusive sponsor. The prospectus disclosed that Ruihua Technology is committed to providing comprehensive technical solutions based on chemical process packages for chemical enterprises. Its main products are chemical process packages, chemical equipment, and catalysts. The company's core business includes basic research experiments, process route and catalyst development, technology licensing, technical services, chemical equipment design and manufacturing, as well as new material technology development and preparation, making it a leading domestic provider of petrochemical technology. During the reporting period, the company's main operating income was categorized by product or service as follows: Ruihua Technology continues to research fine chemical technology and related product development, aiming to enter the high value-added environmental-friendly new materials market by planning to introduce technologies for degradable plastics such as PBS, PBAT, and high-end PS materials. It is reported that the funds raised by Ruihua Technology, after deducting the issuance expenses, are intended for the following projects: Financially, in 2021, 2022, and 2023, the company's operating income is expected to be approximately 142 million yuan, 326 million yuan, and 394 million yuan, respectively. The company's net profit is expected to be approximately 36.5729 million yuan, 78.6147 million yuan, and 114 million yuan, respectively. It is important to note that the prospectus specifically warns investors to pay attention to the risks of downstream industry overcapacity and declining market sentiment. In recent years, due to the continuous promotion of supply-side structural reform, the integration of refining and chemical industry, and the influence of policies such as "carbon neutrality" and "peak carbon", downstream industries such as styrene, epoxy propane, and succinic anhydride have seen a gradual release of new production capacity, but demand growth has slowed down, leading to a narrowing of the supply-demand gap. According to Sublime China Information statistics, in 2023, China's styrene supply-demand gap is 424,600 tons, a decrease of 26.88% year-on-year; and the epoxy propane supply-demand gap is 341,400 tons, an increase of 16.76% year-on-year. If the phenomenon where the release of downstream industry capacity outpaces demand growth cannot be improved in the future, the risk of downstream industry overcapacity and declining market sentiment may arise, leading to the transmission of downstream structural overcapacity risks to the chemical technology service industry and the chemical equipment manufacturing industry. This could result in the suspension of construction or production of some chemical projects, reducing downstream customers' demand for process packages, equipment, and catalysts, thereby impacting the company's future profitability.
10/09/2024

EOFIS, whose IPO was terminated, mainly provides digital, one-stop procurement services for large government and enterprise clients.

On September 7, O-Phas Group Co., Ltd. (referred to as O-Phas) terminated its IPO on the main board of the Shenzhen Stock Exchange. This decision was made due to the withdrawal of the issuance and listing application by O-Phas and its sponsor. In accordance with the "Shenzhen Stock Exchange Stock Issuance and Listing Review Rules (2024 Revision)" Article 62, the Shenzhen Stock Exchange decided to terminate the review of its issuance and listing. The prospectus shows that O-Phas is a supplier in the vertical industry chain of office supplies, mainly providing large government and enterprise clients with "digital, one-stop" procurement services for office supplies. Its main business is B2B direct sales of office supplies. Founded in 2014, the company has developed a digital business system and a nationwide and efficient supply chain system. The products it operates cover almost all product categories, including office equipment, office supplies, daily necessities, MRO, office appliances, office furniture, etc., and has become one of the main enterprises in the B2B direct sales market for office supplies. During the reporting period, O-Phas focused on B2B direct sales, with key clients including State Grid, Petrochina, Jiangsu Provincial Government, State Administration of Taxation, Southern Power Grid, China Aviation Industry, China Mobile Limited, Agricultural Bank of China, among others. Sales to these top ten B2B direct sales government and enterprise clients accounted for around 60% of the total revenue each year, making them the most important customer group. The company maintained stable cooperation with these 15 clients during the reporting period. Since its establishment, O-Phas has been dedicated to providing digital, one-stop procurement services for office supplies to large government and enterprise clients, and has become one of the main players in the B2B direct sales field after ten years of development. In 2020, 2021, 2022, and 2023, O-Phas consecutively entered the "Top 500 Chinese Service Enterprises" list published by the China Enterprise Federation and the China Entrepreneur Association, ranking 492nd, 491st, 474th, and 488th respectively. With the support of policies and the continuous growth of the industry, O-Phas has gradually expanded its business scale, improved its customer acquisition ability and cooperation stickiness, broadened its supply chain network coverage, and formed a significant scale effect. Currently, the company has served nearly 30 central enterprises, over 20 provincial government procurement projects, and more than 20 large financial institutions. According to publicly available information, in the past six years, in 97 major centralized procurement projects of office supplies by central enterprises, O-Phas was shortlisted 67 times, which is not significantly different from the around 70 times of the leading companies in the industry, placing it in the top tier of the industry. Financially, in 2021, 2022, and 2023, O-Phas achieved revenue of approximately 7.683 billion, 8.164 billion, and 8.278 billion yuan respectively, with net profits of approximately 148 million, 153 million, and 170 million yuan during the same period.
09/09/2024

CSRC approves IPO registration of SiKan Technology on the Science and Technology Innovation Board.

On September 6th, the China Securities Regulatory Commission issued the "Approval of the Initial Public Offering of Stock by Sikan Technology (Hangzhou) Co., Ltd." It is reported that Sikan Technology plans to be listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, with CITIC SEC as the IPO sponsoring institution, aiming to raise 569 million yuan. The prospectus shows that Sikan Technology is a global provider of integrated solutions for three-dimensional visual digitalization. Its main business is the research and development, production, and sales of three-dimensional visual digital products and systems. The company has been deeply involved in the professional field of three-dimensional visual digital software and hardware for many years, gradually accumulating rich technical capabilities in key optical components, core 3D visual algorithms, high-performance hardware design, 3D analysis and measurement comparison software, and other key areas. It has built a relatively complete three-dimensional visual digital technology platform and continuously develops innovative products that are widely applicable and versatile based on this platform. Currently, the company's products mainly cover two differentiated tracks - industrial-grade high-precision and professional-grade high-cost-effective, including portable 3D visual digital products, tracking-type 3D visual digital products, professional-grade color 3D visual digital products, and industrial-grade automated 3D visual inspection systems.
06/09/2024

A-share subscription | Zhongxin shares (603091.SH) open subscription The company has a market share of about 16% in the global market for pulp-molded tableware.

On September 6, Zhongxin Shares (603091.SH) started the subscription with an issue price of 26.50 yuan per share, a subscription limit of 80,000 shares, a price-earnings ratio of 11.86 times, and listed on the Shanghai Stock Exchange. CITIC SEC is the sponsor and lead underwriter. The prospectus shows that Zhongxin Shares' main business is the research, development, production, and sales of natural biodegradable plant fiber molded products. They mainly use natural plant fiber materials such as bagasse and bamboo pulp to achieve shaping through mold molding, realizing the shaping effects of vacuum forming and injection molding processes. These products are good alternatives to plastic products and are widely used in the catering, fast-moving consumer goods, medical, and industrial fields. The company's main products are tableware and high-end industrial packaging, with tableware used for dining or similar purposes, including lunch boxes, plates, knives, forks, chopsticks, bowls, cups, etc. Zhongxin Shares sells its products through a direct sales model, with customers mainly including brand customers and trade customers. The company's products are mainly sold overseas, with rapid growth in domestic sales as well. For exports, the company mainly sells to North America, Europe, and other countries and regions, with major customers being large-scale manufacturers of catering and food packaging products such as AmerCareRoyal, Huhtamaki, Sabert, WorldCentric, Eco-Products, BerkEnterprises, ClarkAssociate, etc. For domestic sales, customers are mainly traders, including large supermarkets and well-known chain catering enterprises such as Sam's Club, Hema Fresh, Guangzhou Restaurant Group, Jiawei Duck Neck, etc. The pulp molding industry is rapidly developing under the promotion of policies such as plastic bans, but the current market size is relatively small, with low industry concentration, and mainly composed of small and medium-sized enterprises. With the global trend of plastic restrictions, bans, and the continuous development of carbon reduction, Zhongxin Shares has seized the opportunity for the development of green and environmentally friendly tableware, using its advantages in natural degradable materials, automation equipment, and molding processes to achieve rapid growth. Currently, it has become a large-scale manufacturer of degradable pulp molding tableware. In 2022, according to GrandViewResearch data, the company's market share in the global pulp molded tableware field is about 16%; according to data from the China Pulp and Paper Research Institute, the company's output accounts for 20% of the national output of pulp molded tableware. In terms of finances, in 2020, 2021, 2022, and January-June 2023, Zhongxin Shares achieved operating income of approximately RMB 578 million, 910 million, 1.316 billion, and 605 million respectively, with net profits of approximately 138 million, 119 million, 190 million, and 98.632 million during the period. It is worth noting that Zhongxin Shares mentioned in the prospectus that there is a risk of customer concentration. During the reporting period, the combined sales of the top five customers accounted for 50.92%, 50.55%, 39.34%, and 37.61% of the respective operating income, indicating a relatively concentrated customer base. If there are conflicts with major customers in the future or significant fluctuations in the production and operation of major customers, it may have a negative impact on the company's operations.
06/09/2024

Bai Nuo Pharmaceutical's ChiNext IPO "terminated (withdrawn)", with a net profit of approximately 135 million yuan in 2023.

On September 5th, Shandong Bynon Pharmaceutical Co., Ltd. (referred to as Bynon Pharmaceuticals) had a change in its status for IPO review on the Shenzhen Stock Exchange ChiNext Board, which was updated to "terminated (withdrawn)". Due to the sponsoring party withdrawing the application for initial public offering, according to Article 62 of the Shenzhen Stock Exchange Stock Issuance and Listing Review Rules, the Shenzhen Stock Exchange decided to terminate the IPO review. The prospectus shows that Bynon Pharmaceuticals is committed to providing customers with one-stop solutions for pharmaceutical research and production services, including CRO services such as entrusted research and development services, research results transformation, CMO services, and raw material pharmaceutical business throughout the entire life cycle of drug research and production. Bynon Pharmaceuticals has established two major technical platforms for raw material pharmaceutical research and formulation research, adhering to the research and development design theory of DDFXBN (Drug Design For X, competitive research and development design for the entire life cycle of drugs). With the core competitiveness of products after they are launched as the research and development goal, the company continuously provides professional research and development services and high-value research results to customers, helping them control research and development risks, improve drug quality, reduce research and development costs, and speed up the launch of drugs. The company has established GMP raw material pharmaceutical and formulation production bases to seamlessly connect research and development products in the development and production stages, reduce risks from production process transfers, provide raw material pharmaceutical and formulation production services to customers, and accelerate the commercialization process of drugs. The company has provided professional services to more than 240 customers and engaged in long-term cooperation, including more than 60 of China's top 100 pharmaceutical companies and more than 60 pharmaceutical listed companies. As of the end of December 2023, the company had accumulated more than 200 drug registration approvals or passed consistency evaluations and raw material pharmaceutical approvals, including over 70 formulation product production registration approvals obtained after the 2015 new drug review and approval policy, with 7 generic products, of which 4 are exclusive products, and 12 belong to the top three generic drug varieties. In addition, more than 80 formulation or raw material pharmaceutical products have obtained drug registration acceptance numbers and are in the evaluation stage. In terms of finances, in 2021, 2022, and 2023, Bynon Pharmaceuticals achieved operating income of approximately 233 million yuan, 366 million yuan, and 483 million yuan respectively; during the same period, the company achieved net profits of 27.91 million yuan, 72.74 million yuan, and 134.62 million yuan respectively. According to the disclosures in the prospectus by Bynon Pharmaceuticals, the company may face risks of being unable to maintain high-speed revenue growth. The company mainly engages in CRO services for generic drug research and development, raw material pharmaceutical production and sales, and formulation CMO services, gradually expanding its business into innovative drugs. As of the end of the reporting period, the company has 2 class 22 innovative drug research projects. During the reporting period, the company's operating income grew rapidly, and historical revenue was generated by its generic drug-related business. With the slowing growth rate of applications and approvals for generic drugs in China in recent years, the industry may face more intense competition in the future, which may negatively impact the company's operations and its ability to maintain high-speed performance growth.
05/09/2024

Baidu Anke's Science and Technology Innovation Board IPO terminated. The company broke the monopoly of imported products in the domestic PICC market.

On September 4th, Shandong Baiduoan Medical Equipment Co., Ltd. (referred to as Baiduoan) had its status for IPO review on the Shanghai Stock Exchange Science and Technology Innovation Board changed to "terminated". This was because Baiduoan and its sponsor withdrew their application for the IPO, leading to the Shanghai Stock Exchange terminating the review process according to relevant rules. The prospectus shows that Baiduoan is a national high-tech enterprise dedicated to applying medical material modification technology to interventional medical devices. Through independent research and continuous innovation, the company has formed a technology platform with medical material modification, precision processing, and digital diagnosis and treatment of vascular access as core components. The company is the first domestic enterprise to obtain a Class III medical device registration certificate for domestic PICC products, breaking the monopoly of imported products in the domestic PICC market. The company's PICC products have the advantages of high tensile strength and conductivity. When used clinically with the company's independently developed color Doppler ultrasound diagnostic system, they have advantages such as a high success rate in catheterization, accurate positioning, and a low incidence of complications. In addition to vascular access products, the company also has a rich product line including neurosurgical products, surgical drainage systems, and other modified materials. Financially, in the fiscal years of 2019, 2020, 2021, and January to June 2022, Baiduoan achieved operating income of approximately RMB 177 million, RMB 237 million, RMB 210 million, and RMB 100 million, respectively. During the same periods, the company achieved net profits of RMB 31.3172 million, RMB 41.5551 million, RMB 42.8973 million, and RMB 18.4578 million, respectively. It is worth noting that Baiduoan mentioned in the prospectus that the company faces risks in new product development and market promotion. The medical device industry is interdisciplinary and technology-intensive, with high demands for technical innovation and product development capabilities. To maintain competitiveness in the industry and address clinical challenges, the company has established a research and development system driven by independent innovation, integrating industry, academia, research, and medicine. However, due to the difficulty and high regulatory requirements for technical innovation and product registration in the medical device industry, there is uncertainty in the company's product development and commercialization processes, leading to risks such as long development cycles, high investment in research and development, and even product development failures. In terms of market promotion, adjustments to policies in the medical industry can impact the timing, promotion, and pricing strategies of the company's new products. Furthermore, end-user hospitals will consider factors such as product performance, disease characteristics, clinical operational habits, and usage environment when introducing new products. If the company's plans for new product listing and promotion are negatively affected by industry policy adjustments or changes in clinical demands, or if the promotion of new products is not effectively executed, the new products may not enter the market as expected or gain a substantial market share, adversely impacting the company's profitability.
04/09/2024
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