Tianfulong passes IPO application on the Shanghai Stock Exchange, focusing on the research, development, and sales of differentiated composite fibers.

On April 23, Yangzhou Tianfulong Group Co., Ltd. (referred to as Tianfulong) passed the listing committee meeting of the Shanghai Stock Exchange's main board IPO. The sponsoring institution is China Securities Co., Ltd., with plans to raise 790 million yuan. The prospectus shows that Tianfulong's main business is the research, development, production, and sales of differentiated polyester staple fibers. The product range has expanded from recycled colored polyester staple fibers to differentiated composite fibers and polyester new materials, covering scenarios such as business, travel, home, healthcare, and clothing with "people" at the core. The company adheres to the development concept of "GREEN ECONOMY" and "low-carbon circulation," launching its flagship "green low-carbon" recycled colored polyester staple fibers and its flagship "environmentally friendly functional" differentiated composite fibers; these two products complement each other in many areas and provide industrial support for the green development in downstream application fields and consumer health. The concentration of the domestic polyester staple fiber industry is relatively high. As of the end of 2023, the total capacity of the top four companies in the domestic polyester staple fiber industry accounted for approximately 43%, forming a structure dominated by large enterprises with several small and medium-sized enterprises as supplements. Differentiated by raw material types, in the field of virgin polyester staple fibers, major petrochemical companies dominate, with the company's production ranking ninth in the industry; in the field of recycled colored polyester staple fibers, the company's production ranking is second in the industry. With an annual production capacity of 612,400 tons, the company relies on flexible production lines and the research and development of high-performance products to create a diverse range of differentiated composite fiber products and has become a leading enterprise in the segment of recycled colored polyester staple fibers, fully meeting customers' demands for customized products. In recent years, the company's business strength has continuously improved, and its industry status has been consolidated. According to statistics from the China National Chemical Engineering Fiber Industry Association, from 2021 to 2023, the company's sales of colored polyester staple fibers and low-melting staple fibers for automotive interiors ranked first in the domestic market. The funds raised from the company's initial public offering of shares this time, after deducting issuance expenses, will all be used for projects related to the main business, as follows: Financially, in 2022, 2023, and 2024, Tianfulong achieved operating incomes of approximately 2.576 billion yuan, 3.336 billion yuan, and 3.841 billion yuan respectively. During the same period, the company's net profits were approximately 358 million yuan, 431 million yuan, and 454 million yuan respectively.