Yuhuan Technology has submitted an application for IPO on the Shenzhen Stock Exchange, aiming to raise approximately 544 million yuan.

On September 22, Shanghai YuFan Environmental Technology Co., Ltd. (referred to as YuFan Technology) applied for a change in the IPO review status of the Shenzhen Stock Exchange Main Board to "submit for registration." CITIC SEC is its sponsoring institution, aiming to raise 543.89 million yuan. The prospectus shows that YuFan Technology is a high-tech enterprise and a national-level specialized and new "little giant" enterprise that provides smart city underground pipeline repair services for government authorities and pipeline ownership units. It uses CCTV, Siasun Robot & Automation equipment, professional software, and advanced non-excavation repair technologies to serve the field of drainage pipeline maintenance, and is committed to building a complete industrial chain in this area. YuFan Technology is a service provider that undertakes drainage pipeline detection evaluation, special investigations, and non-excavation repair, as well as a supplier of drainage pipeline maintenance equipment and materials. With the increasing emphasis on smart cities and underground pipeline management and maintenance by the government, the policies in this field are constantly improving, transitioning from initial mass construction to proposing new requirements to achieve comprehensive goals of refined repair, digital management, and intelligent operation. In response to the development trend under the new circumstances, the company has become a comprehensive service provider integrating technology research and development, solution design, implementation, maintenance, product sales, and other services. Since its establishment, the company has completed thousands of projects, accumulated rich project experience, gained wide recognition from clients in the industry, and gradually become a well-known brand in the industry. The company's clients mainly come from government agencies, public institutions, and large state-owned enterprises nationwide, undertaking drainage management tasks designated by higher authorities. To ensure the smooth and safe implementation of relevant projects, they tend to cooperate with enterprises with certain successful cases and industry reputation. Therefore, industry and technical experience are crucial competitive indicators in the industry. The funds raised in this issuance are intended to be fully invested in the following fundraising investment projects, as detailed below: In terms of finances, in the fiscal years 2022, 2023, 2024, and January to June 2025, YuFan Technology achieved operating revenues of approximately 513 million yuan, 630 million yuan, 730 million yuan, and 311 million yuan respectively. During the same period, the company achieved net profits of approximately 78.8254 million yuan, 98.2511 million yuan, 130 million yuan, and 32.6047 million yuan respectively.