A-share subscription | North Mining Testing (920160.BJ) opens subscription, mainly engaged in nonferrous metal inspection and testing services.

On November 3, Beikuang Testing (920160.BJ) started its subscription, with an issue price of 6.7 yuan per share and a subscription limit of 1,274,400 shares. The price-to-earnings ratio is 14.99 times, and it belongs to the Beijiao Exchange, with CITIC SEC as its sponsor. According to the prospectus, Beikuang Testing is one of the leading domestic inspection and testing service organizations for non-ferrous metals. It specializes in the inspection and testing technology research and development, technical services, and instrument development for non-ferrous metal mineral resources, including ore and mineral products, smelting products, environmental samples, recycled resources, advanced materials, and metallurgical agents inspection and testing. It also conducts research and development on inspection and testing technology, standardization, technical promotion, and high-end analytical instrument development. The company is a national-level specialized and innovative "little giant" enterprise, a national high-tech enterprise, a Beijing specialized and innovative small and medium-sized enterprise, and is designated as LME LSA. As an authoritative inspection and testing institution in the field of non-ferrous metals in China, the company is the national heavy non-ferrous metal quality inspection and testing center. It is also one of the inspection and testing research and service organizations with the most comprehensive business categories and strongest comprehensive strength in the field of non-ferrous metal inspection and testing. The company is responsible for or involved in the formulation or revision of 7 international standards, 83 national standards, 238 industry standards, and 14 group standards in the fields of ores and concentrates, heavy non-ferrous metals, precious metals, alloys, etc. As of the end of the reporting period, the company holds 16 authorized invention patents, 17 authorized utility model patents, and 4 authorized design patents in China. Regarding the controlling shareholders, the Mining and Metallurgy Group directly holds 86.11% of the company's shares, while indirectly holding 1.53% of the company's shares through the Mining and Metallurgy Institute. Together, they hold 87.64% of the company's shares, making them the controlling shareholders of the company. The State-owned Assets Supervision and Administration Commission of the State Council holds 100% of the shares of the Mining and Metallurgy Group, making it the actual controller of the company. The prospectus warns that currently, the company's inspection and testing business mainly focuses on ores, mineral products, and smelting products, with the demand for inspection and testing heavily influenced by the trading volume of these products. If the mining and metallurgy industry is affected in the future, leading to a contraction in the industry's trading volume and a subsequent shrinkage or insufficiency in the inspection and testing demand related to mineral resource transactions, and if the company fails to take timely and effective response measures, it may lead to a risk of declining performance for the company. Financially, in the fiscal years 2022, 2023, 2024, and January to June 2025, Beikuang Testing achieved operating revenues of approximately RMB 91.74 million, RMB 110 million, RMB 148 million, and RMB 85.93 million, respectively. During the same period, the company achieved net profits of approximately RMB 31.96 million, RMB 45.58 million, RMB 55.13 million, and RMB 36.76 million, respectively.