Original Creation Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, specializing in the research, development, production, and sales of rubber track products.

On November 4th, Yuanchuang Technology Co., Ltd. (referred to as Yuanchuang Share) applied for a change in the IPO review status of the Shenzhen Stock Exchange main board to "submitted for registration". Guotai Haitong is its sponsoring institution and it plans to raise 485.13 million yuan. The prospectus shows that Yuanchuang Share's main business is the research, development, production, and sales of rubber track products, including agricultural machinery rubber tracks, engineering machinery rubber tracks, and rubber track pads. These products serve as walking components for various tracked agricultural or engineering machinery such as combine harvesters, excavators, loaders, and pavers, ultimately used in agriculture production, engineering construction, and other applications. The market structure of the rubber track industry in China is relatively stable, with clear downstream application areas. Currently, the rubber track industry in China presents a clear hierarchical competitive pattern, with companies mainly divided into two levels, with the issuer belonging to the first level, consisting of a few domestic companies that independently research and develop rubber track products tailored to market demands for domestic and international large machinery manufacturers or large machinery parts traders. In terms of production mode, the company focuses on domestic sales for agricultural tracks, which exhibit certain seasonal fluctuations. The mainstream models and specifications of agricultural tracks are relatively stable, and the company mainly adopts a production model of "pre-production as the main, order production as a supplementary". For engineering tracks, overseas sales are dominant, with business spread across multiple countries and regions. Customers' operating conditions and local economic situations vary significantly, and engineering track products have complex models and high levels of customization. Therefore, the company mainly adopts a production model of "production based on sales, with appropriate stocking". The application field of track pad products is similar to engineering tracks, with no significant seasonal sales fluctuations, and the company mainly adopts a production model of "production based on sales, with appropriate stocking". During the reporting period, the company's major customers included World Aum, USCO SPA, ZENITH TRACK CO., LTD., and Weichai Lovol. The company has a high market share in the domestic market, ranking first in market share according to the latest QYResearch report and the certificate issued by the Rubber Hose and Belt Sub-Council of China Rubber Industry Association. The prospectus notes that the company's main customer revenue concentration is relatively high. During the reporting period, the sales revenue from the top five customers accounted for 50.10%, 46.56%, 49.94%, and 53.01% of the operating income, showing a relatively high customer concentration. The net proceeds from the issuance of shares in this offering, after deducting issuance expenses, will be used for the following projects: Financially, in 2022, 2023, 2024, and January-June 2025, the company achieved operating income of 1.261 billion yuan, 1.141 billion yuan, 1.349 billion yuan, and 652 million yuan, respectively; during the same period, net profits were 139 million yuan, 178 million yuan, 155 million yuan, and 74.1553 million yuan, respectively.