A-share subscription | Jianxin Superconductor (688805.SH) opens subscription to become the world's largest independent supplier of superconducting magnets.

On December 15th, Jiangxin Superconductor (688805.SH) started its initial public offering (IPO) with an issue price of 18.58 yuan per share. The maximum number of shares that can be subscribed for is 10,000, with a price-to-earnings ratio of 61.97 times. The company is listed on the Shanghai Stock Exchange, with GF SEC as its sponsor. According to the prospectus, the company is mainly engaged in the research, development, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment. Its main products include superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the core component costs of MRI equipment. The company promotes the iterative progress and popularization of magnetic resonance through independent research and continuous innovation. By breaking through core technologies in superconducting magnets, permanent magnets, and gradient coils and achieving large-scale manufacturing, the company ensures the independent controllability of core components of domestic MRI industry, supports and promotes the rapid development of domestic superconducting MRI industry, and reduces the price of MRI scans in hospitals. In the field of superconductivity, the company has developed a rich product matrix including 1.5T zero boil-off superconducting magnet, 1.5T no liquid helium superconducting magnet, 3.0T zero boil-off superconducting magnet, and open zero boil-off superconducting magnet, becoming the world's leading independent supplier of superconducting magnets in the magnetic resonance industry. The company has closed the technology gap with international giants for about 20 years in the zero boil-off superconducting technology field, and continuously improved product performance levels and cost competitiveness through design and process innovations. As one of the earliest manufacturers to scale up the production of high-field strength superconducting magnets in China, since 2015, the company has broken the long-standing monopoly of European, American, and Japanese manufacturers in the field of zero boil-off superconducting magnets, especially in the 1.5T product field with Shanghai United Imaging Healthcare and others, ensuring bulk supply of core components of domestic MRI industry and effectively promoting the localization rate of MRI equipment. Based on the technological breakthroughs and contributions in the open zero boil-off superconducting magnet and 1.5T zero boil-off superconducting magnet field by the company and its business predecessors, the Chairman of the company, Xu Jianyi, received the second prize of the National Technical Invention Award in 2013 and 2017. The company's self-developed 3.0T zero boil-off superconducting magnet was recognized by the Zhejiang Provincial Department of Economy and Information Technology as the "First Set of Equipment" in the province in 2020. In the field of next-generation no liquid helium superconducting technology representing industry trends, the company has made a breakthrough from being a follower to a leader, tackling and pioneering a unique technology route - the all-solid-state conduction cold technology. The pioneering 1.5T no liquid helium superconducting magnet achieved international leading levels in core parameters, performance indicators, and product costs and was recognized as the "First Set of Equipment" by the Zhejiang Provincial Department of Economy and Information Technology in 2021. The company is gradually changing the industry landscape, according to data from ZoyseeConsult, in terms of installed capacity, the company's global market share of MRI equipment superconducting magnets ranks fifth in 2024, second among domestic enterprises, making it the world's largest independent supplier of superconducting magnets. In the permanent magnet field, the company provides customers with a series of high-quality permanent magnets through high-performance magnetic materials and efficient magnetic circuit design, introducing design technologies such as low eddy current and high openness. Currently, it is the world's largest supplier of MRI equipment permanent magnets. Permanent magnet MRI equipment has the characteristics of high economy, high examination comfort, strong design flexibility, low maintenance requirements, and low energy consumption, which are conducive to the popularization of grassroots medical systems and have advantages in interventional therapy and specialized applications. As a leading professional supplier of MRI core components globally, the company has established close cooperation relationships with well-known MRI equipment manufacturers such as Japanese Fujifilm Group, American GE Healthcare, Italian Best Medical, Beijing Wandong Medical Technology, Shenzhen Anke, Shanghai United Imaging Healthcare, and Fuqing Medical. Through overseas subsidiaries' layout and the transportation process, the company maintains patent technology research and promotes the innovation of the overseas supply chain mode of MRI equipment, significantly reducing the final delivery cost. Over 50% of the company's products are ultimately sold to Japan, Europe, America, and other overseas emerging markets, promoting the global popularity of MRI equipment. Financially, the company achieved operating income of approximately 359 million yuan, 451 million yuan, 425 million yuan, and 252 million yuan in 2022, 2023, 2024, and January-June 2025, respectively. During the same period, the company's net profits were 34.635 million yuan, 48.7347 million yuan, 55.7839 million yuan, and 31.9184 million yuan, respectively.