A-share subscription | Tianjin FORSTAR (603468.SH) opens subscription Mainly engaged in bicycles and other products Annual production capacity of about 7 million vehicles

On July 24, Tianjin FORSTAR (603468.SH) started its IPO, with an issue price of 17.46 yuan per share and a maximum subscription of 12,000 shares. The P/E ratio is 19.25 times. It is listed on the Shanghai Stock Exchange, and Zhongtai is its sponsoring institution. The prospectus shows that Tianjin FORSTAR is mainly engaged in the research and development, design, production, and sale of products and key components such as bicycles, electric assist bicycles, and shared bicycles, with products being sold in nearly a hundred countries and regions worldwide. As of the end of the reporting period, the company's total annual production capacity for complete bicycles is approximately 7 million units, mainly located in production bases in Tianjin and Jiangsu, China, as well as in Vietnam and Cambodia. It mainly serves global famous brand operators such as Specialized, Lectric, Pon, Decathlon, Samchuly, MFC, Scott, Cycleurope, Panasonic, as well as domestic shared bicycle operators like Hellobike, Qingju, and Meituan by providing complete bicycles and key component manufacturing services. During the reporting period, the company's product sales were mainly conducted through direct sales, with the proportion of direct sales revenue accounting for 92.56%, 91.99%, and 92.33% of the main business revenue respectively. At the same time, the company has also developed and built its own brands, such as "BATTLE" and "Bond FORSTAR." According to the China Bicycle Association, from 2022 to 2024, the company's bicycle sales amount ranks among the top three in the mainland China bicycle industry. The company's main products have a wide variety of raw material categories, with purchases mainly from well-known suppliers such as Shimano Group, Kingtong Group, Hl Corp (Shenzhen), Sulian Group, Wanda Tyre, Weco New Energy, TFL, Bafang Electric (Suzhou), Guangdong Greenway Technology, Weizhuan Group, and Guimeng. In terms of sales, the products are mainly for export. During the reporting period, the proportion of overseas sales revenue in the main business income was 74.42%, 69.26%, and 72.12% respectively. Due to the uncertainty of exchange rate fluctuations, future exchange rate fluctuations may result in exchange losses and have a certain impact on the company's profitability. In terms of performance, the company achieved operating revenues of approximately 3.621 billion, 4.88 billion, and 5.061 billion yuan respectively in 2023, 2024, and 2025; and net profits of approximately 281 million, 418 million, and 391 million yuan respectively during the same period.