A-share Subscription | Ma Kuan Co., Ltd. (601123.SH) Begins Subscription; Iron Concentrate Production Ranks Among the Top Five Independent Iron Ore Mines in the Country

On August 21, Ma Mining Co., Ltd. (601123.SH) began its subscription process, with an issue price of 6.65 yuan per share, a subscription limit of 29,500 shares, and a price-to-earnings ratio of 13.81 times. It operates under the Shanghai Stock Exchange, with CITIC SEC as its sponsor. According to the prospectus, the company is located in Longyan City, Fujian Province, a nationally renowned revolutionary old district and the core area of the original Soviet Central Area. It has long been engaged in the development and comprehensive utilization of iron ore resources, primarily focusing on the mining, selection, and sales of iron ore, the comprehensive utilization of iron concentrate and molybdenum concentrate, and the mining and sales of limestone. Its main products include iron concentrate, molybdenum concentrate, and limestone. The company holds mining rights to the nationally famous Makeng Iron Mine. As of the end of 2025, the iron ore reserves of the Makeng Iron Mine are 325,208,500 tons, with associated molybdenum ore of 43,300 tons (measured in metal quantity), and cement-grade limestone of 30,663,400 tons. According to the Ministry of Natural Resources' "Standards for the Classification of Mineral Resource Reserves," the Makeng Iron Mine is classified as a large iron mine. Leveraging its rich resource advantages, advanced mining and selection technologies, and its proximity to steel manufacturing enterprises, the company has become one of the larger iron ore mining and selection companies in China, ranking 18th among the top 50 metallurgical mining enterprises in China by 2025, and has received titles such as "National Green Mine" and "Top Ten Metallurgical Mines." Currently, four major international giantsVale, Rio Tinto, BHP, and FMGhold significant market shares in the iron ore industry and possess a dominant voice in global iron ore supply. Domestic iron ore supply heavily relies on imports, resulting in a high level of market concentration influenced by these four international giants. The steel industry is a vital foundation of the national economy, and the international iron ore supply presents uncertainties. There is a consensus in the industry on the need to reduce domestic iron ore supply's dependence on foreign sources. Additionally, the distribution of iron ore resources in China exhibits clear regional characteristics; the high sensitivity of transportation costs for iron ore also determines that iron ore sales have certain regional characteristics, with mining companies typically selling close to home to provide stable raw material supplies to nearby steel enterprises. Overall, the company's product sales are less affected by other domestic iron ore mining and selection companies and are significantly influenced by international giants. The company is among the larger iron ore mining and selection enterprises in China and represents an important iron ore production base in the southeast coastal region of the country. According to statistics from the China Metallurgical Mining Enterprise Association, the company's iron concentrate output ranks among the top five national independent iron ore mines in 2025; according to data from "My Steel Network," in 2024, the company's raw iron ore production accounts for over 20% of the total iron ore output in the southeast coastal region of China. In terms of finances, in the fiscal years 2023, 2024, and 2025, the company's operating revenues were approximately 1.962 billion yuan, 2.050 billion yuan, and 1.991 billion yuan, respectively; during the same period, net profits were approximately 651 million yuan, 664 million yuan, and 602 million yuan, respectively.