1. Beibo Co., Ltd., a privately held leader in the domestic deep-processing glass equipment industry, is a high-tech enterprise focusing on glass deep processing technology, with a complete industrial chain and continuous independent innovation capabilities. The company's main business is: development and development of equipment and technology for deep processing of glass; processing and sales of glass and products. The main products are glass tempering equipment, glass coating equipment, and deep processing glass. In 1994, the founder of the company developed the first horizontally curved glass tempering equipment with independent intellectual property rights in China. In December 2007, the company developed the first offline low-radiation (LOW-E) coated glass production equipment with independent intellectual property rights in China. In June 2009, Shanghai Beibo, a holding subsidiary of the issuer, and Xinao Photovoltaic Energy Co., Ltd. signed a “TCO Glass Production Line Cooperation Agreement”. At present, the production line has been assembled and is undergoing process commissioning. In 2009, the company successfully developed oversized flat and curved glass tempering equipment, which can produce oversized curved tempered glass. Beibo Co., Ltd. was established by Beibo Co., Ltd. in its entirety. Beibo Co., Ltd. was founded in May 1995 by 3 people including Gao Xueming, with a registered capital of 3 million yuan. After five years of development and several capital increases, the registered capital increased to 50 million yuan in January 2000. In May 2000, Beibo Co., Ltd. as a whole was changed to Beibo shares, and the registered capital increased to 52.839 million yuan. As of issuance, the company had a registered capital of 200 million yuan and 160 shareholders (including legal entities). 2. Management and core technical personnel hold shares, and incentives are sufficient. Since the establishment of Beibo Limited, the company's equity structure has been continuously improved, and the number of shareholders has gradually increased. In particular, since Beibo Co., Ltd. established an investment representative equity management system in 2006, the number of shareholders has increased rapidly. The management has consciously allowed core technical personnel and company employees to hold shares, so that company employees can share the benefits brought by the company's growth, and employees' sense of ownership has improved. Currently, the company has 2,211 employees and 156 employees with company shares (including retired employees), accounting for 7.06% of the total number of people in the company. Management and core technical personnel hold more shares in the company. 3. The company mainly sells glass deep processing equipment, and deep processing glass is auxiliary. The company's main products are glass tempering equipment, glass coating equipment and deep processing glass. Among them, glass deep processing equipment such as glass tempering and coating already accounts for 72% of the company's operating income and 77% of the company's gross profit, becoming the company's main source of revenue and profit. Since glass deep processing equipment has a high value per unit product, a long production cycle, a certain degree of individualization of customer needs, and a wide range of sales channels for the company's products, the company mainly uses a market-based business operation model, and the production capacity utilization rate is generally around 85%. Deep-processed glass is a by-product of the company's research on tempering and coating technology. These production lines used by the company itself are more often used for experiments and trial production in the new technology research and development process, and for equipment sales and display to customers. In addition, the company mainly provides supporting deep-processing glass products for some famous large-scale public buildings at home and abroad with high technical content, high quality requirements, and high processing difficulties to promote the sale of glass deep processing equipment and the promotion of new technology. Therefore, the capacity utilization rate of deep-processed glass is low. 4. The national energy saving policy boosts sales of coating equipment (LOW-E, TCO), and breakthroughs in high-end glass are beneficial to maintaining the company's long-term competitiveness and profitability. LOW-E coating equipment has become a stable profit growth point for the company. Construction is a major energy consumer in recent years. In recent years, countries around the world have vigorously developed energy-saving buildings and promoted the use of energy-saving building components. China's construction energy consumption indicators are higher than those of developed countries. The proportion of construction energy consumption in China's total energy consumption has reached 30%, and will continue to grow. The average energy consumption of exterior doors and windows of buildings accounts for about 50% of the energy consumption of buildings. The reason for the high energy consumption of buildings in China is mainly due to the fact that the current penetration rate of low radiation coated glass in China is only about 7%, while the penetration rate of low radiation coated glass in developed countries in Europe and the US has already exceeded 80%, so the gap is huge. The introduction of a complete LOW-E production line requires an investment of 140 million to 318 million yuan. The low radiation coated glass equipment produced by the company has superior performance. According to a new search by the Shanghai Institute of Science and Technology Information, the equipment has reached the international advanced level, and the price is only about 1/2 of similar imported products from abroad. Compared with that, it has strong substitutability and competitiveness. TCO coating equipment is the company's key research and development product. Future growth can be expected. In 2007, the market share of thin-film solar cells increased from 8.2% in 2006 to 12% in 2007, and reached 15%-20% in 2008. The annual demand for international photovoltaic glass is expected to reach 127.85 million square meters by 2011. Based on the calculation that TCO glass accounts for 30% of this, about 40 million square meters of TCO glass is needed every year. Based on the calculation that each TCO coated glass equipment produces 1 million square meters of glass per year, approximately 40 TCO coating equipment will be needed by 2011. Based on the calculation that each TCO coated glass equipment produces 1 million square meters of glass per year, approximately 40 TCO coating equipment will be needed by 2011. In 2009, the company began entering the photovoltaic glass equipment market. After several months of research and development, in June 2009, Xinao Photovoltaic Energy Co., Ltd. signed a “TCO Glass Production Line Cooperation Agreement” with Shanghai Beibo, a holding subsidiary of the company, by prepaying 15 million yuan to purchase three-year TCO glass products. At present, the production line has been assembled and is undergoing process commissioning. High-end glass will bring both economic and social benefits. In 2009, the company successfully developed oversized curved glass tempering equipment, which can produce oversized curved tempered glass (height 12.8 meters, arc length 2.8 meters, straight edge linear accuracy higher than 1/10000, arc repetition accuracy higher than 5/10000, energy consumption reduction by 30%), pushing the company's glass tempering technology to a new level. Using this technology, the publisher subsidiary Beijing Beibo won the bid for the glass project for Apple's flagship store in New York's Broadway area. 5. Raising capital will help the company expand its production capacity. The company now plans to publicly issue 67 million shares and invest in two projects. The remaining additional working capital is 600 million yuan. The project investment amount is 600 million yuan. After the project is put into operation, the company's production capacity and long-term profitability can be rapidly expanded. The details are shown in the table below. The first project is a new SM-NG-X series energy-saving glass tempering unit technological transformation project. As an important part of the company's R&D center and production production base for deep processing equipment, the total investment of the project is 284.7834 million yuan. The project reached an annual output increase of 200 sets of SM-NG-X series energy-saving glass tempering units after delivery. The second project is the NGC-X low radiation (LOW-E) coated glass unit industrialization project, with a total investment of 312.3024 million yuan. The project reached an annual output of 20 sets of NGC-X low-radiation (LOW-E) coated glass equipment after delivery. It is planned to reach 30% of the design production capacity in the first year of operation, 50% in the second year, 80% in the third year, and 100% of the design capacity in the fourth year. 6. Profit forecast and investment recommendation The production and sales forecast predicts the company's future product sales according to the company's investment plan. The company's revenue is expected to grow rapidly in the coming years. The profit forecast predicts that the company's diluted earnings per share from 2011 to 2013 will be 0.45, 0.64, and 0.85 yuan.