According to Zhitong Finance APP, on January 13, Chao Yan Co., Ltd. (301602.SZ) opened for subscription, with an issue price of 6.7 yuan per share, a subscription limit of 0.0105 million shares, and a PE of 28.03 times, belonging to the Shenzhen Stock Exchange, with China Galaxy Securities as its sole sponsor.

The prospectus reveals that Chao Yan Co., Ltd. is a national key high-tech enterprise mainly engaged in the research, development, production, and sales of medical imaging equipment and industrial non-destructive testing equipment. Compared to comparable publicly listed companies in the same Industry, it is the only company in China that simultaneously conducts research, development, production, and sales of medical ultrasound imaging equipment and industrial ultrasound non-destructive testing equipment. Since its establishment, the company has maintained strong market competitiveness and independent innovation capabilities in the fields of medical imaging equipment and industrial ultrasound non-destructive testing equipment, with broad future market space in its Industry.

In terms of Industry, the medical imaging market in developed countries overseas started earlier, and market growth has slowed down, while the Chinese market is an emerging incremental market, with aging population and increasing health awareness driving market demand growth. Furthermore, in the export market, although China's medical imaging equipment Industry started later, after years of development, domestic companies have accelerated their catch-up, and an industry system with a complete range of specialties and solid basic technologies has been formed overall.

In the current international market, major medical imaging equipment companies include GE Healthcare, Royal Philips, and Siemens Healthineers. In addition to the issuer, domestic medical imaging equipment companies mainly include Shenzhen Mindray Bio-Medical Electronics, Sonoscape Medical Corp., and Chison Medical Technologies. Domestic companies are competing in the broader international market with foreign companies by leveraging good product quality, outstanding cost-performance advantages, and narrowing technical gaps with foreign advanced levels. Additionally, innovative factors such as the integration of ultrasound technology with other medical imaging technologies and technological innovations in application scenarios are also opening up new market spaces.

According to a report published by Fortune Business Insights, from 2019 to 2027, the global non-destructive testing market is expected to have a compound annual growth rate of 5.88%; among which, in 2019, the market share of ultrasound non-destructive testing was approximately 27.23%. Based on statistics from China's customs regarding the import value of non-destructive testing equipment (excluding scanning devices, probes, and other supporting products), the import value of non-destructive testing equipment in China has consistently remained at a high level, and gradually achieving import substitution is expected to become one of the market trends in the domestic non-destructive testing Industry. According to statistical data from Signify Research, the global ultrasound medical imaging equipment market is expected to have a compound annual growth rate of 9.13% from 2019 to 2024; while the market size of ultrasound medical imaging equipment in China is expected to reach an annual compound growth rate of 11.30%.

Regarding financial matters, in the fiscal years 2021, 2022, 2023, and for the period of January to June 2024, the company achieved revenue of approximately 0.284 billion yuan, 0.336 billion yuan, 0.327 billion yuan, and 0.16 billion yuan, respectively. The company's net income was approximately 75.9208 million yuan, 0.127 billion yuan, 0.115 billion yuan, and 57.7618 million yuan.