Baoyin Special Materials' post-80s Secretary Chen Yan concurrently serves as Vice President and CFO, having previously worked in finance at China General Nuclear Power Corporation.

Rui Cai Finance Liu Zhiying On February 5th, Baoyin Special Materials Technology Co., Ltd. (hereinafter referred to as Baoyin Special Materials) completed IPO guidance filing with the Jiangsu Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange. The guidance institution is CITIC Securities Co., Ltd.

Baoyin Special Materials was established in June 2007. The legal representative is Zhuang Jianxin, with a registered capital of 120 million yuan. It is a national high-tech enterprise specializing in the research, production, and sales of special pipes used in nuclear power, aerospace, ships, thermal power, petrochemical, high-speed rail, and other fields. The company was listed on the New Third Board on February 2, 2026.

The company’s main product, the 690U-shaped heat transfer tube for nuclear power steam generators, is an essential part of the primary circuit pressure boundary in nuclear power plants. It is also the main barrier to prevent the leakage of radioactive fission products and is considered the “heart artery” of nuclear power plants. According to a certification issued by the Chinese Nuclear Society, the domestic market share of the 690U-shaped heat transfer tubes for nuclear power steam generators reached 60% in 2023.

In 2023, 2024, and the first half of 2025, Baoyin Special Materials’ operating revenues were 1.526 billion yuan, 1.589 billion yuan, and 905 million yuan, respectively. Net profits were 87.4279 million yuan, 103 million yuan, and 54.3849 million yuan, with gross profit margins of 15.02%, 16.56%, and 15.69%, respectively.

The public offering prospectus shows that Yinhui Group directly holds 26.52% of Baoyin Special Materials’ shares. Through its wholly owned subsidiary Baoyin Jindan, it acts as the executive partner controlling Yixing Chengying, which holds 13.96% of Baoyin Special Materials’ shares. Yinhui Group also controls Yixing Zhuojun, which holds 2.56% of Baoyin Special Materials’ shares. Therefore, Yinhui Group can control a total of 43.04% of Baoyin Special Materials’ shares, making it the controlling shareholder.

The actual controller of Baoyin Special Materials is Zhuang Jianxin. Zhuang Jianxin is the controlling shareholder of Yinhui Group and, through Yinhui Group, controls 43.04% of Baoyin Special Materials’ shares. He serves as the legal representative, vice chairman, and general manager of Baoyin Special Materials.

Additionally, Baowu Group, China General Nuclear Power Group, and China Huaneng Group indirectly hold 25.23%, 18.98%, and 8.12% of shares, respectively. Jiangsu Gaotou directly holds 4.62%.

According to Rui Cai Society’s research, Chen Yan, the secretary of the board born in the 1980s of Baoyin Special Materials, holds multiple positions, including deputy general manager and chief financial officer of the company.

Chen Yan, male, born in January 1983, holds a master’s degree and is a senior economist. From August 2007 to February 2008, he worked as an accountant at Beijing Changkong Machinery Co., Ltd. From April 2008 to June 2010, he was an accountant at Guangdong Global Wide Engineering Co., Ltd. From July 2010 to January 2011, he served as financial manager at China Resources Power New Energy Holdings Co., Ltd. From February 2011 to December 2013, he was responsible for supervision, management, party building, and corporate culture at China General Nuclear Power Corporation Finance Co., Ltd. From January 2014 to March 2018, he held roles including operations planning manager, senior strategic planning manager, and senior corporate governance manager at China General Nuclear International Finance Leasing Co., Ltd. From April 2018 to January 2024, he was deputy general manager, general manager, and board secretary of China General Nuclear International Finance Leasing Co., Ltd. From January 2024 to September 2024, he served as deputy general manager, board secretary, and chief financial officer of Baoyin Limited. Since September 2024, he has been vice general manager, board secretary, and chief financial officer of Baoyin Special Materials.