Cangzhou Geruite Drill Bit Co., Ltd., established in 1998, is located in Yingzhou Economic Development Zone, Hejian, Hebei. With a registered capital of 115 million yuan, the company currently employs over 300 people and spans a total area of 86,000 square meters, with a total construction area of 63,000 square meters. This includes 5,000 square meters for office buildings, 8,000 square meters for Workshop 1, 12,000 square meters for Workshop 2, and 33,000 square meters for Workshop 3. The company specializes in the research, development, design, production, and sales of drilling and extraction products. Its main products include diamond drill bits, three-cone drill bits, screw drill tools, coring drill bits, dual-core drill bits, hybrid drill bits, PDC reamers, micro-reamers, twist-and-punch speed-up tools, engineering pallets, cutting picks, rock reamers, rotary bucket drills, sand scoops, and raise boring tools. These products are used in various engineering fields such as oil and gas, water wells, mines, and rotary and trenchless drilling. Currently, the company serves as a material supplier to PetroChina, Sinopec, and CNOOC. Its products are exported to over 30 countries and regions.
The company possesses over 200 production and supporting equipment, including seven-axis five-linkage machining centers, Mazak machining centers, Gaofeng gantry machining centers, Qiaofu horizontal CNC lathes, plasma welding robots, etc. Currently, it stands as the largest production base for PDC bits and screw drill tools in Asia. The company's comprehensive strength ranks among the top in domestic private bit enterprises. Presently, its products occupy about 10% of the domestic market and about 5% of the international market.
The company has established a research and development center in Chengdu and forged cooperative relationships with multiple research institutes for industry-university-research cooperation. In collaboration with the Beijing-Tianjin-Hebei Remanufacturing Industry Technology Research Institute, the company has achieved a recycling rate of over two times for drill bits, with the utilization rate of waste drill bits reaching over 70%. The company has secured 4 patents and participated in the formulation of 2 national standards. In partnership with Beijing Information Science and Technology University, the company has developed China's first high-intelligence drill bit. The chip-equipped drill bit can measure three-axis rotation, speed, and monitor the motion state of the drill bit during operation. Utilizing multiple sets of strain gauges, it can simultaneously measure the weight on bit (WOB), torque load, monitor the true stress state of the drill bit, measure the pressure and temperature in the annulus/pipe, and correct the WOB and torque. In collaboration with Southwest Petroleum University, the company has established an industry-university-research cooperation relationship, completed the research, development, and design of micro-reaming technology, and put it into production. In recent years, the company has obtained more than 100 patents, including over 30 invention patents.
Currently, the company has been awarded certificates and titles such as National Green Factory, National Specialized, Fine, Unique, and Innovative Little Giant, High-tech Enterprise, Hebei Province "Waste-free Enterprise (Factory)", Hebei Province Industrial Enterprise Quality Benchmark, Provincial Science and Technology-based Small and Medium-sized Enterprise, Provincial A-level R&D Institution for Industrial Enterprises above Designated Size, Hebei Province Enterprise Technology Center, Hebei Province Specialized, Fine, Unique, and Innovative Small and Medium-sized Enterprise, Hebei Province Specialized, Fine, Unique, and Innovative Demonstration Enterprise, Hebei Province Technological Innovation Demonstration Enterprise, Hebei Province Manufacturing Industry Single Champion Product, Hebei Province Digital Workshop, Hebei Province Technological Innovation Center, Hebei Province Industrial Enterprise R&D Institution, Hebei Province's 10th Most Influential and Growing Enterprise, Hebei Province High-growth Leading Enterprise, 2021 and 2022 Hebei Province Top 100 Private Enterprises in Social Responsibility, 2021 Hebei Province Top 100 Private Enterprises for Scientific and Technological Innovation Invention Patents, 2021 Hebei Province Top 100 Private Enterprises for Scientific and Technological Innovation R&D Investment, Cangzhou City Technological Innovation Center, Cangzhou City Industrial Enterprise Quality Benchmark, Cangzhou City Quality Award, Cangzhou City Science and Technology Award, Cangzhou City PDC Bit Technological Innovation Center, 2023 County-level Characteristic Industrial Cluster "Leader", and Hejian Municipal Government Quality Award.
The company initiated its IPO plan at the end of 2021, aiming to enhance its management system and improve its internal control mechanisms through pre-listing counseling. By successfully entering the capital market, the company aims to broaden its financing channels for strategic development, further elevate its brand influence, and provide robust support for its long-term funding needs.