（文章来源：每日经济新闻） 每经AI快讯，8月22日，今日无新股申购；1只新股上市，为北交所的能之光。 ...

Core Viewpoint - The company is one of the early adopters of domestic compatibility agents, with a significant presence in various industries, indicating strong market potential and customer base [2]. Group 1: Financial Metrics - The issuance price is set at 7.21 yuan [2]. - The total market capitalization is not specified [2]. - The issuance price-to-earnings ratio is 11.28 [2]. Group 2: Business Highlights - The company has successfully achieved the localization of compatibility agents, which are widely used in China [2]. - The products are applied in modified plastics, composite materials, high polymer cables, electronics, composite building materials, barrier packaging, and photovoltaic modules [2]. - The customer base includes well-known domestic enterprises such as Jinfat Technology, Pulit, Wanma Co., and China General Nuclear Power Group, while also expanding to global leaders in the industry [2].

Core Viewpoint - Nengzhiguang (920056) is set to debut on the Beijing Stock Exchange on August 22, with an IPO price of 7.21 yuan per share and a frozen capital of 564.543 billion yuan, resulting in a subscription allocation ratio of 0.02% [1] Company Overview - Nengzhiguang is a high-tech enterprise engaged in the R&D, production, and sales of polymer additives and functional polymer materials, recognized as a national-level "little giant" enterprise [1][4] - The company has developed over 300 product grades based on polymer material grafting modification technology, serving various industries including automotive, cables, electronics, composite building materials, barrier packaging, and photovoltaic components [1][4] - As of now, the company has obtained 51 invention patents through its independent R&D efforts [3][4] Financial Performance - Revenue for the years 2022, 2023, and 2024 is projected to be 556 million yuan, 569 million yuan, and 611 million yuan respectively, with a CAGR of 4.83% [4] - The net profit attributable to the parent company for the same years is expected to be 21.865 million yuan, 49.808 million yuan, and 55.941 million yuan, achieving a CAGR of 59.95% [4] - In the first half of 2025, the company reported a revenue of 294 million yuan, a slight increase of 0.06% year-on-year, and a net profit of 29.527 million yuan, up 10.81% from the previous year [4] Revenue Structure - The primary revenue source for the company is polymer additives, accounting for over 95% of total revenue, while functional polymer materials, although lower in proportion, are showing an upward trend [7][8] Market Demand and Growth - The Chinese polymer materials market is expected to exceed 2.5 trillion yuan by 2025, with an annual growth rate of 7%, driven by the demand for enhanced material performance in downstream applications [10] - The global polymer materials additives market was valued at approximately 110.3 billion USD in 2021, with a CAGR of 21.65% from 2013 to 2021 [11] - The plastic modification rate in China has increased from 16.3% in 2011 to 23.6% in 2022, driving structural growth in additive demand [14] Product Development and Innovation - The company has a strong foundation in grafting modification technology and has developed several core technologies, including melt grafting reaction extrusion technology and supercritical fluid purification technology [3] - The company is actively expanding its product offerings in functional polymer materials, particularly in the photovoltaic adhesive film sector, addressing industry pain points with specialized products [4][16] Competitive Landscape - Nengzhiguang is compared with other listed companies in the industry, such as Lushan New Materials (603051), Tianyang New Materials (603330), and Saiwu Technology (603212) [19] - The company plans to raise 107 million yuan through its IPO to fund the expansion of functional polymer materials and the construction of a research and development center [20]

Group 1 - The company, Ningbo Nengzhiguang New Materials Technology Co., Ltd., is engaged in the research, production, and sales of polymer additives and functional polymer materials, recognized as a national-level specialized and innovative "little giant" enterprise [2] - As of the signing date of the prospectus, Ningbo Weili Te directly holds 26.46% of the company's shares, making it the controlling shareholder, with Zhang Farou as the actual controller holding a total of 51.13% voting rights [3] - The company plans to raise approximately 106.58 million yuan for the expansion of functional polymer materials and the construction of a research and development center [3] Group 2 - The company is set to issue shares at a price of 7.21 yuan per share, with an expected total fundraising amount of 106.56 million yuan before the exercise of the over-allotment option, and a net amount of approximately 87.31 million yuan after deducting issuance costs [4] - If the over-allotment option is fully exercised, the total fundraising amount could reach approximately 122.55 million yuan, with a net amount of about 101.74 million yuan after costs [4] - The company will be listed on the Beijing Stock Exchange, with the online subscription date set for August 13, 2025 [1]

Core Viewpoint - The company is set to launch an IPO with a price of 7.21 yuan, aiming to expand its production capacity in functional polymer materials and establish a research and development center [2][3]. Group 1: Company Overview - The company is one of the early domestic enterprises to achieve the localization of compatibilizers, which are widely used in various applications [2]. - Its products are utilized in modified plastics, composite materials, cables, electronics, construction materials, barrier packaging, and photovoltaic modules [2]. - The company has established a client base that includes well-known domestic enterprises such as Jinfa Technology, Pulit, Wanma Co., and China General Nuclear Power Group, while also expanding its reach to global leaders in the industry [3]. Group 2: Financial Performance - The company reported revenue of 610.5 million yuan in 2024, reflecting a growth of 7.26% compared to 2023, which had revenue of 569.2 million yuan, up by 2.44% from 2022's 555.6 million yuan, which grew by 5.02% [3]. Group 3: Investment and Use of Proceeds - The funds raised from the IPO will be directed towards expanding production capacity for functional polymer materials and constructing a research and development center [3].

Core Viewpoint - The company Nengzhiguang (920056.BJ) is set to be publicly offered on the Beijing Stock Exchange, focusing on the research, production, and sales of polymer additives and functional polymer materials, and is recognized as a national-level specialized and innovative "little giant" enterprise [1][2]. Company Overview - Nengzhiguang specializes in high polymer additives and functional polymer materials, providing solutions for compatibility and adhesion between different types of materials [1][3]. - The company operates primarily in the other plastic products manufacturing sector, with a market capitalization of 4.66 billion yuan and an offering price of 7.21 yuan per share [2]. Financial Performance - The company's earnings structure shows that polymer additives account for 94.21% of its revenue, with projected revenues of 5.75 billion yuan from polymer additives and 0.28 billion yuan from functional polymer materials in 2024 [3]. - The net profit figures from 2020 to 2024 indicate fluctuations, with net profits of 21.46 million yuan, 17.80 million yuan, 15.80 million yuan, 43.18 million yuan, and 50.80 million yuan respectively, reflecting a significant recovery in 2023 and 2024 [4]. Investment and Growth Strategy - The company plans to allocate 0.81 billion yuan (76.16%) of the raised funds to expand its functional polymer materials production and 0.25 billion yuan (23.84%) for the construction of a research and development center [2][3]. - Nengzhiguang's customer base includes well-known domestic companies and global leaders such as LG, BASF, and Sabic, with a relatively low customer concentration risk, as the top five customers account for about 20% of total sales [3]. Market Dynamics - The company’s production model is based on sales orders, allowing for batch production tailored to customer needs, with a direct sales approach primarily targeting production clients [3]. - The company acknowledges the significant impact of raw material price fluctuations on its performance, with past increases in raw material costs affecting profit margins, but anticipates improved margins due to cost optimization strategies in the coming years [4].

Core Viewpoint - The company Nengzhiguang (920056.BJ) is set to be publicly offered on the Beijing Stock Exchange, focusing on the research, production, and sales of polymer additives and functional polymer materials, and is recognized as a national-level specialized and innovative "little giant" enterprise [1][2]. Group 1: Company Overview - Nengzhiguang specializes in high polymer additives and functional polymer materials, providing solutions for compatibility and adhesion between different types of materials [1][2]. - The company operates primarily in the other plastic products manufacturing industry, with a market capitalization of 4.66 billion yuan and an issuance price of 7.21 yuan per share [2]. - The company’s main revenue source is polymer additives, which accounted for 94.21% of its total revenue in 2024, with projected revenues of 5.75 billion yuan from polymer additives and 0.28 billion yuan from functional polymer materials [3]. Group 2: Financial Performance - Nengzhiguang's net profit for the years 2020 to 2024 (in million yuan) is projected to be 21.46, 17.80, 15.80, 43.18, and 50.80 respectively, indicating significant fluctuations in performance [4]. - The company experienced a decline in net profit in 2021 and 2022 due to rising raw material prices and increased manufacturing costs, but anticipates recovery in 2023 and 2024 as raw material prices decrease and operational efficiencies improve [4]. Group 3: Client Base and Market Position - Nengzhiguang has a diverse client base, including well-known domestic companies such as Jinfakeji and Pulite, as well as global leaders like LG and BASF, with the top five clients contributing approximately 20% to total sales [3]. - The company employs a direct sales model, primarily serving production clients, and maintains a certain level of inventory based on sales forecasts and historical data [3].

Core Viewpoint - The company aims to raise funds primarily for the expansion of functional polymer materials and the construction of a research and development center, which will enhance production capacity and technological support for sustainable development in the new materials sector [1][2]. Group 1: Financial Performance - In 2024, the company achieved a total revenue of 611 million yuan, a year-on-year increase of 7.26%, and a net profit attributable to shareholders of 55.94 million yuan, up 12.31% [2]. - For the first half of 2025, the company reported a total revenue of 294 million yuan, a slight increase of 0.06%, with a net profit of 29.53 million yuan, reflecting a growth of 10.81% [2]. - The company's basic earnings per share for 2024 were 0.86 yuan, with a weighted average return on equity of 15.92% [2]. Group 2: Capital Structure and Share Issuance - The company plans to issue 14.78 million shares at a price of 7.21 yuan per share, resulting in a price-to-earnings ratio of 11.28 [3]. - The issuance is scheduled with specific dates for online subscription and payment, indicating a structured approach to capital raising [3]. Group 3: Research and Development - The company invested 13.19 million yuan in research and development in 2024, marking a 20.72% increase, with R&D expenditure accounting for 2.16% of total revenue [52]. - The company holds 51 authorized invention patents, showcasing its strong R&D capabilities [1]. Group 4: Client Base and Market Position - The company has established a stable and high-quality client base, including well-known domestic enterprises and global leaders such as LG and BASF [2]. - It specializes in the research, production, and sales of polymer additives and functional polymer materials, positioning itself as a high-tech enterprise in the industry [1]. Group 5: Asset and Liability Changes - As of the end of 2024, the company's cash and cash equivalents decreased by 40.21%, while accounts receivable increased by 2.96% [37][40]. - The company significantly reduced its short-term borrowings by 83.18%, indicating a shift in its capital structure [40]. Group 6: Shareholder Structure - The largest shareholder is Ningbo Weili Trade Co., Ltd., holding 26.46% of the shares, followed by other significant stakeholders [57].

公司主营业务为高分子助剂及功能高分子材料的研发、生产和销售。 财务数据显示，2022年—2024年公司净利润分别为2186.49万元、4980.77万元、5594.09万元。同比变动 幅度为-9.45%、127.80%、12.31%。（数据宝） 新股申购信息 能之光明日开启申购，发行代码为920056，本次发行价格7.21元 ，发行市盈率为11.28倍，单一账户申 购上限为70.20万股。公司本次初始发行数量1478.00万股，其中，网上发行量为1182.40万股，发行后总 股本为7947.47万股，根据超额配售选择权机制，国金证券股份有限公司获授权向网上投资者超额配售 221.70万股，占初始发行股份数量的15.00%，同时网上发行数量扩大至1404.10万股。本次发行战略配 售股份合计295.60万股，占初始发行规模的20.00%。 本次发行预计募集资金总额1.26亿元。若全额行使超额配售选择权本次募集资金总额为1.23亿元。募集 资金主要投向功能高分子材料扩产项目、研发中心建设项目、补充流动资金。 | | | | 功能高分子材料扩产项目 | 9116.60 | | --- | --- | | 研发中心建 ...