Core Viewpoint - Zhejiang Kema Material Co., Ltd. (stock abbreviation: Kema Material, stock code: 920086.BJ) has been listed on the Beijing Stock Exchange, with a closing price of 54.95 yuan, a rise of 371.27%, and a total market capitalization of 4.598 billion yuan [1] Group 1: Company Overview - Kema Material specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [1] - The controlling shareholder is Songyang Kema Industrial Co., Ltd., which holds 41.339 million shares, accounting for 65.87% of the total share capital [1][2] Group 2: Shareholding Structure - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who have signed a "Joint Action Agreement" to ensure unified decision-making in major operational matters [3] - After the issuance, the controlling shareholder Kema Industrial will hold 49.40% of the shares, while Xu Changcheng and Wang Tingting will hold 2.55% and 2.69%, respectively, with the four actual controllers collectively controlling 63.31% of the shares [4] Group 3: Financial Performance - The company reported operating revenues of 202.158 million yuan, 198.964 million yuan, and 249.028 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 41.650 million yuan, 49.047 million yuan, and 71.034 million yuan for the same years [8] - For the first half of 2025, the company expects operating revenue between 25 million yuan and 28 million yuan, with a projected net profit for shareholders of 82 million yuan to 96 million yuan, indicating a year-on-year growth of 14.63% to 34.21% [11] Group 4: Fundraising and Use of Proceeds - The company plans to raise a total of 243.9272 million yuan, with a net amount of 206.168 million yuan after deducting issuance costs of 37.7592 million yuan, to be used for upgrading projects related to dry environmental-friendly clutch friction materials and research center [6][5]

Group 1 - The company N Koma (920086) was listed on the Beijing Stock Exchange, opening with a significant increase of 328.82%, and by midday, the increase expanded to 473.58% with a trading volume of 15.7695 million shares and a transaction value of 848 million yuan, resulting in a turnover rate of 83.76% [2] - The company's main business involves the research, production, and sales of dry friction plates and wet paper-based friction plates, with a focus on the development and application of new friction materials [2] Group 2 - The company's net profits for the years 2022, 2023, and 2024 are projected to be 42.0063 million yuan, 49.5874 million yuan, and 71.5321 million yuan, respectively [3] - The public offering consisted of 20.92 million shares at an issuance price of 11.66 yuan, with a price-to-earnings ratio of 14.20 times. The strategic placement of shares accounted for 2.092 million shares, representing 10.00% of the initial offering size [3] - The effective subscription amount for the online offering reached 7,339,324.10 million shares, with a subscription multiple of 3,898.09 times and 624,500 households participating, resulting in an allocation ratio of 0.03% [3]

Group 1 - N Comma (920086.BJ) was listed on the Beijing Stock Exchange on January 16, with an initial offering price of 11.66 yuan, and saw a significant increase of 343.48% on its first trading day, closing at 51.71 yuan [2][3] - The company specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, and is committed to the development and application of new friction materials [2] - N Comma emphasizes independent research and development, actively promotes technological innovation, and has established a provincial enterprise technology center and a post-doctoral workstation in Zhejiang [2] Group 2 - The company has been recognized as a high-tech enterprise, a "little giant" enterprise by the Ministry of Industry and Information Technology, a "hidden champion" enterprise in Zhejiang, and a leader in enterprise standards [2] - As of the first trading day, N Comma's market capitalization reached 4.327 billion yuan, with a trading volume of 409 million yuan and a circulation of 974 million shares [3][4]

2022年—2024年公司净利润分别为4200.63万元、4958.74万元、7153.21万元。（数据宝） 近期北交所上市新股首日开盘涨跌幅 | 代码 | 简称 | 上市日期 | 发行价 | 网上申购获配比例 | 上市首日开盘价 | 上市首日开盘涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | | | （元） | （%） | （元） | （%） | | 920086 | N科马 | 2026.01.16 | 11.66 | 0.03 | 50.00 | 328.82 | | 920045 | 蘅东光 | 2025.12.31 | 31.59 | 0.03 | 350.00 | 1007.95 | | 920121 | 江天科 | 2025.12.25 | 21.21 | 0.03 | 61.00 | 187.60 | | | 技 | | | | | | | 920035 | 精创电 | 2025.12.02 | 12.10 | 0.02 | 51.00 | 321.49 | | | 气 | | | | | | | 920124 | 南特科 | 202 ...

Core Viewpoint - Koma Materials (920086) has been listed on the Beijing Stock Exchange, focusing on the research, production, and sales of dry friction plates and wet paper-based friction plates, as well as the development of new friction materials [1][2]. Company Structure - Koma Industrial holds 41,339,000 shares, accounting for 65.87% of the total share capital. Wang Zonghe and Liao Aixia own 84.62% and 15.38% of Koma Industrial, respectively, and are a married couple. Koyuan Industrial holds 3,000,000 shares (4.78%), while Xieli Investment holds 4,250,000 shares (6.77%). Wang Zonghe, Liao Aixia, and Xu Changcheng each hold 21.02%, 71.95%, and 7.02% of Xieli Investment, respectively. Xu Changcheng is the son-in-law of Wang Zonghe and Liao Aixia. Wang Tingting, their daughter, holds 225,000 shares (3.59%) [2][3]. Control and Governance - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who have signed a "Joint Action Agreement" to ensure consensus on major business decisions. In case of disagreement, the majority opinion of the actual controllers will prevail, and if consensus cannot be reached, the current chairman will have the final say. Wang Zonghe will be elected as chairman if there is no agreement during the election [3]. Fundraising and Projects - Koma Materials raised a total of 243,927,200.00 yuan, with a net amount of 206,168,000.00 yuan. The funds will be used for the technological transformation project of environmentally friendly clutch friction materials and the upgrade of the research and development center [4].

Group 1 - The company Hengyun Chang (科创板, 68878) is a representative supplier of core components for semiconductor equipment, with a total market value of 4.68 billion yuan and an issuance price of 92.18 yuan [2][3] - The company has a dynamic price-to-earnings ratio of 48.39, with comparable companies including Fuchuang Precision and Kema Technology [2] - The main business composition includes plasma RF power systems (76.54%), self-developed products (8.27%), introduced products (14.66%), and technical services (0.53%) [2][3] - The company is a leader in domestic production in the semiconductor equipment sector, where the localization rate is less than 12% [3] - The company has shown significant growth in recent years, with a net profit of 541 million yuan in 2024 (+66.26%) and revenue of 325 million yuan in 2023 (+105.66%) [3] Group 2 - The company Kema Materials (北交所, 920) has an issuance price of 11.66 yuan and a price-to-earnings ratio of 14.20 [5] - Kema Materials is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, with over 20 years in the dry friction plate industry [5] - The company ranks second in the domestic dry friction plate market share, offering over 8,000 models across more than 20 materials [5] - The core product T2 process is noted for being more environmentally friendly and superior in performance, with applications in leading companies such as China National Heavy Duty Truck Group and FAW Liberation [5]

Group 1: New Stock Subscription - Hengyun Chang - Hengyun Chang (688785.SH) is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [2] - The company holds the largest market share among domestic manufacturers of plasma RF power systems in China, according to Frost & Sullivan [2] - The IPO price is set at 92.18 CNY per share, with a market capitalization of 4.68 billion CNY and an issuance P/E ratio of 48.39, compared to the industry average of 39.84 [3] - The company plans to invest 1.4 billion CNY in the industrialization of semiconductor RF power systems and 6.9 billion CNY in the intelligent production base for core components [5] Group 2: Financial Performance and Client Base - Hengyun Chang's revenue from its top five clients accounted for 73.54% to 90.62% of total revenue from 2022 to the first half of 2025, indicating a high customer concentration [7] - The company has established significant revenue streams from self-developed products, with 38 products generating over 1 million CNY and 24 products generating over 10 million CNY in revenue by June 30, 2025 [6] - The company has a total of 108 authorized invention patents and 133 pending applications, highlighting its strong focus on innovation and technology [6] Group 3: New Stock Listing - Kema Materials - Kema Materials (920086.BJ) specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [8] - The company is a leading player in the domestic dry friction plate industry and has participated in drafting multiple national and industry standards [11] - The IPO price is set at 11.66 CNY per share, with a market capitalization of 1.16 billion CNY and an issuance P/E ratio of 14.20, compared to the industry average of 28.68 [9] Group 4: Market Position and Risks - Kema Materials faces competition from major players like Schaeffler and Valeo, which may hinder its ability to increase market share in the dry friction plate sector [11][12] - The company is actively expanding into international markets but acknowledges the risk of not achieving favorable progress against foreign brands [12]

Group 1: New Stock Subscription - Hengyun Chang - Hengyun Chang (688785.SH) is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [2] - The company holds the largest market share among domestic manufacturers of plasma RF power systems in China, according to Frost & Sullivan [2] - The IPO price is set at 92.18 CNY per share, with an institutional offering price of 92.88 CNY per share [3] - The company plans to raise funds for various projects, including 1.4 billion CNY for the industrialization of semiconductor RF power systems and 6.9 billion CNY for an intelligent production base for core components [5] Group 2: Financial Performance and Client Base - Hengyun Chang has a high client concentration, with the top five clients accounting for over 73% of total revenue from 2022 to the first half of 2025 [7] - The company has achieved significant revenue from self-developed products, with 38 products generating over 1 million CNY and 24 products generating over 10 million CNY in revenue by June 30, 2025 [6] - The company has authorized 108 invention patents and has 133 pending applications, indicating a strong focus on innovation [6] Group 3: New Stock Listing - Kema Materials - Kema Materials (920086.BJ) specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates [8] - The company is a leader in setting industry standards for dry friction plates in China and has been recognized as a high-tech enterprise [11] - The IPO price is set at 11.66 CNY per share, with an issuance price-to-earnings ratio of 14.20 [9] Group 4: Market Position and Risks - Kema Materials faces competition from major players like Schaeffler and Valeo, which may hinder its ability to increase market share in the dry friction plate sector [11][12] - The company is actively expanding into international markets but acknowledges the risk of not achieving favorable progress against foreign brands [12]

今日科马材料(920086.BJ)上市， 恒运昌(688785.SH)申购。 ...

公告显示，浙江科马摩擦材料股份有限公司 （股票代码：920086简称"科马材料"）即将于1月16日在北交所上 市，作为国内干式摩擦材料领域的领军企业，科马材料近年来展现出强劲的增长势头，2024年营收同比增长 25.16%，归母净利润增幅更高达44.25%。在北交所"投早投小投新"政策支持下，其深厚的技术积淀正加速转化 为市场价值。 一、聚焦传动核心，技术迭代构筑坚实壁垒 摩擦材料是汽车动力系统的关键零部件之一，按功能主要分为制动系摩擦材料（刹车片）和传动系摩擦材料 （干式摩擦片及湿式纸基摩擦片）。如果说前者关乎车辆能否安全停下，后者则直接决定了车辆能否高效启动 和运行。 科马材料自2002年成立以来，始终专注于传动系摩擦材料的研发、生产与销售。通过持续的技术创新与迭代， 公司已构建起涵盖二十余种材质、超过8000个型号的丰富产品体系，精准匹配下游各类车型的多元化需求。目 除了产品创新，科马材料在核心生产工艺上也实现了重大突破。传统干式摩擦片主要采用湿式浸胶工艺 （T1），不仅工序繁杂、材料消耗大，还需使用大量有机溶剂溶解的粘结剂和调节剂，带来显著的环境污染与 资源浪费问题。 针对这一行业痛点，科马材料成功开 ...