Core Viewpoint - Best has submitted an application for listing on the Hong Kong Stock Exchange, with significant revenue growth and a leading position in multiple business sectors, indicating potential investment opportunities [1] Company Overview - Best is the largest supplier of acoustic enhancement materials globally, holding an 18.1% market share in the acoustic enhancement materials market and a 3.5% share in the global acoustic adhesive market as of mid-2025 [1] - The company has three core technology platforms: inorganic powder technology, polymer material technology, and composite material technology, leading to four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] Financial Performance - Revenue for the first three quarters of 2025 increased by 99.1%, with a net profit margin of 25.7%, although profitability has slightly declined [1][6] - The revenue from acoustic enhancement materials reached 2.22 billion RMB in the first three quarters of 2025, a 66.9% increase, but its revenue contribution decreased to 48.4% due to new income streams [2][3] - The electronic ceramic materials segment generated 0.95 billion RMB in revenue, accounting for 20.6% of total revenue in the same period [2] Business Segments - The energy enhancement materials segment, established in 2022, reported a revenue of 1.28 billion RMB in the first three quarters of 2025, a 39.4% year-on-year increase, contributing 27.7% to total revenue [5] - The electronic adhesive segment remains small, with revenue of 0.15 billion RMB, representing only 3.3% of total revenue [5] Market Position - Best's acoustic enhancement materials business is the largest globally, with a market share of 18.1%, significantly higher than the second-largest competitor [9] - The company has a high customer concentration, with the top five customers contributing 79% of revenue in the first three quarters of 2025, although overseas revenue has increased to 16.6% [5] Industry Outlook - The global consumer electronics market is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030, but specific segments like AI glasses and XR devices may see double-digit growth [8] - The electronic ceramic materials market is projected to grow at a CAGR of 19.6%, reaching 528 billion RMB by 2030 [9] Financial Health - As of November 2025, the company had cash and equivalents of 133 million RMB and a low debt level of 46 million RMB, indicating a strong financial position [1][10] - Operating cash flow has remained positive, with a net inflow of 57 million RMB in the first three quarters of 2025 [10]

Group 1 - The company Best (300580) announced on January 13 that its fourth board of directors' nineteenth meeting approved two proposals: one regarding the use of idle funds for entrusted financial management and another concerning additional investment in its subsidiary in Thailand [1]

Core Viewpoint - Best (300580) plans to invest up to $45 million through its wholly-owned subsidiary in Singapore, Beiyonghua Technology Co., Ltd., to support the operations of its Thai subsidiary, Beiyonghua New Technology Co., Ltd. in Thailand, as well as for the construction of a second-phase factory and the purchase of equipment [1] Group 1 - The investment in the Thai subsidiary is aimed at daily operational support and expansion through a second-phase factory [1] - The company also announced plans to use idle funds for entrusted wealth management, with an investment limit of up to 800 million yuan in low-risk short-term financial products [1]

Core Viewpoint - The Hong Kong IPO market has been performing well since 2026, with new stocks generally seeing significant increases post-listing. Best New Materials Co., Ltd. has submitted its application for a mainboard listing on January 12, 2023, with Guotai Junan International as its sole sponsor [2]. Company Overview - Best New Materials, established in March 2017, specializes in the research, production, and sales of electronic functional enhancement materials, which are used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors. The company is expanding its applications into high-growth areas such as advanced packaging and computing [3]. Market Position - According to Frost & Sullivan, Best holds a strong market position in several segments: - Ranked first in the global acoustic enhancement materials market with an 18.1% market share - Ranked second in the global LIB diaphragm coated aluminum oxide ceramic materials market with an 18.1% market share - Ranked fourth in the global acoustic adhesive market with a 3.5% market share - Ranked third in the global high-reflective glaze market with a 5.0% market share [5]. Financial Performance - Best's revenue for the first three quarters of 2023, 2024, and 2025 was RMB 320 million, RMB 355 million, and RMB 460 million, respectively, with profits of RMB 96.16 million, RMB 113 million, and RMB 118 million. The company has shown stable growth despite its relatively small scale [6]. - The acoustic enhancement materials segment remains the largest, contributing 48.4% of total revenue in the first three quarters of 2025, with a gross margin of 81.8%. However, its revenue share has decreased due to overall revenue growth [6][8]. Business Segments - The electronic ceramic materials segment accounted for 20.6% of total revenue in the first three quarters of 2025, with a gross margin of 21.7%, stemming from a strategic acquisition in 2024. The energy enhancement materials segment's revenue share has dropped to 27.7% with a gross margin of only 0.8% due to increased competition in the photovoltaic industry [8]. Customer and Supplier Dependency - Best has a high dependency on a few major customers, with sales to the top five customers accounting for 88.2%, 82.3%, and 79.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively. The largest customer contributed 28.4%, 20.9%, and 23.1% of total revenue during the same periods. The company also relies heavily on a few suppliers, although this dependency is decreasing [9]. Dividend Policy - Best declared dividends of RMB 34.6 million in 2023, RMB 40.8 million in 2024, and RMB 40.8 million in the first three quarters of 2025, which may raise concerns among investors about potential "asset stripping" before the IPO [10]. Use of Proceeds - The company plans to use the net proceeds from the IPO for several purposes, including increasing production capacity, developing new products, building R&D centers, expanding sales and service networks, and general corporate purposes [11].

Group 1 - The core viewpoint of the article is that Best (300580.SZ) is responding to overseas customer demand by increasing its investment in its Thai subsidiary, aiming to enhance its international competitiveness [1] - The company plans to invest up to $45 million through its wholly-owned subsidiary in Singapore, Best Technology (Singapore) Co., Ltd. [1] - The additional investment will support the daily operations of Best Technology (Thailand) Co., Ltd., fund the construction of a second-phase factory, and purchase equipment and facilities [1]

Group 1 - The company Best announced that its fourth board meeting was held on January 12, 2026, via telecommunication, where it reviewed the proposal for additional investment in its subsidiary in Thailand [1] - The company is facing challenges in the solar industry, with some firms rushing to export products before the April 1 deadline, while others are struggling with rising raw material costs such as silver, leading to difficult decision-making [1]

股票代码：300580 股票简称：贝斯特 公告编号：2026-005 无锡贝斯特精机股份有限公司 关于向泰国孙公司追加投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次向泰国孙公司追加投资的情况概述 无锡贝斯特精机股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召 开第四届董事会第十九次会议，以 5 票同意、0 票反对、0 票弃权的表决结果， 审议通过了《关于向泰国孙公司追加投资的议案》，为积极响应海外客户需求， 把握市场机遇，进一步增强公司的国际竞争力，公司拟以自有资金通过新加坡全 资子公司倍永华科技有限公司（新加坡）（以下简称"新加坡倍永华"）向泰国 孙公司倍永华新技术有限公司（泰国）（以下简称"泰国倍永华"）追加投资的 额度不超过 4500 万美元。本次追加投资的资金，将用于泰国倍永华公司日常经 营支持、二期工厂的投资建设以及购买设备设施等。 为确保上述事项能够顺利实施，公司董事会授权公司经营管理层及其合法授 权人员全权办理本次向泰国倍永华追加投资事项，上述授权自公司董事会审议通 过之日起至上述授权事项办理完毕之日止。 ...

股票代码：300580 股票简称：贝斯特 公告编号：2026-004 无锡贝斯特精机股份有限公司 关于以自有闲置资金进行委托理财的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 无锡贝斯特精机股份有限公司（以下简称"公司"）于 2026 年 1 月 12 日召 开了第四届董事会第十九次会议、第四届董事会独立董事 2026 年第一次专门会 议,审议通过了《关于以自有闲置资金进行委托理财的议案》，同意公司为提高 闲置资金使用效率，以自有闲置资金进行委托理财，用于投资短期风险较低的理 财产品，投资额度不超过人民币 8 亿元。现将有关事项说明如下： 一、委托理财情况概述 公司拟使用合计不超过人民币 8 亿元的自有闲置资金进行委托理财（期间任 一时点，以自有闲置资金委托理财最高余额合计不超过人民币 8 亿元），上述资 金额度可滚动使用。 4、投资方式 公司在额度内使用自有闲置资金购买投资期限不超过 12 个月、较低风险理 财产品，包括但不限于国债、公司债、国债逆回购、报价式回购、固定收益信托、 收益凭证、信托产品优先级、现金管理产品、货币基金等，风险较低，收益比较 ...

股票代码：300580 股票简称：贝斯特 公告编号：2026-003 无锡贝斯特精机股份有限公司 第四届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 无锡贝斯特精机股份有限公司（以下简称"公司"）第四届董事会第十九次会 议于 2026 年 1 月 7 日以电子邮件方式发出会议通知，于 2026 年 1 月 12 日以通 讯方式召开。会议应出席董事 5 名，实际出席董事 5 名。公司董事长曹余华先生 主持会议，公司高级管理人员列席了本次会议。本次会议的召开及表决程序符合 《公司法》及《公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过了《关于以自有闲置资金进行委托理财的议案》 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。 经审议，同意在公司本次董事会决议通过之日起一年内，使用合计不超过人 民币 8 亿元的自有闲置资金进行委托理财（期间任一时点，自有闲置资金委托理 财最高余额合计不超过 8 亿元），用于投资短期风险较低的理财产品，上述资金 额度可滚动使用。 具体内容详见同日刊登在巨潮资 ...

Company Overview - Zhenjiang Best New Materials Co., Ltd. (Best) is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - The company has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [3] - Best's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors, including smartphones, laptops, tablets, smart wearables, and new energy vehicles [3] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Production Capacity - As of September 30, 2025, Best has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [6] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [6] Financial Performance - The company's revenue for the fiscal years ending 2023, 2024, and the nine months ending September 30, 2025, are approximately RMB 320 million, RMB 355 million, and RMB 460 million, respectively [7] - The net profit for the same periods is approximately RMB 96.16 million, RMB 113 million, and RMB 118 million [8] - The gross profit margins for these periods are 54.0%, 56.1%, and 46.1% [9] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [11] - The global acoustic enhancement materials market size is projected to grow from RMB 1,003.7 million in 2020 to RMB 1,347.7 million in 2024, with a CAGR of 7.6%, and further to RMB 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from RMB 96 billion in 2020 to RMB 181 billion in 2024, with a CAGR of 17.1%, and reach RMB 528 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [15] - The global electronic adhesives market is projected to grow from RMB 320 billion in 2020 to RMB 382 billion in 2024, with a CAGR of 4.5%, and is expected to reach RMB 558 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [18]