金戈新材IPO：初中学历搞研发，竞争对手供原料

Core Viewpoint - The outlook for AI computing power devices is promising, with the "liquid cooling" concept for chips becoming a market focus. However, the company Jin Ge New Materials faces challenges in innovation and profitability due to its reliance on aluminum oxide products and weak R&D capabilities [1][2]. Company Overview - Company Name: Jin Ge New Materials Co., Ltd. - Established: January 6, 2012 - Major Products: Thermal interface materials, flame-retardant materials, and wave-absorbing materials, widely used in electric vehicles, consumer electronics, 5G communications, and photovoltaic energy storage [3]. - Market Position: The company holds a leading position in the domestic market for high-performance thermal fillers, with products supplied to major companies including Henkel and other Fortune 500 firms [3]. IPO Progress - The company is preparing for an IPO on the Beijing Stock Exchange, having responded to initial inquiries [2][3]. Financial Overview - Total fundraising target for projects is approximately 20.5 billion, with major allocations for functional material production, R&D base construction, and smart warehousing [5]. R&D Challenges - The company has a complex R&D team of 80 members, which is fewer than competitors. There are concerns about the qualifications of some team members, including those with non-technical backgrounds [11][12][14]. - The company has faced scrutiny regarding its R&D capabilities, particularly in light of low-cost outsourcing for critical projects [9][10]. Production and Compliance Issues - Jin Ge New Materials has consistently exceeded its approved production capacity, with significant overproduction rates of 37.61% in 2022 and 38.86% in 2023, raising concerns about compliance and environmental safety [15][16][17]. - Despite the overproduction, the company claims there are no penalties or safety risks associated with its operations [17]. Market Dynamics - The company faces declining sales prices for its aluminum products, with prices dropping from 2.06 yuan in 2022 to an expected 1.34 yuan in the first half of 2025, indicating a challenging market environment [18]. - The industry is experiencing increased competition and price pressure, with competitors like Lianrui New Materials and Yishitong expanding their production capacities [20]. Supply Chain and Cost Management - The company is focusing on cost control through supplier negotiations and diversifying its procurement of high-cost performance materials, although it has become increasingly reliant on a single supplier, Lianrui New Materials, for 67.25% of its aluminum oxide raw material [21][22].