固德电材IPO：揭开实控人“知情不报”往事

Core Viewpoint - The company, Gude Electric Materials (Suzhou) Co., Ltd., is a supplier of thermal runaway protection solutions for new energy batteries, recently disclosed its response to the IPO review inquiry, attracting attention [2]. Group 1: Market Position and Competitors - Gude Electric Materials holds a market share of 15%-20% in the thermal runaway protection solutions sector, ranking second to Zhejiang Rongtai [2]. - Zhejiang Rongtai's projected revenue and net profit for 2024 are 1.135 billion and 230 million respectively, while Gude Electric Materials expects 908 million and 172 million [2]. Group 2: Company Background and Transition - The founders of Gude Electric Materials, Zhu Guolai and Zhu Haofeng, transitioned from the insulation materials industry to focus on new energy battery thermal runaway protection after the company was listed on the New Third Board [2][3]. - The company underwent a shareholding reform in December 2011, with Zhu Guolai and Zhu Haofeng becoming the major shareholders [3]. Group 3: Product Segmentation and Revenue Trends - Gude Electric Materials' product lines include new energy vehicle battery thermal runaway protection components and electrical insulation products, with the revenue share from the former increasing from 52% to 74% from 2022 to 2024 [4]. - The company plans to abandon its wind power business, which saw its revenue share drop from 15% to 1% during the same period [5]. Group 4: Regulatory Issues - The actual controller, Zhu Guolai, received a warning from the Jiangsu Securities Regulatory Bureau for failing to disclose information regarding shareholding arrangements, which affected the accuracy of financial reports [6][7]. Group 5: Financial Performance and Future Prospects - Gude Electric Materials aims to raise 1.176 billion for expanding production capacity, with significant revenue growth observed during the reporting period, from 475 million to 908 million [8]. - The company has established stable partnerships with major global automotive and battery manufacturers, contributing to rapid revenue growth [8]. - The global market for battery system safety protection products is expected to reach 32.42 billion by 2029, indicating strong future demand [8]. Group 6: Export and Market Risks - The company's export ratio increased from 16% to 44% during the reporting period, with an anticipated 25% revenue share from the U.S. market in 2024 [9].