暗盘“蹦极”！这家公司上市前夜，最高涨超90%，收盘仅涨2.66%

Core Viewpoint - Haiwei Co., Ltd., the second-largest capacitor film manufacturer in China, is entering the Hong Kong stock market, with its shares experiencing significant volatility during the dark trading phase, initially surging over 90% before closing up by only 2.66% [1][4]. Company Overview - Haiwei Co., Ltd. specializes in capacitor films, including capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [6][7]. - The company holds a 14.2% market share in China's capacitor film market as of 2024, ranking second among competitors [7]. Market Dynamics - The capacitor film market is highly competitive and concentrated, with the top five companies, including Haiwei, accounting for 61.6% of the market share in 2024 [6][7]. - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, and customer relationships [7]. Financial Performance - Haiwei's revenue from capacitor base film sales constituted 91.9%, 71.8%, 72.8%, 71.7%, and 78.5% of total revenue for the years 2022, 2023, 2024, and the five months ending May 31 for 2024 and 2025, respectively [7]. - The company's revenue for 2022 and 2023 was approximately RMB 327 million and RMB 330 million, respectively, with a projected increase to RMB 422 million in 2024, representing a growth of 28.0% [8]. Supply Chain Considerations - Haiwei relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure, accounting for 82.5%, 84.5%, 83.4%, 82.4%, and 80.8% of sales costs over the respective periods [11]. - The company faces potential supply chain disruptions due to geopolitical and trade tensions affecting its overseas suppliers [9][11]. Customer Relationships - Haiwei's major customers include capacitor manufacturers and BYD, which is also the largest external shareholder of the company, holding approximately 3.92% of its shares [4][13]. - There is a risk that existing customers, such as BYD, may develop their own capacitor film products, potentially impacting Haiwei's business relationships and financial performance [12]. Shareholder Structure - The company's chairman, Song Wenlan, controls approximately 77.12% of the voting rights before the IPO, which will be reduced to about 61.74% post-IPO assuming no exercise of over-allotment options [14].