Core Viewpoint - Crown New Materials Technology Co., Ltd. is initiating an IPO on the A-share market, backed by strong financial performance, but is also planning to raise funds despite significant cash dividends in recent years [1][2]. Group 1: Company Overview - Established in 2000, Crown New Materials focuses on functional new materials, including industrial-grade and electronic-grade adhesives, as well as functional film materials [2]. - The company's products are widely used across various sectors, including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [2]. Group 2: Financial Performance - Crown New Materials reported revenues of approximately 25.67 billion, 28.95 billion, 31.59 billion, and 15.92 billion for the years 2022 to the first half of 2025, respectively [2]. - Corresponding net profits for the same periods were approximately 2.06 billion, 2.78 billion, 3.02 billion, and 1.55 billion [2]. - The company plans to distribute cash dividends of approximately 752.39 million and 825.35 million for 2023 and 2024, totaling around 1.58 billion [2]. Group 3: IPO and Fundraising - The IPO aims to raise approximately 919 million, which will be allocated to expansion projects, a research center, and working capital [3]. - The company intends to invest 100 million specifically for working capital [3]. Group 4: Shareholding Structure - The actual controllers, Mai Huixia and Mai Huiquan, collectively hold 87.17% of the company's shares, with no single shareholder owning more than 50% [4][5]. - Mai Huiquan directly holds 25.92% of the shares and controls an additional 48.58% through various entities, while Mai Huixia holds 38.59% directly [4]. Group 5: Governance and Risks - Concerns have been raised regarding the high ownership concentration and potential conflicts of interest, despite the company's established governance structure [5]. - The company has indicated that it has measures in place to prevent the actual controller from harming the interests of the company and public shareholders [5]. Group 6: Financial Ratios - Crown New Materials has a lower R&D expense ratio compared to industry peers, with rates of 3.9%, 4.59%, 4.77%, and 4.81% over the reporting period, against peer averages of 4.42%, 5.48%, 5.21%, and 5.04% [6]. - The company's sales expense ratio is higher than the industry average, with rates of 2.01%, 2.5%, 2.75%, and 2.93%, compared to peer averages of 1.74%, 2.22%, 2.14%, and 2.36% [6].
两年分红1.58亿元 皇冠新材冲击上市
Bei Jing Shang Bao·2025-12-01 16:36