Group 1 - Crown New Materials Technology Co., Ltd. has submitted its prospectus to the Shenzhen Stock Exchange, revealing details about the company and its founders [2] - The company, originally established in 2000, specializes in the research, production, and sales of industrial-grade adhesive materials, electronic-grade adhesive materials, and functional film materials [3] - The main applications of Crown New Materials' products include light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [3] Group 2 - The company is controlled by the Mai family, with Mai Huiquan holding 25.92% and Mai Huixia holding 38.59% of the shares, totaling 87.17% control [3] - Mai Huiquan, the founder, transitioned from being a primary school teacher to the adhesive industry, establishing several companies before founding Crown New Materials [4] - In 2022, the Mai family undertook internal asset restructuring to address competition issues prior to the IPO, including acquisitions of stakes in related companies [4][5] Group 3 - The IPO aims to raise 919 million yuan, which will be allocated to expansion projects, industrialization of optical films, R&D center construction, and working capital [6] - Revenue projections for 2022 to 2024 are 2.567 billion yuan, 2.895 billion yuan, and 3.159 billion yuan, with net profits of 206 million yuan, 278 million yuan, and 302 million yuan respectively [6] - The company has faced challenges with cash flow, as evidenced by a decline in net cash flow from operating activities due to high accounts receivable and inventory levels [6] Group 4 - Despite the growth in the functional composite materials industry, Crown New Materials has experienced inventory impairment and declining prices for core products [7] - The company's inventory values from 2022 to mid-2025 show a decreasing trend, with significant impairment losses reported [7] - The gross margin has increased from 20.02% in 2022 to 23.82% in mid-2025, indicating better profitability compared to industry peers [7] Group 5 - As of June 2025, the company's intangible assets are valued at 275 million yuan, primarily consisting of land use rights [8] - The land use rights include multiple industrial and residential plots, totaling nearly 400,000 square meters, indicating a significant real estate component in the company's asset structure [8]
皇冠新材IPO：分红1.58亿元募资补流1亿元 麦氏家族的“资本盛宴”？
Sou Hu Cai Jing·2025-12-14 02:12