【IPO前哨】毛利率骤降，却大笔分红！贝斯特赴港募资意欲何为？

Core Viewpoint - The Hong Kong IPO market has been performing well since 2026, with new stocks generally seeing significant increases post-listing. Best New Materials Co., Ltd. has submitted its application for a mainboard listing on January 12, 2023, with Guotai Junan International as its sole sponsor [2]. Company Overview - Best New Materials, established in March 2017, specializes in the research, production, and sales of electronic functional enhancement materials, which are used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors. The company is expanding its applications into high-growth areas such as advanced packaging and computing [3]. Market Position - According to Frost & Sullivan, Best holds a strong market position in several segments: - Ranked first in the global acoustic enhancement materials market with an 18.1% market share - Ranked second in the global LIB diaphragm coated aluminum oxide ceramic materials market with an 18.1% market share - Ranked fourth in the global acoustic adhesive market with a 3.5% market share - Ranked third in the global high-reflective glaze market with a 5.0% market share [5]. Financial Performance - Best's revenue for the first three quarters of 2023, 2024, and 2025 was RMB 320 million, RMB 355 million, and RMB 460 million, respectively, with profits of RMB 96.16 million, RMB 113 million, and RMB 118 million. The company has shown stable growth despite its relatively small scale [6]. - The acoustic enhancement materials segment remains the largest, contributing 48.4% of total revenue in the first three quarters of 2025, with a gross margin of 81.8%. However, its revenue share has decreased due to overall revenue growth [6][8]. Business Segments - The electronic ceramic materials segment accounted for 20.6% of total revenue in the first three quarters of 2025, with a gross margin of 21.7%, stemming from a strategic acquisition in 2024. The energy enhancement materials segment's revenue share has dropped to 27.7% with a gross margin of only 0.8% due to increased competition in the photovoltaic industry [8]. Customer and Supplier Dependency - Best has a high dependency on a few major customers, with sales to the top five customers accounting for 88.2%, 82.3%, and 79.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively. The largest customer contributed 28.4%, 20.9%, and 23.1% of total revenue during the same periods. The company also relies heavily on a few suppliers, although this dependency is decreasing [9]. Dividend Policy - Best declared dividends of RMB 34.6 million in 2023, RMB 40.8 million in 2024, and RMB 40.8 million in the first three quarters of 2025, which may raise concerns among investors about potential "asset stripping" before the IPO [10]. Use of Proceeds - The company plans to use the net proceeds from the IPO for several purposes, including increasing production capacity, developing new products, building R&D centers, expanding sales and service networks, and general corporate purposes [11].