新股前瞻|全球最大的声学增强材料供应商，贝斯特港股上市三大看点

Core Viewpoint - Best has submitted an application for listing on the Hong Kong Stock Exchange, with significant revenue growth and a leading position in multiple business sectors, indicating potential investment opportunities [1] Company Overview - Best is the largest supplier of acoustic enhancement materials globally, holding an 18.1% market share in the acoustic enhancement materials market and a 3.5% share in the global acoustic adhesive market as of mid-2025 [1] - The company has three core technology platforms: inorganic powder technology, polymer material technology, and composite material technology, leading to four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] Financial Performance - Revenue for the first three quarters of 2025 increased by 99.1%, with a net profit margin of 25.7%, although profitability has slightly declined [1][6] - The revenue from acoustic enhancement materials reached 2.22 billion RMB in the first three quarters of 2025, a 66.9% increase, but its revenue contribution decreased to 48.4% due to new income streams [2][3] - The electronic ceramic materials segment generated 0.95 billion RMB in revenue, accounting for 20.6% of total revenue in the same period [2] Business Segments - The energy enhancement materials segment, established in 2022, reported a revenue of 1.28 billion RMB in the first three quarters of 2025, a 39.4% year-on-year increase, contributing 27.7% to total revenue [5] - The electronic adhesive segment remains small, with revenue of 0.15 billion RMB, representing only 3.3% of total revenue [5] Market Position - Best's acoustic enhancement materials business is the largest globally, with a market share of 18.1%, significantly higher than the second-largest competitor [9] - The company has a high customer concentration, with the top five customers contributing 79% of revenue in the first three quarters of 2025, although overseas revenue has increased to 16.6% [5] Industry Outlook - The global consumer electronics market is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030, but specific segments like AI glasses and XR devices may see double-digit growth [8] - The electronic ceramic materials market is projected to grow at a CAGR of 19.6%, reaching 528 billion RMB by 2030 [9] Financial Health - As of November 2025, the company had cash and equivalents of 133 million RMB and a low debt level of 46 million RMB, indicating a strong financial position [1][10] - Operating cash flow has remained positive, with a net inflow of 57 million RMB in the first three quarters of 2025 [10]