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 Insights - Best has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage favorable IPO regulations and attract global investors for its expansion [1] - The company is a leading supplier of acoustic enhancement materials, holding an 18.1% market share in the global market and ranking fourth in the global acoustic adhesive market with approximately 3.5% [1] - Revenue for the first three quarters of 2025 is projected to increase by 99.1%, with a net profit margin of 25.7%, indicating a decline in profitability [1][5] Business Overview - Best operates in the development, manufacturing, and sales of electronic functional enhancement materials, with three core technology platforms: inorganic powder, polymer materials, and composite materials [2] - The company has four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] - Revenue from acoustic enhancement materials reached 222 million RMB in the first three quarters of 2025, a significant increase of 66.9%, although its revenue contribution has decreased to 48.4% due to new income streams [2][3] Financial Performance - The company reported a gross margin of 46.1% for the first three quarters of 2025, down from 56.1% in 2024, primarily due to lower margins in new business segments [5] - Operating expenses have been managed effectively, with a stable sales expense ratio around 3% and a decrease in management expenses [5] - Cash and cash equivalents stood at 133 million RMB as of November 2025, indicating a strong financial position [1][9] Market Position - Best's acoustic enhancement materials are highly dependent on the consumer electronics market, which is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030 [7] - The electronic ceramic materials segment is anticipated to grow significantly, with a projected market size of 528 billion RMB by 2030, reflecting a CAGR of 19.6% [8] - Best holds a leading position in various sectors, with a market share of 18.1% in acoustic enhancement materials, significantly higher than its closest competitor [8] Customer Concentration - The company has a high customer concentration, with the top five customers contributing approximately 79% of revenue in the first three quarters of 2025 [4] - Domestic revenue has historically accounted for over 80% of total revenue, but overseas revenue has shown significant growth, reaching 16.6% in the first three quarters of 2025 [4] Strategic Outlook - Best's strategic focus includes leveraging AI advancements to explore new market opportunities, particularly in emerging segments like AI glasses and XR devices [7] - The company has established a carbon-neutral advanced materials R&D center in collaboration with top universities, enhancing its industry position [4] - With low debt levels and positive operating cash flow, Best is well-positioned for global expansion and to capitalize on its production capacity [9]