Core Viewpoint - Zhejiang Kema Material Co., Ltd. has officially listed on the Beijing Stock Exchange, leveraging its leading T2 core technology and strong performance in the automotive parts sector, positioning itself as a high-quality investment target in the capital market [1] Financial Performance - The company has demonstrated robust revenue and profit growth, with revenues recorded at 202 million, 199 million, 249 million, and 139 million for the years 2022 to 2025 and the first half of 2025, respectively, showing a strong year-on-year growth of 11.37% in the first half of 2025 [2] - The non-net profit has also seen significant growth, reaching 37 million, 44 million, 69 million, and 43 million during the same periods, indicating improved business revenue capacity and profit quality [2] - The gross margin has increased to 50.19% in the first half of 2025, driven by the transition to the T2 process, with the T2 dry friction plate achieving a gross margin of 51.36% [2] Technological Advantage - The T2 dry extrusion process is globally leading, providing a strong competitive edge for the company. This process significantly enhances environmental performance, production efficiency, and product quality compared to the traditional T1 wet process [3] - Kema Material is the first domestic company to achieve large-scale industrial application of the T2 process, establishing a solid industry barrier through its technological scarcity [3] Revenue Structure - The T2 dry friction plate has become the company's main revenue driver, with revenues of 86 million, 152 million, 235 million, and 130 million from 2022 to the first half of 2025, increasing its revenue share from 43.04% to 97.00% in the first half of 2025 [4] Market Demand - The market demand for dry friction plates is expanding, particularly in the commercial vehicle sector, where manual transmission models dominate due to their cost-effectiveness and efficiency. The AMT automatic transmission is also gaining traction in the European and American markets [6] - In the passenger vehicle sector, the rise of hybrid electric vehicles is driving demand, with the proportion of vehicles requiring dry friction plates reaching 27.94% in 2024 [6][7] - The export market for "motor vehicle clutches and their parts" has shown steady growth, increasing from 7.569 billion to 9.176 billion from 2022 to 2024, indicating strong demand in emerging markets [7] Strategic Initiatives - Kema Material is strategically expanding into the wet paper-based friction plate market, aiming to capitalize on domestic replacement opportunities, with a focus on increasing the domestic production rate [8] - The company plans to use 73.32% of the 206 million raised from its IPO for upgrading the T2 dry extrusion process, which will add an annual production capacity of 10 million plates [8] - Kema Material holds 80 authorized patents and has participated in drafting 13 national and industry standards, establishing a closed-loop innovation mechanism to support its domestic replacement strategy [8]
科马材料：工艺革新 + 场景拓宽，打造国产摩擦材料核心竞争力