全球第四！这家电子声学胶领军企业冲刺港交所IPO

Core Viewpoint - Best New Materials Co., Ltd. has officially submitted its IPO prospectus to the Hong Kong Stock Exchange, with Guotai Junan as the sole sponsor [1] Group 1: IPO Purpose and Use of Proceeds - The funds raised from the IPO will be used to enhance the production capacity of existing products, promote the development and commercialization of new products, establish a research and development center, pursue potential acquisitions, expand the sales and service network, and for working capital and general corporate purposes [2] Group 2: Business Overview - Best is an electronic functional enhancement materials company with four main business units: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. The energy enhancement materials primarily include photovoltaic backsheet glass coating materials, photovoltaic conductive pastes, and photovoltaic cell additives. The main products are designed to improve the acoustic, optical, thermal, and electrical performance of components and equipment in consumer electronics and new energy sectors, covering applications in smartphones, laptops, tablets, smart wearables, and new energy vehicles. The company's product applications are gradually expanding into high-growth areas such as advanced packaging and computing, as well as other semiconductor-related fields [4] Group 3: Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1% as of the first half of 2025. It ranks second in the global LIB separator coating alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Group 4: Financial Performance - Financial data shows that Best achieved revenues of 320 million yuan, 355 million yuan, and 460 million yuan for the first three quarters of 2023, 2024, and 2025, respectively. The revenue contribution from the energy enhancement materials business was 33.2%, 35.7%, and 27.7% for the same periods. Net profits were 96.16 million yuan, 113 million yuan, and 118 million yuan for the respective years. Notably, the customer concentration is very high, with the top five customers contributing 88.2%, 82.3%, and 79.0% of revenue from 2023 to the first three quarters of 2025, with the largest customer contributing over 20% [5] Group 5: Profitability and Production Capacity - The gross profit margins for the first three quarters of 2023, 2024, and 2025 were 54%, 56.1%, and 46.1%, respectively. The significant drop in gross margin in 2025 is attributed to two factors: the introduction of new electronic ceramic materials with a gross margin of 21.7%, which is much lower than the core electronic ceramic materials business, and a drastic decline in the gross margin of energy enhancement materials from 10.4% to 0.8%. As of September 2025, Best has two production bases in China, located in Zhenjiang and Ningbo, with designed capacities and utilization rates for acoustic enhancement materials at 30 tons and 96.7%, electronic ceramic materials at 6,000 tons and 75.7%, electronic adhesives at 75 tons and 83.3%, and energy enhancement materials at 750 tons and 66.7% [5]