固德电材上会在即，董事长收警示函，诚信受拷问

Core Viewpoint - Gude Electric Materials (Suzhou) Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 1.176 billion yuan through the issuance of up to 20.7 million shares, primarily for the production of new materials for electric vehicle thermal runaway protection, R&D projects, and working capital [1][2]. Financial Performance - Gude Electric Materials has demonstrated impressive financial growth, with a compound annual growth rate (CAGR) of approximately 63.6% in net profit over the past three years [2][6]. - The company's revenue for the years 2022 to 2025 is reported as 475.11 million yuan, 650.92 million yuan, 907.92 million yuan, and 457.62 million yuan for the first half of 2025, indicating a CAGR of about 38% [6]. Business Model and Product Development - Established in 2008, Gude Electric Materials initially focused on electrical insulation materials and has since developed a comprehensive product system that includes insulation resins, mica products, and composite insulation structural components [5]. - The company has achieved vertical integration in mica product manufacturing through the acquisition of Micah Electric, creating a full industry chain from compliant mica mining to thermal runaway solutions [5]. - Gude Electric Materials has developed a full range of thermal runaway protection products for electric vehicle battery systems, covering cell-level, module-level, and battery pack-level solutions [5]. Patent and Certification Achievements - As of June 30, 2025, Gude Electric Materials holds 96 patents, including 36 invention patents and 60 utility model patents, and has established itself as a leader in setting national standards for thermal insulation materials [5]. - The company's thermal runaway protection components have received various international certifications, including UL certification and compliance with EU regulations [5]. Market Position and Client Relationships - Gude Electric Materials has established long-term partnerships with several global automotive manufacturers and battery producers, including General Motors, Ford, Toyota, and CATL, positioning itself as a key supplier in the industry [6]. Export Business and Regulatory Concerns - The company's export business has been rapidly increasing, with export revenue accounting for 39.28% of total revenue in the latest reporting period, raising concerns about the impact of changing tax policies and tariffs on its operations [8][9]. - The expiration of the U.S. electric vehicle tax credit in September 2025 and the reduction of vehicle purchase tax in China from 2026 to 2027 may affect demand and pricing strategies [9]. Internal Management Issues - Gude Electric Materials has faced scrutiny regarding its internal management and compliance controls, particularly following a warning letter issued to its chairman for failing to disclose certain shareholder information [10].