Core Viewpoint - The China Securities Regulatory Commission has disclosed the completion report of the listing guidance for Beijing Kangmite Technology Co., Ltd., indicating that the company is well-prepared for its public offering and listing on the Beijing Stock Exchange [1] Group 1: Company Overview - Kangmite is a national-level specialized and innovative "little giant" enterprise engaged in the research, production, and sales of electronic packaging materials and high-performance modified plastics [1] - The company focuses on three main technology platforms: organic silicon packaging materials, epoxy packaging materials, and modified expandable polystyrene materials [1] Group 2: Product Offerings - The main product form of the electronic packaging materials is electronic adhesives for LED chip packaging, which are widely used in new displays, semiconductor general lighting, specialized lighting, semiconductor device packaging, and aerospace [2] - The high-performance modified plastics include modified expandable polystyrene, applicable in building energy conservation, safety protection in sports and transportation, and protection for electrical and lithium battery components [2] Group 3: Competitive Positioning - Kangmite's core products, such as high-refractive index organic silicon packaging glue and electronic epoxy packaging glue, have reached performance levels comparable to international brands like DuPont and Shin-Etsu [2] - The company has achieved import substitution in the LED chip packaging adhesive sector and is a leader in this field in China [2] - Since 2018, Kangmite has been a pioneer in the Mini/Micro LED sector, becoming the first domestic manufacturer to achieve mass production of Mini LED organic silicon packaging glue [2] Group 4: Client Base - The company has established a strong brand image and accumulated a wealth of high-quality customer resources, becoming a preferred partner for many well-known brands [3] - Direct or end customers of Kangmite's electronic packaging materials include domestic listed companies in the LED packaging industry and leading enterprises in the new display sector, as well as international lighting and new display industry leaders [3]

Core Viewpoint - The company, Zhouming Technology, is a leading player in the LED display industry, focusing on technological innovation, overseas expansion, and strategic planning to drive growth and maintain market leadership. Group 1: Business Performance - The LED display business is the primary profit source for the company, accounting for 92.49% of total revenue in the 2024 annual report [1] - Overseas revenue reached 4.777 billion yuan, representing 61.45% of total revenue, with a year-on-year growth of 18.33% [1] Group 2: Technological Innovation - The company is advancing high-end Mini/Micro LED product lines to meet high-end application demands and has upgraded its LED+AI strategy to create an intelligent and scenario-based innovation ecosystem [2] - The company launched innovative products such as the AI holographic companion assistant and AI interactive fish tank screen, transitioning LED+AI from concept to commercialization [2] Group 3: Research and Development - In 2024, 19.94% of the company's total workforce was dedicated to R&D, with an annual R&D investment of 376 million yuan, accounting for 4.84% of revenue [2] - The company obtained 370 new patent authorizations in 2024, including 81 invention patents, bringing the total to 3,231 authorized patents [2] Group 4: Capacity Expansion and M&A Strategy - The company is investing 600 million yuan in a new production base for Micro & Mini LED displays and LED lighting in Nanchang, focusing on advanced production lines [3] - The company maintains a cautious yet open attitude towards potential mergers and acquisitions, emphasizing the integration of market, brand, and technology resources to complement its strategic goals [3]