Company Overview - Crown New Materials Technology Co., Ltd. (Crown New Materials) has changed its listing review status on the Shenzhen Stock Exchange to "inquired," with CICC as its sponsor, aiming to raise 918.68 million yuan [1] - The company specializes in the research, production, and sales of functional composite materials, including industrial-grade adhesives, electronic-grade adhesives, and functional film materials, with applications across various sectors such as light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [1] Industry Context - The domestic market for functional composite materials is fragmented, with many small manufacturers focusing on low-end products, resulting in a weak position within the industry chain [1] - A few early entrants, including Crown New Materials, have achieved large-scale production and possess advanced production technologies for high-end materials, enabling them to compete with international leaders [1] Product Applications and Performance - Crown New Materials has successfully entered markets previously dominated by international giants like 3M, Nitto, and Tesa, providing products to well-known clients such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, CATL, and Gree [2] - The company has shown steady growth in performance and profitability, focusing on functional new materials as a strategic priority and aiming to enhance its competitive edge in high-end products [2] Fundraising and Financial Projections - The fundraising will support several projects, including the expansion of functional composite materials production and the establishment of a research center, with a total investment of approximately 1.032 billion yuan and planned use of raised funds amounting to 918.68 million yuan [3] - Financial projections indicate revenues of approximately 2.567 billion yuan, 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of around 206 million yuan, 278 million yuan, 302 million yuan, and 155 million yuan for the same periods [3] Financial Metrics - Total assets are projected to grow from approximately 2.304 billion yuan in 2022 to 3.561 billion yuan by mid-2025, with a decrease in the debt-to-asset ratio from 43.76% in 2022 to 37.41% in 2025 [4] - The company’s net profit is expected to increase from 205.50 million yuan in 2022 to 154.99 million yuan in the first half of 2025, with a basic earnings per share of 0.38 yuan for the first half of 2025 [5]

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, indicating a significant step for the company in the functional film and adhesive products industry [1]. Company Overview - Crown New Materials focuses on the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials, serving various sectors including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [4]. Financial Performance - The company's revenue for the reporting periods (2022 to 2025) shows a steady increase, with total revenues of 2.567 billion yuan, 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan for the respective years [5]. - The net profit after deducting non-recurring gains and losses was 226 million yuan, 275 million yuan, 307 million yuan, and 154 million yuan for the same periods, indicating stable growth [5]. Product Revenue Breakdown - Industrial-grade adhesives accounted for over 65% of total revenue, with a decline in sales price from 3.72 yuan to 3.51 yuan, while electronic-grade adhesives and functional film materials saw price increases [6]. - The revenue from industrial-grade adhesives was 1.0357 billion yuan in the first half of 2025, reflecting a growth rate of 66.07% [5]. Funding and Investment Plans - The company plans to raise 919 million yuan, primarily for expanding production projects in Guangdong, Jiangsu, and Zhejiang, as well as for the construction of a research and development center [7][8].

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, with a focus on functional new materials and a wide range of applications across various industries [2][3]. Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials, positioning itself as a high-tech enterprise [2]. - The company's products are utilized in numerous well-known brands, including OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, and others [2]. Financial Summary - The total investment for the IPO is approximately 10.32 billion, with 9.2 billion intended for expansion projects and working capital [3]. - Revenue figures for the years 2022 to 2025 are projected to be 2.567 billion, 2.895 billion, 3.159 billion, and 1.592 billion respectively, with net profits of 206 million, 278 million, 302 million, and 155 million [5]. - The company’s total assets are expected to grow from 2.303 billion in 2022 to 3.560 billion by mid-2025, while the debt-to-asset ratio is projected to decrease from 43.76% in 2022 to 37.41% by mid-2025 [4]. Subsidiary Performance - As of the date of the prospectus, Crown New Materials has eight wholly-owned subsidiaries, with only two subsidiaries, Jiangsu Crown and Guangdong Crown, reporting profits in the first half of the year [6].

Core Viewpoint - Crown New Materials Technology Co., Ltd. has initiated its IPO on the Shenzhen main board, aiming to raise 919 million yuan for expansion and development projects in the functional composite materials sector [1][4]. Group 1: Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade adhesive materials, electronic-grade adhesive materials, and functional film materials [3]. - The company's products are widely used across various industries, including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [3]. Group 2: Market Position and Competition - The domestic market for functional composite materials is fragmented, with many small-scale manufacturers focusing on low-end products, while a few established companies like Crown New Materials have developed the capability to compete with international leaders [3][4]. - Crown New Materials has successfully entered markets previously dominated by international giants such as 3M, Nitto, and tesa, supplying well-known brands like OPPO, vivo, Huawei, Apple, Google, and Tesla [4]. Group 3: Financial Performance - The company reported revenues of 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 278 million yuan, 302 million yuan, and 155 million yuan [4]. - The functional composite materials market in China reached a scale of 232.7 billion yuan in 2023, indicating significant growth potential for Crown New Materials' products [4]. Group 4: Use of IPO Proceeds - The IPO proceeds of 919 million yuan will be allocated to expansion projects in Guangdong, Jiangsu, and Zhejiang, as well as the establishment of a research and development center and to supplement working capital [4][5]. - These investments are expected to strengthen the company's market position and enhance its innovation capabilities in the functional composite materials industry [5].