Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, aiming to raise approximately 9.1868 billion yuan for expansion and development in the functional composite materials sector [1] Group 1: Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials, serving various industries including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [1] - The company has established a strong customer base, providing high-quality composite materials to renowned clients such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, CATL, and Gree [1] Group 2: Financial Performance - The company's main business revenue is derived from industrial-grade adhesives, electronic-grade adhesives, and functional film materials, with these products consistently accounting for over 97% of total revenue during the reporting period [2] - Revenue figures for the company are 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 [4] - Net profit figures for the same periods are approximately 206 million yuan, 278 million yuan, 302 million yuan, and 155 million yuan [5] Group 3: Market Position and Competition - The functional composite materials industry is characterized by market competition, with significant differences among participants in brand strength, business scale, market share, and R&D capabilities [2] - Major international players such as 3M, Nitto Denko, and tesa dominate the high-end market segments in consumer electronics, automotive, and semiconductors, influencing industry trends [2] Group 4: Investment Projects - The funds raised from the IPO will be allocated to several projects, including: - Expansion of functional composite materials production in Guangdong, with a total investment of 199.8006 million yuan - Expansion of semiconductor-related products in Jiangsu, with a total investment of 216.013 million yuan - Industrialization of optical film in Zhejiang, with a total investment of 227.7939 million yuan - Construction of a research and development center, with a total investment of 288.7142 million yuan - Supplementing working capital with an investment of 100 million yuan - The total investment for these projects is approximately 1.0323217 billion yuan, with 918.6813 million yuan planned to be raised from the IPO [4]