2025年12月31日，四川羽玺新材料股份有限公司（以下简称"羽玺新材"或"公司" ）北交所上市申请已获受理，保荐机 构为东莞证券。 此外，公司及子公司享受西部大开发企业所得税优惠政策，按15%税率缴纳所得税。若未来税收优惠政策调整或取 消，将对公司业绩造成直接影响。 羽玺新材是一家专注于功能性涂层复合材料的研发、生产与销售的高新技术企业，主营产品包括功 能性离型膜、功能 性保护膜、光学级硬化膜等功能性膜材料和功能性胶粘材料，广泛应用于消费电子、新型显示、汽车及新能源电池等 领域。 招股书显示，羽玺新材股权集中度较高。实控人张建军直接持有公司4853.33万股股份，占公司股份总数的59.19%。通 过直接和间接持股，并与盛玺投资、天玺投资、隆恒投资结成一致行动关系，张建军合计控制公司77.85%股份的表决 权。 业绩方面，2022年至2024年及2025年上半年（下称报告期内），公司的营收分别为4.94亿元、4.72亿元、5.64亿元和 2.70亿元，归母净利润分别为1124.84万元、2207.59万元、5269.14万元和2133.58万元。最近三年，公司归母净利润年 均复合增长率为116.43%，增速较 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 1.4 billion yuan in the first half of 2025, representing a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 30 million yuan, down 22.8% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 730 million yuan, which is a 7.8% increase year-on-year and an 8.1% increase quarter-on-quarter. The net profit attributable to shareholders was 16 million yuan, up 10.9% year-on-year and 61.7% quarter-on-quarter [2][7]. Summary by Sections Company Overview - The company is a leader in functional coating composite materials, expanding its development boundaries through both horizontal and vertical growth. Its main products include functional film materials, electronic-grade adhesives, polymer film materials, thermal management composite materials, and film packaging materials, which are applied in key sectors such as consumer electronics, new displays, new energy vehicles, home appliances, and ceramic capacitors [7]. Financial Performance - The company is experiencing revenue growth as new projects are being put into production, but its performance remains under pressure due to the ramp-up phase of new projects and severe industry competition. The overall gross margin in Q2 2025 was 21.7%, a decrease of 0.7 percentage points year-on-year. The R&D expense ratio in Q2 2025 was 8.0%, indicating a sustained high level of investment [7]. Future Prospects - The company is advancing multiple projects funded through IPO and private placements, with several projects already in production. The company plans to invest 510 million yuan in expanding high-end functional film production, targeting applications in the electronics industry and automotive displays. The anticipated release of several key consumer electronic models in the second half of the year is expected to drive steady business growth [7]. Market Opportunities - The domestic market for OCA optical adhesives presents significant growth potential, driven by the increasing value of OCA adhesives in foldable smartphones and the expected rise in their shipment volumes. The company’s electronic-grade adhesive materials and automotive electronic materials are continuously expanding, with the gross margin for the electronic-grade adhesive materials segment at 35.4% in the first half of 2025, up 2.0 percentage points year-on-year [7]. Profit Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 90 million, 180 million, and 260 million yuan, respectively [7].

Core Viewpoint - Anhui Guofeng New Materials Co., Ltd. is responding to an inquiry from the Shenzhen Stock Exchange regarding its plan to acquire a controlling stake in Taihu Jinzhan Technology Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds [1][3] Group 1: Transaction Details - The company plans to purchase 46,263,796 shares of Taihu Jinzhan Technology, representing 58.33% of the total share capital after the cancellation of treasury shares [3] - The total assessed value of 100% equity of the target company is 1.213 billion yuan, with the transaction price for the 58.33% stake set at approximately 699.94 million yuan [3] - The company aims to raise up to 351 million yuan by issuing shares to no more than 35 qualified investors, including Hefei Industrial Investment Holding Group Co., Ltd. [3] Group 2: Target Company Overview - Taihu Jinzhan Technology specializes in the research, production, and sales of functional coating composite materials, primarily focusing on optical protective films for electronic screens and precision functional films for electronic processes [4] - The main application area for the company's products is the consumer electronics sector, particularly smartphones [4] Group 3: Financial Performance - From 2020 to 2024, the total assets of the target company were 763.83 million yuan, 784.66 million yuan, 737.02 million yuan, 848.13 million yuan, and 880.93 million yuan, with percentage changes of 2.73%, -6.07%, 15.08%, and 3.87% respectively [5] - The net assets during the same period were 499.34 million yuan, 469.82 million yuan, 455.58 million yuan, 496.47 million yuan, and 531.77 million yuan, showing changes of -5.91%, -3.03%, 8.98%, and 7.11% respectively [5] - The company's operating revenue for the years 2020 to 2024 was 565.83 million yuan, 456.49 million yuan, 375.65 million yuan, 574.79 million yuan, and 656.10 million yuan, with changes of -19.32%, -17.71%, 53.01%, and 14.15% respectively, indicating a trend of decline followed by recovery [6] - Sales revenue from optical protective films consistently accounted for over 89% of the total operating revenue during this period [6]