Core Viewpoint - New Guangyi (301687.SZ) has initiated its subscription with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi is a high-tech enterprise specializing in the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance, which are currently supplied to Apple's high-end headphone products [1] Financial Performance - The company achieved operating revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [2] Revenue Breakdown by Product Category - For the first half of 2025, the revenue breakdown by product category is as follows: - Anti-overflow adhesive films: 16,417.96 million yuan (52.43%) - Strong resistance specialty films: 7,272.05 million yuan (23.22%) - New energy materials: 3,941.97 million yuan (12.59%) - Optical adhesive films: 906.95 million yuan (2.90%) - Modified materials: 1,280.92 million yuan (4.09%) - Acoustic films: 512.08 million yuan (1.64%) - Others: 985.06 million yuan (3.15%) [1] Industry Insights - The Chinese functional film materials market is experiencing rapid growth, projected to reach a market size of 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [1] - Optical functional films represent the largest segment of the market, accounting for 39.6%, followed by separation functional films and packaging functional films at 28.37% and 17.64%, respectively [1]

Group 1 - The plastic flexible packaging industry is evolving with a trend towards single-material and functional materials, driven by technological advancements and environmental concerns [1][4][5] - The market share of composite films in China's plastic flexible packaging is relatively high at 27.8%, while BOPP films, plastic shopping bags, and BOPET films account for 20%, 12.1%, and 11.8% respectively [2] - The Chinese Plastic Processing Industry Association has identified functional BOPP films and eco-friendly BOPE films as key development directions during the 14th Five-Year Plan [2][4] Group 2 - The market size of China's plastic flexible packaging industry reached 121.34 billion yuan in 2023, with expectations to grow to 161.37 billion yuan by 2027 due to urbanization and rising consumer demand [5] - The industry is characterized by low market entry barriers and high competition, with a CR5 of only 8.7% in 2023, indicating a fragmented market [9] - Stricter environmental policies and upgraded downstream demand are expected to accelerate the elimination of outdated production capacity, leading to increased market concentration [9]