招股书显示，固德电材成立于2008年，专注于新能源汽车动力电池热失控防护零部件及电力电工绝缘产品的研发、生产和销售，为客户提供定制化的热失 控防护解决方案和电力电工高性能绝缘解决方案。 固德电材聚焦新能源汽车热失控防护领域，目前已成为多家全球知名整车制造商及电池生产商的一级供应商，与通用汽车、福特、Stellantis、T公司、现代 起亚、丰田、宝马、吉利、零跑、小鹏、一汽集团等整车制造商，以及宁德时代、欣旺达、蜂巢等电池生产商在内的行业领军企业建立了长期稳定的合作 关系。 | 项目 | 2025/6/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | | --- | --- | --- | --- | --- | | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额(万元) | 113.032.85 | 108.317.39 | 75.672.86 | 56.453.36 | | 归属于母公司所有者权益(万元) | 67.095.61 | 58.892.20 | 44.782.21 | 28,112.71 | | 资产负 ...

Core Viewpoint - Gude Electric Materials is preparing for an IPO, with significant involvement from the founder's family, while facing challenges in both domestic and international markets due to changing tariff policies and competitive pressures in the electric vehicle sector [1][12][20]. Group 1: Company Background and Ownership Structure - Gude Electric Materials was established in 2008, initially focusing on electrical insulation materials and later expanding into the electric vehicle sector [2]. - The founder, Zhu Guolai, has increased his ownership stake to 70% after previous shareholders exited the company [5][6]. - Zhu Guolai directly holds 46.76% of the company, with family members also holding significant shares, indicating a strong family influence in the company's governance [22][24]. Group 2: Financial Performance - The company reported revenues of 4.75 billion yuan, 6.51 billion yuan, 9.08 billion yuan, and 4.58 billion yuan from 2022 to the first half of 2025, with net profits of 640.59 million yuan, 1 billion yuan, 1.72 billion yuan, and 811.61 million yuan respectively [10][11]. - By mid-2025, the electric vehicle battery thermal runaway protection components contributed 67.3% of the company's main business revenue [12]. Group 3: Market Challenges - Gude Electric Materials has seen a significant decline in orders from General Motors, with a 50.36% drop in sales in the first nine months of 2025 compared to the previous year, attributed to tariff uncertainties and inventory adjustments [18][20]. - The company has increasingly relied on exports, with foreign sales rising from 15.50% of total revenue in 2022 to 44.29% in 2024 [14]. Group 4: IPO and Fundraising Plans - The company aims to raise 1.176 billion yuan through its IPO, which is higher than its total assets of 1.13 billion yuan as of mid-2025 [28][29]. - A portion of the raised funds will be allocated to supplement working capital, despite the company having cash reserves of 271.37 million yuan [29].

Core Viewpoint - Gude Electric Materials (Suzhou) Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 1.176 billion yuan through the issuance of up to 20.7 million shares, primarily for the production of new materials for electric vehicle thermal runaway protection, R&D projects, and working capital [1][2]. Financial Performance - Gude Electric Materials has demonstrated impressive financial growth, with a compound annual growth rate (CAGR) of approximately 63.6% in net profit over the past three years [2][6]. - The company's revenue for the years 2022 to 2025 is reported as 475.11 million yuan, 650.92 million yuan, 907.92 million yuan, and 457.62 million yuan for the first half of 2025, indicating a CAGR of about 38% [6]. Business Model and Product Development - Established in 2008, Gude Electric Materials initially focused on electrical insulation materials and has since developed a comprehensive product system that includes insulation resins, mica products, and composite insulation structural components [5]. - The company has achieved vertical integration in mica product manufacturing through the acquisition of Micah Electric, creating a full industry chain from compliant mica mining to thermal runaway solutions [5]. - Gude Electric Materials has developed a full range of thermal runaway protection products for electric vehicle battery systems, covering cell-level, module-level, and battery pack-level solutions [5]. Patent and Certification Achievements - As of June 30, 2025, Gude Electric Materials holds 96 patents, including 36 invention patents and 60 utility model patents, and has established itself as a leader in setting national standards for thermal insulation materials [5]. - The company's thermal runaway protection components have received various international certifications, including UL certification and compliance with EU regulations [5]. Market Position and Client Relationships - Gude Electric Materials has established long-term partnerships with several global automotive manufacturers and battery producers, including General Motors, Ford, Toyota, and CATL, positioning itself as a key supplier in the industry [6]. Export Business and Regulatory Concerns - The company's export business has been rapidly increasing, with export revenue accounting for 39.28% of total revenue in the latest reporting period, raising concerns about the impact of changing tax policies and tariffs on its operations [8][9]. - The expiration of the U.S. electric vehicle tax credit in September 2025 and the reduction of vehicle purchase tax in China from 2026 to 2027 may affect demand and pricing strategies [9]. Internal Management Issues - Gude Electric Materials has faced scrutiny regarding its internal management and compliance controls, particularly following a warning letter issued to its chairman for failing to disclose certain shareholder information [10].

Core Viewpoint - The Shenzhen Stock Exchange will review the initial public offering (IPO) of Good Electric Materials (Suzhou) Co., Ltd. on December 19, 2025, aiming to raise approximately 1.175 billion yuan for various projects [1] Company Overview - Good Electric Materials focuses on the research, production, and sales of thermal runaway protection components for new energy vehicle power batteries and high-performance insulation products for electrical engineering [1] - The company provides customized thermal runaway protection solutions and high-performance insulation solutions for its clients [1] Fundraising Details - The company plans to raise 1,175.7115 million yuan, which will be allocated to: - Production of 7.25 million sets of new energy vehicle thermal runaway protection components and R&D projects - Construction of a production base for thermal runaway protection materials for lithium-ion batteries - Supplementing working capital [1] Shareholding Structure - The controlling shareholder and actual controller of the company is Zhu Guolai, who directly holds 46.76% of the shares, making him the largest shareholder [1] - Zhu Guolai also controls 9.12% and 3.55% of the voting rights through Suzhou Guohao and Suzhou Guofeng, respectively [1] - Zhu Ying, an acting person in concert with Zhu Guolai, directly holds 1.12% of the shares [1] - Collectively, the controlling shareholders and their concerted actions can control 60.55% of the voting rights [1]

Core Viewpoint - Gude Electric Materials has received approval for its IPO on the ChiNext board, focusing on the development and production of thermal runaway protection components for electric vehicle batteries and high-performance insulation products [3] Company Overview - Gude Electric Materials was established in 2008 and specializes in thermal runaway protection solutions for electric vehicle batteries and electrical insulation products [3] - The company has become a first-tier supplier for several global automotive manufacturers and battery producers, establishing long-term partnerships with industry leaders such as General Motors, Ford, Stellantis, BMW, and CATL [3] IPO Details - The company plans to raise 1.176 billion yuan through its IPO, with allocations including 619 million yuan for the production of 725 million sets of thermal runaway protection components and R&D projects, 257 million yuan for the construction of a production base, and 300 million yuan for working capital [4] Financial Performance - The company’s total assets are projected to grow from 564.53 million yuan in 2022 to 1,083.17 million yuan in 2024, with net profit increasing from 64.23 million yuan to 166.01 million yuan over the same period [5] - The revenue is expected to rise from 475.10 million yuan in 2022 to 908.00 million yuan in 2024, indicating a strong growth trajectory [5] - The company’s return on equity is projected to increase from 22.58% in 2022 to 31.57% in 2024, reflecting improved profitability [5] Shareholding Structure - The controlling shareholder and actual controller of the company is Zhu Guolai, who holds 46.76% of the shares and controls a total of 60.55% of the voting rights through various entities [7] - Zhu Guolai has a significant role in the company's decision-making processes, serving as both the chairman and general manager [7]

Core Viewpoint - Gude Electric Materials has initiated its IPO on the ChiNext board, focusing on the development and production of thermal runaway protection components for electric vehicle batteries and high-performance insulation products [3] Company Overview - Gude Electric Materials was established in 2008 and specializes in thermal runaway protection solutions for electric vehicle batteries and electrical insulation products [3] - The company has become a first-tier supplier for several global automotive manufacturers and battery producers, including General Motors, Ford, Stellantis, BMW, and CATL [3] IPO Details - The company aims to raise 1.176 billion yuan through its IPO, with 619 million yuan allocated for the production of 725,000 sets of thermal runaway protection components and R&D projects [4] - Additional funds include 257 million yuan for the construction of a production base for thermal runaway protection materials and 300 million yuan for working capital [4] Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 475 million yuan to 908 million yuan, with net profit increasing from 64 million yuan to 172 million yuan [5] - For Q1 2025, the company reported a revenue of 240 million yuan, a year-on-year increase of 35.46%, and a net profit of 48 million yuan, up 57.21% year-on-year [6] Sales and Market Presence - The company's foreign sales revenue has shown significant growth, with proportions of 15.50%, 28.82%, and 44.29% of total revenue over the past three years [6] - The company primarily conducts foreign sales in US dollars, indicating a strong international market presence [6]