Core Viewpoint - Best New Materials Co., Ltd. has officially submitted its IPO prospectus to the Hong Kong Stock Exchange, with Guotai Junan as the sole sponsor [1] Group 1: IPO Purpose and Use of Proceeds - The funds raised from the IPO will be used to enhance the production capacity of existing products, promote the development and commercialization of new products, establish a research and development center, pursue potential acquisitions, expand the sales and service network, and for working capital and general corporate purposes [2] Group 2: Business Overview - Best is an electronic functional enhancement materials company with four main business units: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. The energy enhancement materials primarily include photovoltaic backsheet glass coating materials, photovoltaic conductive pastes, and photovoltaic cell additives. The main products are designed to improve the acoustic, optical, thermal, and electrical performance of components and equipment in consumer electronics and new energy sectors, covering applications in smartphones, laptops, tablets, smart wearables, and new energy vehicles. The company's product applications are gradually expanding into high-growth areas such as advanced packaging and computing, as well as other semiconductor-related fields [4] Group 3: Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1% as of the first half of 2025. It ranks second in the global LIB separator coating alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Group 4: Financial Performance - Financial data shows that Best achieved revenues of 320 million yuan, 355 million yuan, and 460 million yuan for the first three quarters of 2023, 2024, and 2025, respectively. The revenue contribution from the energy enhancement materials business was 33.2%, 35.7%, and 27.7% for the same periods. Net profits were 96.16 million yuan, 113 million yuan, and 118 million yuan for the respective years. Notably, the customer concentration is very high, with the top five customers contributing 88.2%, 82.3%, and 79.0% of revenue from 2023 to the first three quarters of 2025, with the largest customer contributing over 20% [5] Group 5: Profitability and Production Capacity - The gross profit margins for the first three quarters of 2023, 2024, and 2025 were 54%, 56.1%, and 46.1%, respectively. The significant drop in gross margin in 2025 is attributed to two factors: the introduction of new electronic ceramic materials with a gross margin of 21.7%, which is much lower than the core electronic ceramic materials business, and a drastic decline in the gross margin of energy enhancement materials from 10.4% to 0.8%. As of September 2025, Best has two production bases in China, located in Zhenjiang and Ningbo, with designed capacities and utilization rates for acoustic enhancement materials at 30 tons and 96.7%, electronic ceramic materials at 6,000 tons and 75.7%, electronic adhesives at 75 tons and 83.3%, and energy enhancement materials at 750 tons and 66.7% [5]

Company Overview - Zhenjiang Best New Materials Co., Ltd. (Best) is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - The company has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [3] - Best's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors, including smartphones, laptops, tablets, smart wearables, and new energy vehicles [3] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Production Capacity - As of September 30, 2025, Best has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [6] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [6] Financial Performance - The company's revenue for the fiscal years ending 2023, 2024, and the nine months ending September 30, 2025, are approximately RMB 320 million, RMB 355 million, and RMB 460 million, respectively [7] - The net profit for the same periods is approximately RMB 96.16 million, RMB 113 million, and RMB 118 million [8] - The gross profit margins for these periods are 54.0%, 56.1%, and 46.1% [9] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [11] - The global acoustic enhancement materials market size is projected to grow from RMB 1,003.7 million in 2020 to RMB 1,347.7 million in 2024, with a CAGR of 7.6%, and further to RMB 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from RMB 96 billion in 2020 to RMB 181 billion in 2024, with a CAGR of 17.1%, and reach RMB 528 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [15] - The global electronic adhesives market is projected to grow from RMB 320 billion in 2020 to RMB 382 billion in 2024, with a CAGR of 4.5%, and is expected to reach RMB 558 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [18]

Company Overview - Zhenjiang Best New Materials Co., Ltd. (Best) is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [4] - The company has built three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [4] - Best's electronic functional enhancement materials are primarily used to enhance the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors [4] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with approximately 18.1% market share, fourth in the global acoustic adhesives market with about 3.5% market share, and third in the global high-reflective glaze market with a 5.0% market share [5] Production Capacity - As of September 30, 2025, Best has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [7] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [7] Financial Performance - The company's revenue for the fiscal years ending September 30 are approximately CNY 320 million for 2023, CNY 355 million for 2024, and CNY 460 million for 2025 [8] - The net profit for the same periods is approximately CNY 96.16 million for 2023, CNY 113 million for 2024, and CNY 118 million for 2025 [9] - The gross profit margins are reported as 54.0% for 2023, 56.1% for 2024, and 46.1% for 2025 [10] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [12] - The global acoustic enhancement materials market size is projected to grow from CNY 1,003.7 million in 2020 to CNY 1,347.7 million in 2024, with a CAGR of 7.6%, and further to CNY 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from CNY 9.6 billion in 2020 to CNY 18.1 billion in 2024, with a CAGR of 17.1%, and reach CNY 52.8 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [14] - The global electronic adhesives market is projected to grow from CNY 32 billion in 2020 to CNY 38.2 billion in 2024, with a CAGR of 4.5%, and is expected to reach CNY 55.8 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [19]

Company Overview - The company, Zhenjiang Best New Materials Co., Ltd. (Best), is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - Best has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [3] - The company's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors [3] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Production Capacity - As of September 30, 2025, the company has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [6] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [6] Financial Performance - The company's revenue for the fiscal years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, are approximately RMB 320 million, RMB 355 million, and RMB 460 million respectively [7] - The net profit for the same periods is approximately RMB 96.16 million, RMB 113 million, and RMB 118 million respectively [8] - The gross profit margins for these periods are 54.0%, 56.1%, and 46.1% respectively [9] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [11] - The global acoustic enhancement materials market size is projected to grow from RMB 1,003.7 million in 2020 to RMB 1,347.7 million in 2024, with a CAGR of 7.6%, and further to RMB 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from RMB 9.6 billion in 2020 to RMB 18.1 billion in 2024, with a CAGR of 17.1%, and reach RMB 52.8 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [15] - The global electronic adhesives market is projected to grow from RMB 32 billion in 2020 to RMB 38.2 billion in 2024, with a CAGR of 4.5%, and reach RMB 55.8 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [18]

Group 1 - The company, Zhenjiang Best New Materials Co., Ltd. (Best), has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan as its sole sponsor [1] - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coating alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [1] Group 2 - The company is a well-established electronic functional enhancement materials firm with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - Best has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform, based on deep insights into industry development and technological evolution, along with solid R&D capabilities and lean management expertise [3]

Core Viewpoint - Zhenjiang Best New Materials Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan as its sole sponsor, indicating its intention to expand its market presence and capitalize on its strong industry position [1] Group 1: Market Position - The company ranks first in the global acoustic enhancement materials market with a market share of 18.1% [1] - It holds the second position in the global LIB diaphragm coating alumina ceramic materials market, also with a market share of approximately 18.1% [1] - In the global acoustic adhesives market, the company ranks fourth with a market share of about 3.5% [1] - The company is third in the global high-reflective glaze market, holding a market share of 5.0% [1] Group 2: Company Strengths - The company is described as a solid foundation electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [1] - It has established three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform, showcasing its robust R&D capabilities and management expertise [1]