Core Viewpoint - Zhejiang Kema Material Co., Ltd. has officially listed on the Beijing Stock Exchange, leveraging its leading T2 core technology and strong performance in the automotive parts sector, positioning itself as a high-quality investment target in the capital market [1] Group 1: Technology and Production - The T2 dry extrusion process is a key competitive advantage for Kema Materials, showcasing significant technological leadership globally [1] - The T2 process offers comprehensive breakthroughs in environmental protection, production efficiency, and product performance compared to the traditional T1 wet process, including reduced organic solvent usage and lower natural gas consumption [1] - Kema Materials is the first company in China to achieve large-scale industrial application of the T2 production process, establishing a strong industry barrier through its technical scarcity [1] Group 2: Market Demand and Growth - The market demand for dry friction plates is optimizing under the automotive industry upgrade, providing Kema Materials with substantial growth opportunities [2] - In the commercial vehicle sector, manual transmission vehicles dominate the domestic market, while AMT automatic transmissions are widely used in Europe and the U.S., supporting stable global demand for dry friction plates [2] - The rapid rise of new energy hybrid vehicles in the passenger car sector has become a new growth engine, with the proportion of vehicles requiring dry friction plates in the domestic market reaching 27.94% by 2024 [2] Group 3: Strategic Initiatives and Funding - Kema Materials is proactively entering the wet paper-based friction plate market to seize domestic opportunities, with a focus on increasing the localization rate [3] - The company plans to invest 73.32% of the 206 million yuan raised from its IPO into upgrading the T2 dry extrusion process, which will add an annual production capacity of 10 million plates [3] - Kema Materials holds 80 authorized patents and has participated in drafting 13 national and industry standards, establishing a closed-loop innovation mechanism through collaboration with academic institutions [3]