来源：深圳证券交易所、企业招股说明书 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 10月9日，深圳证券交易所官网显示，苏州市新广益电子股份有限公司（以下简称"新广益"）IPO状态变更为"注册生效"。 据悉，新广益于9月19日IPO首发过会、 9月23日提交注册，此次成功注册距离过会不足1个月、提交注册仅17天，意味着公司 即将登陆创业板，PCB行业 上市军团将再添一员。 | 公司全称 | 苏州市新广益电子股份有限公司 | 公司简称 | 新广益 | | --- | --- | --- | --- | | 受理日期 | 2023-06-29 | 更新日期 | 2025-10-09 | | 审核状态 | 注册生效 | 预计融资金额(亿元) | 6.3838 | | 保存机构 | 中信证券股份有限公司 | 保存代表人 | 李锐,王嘉宇 | | 会计师事务所 | 容诚会计师事务所(特殊普通合伙) | 签字会计师 | 王英航,孙翔 | | 律师事务所 | 北京市中伦律师事务所 | 签字律师 | 慕景丽，李科峰，徐源 | | ...

Company Summary - Shihua Technology (SH 688093) announced the completion of the issuance of approximately 17.75 million new shares on September 19, 2025, with a subscription price of 33.8 yuan per share, raising a total of approximately 600 million yuan [1] - The newly issued shares are subject to a six-month lock-up period, during which they cannot be transferred [1] - As of the report date, Shihua Technology has a market capitalization of 11.1 billion yuan [1] Revenue Composition - For the year 2024, Shihua Technology's revenue composition is as follows: functional materials account for 99.79% and other businesses account for 0.21% [1]

Group 1 - The company, Shihua Technology, announced that its third board meeting will be held on September 19, 2025, to review the adjustment of fundraising project amounts [1] - For the year 2024, the company's revenue composition is 99.79% from functional materials and 0.21% from other businesses [1] - As of the report, Shihua Technology has a market capitalization of 11.1 billion yuan [1]

Group 1: Market Dynamics - 26 new private placement projects were added in the last two weeks, a 8.33% increase from the previous period, with 17 being competitive bids[5] - The number of projects terminated remained stable at 10, with 6 being competitive bids[5] - The approval rate for projects was 100%, with 5 projects approved by the review committee, a decrease of 50% from the previous period[5] Group 2: Fundraising and Pricing - A total of 166.42 billion CNY was raised from 9 projects, a staggering 1613.24% increase compared to the previous period[34] - The average base discount rate for competitive projects was 12.59%, up 6.78 percentage points, while the market price discount rate averaged 13.27%, down 0.86 percentage points[34] - The average market price discount rate for non-competitive projects was 33.37%[34] Group 3: Competitive Bidding Insights - The average number of institutions participating in competitive bids was 25, with an average allocation rate of 63.86%, an increase of 28.44 percentage points[43] - The average premium rate for competitive bids was 8.52%, down 3.44 percentage points from the previous period[43] Group 4: Project Analysis - Aikodi plans to raise up to 520 million CNY for acquisitions, with a projected PE of 10.25X, lower than its current PE of 20.18X[25] - Lukan Pharmaceutical aims to raise up to 1.2 billion CNY for high-end formulation projects, with a market outlook driven by aging population and chronic diseases[27]

Core Viewpoint - Guangdong Suqun New Materials Co., Ltd. is preparing to issue shares to specific investors, aiming to raise funds for various projects, including the development of heat dissipation products and a liquid cooling research center, while ensuring compliance with relevant regulations and maintaining transparency in its financial disclosures [1][10]. Group 1: Company Overview - The company specializes in thermal management materials, magnetic materials, and nano-protective materials, focusing on enhancing the stability and reliability of electronic products [3]. - As of March 31, 2025, the company has a registered capital of 80.75 million yuan and operates as a high-tech enterprise in the functional materials sector [2][4]. - The main products include artificial graphite heat dissipation films and sheets, primarily used in consumer electronics such as smartphones and laptops, with plans to expand into new energy vehicles and servers [3][5]. Group 2: Financial Data - As of December 31, 2022, the total assets of the company were 1.56 billion yuan, with total liabilities of 502.98 million yuan, resulting in shareholders' equity of 1.06 billion yuan [4]. - For the first quarter of 2025, the company reported an operating income of 18.33 million yuan and a net profit of 1.64 million yuan [5]. - The company’s cash flow from operating activities for the first quarter of 2025 was 6.64 million yuan, while the net cash flow from investing activities was -14.09 million yuan [5]. Group 3: Share Issuance Details - The company plans to issue shares not exceeding 46.59 million yuan, with a maximum of 30% of the funds allocated for working capital and debt repayment [14]. - The issuance will target up to 35 specific investors, including qualified institutional investors and other eligible entities [16]. - The pricing for the new shares will be based on the average trading price over the 20 trading days prior to the pricing date, ensuring it does not fall below 80% of that average [16]. Group 4: Regulatory Compliance - The underwriting institution has conducted thorough due diligence and confirmed that the company meets the legal requirements for the issuance of shares [9][10]. - The company has adhered to the necessary decision-making processes, including board and shareholder resolutions, to approve the share issuance [10][11]. - The underwriting institution has committed to ensuring that all disclosures are accurate and free from misleading statements [9].

Core Viewpoint - Suzhou Shihua New Material Technology Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by increased sales and the introduction of new projects, indicating a strong market position in the functional materials industry [2][3]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 536.51 million RMB, a year-on-year increase of 73.79% [3]. - Total profit reached approximately 221.77 million RMB, up 83.64% compared to the previous year [3]. - Net profit attributable to shareholders was approximately 193.06 million RMB, reflecting an increase of 86.38% [3]. - The net cash flow from operating activities increased by 88.31%, amounting to approximately 202.35 million RMB [3]. - The company's net assets at the end of the reporting period were approximately 2.11 billion RMB, a 7.80% increase from the previous year [3]. Business and Product Overview - The company focuses on the research, development, production, and sales of functional materials, particularly in electronic and optical materials [4][6]. - Key products include functional electronic materials used in consumer electronics, AI smart hardware, and high-performance optical materials for OLED/LCD displays [4][6]. - The company employs a direct sales model and a production strategy based on customer demand, ensuring efficient operations and quality control throughout the production process [5][6]. Industry Context - The functional materials industry is experiencing rapid growth, driven by advancements in technology and increasing demand from sectors such as AI, consumer electronics, and integrated circuits [6][10]. - The industry is characterized by high research and development requirements, with a focus on polymer synthesis and functional coating technologies [6][10]. - Domestic companies are gaining competitive advantages through technological breakthroughs and improved service offerings, positioning themselves well in the high-end functional materials market [7][10]. Competitive Advantages - The company has established a robust research and development platform, accumulating significant expertise in key technologies such as resin synthesis and precision coating [8][12]. - It has a strong commitment to innovation, with a focus on customer-centric solutions and rapid response to market needs [12][13]. - The company has received multiple recognitions, including being designated as a national-level "specialized and innovative" small giant enterprise, highlighting its competitive position in the industry [13].

Core Viewpoint - 莱尔科技 reported significant growth in revenue and profit for the first half of 2025, driven by the rapid expansion of its new energy battery collection fluid business and the market development of functional coating films for new energy vehicles [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 384 million yuan, a year-on-year increase of 69.37% [1] - Net profit reached 19.93 million yuan, up 13.51% year-on-year [1] - The non-deductible net profit was 17.79 million yuan, reflecting a growth of 10.97% [1] - Basic earnings per share stood at 0.13 yuan [1] Group 2: Business Segments - The main business includes the R&D, production, and sales of functional materials, specifically functional coating films, new energy battery collection fluids, and carbon nanotube powders and slurries [1] - The rapid growth in the new energy battery collection fluid business saw a revenue increase of 408.33% year-on-year in the first half of 2025 [2] - The company is positioned as a leader in the niche market of functional coating films, with products widely used in consumer electronics, automotive electronics, servers, and new energy batteries [1][2] Group 3: Future Strategy - The company plans to enhance R&D investment to improve product performance and quality, addressing the diverse needs of customers [2] - Future product offerings will include differentiated combinations of new energy battery collection fluids to meet evolving performance requirements [3] - The company intends to raise up to 200 million yuan through a simplified procedure for specific object stock issuance, with funds allocated for high-performance functional film projects and new energy battery collection fluid material production [3][4] Group 4: Operational Improvements - The company aims to resolve production capacity issues through new production lines, process optimization, and increased automation [3] - The fundraising will also enhance the asset-liability structure and improve the quality of operating assets [4]

Core Viewpoint - The company, Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials), is undergoing scrutiny as it appears on the list for on-site inspections by the China Securities Association shortly after its IPO application was accepted. The inspection aims to filter out companies with potential issues before they go public, with a high termination rate observed in previous years [1][2]. Financial Performance - Huigu New Materials has shown continuous growth in its operating performance from 2022 to 2024, achieving revenues of 664 million yuan, 717 million yuan, and 817 million yuan respectively. The net profit attributable to the parent company, excluding non-recurring gains and losses, increased significantly from approximately 26.84 million yuan to 142 million yuan, marking a growth of over 400% in three years [2][15]. - The company reported a gross profit margin increase from 29.56% in 2022 to 40.68% in 2024, indicating improved profitability [15]. Related Transactions - In late 2023, Huigu New Materials approved a transaction to purchase real estate from Guangzhou Henghui Materials Co., Ltd. for 65 million yuan. The seller was indirectly controlled by the actual controller of Huigu New Materials, raising concerns about potential conflicts of interest [3][4][5]. Risk Factors - Despite the strong financial performance, Huigu New Materials has warned investors about potential risks, including a possible decline in operating profit by over 50% in the year of listing or even incurring losses due to macroeconomic conditions and market competition [2][14]. Ownership Structure - The actual controller, Tang Jing, holds 11.8% of the company's shares directly and controls 59.02% of the voting rights through various entities. His family members also hold significant positions within the company, indicating a concentrated ownership structure [9][10]. Research and Development - The company has invested in R&D, with expenses accounting for approximately 6.72% of its revenue in 2024. It has disclosed 31 R&D projects, with 20 completed, reflecting a commitment to innovation [22][25]. Internal Control Issues - Huigu New Materials has faced internal control issues related to financial practices, including discrepancies in invoice amounts and improper use of third-party payments. However, the company has stated that these issues have been rectified [27][30]. IPO Financing Plans - The company plans to raise 900 million yuan through its IPO, with significant portions allocated for expanding production capacity and enhancing R&D capabilities. Approximately 30% of the funds will be used to supplement working capital [30][31]. Safety Incident - A safety incident in 2019 involving a subsidiary led to fatalities and raised concerns about the company's safety management practices. The subsidiary was later merged and subsequently deregistered [35][39].

Group 1 - The company, Guangdong Jinge New Materials Co., Ltd., is undergoing an IPO review process at the Beijing Stock Exchange, with CICC as the sponsor and Tianjian Accounting Firm as the auditor [2] - Established in 2012, the company has a registered capital of 66.952 million yuan and is recognized as a national-level specialized and innovative small giant enterprise engaged in the R&D, production, and sales of functional materials [2] - The chairman and general manager, Huang Chaoliang, directly holds 57.96% of the company's shares and controls a total of 73.22% of the company through his investment in Jinwo Investment [2] Group 2 - The Beijing Stock Exchange has raised concerns regarding the company's actual production capacity of functional powder materials exceeding the approved environmental capacity, questioning the compliance and safety risks associated with this overcapacity [3] - The company has reported investment projects, including new automatic mixing and feeding production lines and the expansion of its second factory, which have procedural deficiencies related to environmental protection, filing, and energy-saving reviews [3] - The exchange has requested a detailed list of these investment projects, including the background and timeline of the procedural deficiencies, potential penalties, and the effectiveness of corrective measures taken [3]

Core Viewpoint - Shihua Technology (688093.SH) is accelerating its expansion in the functional materials sector, particularly in optical display film materials, with plans to raise up to 600 million yuan through a private placement to fund this expansion [1][2][4]. Group 1: Company Overview - Shihua Technology was established in 2010 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2020, focusing on the research, production, and sales of functional materials [1][4]. - The company is recognized as a national-level "little giant" enterprise and a national high-tech enterprise, with products widely used in consumer electronics, wearable devices, new energy, and automotive sectors [4][5]. Group 2: Financial Performance - In 2024, Shihua Technology achieved a revenue of 795 million yuan, a year-on-year increase of 55.36%, and a net profit of 280 million yuan, up 44.56%, both reaching historical highs [5][6]. - As of the first quarter of 2025, the company reported cash holdings of 209 million yuan and total assets of 2.183 billion yuan, marking a historical peak, with a total liability of 138 million yuan and a debt-to-asset ratio of only 6.3% [1][6]. Group 3: Expansion Plans - The company plans to invest approximately 740 million yuan in the optical display film materials expansion project, which will focus on producing key optical films such as polarizer protective films, OLED process protective films, and OCA optical adhesive films [2][3]. - The project aims to add 21 million square meters of polarizer protective film capacity, 2 million square meters of OLED process protective film capacity, and 4 million square meters of OCA optical adhesive film capacity, with an expected annual revenue of 1.392 billion yuan once fully operational [3]. Group 4: Market Position and Strategy - Shihua Technology aims to reduce reliance on international suppliers, as the optical film materials market is currently dominated by companies like 3M, LG Chem, and others [2][3]. - The company has made significant technological breakthroughs in the optical film materials sector and is focusing on expanding its production capacity to seize market opportunities [3][6].