2025年12月31日，四川羽玺新材料股份有限公司（以下简称"羽玺新材"或"公司" ）北交所上市申请已获受理，保荐机 构为东莞证券。 此外，公司及子公司享受西部大开发企业所得税优惠政策，按15%税率缴纳所得税。若未来税收优惠政策调整或取 消，将对公司业绩造成直接影响。 羽玺新材是一家专注于功能性涂层复合材料的研发、生产与销售的高新技术企业，主营产品包括功 能性离型膜、功能 性保护膜、光学级硬化膜等功能性膜材料和功能性胶粘材料，广泛应用于消费电子、新型显示、汽车及新能源电池等 领域。 招股书显示，羽玺新材股权集中度较高。实控人张建军直接持有公司4853.33万股股份，占公司股份总数的59.19%。通 过直接和间接持股，并与盛玺投资、天玺投资、隆恒投资结成一致行动关系，张建军合计控制公司77.85%股份的表决 权。 业绩方面，2022年至2024年及2025年上半年（下称报告期内），公司的营收分别为4.94亿元、4.72亿元、5.64亿元和 2.70亿元，归母净利润分别为1124.84万元、2207.59万元、5269.14万元和2133.58万元。最近三年，公司归母净利润年 均复合增长率为116.43%，增速较 ...

格隆汇12月24日丨斯迪克(300806.SZ)公布，为增强太仓斯迪克资金实力并优化资本结构，补充其经营 发展中的营运资金需求，提升其在功能性涂层复合材料研发、市场拓展等方面的综合竞争力，公司拟引 进工融金投对太仓斯迪克增资实施市场化债转股。工融金投对太仓斯迪克以现金方式增资250,000,000 元，增资资金用于偿还太仓斯迪克财务报表范围内的存量金融机构负债。本次交易不涉及财务资助的情 形。本次增资价格为2元/注册资本，增资款为人民币250,000,000元，其中125,000,000元计入太仓斯迪克 注册资本，剩余125,000,000元计入太仓斯迪克资本公积。公司放弃本次增资的优先认购权，本次增资完 成后，太仓斯迪克注册资本将由300,000,000元增加到425,000,000元，其中公司对太仓斯迪克持股比例约 为70.59%，工融金投对太仓斯迪克持股比例约为29.41%。公司仍为太仓斯迪克控股股东，持有对太仓 斯迪克的实际控制权。 ...

Core Viewpoint - The audit opinion from Rongcheng Accounting Firm confirms the sustainable growth of Jinzhang Technology, a target asset of Guofeng New Materials, with significant revenue and profit increases projected for 2024 [1][5]. Group 1: Financial Performance - Jinzhang Technology is expected to achieve an operating income of 656 million yuan in 2024, representing a year-on-year growth of 14.15%, and a net profit of 72.08 million yuan, a substantial increase of 76.28% [1]. - The company's main business revenue is projected to grow from 574 million yuan in 2023 to 654 million yuan in 2024, with over 95% of this revenue coming from electronic screen optical protective film materials [2]. - The revenue from high-margin anti-static films is expected to reach 314 million yuan in 2024, a significant increase of 66.78%, accounting for 49.93% of the revenue from optical protective film materials [2]. - The overall gross profit margin improved from 16.13% in 2023 to 19.92% in 2024 due to product structure optimization [2]. Group 2: Customer and Supplier Concentration - Jinzhang Technology has a high concentration of customers and suppliers, with sales to the top five customers accounting for 51.38% in 2023 and 48.75% in 2024, while purchases from the top five suppliers accounted for 65.97% and 62.83% respectively [3]. - The company maintains a stable long-term relationship with its second-largest supplier, Toray International (China) Co., Ltd., with procurement from this supplier consistently between 14% and 16% [3]. Group 3: Financial Health and Internal Controls - As of the end of 2024, Jinzhang Technology's total assets are 881 million yuan, with net assets of 532 million yuan and a debt-to-asset ratio of 39.63% [4]. - Despite a 21.07% increase in total borrowings to 113 million yuan, financial expenses decreased by 65.49% to 1.2571 million yuan due to lower interest rates and increased exchange gains [4]. - The company has rectified previous internal control deficiencies and established a robust internal control system, confirmed by the auditing firm as effective in ensuring the accuracy of financial reports [4]. Group 4: Equity Incentives and Stock Management - Jinzhang Technology is implementing an equity incentive plan, granting 650,000 shares at a price of 3.57 yuan per share, with a total expense of 7.5135 million yuan to be amortized over five years [5]. - The company is in the process of canceling 4.7993 million shares of treasury stock, which is a prerequisite for the asset acquisition transaction [5].

Core Insights - Functional coating materials are becoming a crucial link between traditional industries and emerging sectors in China's advanced manufacturing landscape, impacting various applications such as electric vehicle batteries, consumer electronics, aerospace, and medical devices [1][3] - The industry has historically faced challenges, including reliance on imports and environmental standards lagging behind international norms, but companies like Mingxun Technology are reshaping the market with innovative, eco-friendly materials [1][3][5] Company Overview - Mingxun Technology, a national high-tech enterprise, has transitioned from importing materials to developing its own, marking a significant shift in China's functional film materials industry [2][3] - The company has developed over 2,000 types of functional composite materials, including a black shading film that surpasses Japanese competitors and a 0.1-micron wireless charging nano-gold tape that achieves domestic production [5][11] - Mingxun's market share for mobile phone-specific recyclable materials reached 20.1% and 18.7% in consecutive years, leading the global market [1][8] Market Dynamics - The functional film materials market in China is projected to reach 162.3 billion yuan in 2024, with an annual growth rate of 8.9%, driven by increasing demand in various sectors [11] - The Yangtze River Delta region holds a significant 36.5% market share, benefiting from a robust industrial chain and research resources [11] Innovation and Sustainability - Mingxun Technology has focused on green manufacturing and circular economy principles, producing high polymer materials that can be recycled, thus reducing waste disposal costs for clients [12][14] - The company has invested heavily in R&D, establishing multiple centers across China to innovate and upgrade materials, particularly in low-carbon and plastic-reduction initiatives [11][12] Challenges and Future Outlook - Despite the cost parity of eco-friendly materials with traditional products, there remains a perception that "green equals expensive," which poses a challenge for market penetration [9] - The company aims to lead the industry towards sustainable development, with aspirations for bio-based materials to become standard in the future [12][14]

Group 1: Company Overview and Market Position - Jiangsu Sidike New Materials Technology Co., Ltd. focuses on electronic-grade adhesive materials and functional film materials, targeting optical display, new energy, and microelectronics sectors [2][3] - The company has a significant opportunity for domestic suppliers due to the large market share held by American and Japanese manufacturers, indicating a broad space for import substitution [2][3] Group 2: Production and Supply Chain - The company has an adhesive synthesis capacity of 185,000 tons, with a self-sufficiency rate of approximately 90% for adhesives and nearly complete self-sufficiency for release films [4] - The production lines for imported PET optical films and release films are operational, with plans to increase the self-sufficiency rate of high-end PET base films [4] Group 3: Financial Performance and Growth - The company reported a sales revenue growth of approximately 37% in 2024, with total sales reaching around 20 billion yuan [13] - The top five customers contributed 759,021,019.62 yuan, accounting for 28.21% of the annual sales total [8] Group 4: Research and Development Focus - Key R&D investments are concentrated in optical display materials, new energy battery materials, microelectronics materials, and PET optical films [5] Group 5: Market Expansion and Strategy - The company has established subsidiaries in the USA, Japan, South Korea, and Vietnam, achieving breakthroughs in overseas markets with core products reaching mass production [9] - Future goals include becoming an internationally leading provider of functional coating composite materials and solutions, aiming for advanced levels in technology and scale [9] Group 6: Production Capacity and Utilization - The overall machine utilization rate is above 80%, with plans for structural adjustments to improve investment returns [12] - The company is currently focusing on high-value orders while also accepting lower-value orders to cover fixed costs and enhance operational efficiency [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a significant revenue increase of 36.7% year-on-year, reaching 2.69 billion yuan in 2024, although net profit decreased by 2.1% to 55 million yuan [2][7]. - In Q1 2025, the company achieved a revenue of 670 million yuan, reflecting a slight year-on-year increase of 1.1% but a quarter-on-quarter decrease of 1.9% [2][7]. - The company is in a phase of ramping up new production capacities, which is expected to enhance sales volume in the future [13]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.69 billion yuan, with a net profit of 55 million yuan and a non-recurring net profit of 21 million yuan, marking a year-on-year decrease of 46.4% [2][7]. - For Q1 2025, the company reported a net profit of 10 million yuan, which is a 48.3% decrease year-on-year but a significant increase of 767.5% quarter-on-quarter [2][7]. Business Development - The company is a leader in functional coating composite materials, expanding its product lines into areas such as functional films, electronic-grade adhesives, and thermal management composites [13]. - The company is focusing on new product categories, particularly in OCA adhesives and upstream PET base films, to enhance its core competitiveness [13]. Future Outlook - The company has ongoing projects that are expected to contribute to future growth, with a projected net profit of 120 million yuan, 210 million yuan, and 300 million yuan for 2025, 2026, and 2027 respectively [13]. - The OCA adhesive market is anticipated to grow significantly, driven by demand from the smartphone and automotive sectors, particularly with the rise of foldable screen technology [13].