Core Business and Financial Performance - Jiangsu Sruida Material Technology Co., Ltd. specializes in the research, production, and sales of functional polymer materials, primarily focusing on high polymer coating materials for consumer electronics and new energy vehicles [2][11] - The company reported significant revenue growth, with operating income increasing from 96.26 million yuan in 2022 to 313.44 million yuan in 2024, and net profit rising from 5.04 million yuan to 84.67 million yuan during the same period [2][11] - The main revenue drivers include electronic multifunctional composite materials, precision protection materials for optoelectronic processes, and functional materials for new energy battery modules, with the precision protection materials segment showing the most substantial growth [3][12][13] Customer Dependency and Market Risks - Sruida's revenue is heavily reliant on a single major customer, Visionox, which accounted for 36.44% and 50.91% of total revenue in 2023 and 2024, respectively [4][14] - The concentration of sales to the top five customers represents 64.98% and 72.35% of total revenue for the same years, raising concerns about the sustainability of these relationships [4][14] - The company's international revenue share has decreased significantly from 13.11% in 2022 to 3.06% in 2024, indicating challenges in expanding its global market presence [5][14] Governance and Internal Control Issues - Sruida is a family-controlled enterprise, with the actual controllers holding 46% of the shares, which may lead to governance and financial control issues [5][15] - The company has engaged in significant fund transfers, totaling 93.5 million yuan from 2022 to 2023, with a portion being used for personal consumption by the controlling family [6][15] - Internal control deficiencies have been identified, including irregularities in salary payments and the use of third-party entities for financial transactions, which could pose compliance risks [8][17] Future Outlook and Regulatory Scrutiny - The company faces intense scrutiny from regulators regarding the sustainability of its business model and the potential risks associated with its customer concentration and internal controls [1][9] - Sruida has stated that it has implemented measures to improve its internal controls and governance practices, but the effectiveness of these measures remains to be seen [8][17] - The ability to demonstrate sustainable operations and robust governance will be critical for Sruida's success in its IPO process [9][18]

深圳商报·读创客户端记者 梁佳彤 11月28日，据北交所官网，江苏斯瑞达材料技术股份有限公司（下称"斯瑞达"）回复首轮问询，公司转贷、关联方资金占用、第三方代发职工薪酬等财务内 控不规范情况受到监管层的关切。 | 代码 | 874570 | | | --- | --- | --- | | 公司全称 | 江苏斯瑞达材料技术股份有限公司 | 류 | | 审核状态 | 已问询 | ਦੇਵ | | 保荐机构 | 国海证券股份有限公司 | 保存 | | 会计师事务所 | 容诚会计师事务所 (特殊普通合伙) | 签字 | | 律师事务所 | 国浩律师（北京）事务所 | 容 | | 评估机构 | 中水致远资产评估有限公司 | 종후 | 招股书介绍，斯瑞达主要从事功能高分子材料研发、生产及销售，产品主要是以高分子涂层为核心的功能胶带材料和膜材料，为消费电子、新能源汽车等终 端行业领域的客户提供全方位、深层次的电子胶粘、电磁兼容与屏蔽、转移保护、耐老化等系统化解决方案。 公司以OLED制程保护膜材料为突破口，成功帮助国内显示屏龙头企业维信诺实现该材料的供应链本土化；公司开发的新能源电池模组功能材料已稳定向比 亚迪、宁德时代等国 ...

Group 1 - The company approved an investment of up to RMB 100 million for the construction of the Kote (Suzhou) New Materials Project by its subsidiary Shanghai Kote New Materials Co., Ltd in Wujiang Economic and Technological Development Zone [5][7][9] - The project aims to develop and produce high-performance products such as thermal runaway protection products for power batteries, refractory materials, and electronic components [7][9][10] - The investment will be funded through self-raised capital, with a breakdown of approximately RMB 360 million for infrastructure, RMB 240 million for equipment, and RMB 400 million for working capital [7][8][16] Group 2 - The company plans to provide a guarantee of up to RMB 25 million for its subsidiary Shenzhen Wal New Energy Electric Technology Co., Ltd to secure a bank credit line [24][26] - This guarantee is intended to enhance the subsidiary's business development and improve its economic efficiency and profitability [26][29] - The total amount of external guarantees approved by the company, including this new guarantee, will be RMB 111.74 million, which represents 20.19% of the company's latest audited net assets [28][29]

Core Viewpoint - The company announced an investment of up to 1 billion yuan in a new materials project in Suzhou, aimed at enhancing its production capabilities and market competitiveness [1][2]. Group 1: Investment Details - The total investment of up to 1 billion yuan will be allocated to infrastructure (360 million yuan), equipment (240 million yuan), and working capital (400 million yuan) [1]. - The project will focus on the research, production, and sales of high-performance products, including thermal runaway protection products for power batteries, refractory materials, and electronic components [2]. Group 2: Strategic Rationale - The location in Wujiang Economic and Technological Development Zone was chosen due to its proximity to the headquarters of the subsidiary, Shanghai Keter, facilitating better collaboration among R&D, manufacturing, and sales departments [2]. - The new production base is necessary to meet future market growth demands and to avoid potential business order losses due to capacity constraints at the current leased facilities [3]. Group 3: Market Reaction - Following the announcement, the company's stock reached a historical high, with a trading volume of 8.042 billion yuan and a turnover rate of 23.2% [4].

Core Viewpoint - The company plans to invest up to 1 billion yuan in a new materials project in Wujiang, Jiangsu, focusing on high-performance products for the electric vehicle and electronics industries [2][3]. Investment Details - The project will involve the construction of a research, production, and sales base for thermal runaway protection products, refractory materials, and electronic components [2]. - The total investment includes approximately 360 million yuan for infrastructure, 240 million yuan for equipment, and 400 million yuan for working capital, funded by self-raised capital from Shanghai Kete [2]. - The project will utilize about 74 acres of industrial land, with a land use right obtained through public bidding, and a land tenure of 30 years [2]. Strategic Rationale - The products align with national strategies and industry planning, benefiting from the growth in the electric vehicle sector, which is expected to increase demand for related protective products [2]. - The project's location near the headquarters of Shanghai Kete will enhance collaboration in research, manufacturing, and sales, improving resource integration efficiency [2]. - The new project aims to alleviate capacity shortages and reduce the risk of order loss due to the saturation of existing facilities [2][3]. Financial Overview - Shanghai Kete, the project implementer, is a New Third Board innovation layer company, with Walden Materials holding 78.76% of its shares [3]. - As of June 30, 2025, Shanghai Kete reported total assets of 732 million yuan and net assets of 373 million yuan, with a revenue of 222 million yuan and a net profit of 22 million yuan for the first half of 2025 [3]. - The investment is expected to enhance production capacity, improve overall profitability, and strengthen market competitiveness, laying a solid foundation for sustainable development [3]. Approval Process - The investment does not require approval from the company's shareholders and does not constitute a related party transaction or a major asset restructuring [4].

Group 1 - The company is rated as a "small giant" enterprise specializing in high polymer additives and functional polymer materials, with a focus on expanding production capacity for functional polymer materials [2][12] - The initial offering price is set at 7.21 CNY per share, with an issuance price-to-earnings ratio of 10.24X, and the subscription date is August 13, 2025 [3][6] - The company plans to invest the net proceeds from the offering into a "functional polymer material expansion project" and a "research and development center construction project," aiming to increase annual production capacity of functional polymer materials by 30,000 tons [10][11] Group 2 - In 2024, high polymer additives are expected to account for 94.2% of total revenue, with major global clients including LG and BASF [12][30] - The revenue from high polymer additives in 2024 is projected to be 575 million CNY, reflecting a year-on-year increase of 6%, while functional polymer materials are expected to generate 28 million CNY [25][30] - The company has maintained a stable customer concentration, with the top five customers accounting for approximately 20% of total sales from 2022 to 2024 [26][28] Group 3 - The high polymer additives industry is experiencing rapid growth, driven by strong downstream demand, with the global market capacity for polymer additives estimated at approximately 110.3 billion USD in 2021, growing at a compound annual growth rate of 21.65% from 2013 to 2021 [35][39] - The plastic additives market in China is projected to reach 9.78 billion USD by 2026, with a compound annual growth rate of 4.78% [41][39] - The demand for modified plastics in China is expected to reach approximately 22.84 million tons in 2023, representing a year-on-year growth of 8% [50][51]