来源：小财米 小财米注意到，2025年12月26日，证监会网站披露，同意创业板企业广州慧谷新材料科技股份有限公司的首次公开发行股票注册的批复。 广州慧谷新材料科技股份有限公司 慧谷新材是一家专注于高分子材料领域，基于自主研发驱动的平台型功能性涂层材料企业，致力于成为全球领先的功能性材料科技创新引领者。 公司主营业务为功能性树脂和功能性涂层材料的研发、生产和销售，以分子结构设计为技术原点，深耕核心功能性树脂的关键技术研发与产业化应用，构建 起功能性树脂与功能性涂层材料两大技术平台，构筑起核心竞争壁垒。公司依托功能性树脂和涂层材料双技术平台的整合协作，紧密结合国民经济的发展脉 络及关键材料需求图谱，成功开发具备光学调控、导电导热、力学增强、防腐耐候等多元特性的涂层材料体系，已形成面向家电、包装、新能源、电子四大 下游应用场景的"1+1+N"产业布局体系，致力于社会和产业链的可持续发展，不断培育新质生产力。 然而，行业繁荣的背后是严峻的技术挑战。许多前沿涂层材料，如备受关注的超疏水涂层，尽管在实验室中展现出优异的自清洁和防护性能，但要实现大规 模工业应用，仍需攻克耐久性不足、在潮湿环境下抗菌效果有限以及部分原材料不 ...

2025年12月9日，广州慧谷新材料科技股份有限公司(以下简称"慧谷新材")成功通过深交所创业板上市 委员会审核。慧谷新材是一家专注于高分子材料领域，基于自主研发驱动的平台型功能性涂层材料企 业，致力于成为全球领先的功能性材料科技创新引领者。通过本次首次公开发行上市，公司将进一步提 升公司治理水平与运营效率，增强企业履行社会责任的能力，为实现可持续发展、提升综合竞争优势以 及持续创造股东与社会价值奠定基础。 招股书显示，2022-2024年公司营收从6.64亿元增至8.17亿元，扣非净利润从2683.66万元飙升至1.42亿 元。2025年上半年，公司营业收入和归属于母公司股东的净利润分别为4.96万元和1.70万元，分别同比 增长30.42%和48.48%。这份亮眼业绩背后，是技术突破、市场卡位与管理升级的三重驱动，而全资子 公司清远慧谷作为"国家级专精特新小巨人"，更成为产能释放与技术转化的核心载体。 技术驱动：双平台突破构筑国产替代壁垒 慧谷新材自1999年成立便锚定"合成难"的行业痛点，搭建"功能性树脂+涂层材料"双技术平台，形成"树 脂自供+涂层复配"的技术闭环。截至2025年6月末，公司已拥有84 ...

但与之相悖的是， 慧谷新材核心产品价格却全线崩塌：新能源材料单价从 24.11元/公斤跌至15.40元/公 斤，降幅达36%；包装材料单价从23.71元/公斤降至19.36元/公斤，家电材料单价也下滑7.4%。 "价跌利增"的反常现象，被深交所直指"依赖原材料价格下行托底"。实际上，公司敏感性测试也显示， 若原材料价格上涨 10%，2024年模拟毛利率将下降4.92个百分点，高毛利的可持续性荡然无存。 12月11日晚间，深交所官网显示，广州慧谷新材料科技股份有限公司（以下简称"慧谷新材"）创业板 IPO提交注册。慧谷新材 于12月9日通过深交所创业板上市委员会审核。这家头顶"国家级制造业单项冠 军""专精特新小巨人"光环的涂层材料企业，拟募资9亿元冲击资本市场。 然而在光鲜的业绩数据背后， 慧谷新材IPO之路却被指"吃相"难看、包括分红募资两头占 "超低价"剥 离"填补国内空白"子公司爆燃致死竟注销了之，这一系列的争议，被资本市场和监管层频频追问，慧谷 新材已然成为IPO审核周期中"问题企业"的典型样本。 左手大举现金分红，右手募资补流，"互搏"操作暴露资金逻辑硬伤 慧谷新材的财务报表堪称"逆周期"典范，却也 ...

技术双平台构筑核心壁垒，自主创新驱动产品迭代 作为自主研发驱动的平台型功能性涂层材料企业，慧谷新材以分子结构设计为技术原点，构建起功能性树脂与功 能性涂层材料两大核心技术平台，形成了自主研发、技术转化、产品迭代的完整创新链条，成为业绩增长的核心引 擎。 公司高度重视功能性树脂合成技术的独立研发，确保其技术的自主可控，现已具备多种树脂的合成能力，包括有 机硅、聚氨酯、聚酯、丙烯酸、环氧等树脂。关键原材料自主可控模式不仅保障了产品性能稳定性，更赋予公司快速 响应客户多样化需求的灵活度。公司通过自主优化树脂分子结构，使得集流体涂层材料产品导电性和剥离强度显著提 升，成功打破国外垄断，成为国内少数实现该产品国产替代的供应商。截至2025年6月末，公司已拥有84项授权专 利，其中发明专利79项，参与制定6项国家标准，技术实力得到行业广泛认可。 涂层材料技术平台则聚焦应用端创新，针对家电、包装、新能源、电子等多个领域的复合型、功能性需求，开发 出具备光学调控、导电导热、力学增强、防腐耐候等多元特性的产品体系。换热器节能涂层材料凭借高亲水性、高耐 腐蚀性等优势，国内市场占有率超60%；金属包装罐盖涂层材料通过食品安全级性能 ...

Core Viewpoint - A coating materials company based in Guangzhou, Guangdong, is set to go public, having supplied products to major clients like Midea and Wanglaoji, and has distributed dividends multiple times before its IPO [1] Group 1 - The company has established a strong market presence by supplying coating materials to well-known brands, indicating a solid customer base and potential for growth [1] - Prior to its IPO, the company has engaged in multiple rounds of dividend distribution, reflecting its financial health and commitment to returning value to shareholders [1] - The upcoming IPO is expected to attract significant investor interest due to the company's established relationships with major clients and its history of profitability [1]

Group 1 - The core point of the article is that Furi Group Co., Ltd. has received a notification from Anxin Investment Management Co., Ltd. regarding the increase of its shareholding in the company [1] - Anxin Investment has acquired 1,595,500 shares of Furi Group, representing 0.17% of the total share capital, and plans to increase its holdings by an additional 1.5 million to 3 million shares within the next six months [1] - As of the report, Furi Group's market capitalization stands at 8.8 billion yuan [1] Group 2 - For the first half of 2025, Furi Group's revenue composition is as follows: textiles account for 69.82%, other industries for 22.53%, chemicals for 3.88%, and coating materials for 3.78% [1]

Group 1 - The core point of the article is that Furi Group (SZ 002083) announced the results of its 22nd meeting of the 8th Board of Directors, where the Q3 2025 report was reviewed [1] - For the first half of 2025, Furi Group's revenue composition was as follows: textiles accounted for 69.82%, other industries 22.53%, chemicals 3.88%, and coating materials 3.78% [1] - As of the report date, Furi Group's market capitalization was 5.8 billion yuan [1]

Core Insights - The coating materials industry in China is experiencing steady growth, with a projected market size of 463.71 billion yuan in 2024, representing a year-on-year increase of 2.62% [1][15] - Industrial coating materials account for 58.90% of the market, driven by the demand from high-end industries such as new energy vehicles and display panels [1][15] - The industry is characterized by technological barriers, requiring a multidisciplinary approach for development and innovation [6][7] Industry Overview - Coating materials are essential in various sectors, including construction, automotive, aerospace, and electronics, serving functions such as protection, surface enhancement, and new functionalities [2][14] - The classification of coating materials includes solvent-based, water-based, and solvent-free types, as well as industrial, architectural, and auxiliary materials [4][5] Market Policies - Recent policies in China, such as the "14th Five-Year Plan" and various environmental regulations, provide a supportive framework for the development of the coating materials industry [9][10] Industry Chain - The upstream of the coating materials industry includes suppliers of resins, solvents, additives, and pigments, while the downstream encompasses applications in automotive, marine, machinery, new energy, electronics, and construction [11][12] Demand Structure - The automotive sector is the largest consumer of coating materials, accounting for 16.8% of the market, with significant growth in new energy vehicles, which saw a year-on-year increase of 37.3% in production and sales [13][14] Competitive Landscape - The global coating materials market is dominated by foreign companies, with the top three being Sherwin-Williams, PPG, and AkzoNobel, while the domestic market is characterized by numerous small players and a lack of large-scale leading companies [16][17] - Domestic companies like Songyi and Donglai Technology are focusing on high-end applications and customized solutions, with significant revenue contributions from automotive and consumer electronics sectors [16][18][19] Development Trends - Future trends indicate a shift towards high-performance coating materials with enhanced properties such as temperature resistance and environmental friendliness, driven by the dual carbon goals and stricter environmental regulations [20][21]

Core Viewpoint - The introduction of the "new wear-resistant sealing coating technology" by the Mining and Metallurgy Group marks a significant advancement in China's sealing coating technology, transitioning from a follower to a leader in the field, addressing long-standing challenges in high-end equipment development [1][2] Group 1: Technology Development - The development of the wear-resistant sealing coating technology has taken over 20 years, supported by national projects, leading to the establishment of a testing platform that simulates extreme high-temperature and high-speed conditions [2] - The team has successfully developed eight types of long-life wear-resistant sealing coating materials that cover the entire temperature range, creating a comprehensive and controllable high-performance sealing coating technology system in China [2] Group 2: Industry Impact - The new coating technology has been integrated into China's high-end equipment industry, covering all key models of aviation engines and about two-thirds of advanced steam turbines, supporting the development of major domestic gas turbine models with nearly 10,000 units installed [2] - The wear-resistant sealing coating extends the lifespan of aviation engines to over 3,500 hours, advanced steam turbines to over 60,000 hours, and advanced gas turbines to over 30,000 hours, contributing to efficient and safe operation while reducing carbon dioxide emissions by over 12 million tons annually [2]

Industry Overview - Coating materials are defined as materials that form a film on the surface of objects under certain conditions, enhancing aesthetics, extending product lifespan, or providing special functions such as insulation, anti-fouling, and heat resistance [2] - The coating materials can be categorized into three main types based on application: architectural coatings, industrial coatings, and other auxiliary materials [2] Current Market Analysis - The coating materials market in China is experiencing steady growth, with the market size increasing from RMB 407.2 billion in 2020 to RMB 463.71 billion in 2024, reflecting a compound annual growth rate (CAGR) of 3.3%. It is projected to reach nearly RMB 500 billion by the end of 2025 [3][5] - The industrial coating materials market, which includes sectors such as automotive, pharmaceuticals, and consumer electronics, is expected to grow from approximately RMB 2,731.2 billion in 2024 to nearly RMB 3,000 billion by 2025, driven by policy support and rising consumer demand [5][8] Industry Chain Structure - The coating materials industry chain consists of upstream raw materials, midstream manufacturing, and downstream application markets. The upstream is primarily composed of four categories: film-forming substances, pigments/fillers, solvents, and additives [8] - Raw materials account for over 80% of the manufacturing costs in coating materials production, with film-forming substances, solvents, additives, and pigments/fillers comprising 44.5%, 21.7%, 20.7%, and 13.1% of raw material costs, respectively [9] Competitive Landscape - The coating materials industry in China is characterized by a "large industry, small enterprises" competitive structure, with foreign brands dominating the high-end market due to technological advantages. Domestic companies are primarily concentrated in the mid-to-low-end sectors, facing challenges in product differentiation [10] - Notable domestic companies include Songyi Co., Donglai Technology, Yatu High-tech, Sanxin Co., Kangmite, and Huigu New Materials [10] Development Trends - Domestic brands are upgrading their technologies and accelerating the import substitution process, particularly in high-end industries such as new energy and display panels, indicating significant market potential for domestic enterprises [11] - The demand for functional coating materials is expanding from traditional sectors to emerging industries like new energy, electronics, and aerospace, necessitating enhanced R&D capabilities and driving the industry towards higher value-added products [12]