招股书显示，贝斯特是一家电子功能增强材料公司，目前，贝斯特构建了四大业务单元，即声学增强材料、电子陶瓷材料、电子胶粘剂以及能源增强材 料。其中能源增强材料主要为光伏背板玻璃涂覆材料、光伏导电浆料及光伏电池添加剂。其主营产品主要用于提升消费电子产品及新能源领域中元件及设 备的声学、光学、热学及电学性能能够为广泛的下游应用场景提供全面的功能强化材料解决方案，涵盖智能手机、笔记本电脑、平板计算机、智能穿戴装 置及新能源车辆等领域。随着技术日趋成熟及产品能力持续提升，公司产品的下游应用场景正逐步拓展至先进封装、算力等高增长领域及其他半导体相关 领域。 根据全球增长咨询公司"弗若斯特沙利文"的资料，按2025年上半年的收入计，贝斯特在全球声学增强材料市场排名第一，市场份额为18.1%；在全球LIB 隔膜涂覆用氧化铝陶瓷材料市场排名第二，市场份额约为18.1%；在全球声学胶粘剂市场排名第四，市场份额约为3.5%；在全球高反射釉市场排名第三， 市场份额为5.0%。 财务数据显示，2023年、2024年和2025年前三季度贝斯特实现营业收入3.20亿元、3.55亿元、4.60亿元，其中能源增强材料业务收入占比分别为33.2% ...

Core Viewpoint - Best has submitted an application for listing on the Hong Kong Stock Exchange, with significant revenue growth and a leading position in multiple business sectors, indicating potential investment opportunities [1] Company Overview - Best is the largest supplier of acoustic enhancement materials globally, holding an 18.1% market share in the acoustic enhancement materials market and a 3.5% share in the global acoustic adhesive market as of mid-2025 [1] - The company has three core technology platforms: inorganic powder technology, polymer material technology, and composite material technology, leading to four main business segments: acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [2] Financial Performance - Revenue for the first three quarters of 2025 increased by 99.1%, with a net profit margin of 25.7%, although profitability has slightly declined [1][6] - The revenue from acoustic enhancement materials reached 2.22 billion RMB in the first three quarters of 2025, a 66.9% increase, but its revenue contribution decreased to 48.4% due to new income streams [2][3] - The electronic ceramic materials segment generated 0.95 billion RMB in revenue, accounting for 20.6% of total revenue in the same period [2] Business Segments - The energy enhancement materials segment, established in 2022, reported a revenue of 1.28 billion RMB in the first three quarters of 2025, a 39.4% year-on-year increase, contributing 27.7% to total revenue [5] - The electronic adhesive segment remains small, with revenue of 0.15 billion RMB, representing only 3.3% of total revenue [5] Market Position - Best's acoustic enhancement materials business is the largest globally, with a market share of 18.1%, significantly higher than the second-largest competitor [9] - The company has a high customer concentration, with the top five customers contributing 79% of revenue in the first three quarters of 2025, although overseas revenue has increased to 16.6% [5] Industry Outlook - The global consumer electronics market is expected to grow at a compound annual growth rate (CAGR) of only 3.3% from 2024 to 2030, but specific segments like AI glasses and XR devices may see double-digit growth [8] - The electronic ceramic materials market is projected to grow at a CAGR of 19.6%, reaching 528 billion RMB by 2030 [9] Financial Health - As of November 2025, the company had cash and equivalents of 133 million RMB and a low debt level of 46 million RMB, indicating a strong financial position [1][10] - Operating cash flow has remained positive, with a net inflow of 57 million RMB in the first three quarters of 2025 [10]

Core Viewpoint - Shenzhen Hongfucheng New Materials Co., Ltd. has entered the inquiry stage for its IPO on the ChiNext board, aiming to raise approximately 1.22 billion yuan for various projects and working capital [1] Group 1: Company Overview - Hongfucheng is a national-level specialized and innovative "little giant" enterprise focused on the research and industrialization of advanced electronic functional materials and devices, including thermal management, electromagnetic shielding, and wave-absorbing materials [1] - The company's main products consist of thermal interface materials, electromagnetic shielding, and wave-absorbing materials [1] Group 2: IPO Details - The IPO application was accepted on December 26, 2025, and is currently in the inquiry phase [1] - The funds raised from the IPO will be allocated to the construction of an advanced electronic functional materials base, a research and development center, marketing service network, headquarters construction, and to supplement working capital and technology reserve funds [1]

Company Overview - Zhenjiang Best New Materials Co., Ltd. (Best) is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - The company has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [3] - Best's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors, including smartphones, laptops, tablets, smart wearables, and new energy vehicles [3] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of about 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Production Capacity - As of September 30, 2025, Best has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [6] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [6] Financial Performance - The company's revenue for the fiscal years ending 2023, 2024, and the nine months ending September 30, 2025, are approximately RMB 320 million, RMB 355 million, and RMB 460 million, respectively [7] - The net profit for the same periods is approximately RMB 96.16 million, RMB 113 million, and RMB 118 million [8] - The gross profit margins for these periods are 54.0%, 56.1%, and 46.1% [9] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [11] - The global acoustic enhancement materials market size is projected to grow from RMB 1,003.7 million in 2020 to RMB 1,347.7 million in 2024, with a CAGR of 7.6%, and further to RMB 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from RMB 96 billion in 2020 to RMB 181 billion in 2024, with a CAGR of 17.1%, and reach RMB 528 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [15] - The global electronic adhesives market is projected to grow from RMB 320 billion in 2020 to RMB 382 billion in 2024, with a CAGR of 4.5%, and is expected to reach RMB 558 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [18]

Company Overview - The company, Zhenjiang Best New Materials Co., Ltd. (Best), is a well-established electronic functional enhancement materials company with a strong market position in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials [3] - Best has developed three core technology platforms: inorganic powder technology platform, polymer materials technology platform, and composite materials technology platform [3] - The company's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors [3] Market Position - According to Frost & Sullivan, Best ranks first in the global acoustic enhancement materials market with a market share of 18.1%, second in the global LIB diaphragm coated alumina ceramic materials market with a market share of approximately 18.1%, fourth in the global acoustic adhesives market with a market share of 3.5%, and third in the global high-reflective glaze market with a market share of 5.0% [4] Production Capacity - As of September 30, 2025, the company has two production bases in China and has implemented a comprehensive production planning management system to ensure efficient utilization of manufacturing resources [6] - The utilization rates for various materials are as follows: acoustic enhancement materials at 96.7%, electronic ceramic materials at 75.7%, electronic adhesives at 83.3%, and energy enhancement materials at 66.7% [6] Financial Performance - The company's revenue for the fiscal years ending December 31, 2023, 2024, and for the nine months ending September 30, 2025, are approximately RMB 320 million, RMB 355 million, and RMB 460 million respectively [7] - The net profit for the same periods is approximately RMB 96.16 million, RMB 113 million, and RMB 118 million respectively [8] - The gross profit margins for these periods are 54.0%, 56.1%, and 46.1% respectively [9] Industry Overview - The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals, with global shipments expected to reach 2,572.1 million units by 2030, growing at a CAGR of 3.3% from 2024 to 2030 [11] - The global acoustic enhancement materials market size is projected to grow from RMB 1,003.7 million in 2020 to RMB 1,347.7 million in 2024, with a CAGR of 7.6%, and further to RMB 2,397.8 million by 2030, with a CAGR of 10.1% from 2024 to 2030 [13] - The global core electronic ceramic powder market is expected to grow from RMB 9.6 billion in 2020 to RMB 18.1 billion in 2024, with a CAGR of 17.1%, and reach RMB 52.8 billion by 2030, with a CAGR of 19.6% from 2024 to 2030 [15] - The global electronic adhesives market is projected to grow from RMB 32 billion in 2020 to RMB 38.2 billion in 2024, with a CAGR of 4.5%, and reach RMB 55.8 billion by 2030, with a CAGR of approximately 6.5% from 2024 to 2030 [18]

Core Viewpoint - The company intends to utilize part of the temporarily idle raised funds for cash management to enhance fund efficiency and increase returns for the company and its shareholders [6][9][10] Fundraising Overview - The company issued 17,610,850 shares at a price of RMB 54.00 per share, raising a total of RMB 950,985,900.00, with a net amount of RMB 929,804,701.21 after deducting issuance costs [2][3] - The funds are stored in a dedicated account, with a tripartite supervision agreement signed to ensure effective management [2][3] Investment Project Details - The raised funds are allocated to specific projects, including: - Annual production of 15,000 tons of electronic functional powder materials - Annual production of 20,000 tons of lithium battery coating materials [3][4] - The company has made adjustments to project locations and added new implementation entities to optimize production layout and efficiency [3][4][5] Cash Management Plan - The company plans to use up to RMB 20,000.00 million of temporarily idle funds for cash management, with a validity period of 12 months starting from October 10, 2025 [6][9] - The cash management will focus on low-risk, high-liquidity products, ensuring that the investment does not affect the normal implementation of fundraising projects [6][7] Approval and Oversight - The board of directors and the supervisory board have approved the cash management plan, ensuring compliance with relevant regulations and safeguarding shareholder interests [9][10] - The sponsor institution has verified that the cash management plan adheres to regulatory requirements and does not alter the intended use of the raised funds [9][10]

Group 1 - In July 2025, the number of newly registered private equity and venture capital fund managers surged to 16, a 77.8% increase from June, reaching four times the number in July 2024 [1] - The number of newly filed private equity and venture capital funds was 130 and 245 respectively, showing a year-on-year growth of 7.1% but a month-on-month decline of 3.4% [1] - The domestic primary equity investment market recorded 552 financing events, with year-on-year and month-on-month growth of 5.1% and 11.7% respectively, and a total disclosed financing amount of approximately 71.756 billion yuan, a 142.0% increase from July 2024 [1] Group 2 - Yida Capital, managing over 120 billion yuan, has registered four new funds by the end of July 2025, with a total registered capital of 3.62 billion yuan [3] - The Ma'anshan Cihu Venture Capital Partnership Fund, with a total scale of 1 billion yuan, focuses on life health and related industries, with the largest LP holding 69.9% [3] - The Ma'anshan Digital Empowerment Industry Fund also has a total scale of 1 billion yuan, investing in key areas such as artificial intelligence and data elements [4] Group 3 - The Lhasa Strong City Equity Investment Fund, the first government industry fund in Tibet, has a total scale of 1.5 billion yuan, focusing on cultural tourism, digital economy, financial industry, and green industry [4] - Yida Capital disclosed a total of 9 equity investment events during the reporting period, compared to only 1 in July 2024, indicating a significant increase in investment activity [4] - In the first seven months of 2025, Yida Capital completed 50 investments, which is 1.72 times the total number of investment events from July to December 2024 [4] Group 4 - Yida Capital's investments in July 2025 were predominantly in early-stage projects, with angel, Pre-A, and A-round investments accounting for 66.7% of total investments [6] - The manufacturing sector received approximately 42.9% of Yida Capital's investments, covering sub-sectors such as machinery and instrumentation [6] - About one-third of Yida Capital's invested projects are located in Jiangsu Province, with Shanghai and Zhejiang each accounting for 22.2% [9] Group 5 - Cloud Huang New Materials, a developer of high-end electronic paste, completed a Pre-A round financing of 10 million yuan, exclusively invested by Yida Capital [12] - The funds will be used to enhance cash flow and expand customer market reach, aiming to replace foreign suppliers in the high-end electronic materials market [12] - Cloud Huang New Materials has established a large customer base by the end of 2024 and achieved sales of tens of millions in the first half of 2025 [12]