Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has refiled its application for listing on the Hong Kong Stock Exchange after its initial application expired, indicating its ongoing ambition to expand in the capacitor film manufacturing industry [1][2]. Company Overview - Haiwei Electronic is a manufacturer of capacitor films, producing key components such as capacitor base films and metallized films, which are widely used in various sectors including new energy vehicles and industrial equipment [1][3]. - The company has been recognized as the second-largest capacitor film manufacturer in China based on projected sales for 2024 [1][4]. Financial Performance - Revenue from 2022 to 2024 shows a steady increase from 327 million RMB to 422 million RMB, while net profit has fluctuated, decreasing from 102 million RMB in 2022 to 86.4 million RMB in 2024 [1][5]. - In the first five months of 2025, revenue declined by approximately 3.2% to 157 million RMB, and net profit decreased by about 4.56% to 31.4 million RMB [1][6]. Market Dynamics - The capacitor film market in China is projected to grow significantly, with the market size increasing from 1.2 billion RMB in 2019 to 3.6 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 24.2% [8][11]. - Haiwei Electronic holds a market share of 14.2% in the capacitor base film market, ranking second among the top five players, which collectively hold 61.6% of the market [11][12]. Production Capacity and Expansion Plans - The company plans to double its production capacity by adding four new capacitor base film production lines by 2027, which will significantly enhance its market presence [12][13]. - Haiwei Electronic's production capacity utilization has been high, reaching 98.8% in 2024, indicating strong demand for its products [13][14]. New Business Ventures - The company is expanding into the composite copper foil market, which is expected to grow from 11.09 billion RMB in 2025 to 49.47 billion RMB by 2029, with a CAGR of 45.3% [15]. - This new venture is anticipated to become a significant growth driver for Haiwei Electronic, potentially enhancing its valuation [15].

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange after a six-month interval, aiming for a main board listing [1][2] Company Overview - Haiwei Electronic is a capacitor film manufacturer, producing capacitor base films and metallized films, which are key components of film capacitors widely used in various sectors including new energy vehicles and industrial equipment [2][3] - The company is recognized as the second-largest capacitor film manufacturer in China based on projected sales for 2024 [2][6] Financial Performance - Revenue from 2022 to 2024 shows a steady increase: 327 million, 330 million, and 422 million RMB respectively, while net profit fluctuated: 102 million, 69.8 million, and 86.4 million RMB [2][6] - In the first five months of 2025, revenue declined by approximately 3.2% to 157 million RMB, and net profit decreased by about 4.56% to 31.4 million RMB [2][8] Profitability Analysis - The fluctuation in net profit is attributed to the decline in gross margin, which was 44.9%, 31.2%, and 29.7% from 2022 to 2024 [7][9] - The drop in gross margin in 2023 was due to reduced market prices for capacitor base films, while the increase in metal prices affected the metallized films' costs in 2024 [9] Market Position and Competition - The capacitor base film market in China is projected to grow from 1.2 billion to 3.6 billion RMB from 2019 to 2024, with a compound annual growth rate (CAGR) of 24.2% [10][13] - Haiwei Electronic holds a market share of 14.2% in 2024, ranking second among the top five players who collectively hold 61.6% of the market [13][14] Expansion Plans - The company plans to launch four new capacitor base film production lines between 2026 and 2027, increasing total capacity by 16,000 tons, effectively doubling its production capacity [14][15] - Haiwei Electronic has also extended its business into the composite copper foil market, which is expected to grow significantly, providing a potential new growth avenue [16][17]

Company Overview - Hebei Haiwei Electronic New Materials Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on August 27, indicating it is the second-largest capacitor film manufacturer in China based on capacitor base film sales in 2024 [1] - The company's net profits for 2022, 2023, 2024, and the first five months of 2025 were 102 million, 70 million, 86 million, and 31 million yuan respectively [1][2] - The company's revenue for the same periods was 327 million, 330 million, 422 million, and 157 million yuan respectively [1][2] Financial Performance - The net profit increased from 70 million yuan in 2023 to 86 million yuan in 2024, primarily due to increased sales of capacitor base films [2] - The net profit decreased from 33 million yuan in the first five months of 2024 to 31 million yuan in the first five months of 2025, mainly due to a decline in sales of metallized films [2] - The gross profit margins for 2022, 2023, 2024, and the first five months of 2025 were 44.9%, 31.2%, 29.7%, and 35.5% respectively [2] Market Position - In 2024, the company held a 10.9% market share in the domestic capacitor base film market [1] - Capacitor base films accounted for the largest portion of the company's revenue, representing 91.9%, 71.8%, 72.8%, and 78.5% of total revenue for 2022, 2023, 2024, and the first five months of 2025 respectively [2] - The company's top five customers generated revenues of approximately 119 million, 115 million, 158 million, and 157 million yuan, accounting for 36.4%, 34.9%, 37.6%, and 42.1% of total revenue respectively [2] Industry Insights - The capacitor base film market in China is projected to grow at a compound annual growth rate (CAGR) of 19.7%, increasing from 46,200 tons in 2019 to 113,400 tons in 2024, and expected to reach 224,100 tons by 2029 with a CAGR of 14.1% from 2025 to 2029 [3]

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Haiwei Electronic is the second-largest capacitor film manufacturer in China based on capacitor base film sales in 2024, with a market share of 10.9% [5] - The company's products include capacitor base films and metallized films, which are key components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [5] - The end-use applications for film capacitors are diverse, including new energy vehicles, new energy power systems, industrial equipment, and household appliances [5] Market Potential - The capacitor base film market in China is projected to grow from 46,200 tons in 2019 to 113,400 tons in 2024, representing a compound annual growth rate (CAGR) of 19.7% [6] - The market for capacitor base films used in new energy vehicles is expected to increase from 47,800 tons in 2025 to 87,300 tons in 2029, with a CAGR of 16.2% [6] - The market for capacitor base films in new energy power systems is anticipated to grow from 34,200 tons in 2025 to 79,800 tons in 2029, with a CAGR of 23.6% [6] Competitive Advantage - Haiwei Electronic is the only major capacitor film manufacturer in China with the capability to independently design and develop capacitor base film production lines [6] - The company currently operates five production lines for capacitor base films, all of which are self-designed, developed, and assembled [6] Financial Performance - Revenue for Haiwei Electronic was approximately 327 million RMB in 2022, 330 million RMB in 2023, and is projected to be 422 million RMB in 2024 [7] - The net profit and total comprehensive income for the same years were approximately 102 million RMB, 69.8 million RMB, and 86.4 million RMB respectively [7] - For the five months ending May 31, 2025, the revenue was approximately 157 million RMB, with a net profit of about 31.4 million RMB [7][8]