根据灼识咨询资料，以2024年电容器基膜销量计，海伟股份是中国第二大的电容器薄膜制造商，其电容 器薄膜产品主要包括电容器基膜及金属化膜，薄膜电容器的关键组成部分。薄膜电容器的终端应用场景 广泛，包括新能源汽车，新能源电力系统，工业设备及家用电器。按电容器基膜的收入计，于中国的市 场份额为10.9%。 11月28日，海伟股份首挂上市，公告显示，每股定价14.28港元，共发行3545.6万股股份，每手200股， 所得款项净额约4.52亿港元。 智通财经APP获悉，香港联交所最新资料显示，12月2日，海伟股份(09609)股东将股票由香港上海汇丰 银行转入中国国际金融香港证券，转仓市值5862.96万港元，占比8.10%。 ...

Core Viewpoint - Hebei Haiwei Electronic Materials Technology Co., Ltd. (Haiwei) has listed on the Hong Kong Stock Exchange, opening at HKD 13.50, below the issue price, and closing at HKD 11.00, a decline of 22.97% [1] Group 1: Company Overview - Haiwei is the second-largest capacitor film manufacturer in China based on projected sales volume for 2024 [1] - The company issued a total of 35,456,000 shares, with 3,545,600 shares allocated for public offering in Hong Kong and 31,910,400 shares for international offering [1][2] Group 2: Financial Details - The issue price was set at HKD 14.28, raising a total of HKD 506.31 million, with a net amount of HKD 451.76 million after deducting estimated listing expenses of HKD 54.55 million [2][3] - Haiwei plans to use the proceeds from the global offering to expand production capacity, enhance research and development capabilities, and for general corporate purposes [3] Group 3: Key Investors - The cornerstone investor, Huixing Lihai Co., Ltd., received 15,129,000 shares, accounting for 42.67% of the total shares offered and 9.51% of the total issued share capital post-global offering [5][6] Group 4: Financial Performance - Revenue for Haiwei in 2022, 2023, and projected for 2024 is RMB 327.1 million, RMB 329.5 million, and RMB 421.7 million respectively, with net profits of RMB 102.0 million, RMB 69.8 million, and RMB 86.4 million [6][7] - Cash flows from operating activities showed net cash inflows of RMB 232.1 million in 2022 and RMB 17.2 million in 2024, while 2023 and the first five months of 2025 reported net cash outflows of RMB 89.4 million and RMB 35.8 million respectively [8]

Core Viewpoint - Capacitor film manufacturer Haiwei Co., Ltd. has made its debut on the Hong Kong Stock Exchange, with an initial share price of HKD 14.28, but experienced a significant drop in share price shortly after listing [1] Summary by Categories Company Overview - Haiwei Co., Ltd. issued a total of 35.456 million shares, with a trading lot size of 200 shares [1] Market Performance - The stock opened below the issue price, falling nearly 19% to HKD 11.6 during intraday trading [1] - Prior to the official listing, Haiwei Co., Ltd. saw a 2.66% increase in its dark market trading, closing at HKD 14.66 with a transaction volume exceeding HKD 39.36 million [1]

Core Viewpoint - Haiwei Co., Ltd. has successfully completed its IPO with significant oversubscription, indicating strong market interest and confidence in its business model and growth potential [1][2]. Group 1: IPO Details - Haiwei Co., Ltd. raised HKD 4.4 billion through the issuance of 30.83 million H-shares at a price of HKD 14.28 per share, with a public offering portion oversubscribed by over 5,431 times [1]. - The company received subscriptions from approximately 167,000 investors, with total funds involved in the public offering reaching HKD 241.5 billion [1]. - The company is expected to be listed on November 28, with CICC serving as the sole sponsor [1]. Group 2: Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, holding a 10.9% market share in capacitor base film revenue as of 2024 [1][2]. - The company specializes in the production of capacitor base films and metallized films, which are essential components of film capacitors used in various applications, including electric vehicles and renewable energy systems [1]. Group 3: Production Capabilities - Haiwei Co., Ltd. is the only company with the capability to design and develop its own capacitor base film production lines, significantly reducing delivery times to approximately 8 months compared to the industry average of 3-5 years for imported lines [2]. - The investment cost for a single production line is about RMB 120 million, which is considerably lower than the domestic industry average [2]. - The company can produce a range of products with thicknesses from 2.7 microns to 13.8 microns, catering to various end-use applications [2]. Group 4: Financial Performance - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28% to RMB 422 million in 2024 [2]. - For the first five months of 2024 and 2025, the company's revenue was RMB 162 million and RMB 157 million, respectively [2]. Group 5: Strategic Partnerships - Haiwei Co., Ltd. has entered into a cornerstone investment agreement with Huixing Lihai, committing to purchase shares worth approximately HKD 218 million at the offering price [2]. - BYD, a major player in the new energy sector, is both a pre-IPO investor with a 4.9% stake and the largest customer, contributing 12.2%, 12.6%, and 12% of revenue in 2023, 2024, and the first five months of 2025, respectively [2]. - The company maintains a stable revenue contribution from its top five customers, which accounts for about 35% of total revenue [2]. Group 6: Use of Proceeds - 82% of the net proceeds from the IPO will be allocated to expanding production capacity, including the construction of a new factory in southern China for capacitor base film production [3]. - 5% will be used to enhance research and development capabilities, 3% for sales and marketing activities, and 10% for working capital and other general corporate purposes [3].

Core Viewpoint - Haiwei Co., Ltd. has successfully completed its IPO with significant oversubscription, indicating strong market interest and potential for growth in the capacitor film manufacturing sector [1][2]. Group 1: IPO Details - Haiwei Co., Ltd. raised HKD 4.4 billion through the issuance of 30.83 million H-shares, with a public offering portion oversubscribed by over 5,431 times, amounting to HKD 241.5 billion [1]. - The company received 167,000 subscriptions, with a share price set at HKD 14.28 per share [1]. - The company is expected to be listed on November 28, with CICC serving as the sole sponsor [1]. Group 2: Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, holding a 10.9% market share in capacitor base film revenue as of 2024 [1][2]. - The company specializes in capacitor base films and metallized films, which are essential components in various applications, including electric vehicles and renewable energy systems [1]. Group 3: Production Capabilities - Haiwei Co., Ltd. is the only company with the capability to design and develop its own capacitor base film production lines, significantly reducing delivery times to approximately 8 months compared to the industry average of 3-5 years [2]. - The investment cost for a single production line is about RMB 120 million, which is lower than the domestic industry average [2]. - The company can produce films with thicknesses ranging from 2.7 microns to 13.8 microns, catering to diverse end-user needs [2]. Group 4: Financial Performance - The company's revenue for 2022 and 2023 was RMB 327 million and RMB 330 million, respectively, with a projected growth of 28% to RMB 422 million in 2024 [2]. - For the first five months of 2024 and 2025, the revenue was RMB 162 million and RMB 157 million, respectively [2]. Group 5: Strategic Partnerships - Haiwei Co., Ltd. has entered into a cornerstone investment agreement with Huixing Lihai, committing to purchase shares worth approximately HKD 218 million at the offering price [2]. - BYD, a major investor and customer, holds a 4.9% stake in the company and accounted for 12.2%, 12.6%, and 12% of the company's revenue in 2023, 2024, and the first five months of 2025, respectively [2]. - The top five customers contribute approximately 35% of the company's revenue, including notable clients like Farah Electronics [2]. Group 6: Use of Proceeds - 82% of the net proceeds from the IPO will be allocated to expanding production capacity, including the construction of a new factory in southern China [3]. - 5% will be dedicated to enhancing research and development capabilities, while 3% will be used for sales and marketing activities [3]. - 10% of the proceeds will be allocated for working capital and other general corporate purposes [3].

Market Performance - A-shares adjusted with the Shanghai Composite Index down 0.4% to 3931.05 points, Shenzhen Component down 0.76%, and ChiNext down 1.12%[1] - Hong Kong's Hang Seng Index closed up 0.02% at 25835.57 points, while the Hang Seng Tech Index fell 0.58%[1] - The total market turnover in Hong Kong was 2451.357 million HKD[1] Employment Data - The U.S. added 119,000 jobs in September, but the unemployment rate rose to 4.4%, the highest in nearly four years[8][13] - Job growth was concentrated in healthcare, entertainment, and hospitality, while manufacturing and business services saw job losses[13] Inflation and Interest Rate Outlook - Multiple Federal Reserve officials warned about inflation risks, making the outlook for interest rate cuts uncertain before year-end[1][13] - The market currently estimates a 40% chance of a rate cut in December[13] Geopolitical Tensions - China rejected Japan's statements regarding Taiwan and reiterated demands for the Japanese Prime Minister to retract his comments[1][13] - The U.S. expressed support for Japan in any disputes with China, indicating ongoing geopolitical tensions[8][13]

Group 1 - The company, Haiwei Co., Ltd. (09609.HK), has officially launched its global offering in Hong Kong, planning to issue 30.83 million shares at a price of HKD 14.28 per share, aiming to raise approximately HKD 388.9 million net of expenses [2] - The offering includes 27.75 million shares for international placement and 3.08 million shares for public offering in Hong Kong, with the public offering period set from November 20 to November 25, 2023 [2] - Approximately 82% of the raised funds will be used for capacity expansion, while 5% will be allocated to enhance research and development capabilities [2] Group 2 - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, holding a market share of 14.2% in terms of sales volume and 10.9% in terms of revenue [3] - The company's financial performance has shown volatility, with revenues of RMB 327 million, RMB 330 million, RMB 422 million, and RMB 157 million for the years 2022 to 2024 and the first half of 2025, respectively [3] - The revenue from capacitor base films accounted for 78.5% of the total revenue in the first half of 2025, indicating a high dependency on this product line [3]

Group 1 - Company plans to offer 30.8314 million H-shares globally, with 10% allocated for Hong Kong and 90% for international sales, at a price of HKD 14.28 per share [1] - Company is the second largest capacitor film manufacturer in China, holding a 10.9% market share in capacitor base film revenue as of 2024 [1] - Revenue for the company was RMB 327 million in 2022 and RMB 330 million in 2023, with a projected increase of 28.0% to RMB 422 million in 2024 [1] Group 2 - Company has entered into a cornerstone investment agreement with Huixing Lihai, securing approximately HKD 218 million in investments [2] - Estimated net proceeds from the global offering are approximately HKD 388.9 million, with 82.0% allocated for capacity expansion and 5.0% for R&D enhancement [2] - Remaining proceeds will be used for sales and marketing activities (3.0%) and general corporate purposes (10.0%) [2]

河北海偉電子新材料科技股份有限公司 Hebei Haiwei Electronic New Material Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 9609 全球發售 獨家保薦人及獨家保薦人兼整體協調人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下對本招股章程任何內容如有任何疑問，應徵詢獨立專業意見。 Hebei Haiwei Electronic New Material Technology Co., Ltd. 河北海偉電子新材料科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 獨家保薦人及獨家保薦人兼整體協調人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 於作出投資決定前，有意投資者務請仔細考慮本招股章程所載全部資料，包括「風險因素」一節中所載的風險因素。 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算 ...

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, aiming to leverage its position as China's second-largest capacitor film manufacturer to enhance competitiveness and expand market share [1][2]. Company Overview - Established in 2006, Haiwei Electronic specializes in manufacturing capacitor base films and metallized films, which are essential components of film capacitors widely used in various sectors including new energy vehicles and industrial equipment [1][3]. - The company holds a 14.2% market share in China's capacitor film market, ranking second in terms of sales volume as of 2024 [2][3]. Market Dynamics - The capacitor base film market in China is projected to grow from 46,200 tons in 2019 to 113,400 tons by 2024, with a compound annual growth rate (CAGR) of 19.7% [3]. - New energy vehicles are identified as the primary growth driver, significantly increasing the demand for capacitor films due to higher power requirements [3][17]. Competitive Advantages - Haiwei Electronic possesses unique capabilities in independently designing and developing production lines, allowing for quicker delivery times and lower investment costs compared to imported lines [5][12]. - The company has established strong ties with major industry players, including strategic investments from BYD, which has become both a shareholder and a key customer [5][12]. Financial Performance - Revenue increased from 327 million RMB in 2022 to 421 million RMB in 2024, although the average price of capacitor base films has decreased from 34,900 RMB per ton in 2022 to 28,900 RMB per ton in 2024 [8][9]. - Despite revenue growth, net profit saw a decline of 31.5% in 2023, with a slight recovery expected in 2024 [9][10]. Operational Challenges - The company faces challenges related to profitability stability, reliance on a limited number of suppliers, and saturation of core product capacity [8][12]. - Cash flow has been inconsistent, with net cash flow from operating activities fluctuating between inflows and outflows from 2022 to 2024 [10][11]. Supply Chain Risks - Haiwei Electronic's production heavily relies on imported raw materials, particularly electrical-grade polypropylene, which constitutes over 80% of sales costs [12][14]. - The high concentration of suppliers poses risks, with over 90% of procurement coming from the top five suppliers, affecting pricing power [14][12]. Future Outlook - The upcoming IPO is seen as a critical opportunity for Haiwei Electronic to overcome operational challenges and expand production capacity [16]. - The company plans to use the raised funds to build a new factory and enhance R&D capabilities, focusing on high-end products and reducing reliance on imported materials [16][17].