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]