Company Overview - Guangdong Siquan New Materials Co., Ltd. was established on June 2, 2011, in Dongguan, Guangdong Province, and transformed into a joint-stock company on June 15, 2016, with a total share capital of 30 million yuan [2] - The company focuses on the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials, with its main products being artificial graphite heat dissipation films and sheets [2][3] - As of December 31, 2024, the company's registered capital is 57,681,334 yuan, and it has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board [2][3] Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and the relevant regulations of the China Securities Regulatory Commission [2][3] - The financial statements are based on the principle of going concern and are prepared using the accrual basis of accounting [2][3] - The company adopts a calendar year as its accounting period, running from January 1 to December 31 [2] Accounting Policies - The company has established important accounting policies regarding fixed asset depreciation, intangible asset amortization, and revenue recognition [2][3] - Significant single items for bad debt provisions are recognized when accounts receivable are overdue and the balance exceeds 250,000 yuan [2][3] - The company classifies its financial assets into categories based on their management business model and cash flow characteristics [2][3] Financial Instruments - Financial instruments are recognized when the company becomes a party to the financial instrument contract [2][3] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [2][3] - The company assesses expected credit losses based on the risk of default and recognizes loss provisions accordingly [2][3] Inventory Management - The company classifies its inventory into raw materials, semi-finished products, work in progress, low-value consumables, turnover materials, and finished goods [2][3] - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs recognized when the net realizable value is lower than cost [2][3] - The company uses a perpetual inventory system for inventory management [2][3]

Core Viewpoint - Guangdong Suqun New Materials Co., Ltd. is preparing to issue shares to specific investors, aiming to raise funds for various projects, including the development of heat dissipation products and a liquid cooling research center, while ensuring compliance with relevant regulations and maintaining transparency in its financial disclosures [1][10]. Group 1: Company Overview - The company specializes in thermal management materials, magnetic materials, and nano-protective materials, focusing on enhancing the stability and reliability of electronic products [3]. - As of March 31, 2025, the company has a registered capital of 80.75 million yuan and operates as a high-tech enterprise in the functional materials sector [2][4]. - The main products include artificial graphite heat dissipation films and sheets, primarily used in consumer electronics such as smartphones and laptops, with plans to expand into new energy vehicles and servers [3][5]. Group 2: Financial Data - As of December 31, 2022, the total assets of the company were 1.56 billion yuan, with total liabilities of 502.98 million yuan, resulting in shareholders' equity of 1.06 billion yuan [4]. - For the first quarter of 2025, the company reported an operating income of 18.33 million yuan and a net profit of 1.64 million yuan [5]. - The company’s cash flow from operating activities for the first quarter of 2025 was 6.64 million yuan, while the net cash flow from investing activities was -14.09 million yuan [5]. Group 3: Share Issuance Details - The company plans to issue shares not exceeding 46.59 million yuan, with a maximum of 30% of the funds allocated for working capital and debt repayment [14]. - The issuance will target up to 35 specific investors, including qualified institutional investors and other eligible entities [16]. - The pricing for the new shares will be based on the average trading price over the 20 trading days prior to the pricing date, ensuring it does not fall below 80% of that average [16]. Group 4: Regulatory Compliance - The underwriting institution has conducted thorough due diligence and confirmed that the company meets the legal requirements for the issuance of shares [9][10]. - The company has adhered to the necessary decision-making processes, including board and shareholder resolutions, to approve the share issuance [10][11]. - The underwriting institution has committed to ensuring that all disclosures are accurate and free from misleading statements [9].

Core Viewpoint - Guangdong Suqun New Material Co., Ltd. is preparing for an initial public offering (IPO) on the Shenzhen Stock Exchange, focusing on the issuance of shares to specific investors in 2025, with the aim of raising funds for business expansion and development in the electronic and electrical functional materials sector [1][2]. Group 1: Company Overview - The company specializes in thermal management materials, magnetic materials, and nano-protective materials, primarily serving the consumer electronics market, including smartphones and laptops, while also expanding into new energy vehicles and servers [2][3]. - Established on June 2, 2011, the company has a registered capital of 80.75 million RMB and is headquartered in Dongguan, Guangdong Province [1][2]. Group 2: Financial Performance - The total assets of the company as of the latest reporting period are approximately 1.56 billion RMB, with total liabilities of about 502.98 million RMB, resulting in shareholders' equity of approximately 1.06 billion RMB [3]. - For the first quarter of 2025, the company reported an operating income of approximately 183.33 million RMB, with a net profit of around 16.42 million RMB [3][4]. - The company’s gross profit margin has shown slight fluctuations, with a comprehensive gross margin of 25.82% in 2022, decreasing to 24.81% in 2024 [6]. Group 3: Market Position and Clientele - The company has established itself as a qualified supplier for major clients including Xiaomi, Vivo, Samsung, Google, and BYD, indicating a strong market presence and recognition in the industry [2][3]. - The revenue from artificial graphite thermal management materials accounted for approximately 81.72% of total revenue in the reporting period, highlighting the company's reliance on this product line [6]. Group 4: Risks and Challenges - The company faces risks related to market competition, customer concentration, and fluctuations in raw material prices, which could impact its operational performance [5][6]. - The reliance on a few major clients for a significant portion of revenue poses a risk if any of these clients experience financial difficulties or reduce orders [5][6]. - The company is also exposed to international trade risks, particularly due to potential trade barriers and tariffs that could affect its export activities [7][8]. Group 5: Fundraising and Use of Proceeds - The company plans to raise approximately 465.91 million RMB through this IPO, which will be allocated to various projects aimed at enhancing production capacity and expanding market reach [19][20]. - The issuance will be conducted through a private placement to no more than 35 specific investors, including qualified institutional investors [14][15].

Core Viewpoint - The company, Guangdong Siquan New Materials Co., Ltd., plans to issue A-shares to specific investors to enhance its capital strength and profitability, driven by the growing demand for thermal management materials in various sectors, including consumer electronics and new energy vehicles [1][7][19]. Group 1: Background and Purpose of the Issuance - The issuance is motivated by the increasing demand for thermal management materials due to advancements in consumer electronics, 5G, AI, and IoT technologies, which require improved performance and efficiency [1][6]. - The new energy vehicle market is a significant application area for thermal management materials, with global sales expected to reach 22.4 million units in 2025, up from 18.2 million in 2024, indicating a 24.4% growth [2]. - The data center market is also expanding rapidly, with the global cold plate liquid cooling market projected to grow from 5.3 billion yuan in 2024 to 105.6 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 111.27% [3]. Group 2: Investment and Market Trends - The new materials industry, particularly thermal management materials, is crucial for national economic development, supported by government policies aimed at fostering innovation and quality in material production [6]. - The company aims to optimize its production capacity and reduce risks by establishing a manufacturing line in Vietnam, responding to increased investments from major consumer electronics brands [4][5][7]. - The digital economy's growth is driving demand for higher computational power, which in turn increases the need for efficient thermal management solutions in data centers and high-performance computing [7][8]. Group 3: Financial Aspects of the Issuance - The total funding requirement for the projects associated with this issuance is approximately 465.9 million yuan, which cannot be met by the company's own funds, necessitating external financing [9][10]. - The issuance will involve the sale of up to 24,226,160 shares, not exceeding 30% of the company's total share capital prior to the issuance [17]. - The funds raised will be allocated to projects including the Vietnam thermal management product project, a liquid cooling research center, and the enhancement of the company's information systems [15][19]. Group 4: Compliance and Fairness of the Issuance - The issuance process has been reviewed and approved by the company's board and will be presented to the shareholders for a fair vote, ensuring compliance with relevant regulations [20][21]. - The selection of specific investors for the issuance will adhere to regulatory requirements, with a maximum of 35 investors participating [11][16]. - The pricing of the shares will be based on the average trading price over the 20 trading days prior to the issuance date, ensuring fairness in the pricing mechanism [12][16].

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产 业融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 广东思泉新材料股份有限公司 （东莞市企石镇江边村金磊工业园区 A 栋 1-2 楼） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 广东思泉新材料股份有限公司 招股说明书 声明及承诺 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表明 其对发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也 不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广东思泉新材料股份 ...

广东思泉新材料股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：长城证券股份有限公司 特别提示 广东思泉新材料股份有限公司（以下简称"思泉新材"、"发行人"或"公司"） 根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《证券发行与 承销管理办法》（证监会令[第 208 号]）（以下简称"《管理办法》"）、《首次公开发 行股票注册管理办法》（证监会令[第 205 号]），深圳证券交易所（以下简称"深 交所"）颁布的《深圳证券交易所首次公开发行证券发行与承销业务实施细则》 （深证上[2023]100 号）（以下简称"《业务实施细则》"）、《深圳市场首次公开发行 股票网上发行实施细则》（深证上[2018]279 号）（以下简称"《网上发行实施细 则》"）、《深圳市场首次公开发行股票网下发行实施细则（2023 年修订）》（深证上 [2023]110 号）（以下简称"《网下发行实施细则》"），中国证券业协会（以下简称 "证券业协会"）颁布的《首次公开发行证券承销业务规则》（中证协发[2023]18 号）、 《首次公开发行证券网下投资者管理规则》（中证协发[2023]19 号）（以下简称 ...