| 产品类别 | 2025 年 1-6 月 | | 2024 年 | | 2023 年 | | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | 抗溢胶特种膜 | 16, 417. 96 | 52. 43% | 33, 482. 25 | 50.97% | 27,652.01 | 53. 60% | 30. 564. 98 | 67. 16% | | 强耐受性特种膜 | 7,272.05 | 23. 22% | 14.995.76 | 22.83% | 11,787.65 | 22. 85% | 11.909.86 | 26. 17% | | 新能源材料 | 3,941.97 | 12. 59% | 9,690. 41 | 14.75% | 4.435.23 | 8.60% | 134.61 | 0. 30% | | 光学胶膜 | 906. 95 | 2. 90% | 2.369.42 | 3.61% | 1.744.39 | 3.38 ...

更多路演 针对投资者普遍关注的光学胶膜业务毛利率波动问题，公司董事会秘书谢小华进行了正面回应。他表 示，2023年该业务毛利率变化主要源于产品结构的阶段性调整，部分新产品和常规产品占比变化拉低了 整体水平，这是业务拓展过程中的正常现象。 公司已经启动有针对性的研发与产品迭代计划，正在优化产品组合，着力提升高附加值产品的销售占 比。通过持续的技术创新和市场策略调整，公司有信心改善光学胶膜业务的盈利水平，保持各产品线的 均衡健康发展。 12月19日下午，苏州市新广益（301687）电子股份有限公司(以下简称"新广益")首次公开发行股票并在 创业板上市的网上路演活动成功举行。这也是江苏资本会客厅——全景苏州路演中心迎来的首场IPO网 上路演。 ...

智通财经APP讯，新广益(301687.SZ)发布首次公开发行股票并在创业板上市招股意向书，本次公开发行 股份数量为3671.6万股，占发行后总股本的25.00%。本次发行股份均为公开发行的新股，公司原有股东 不公开发售股份。初步询价日期为2025年12月16日，申购日期为2025年12月22日。 本次向社会公众公开发行新股的募集资金扣除发行费用后，将投资于功能性材料项目，拟使用募集资金 6.38亿元。 新广益是一家专注于高性能特种功能材料研发、生产及销售的高新技术企业，主要产品有抗溢胶特种 膜、强耐受性特种膜等特种功能材料。抗溢胶特种膜是一种用于柔性线路板生产过程中的重要制程材 料。强耐受性特种膜是一种应用于高洁净、高温、高湿、强酸碱、强外部应力等一种或多种极端恶劣生 产环境下的粘性材料。除抗溢胶特种膜、强耐受性特种膜外，公司还生产、研发并开展电子产品组件材 料、改性材料、光学胶膜、新能源锂电材料、光伏胶膜等新兴业务。 报告期各期，公司的主营业务收入分别为4.55亿元、5.16亿元、6.57亿元、3.13亿元，净利润分别为 8,151.34万元、8,328.25万元、11,570.19万元、5,920.58 ...

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is set to go public on the ChiNext board, marking a significant milestone for the company and the domestic functional materials industry, with an IPO fundraising target of 638 million yuan aimed at expanding production capacity and exploring new business areas [2][7] Group 1: Company Overview - Xinguangyi has been a leader in the anti-spill adhesive special film sector, holding the top market share in China for five consecutive years, with a market share of 30% in 2024 [4] - The company has developed a robust technology portfolio, including 15 core technologies and over 40 formulations of special functional films for flexible printed circuits (FPC) [3][4] - Xinguangyi has established deep partnerships with top global manufacturers, contributing to a stable supply chain ecosystem [5] Group 2: Financial Performance - From 2022 to 2024, Xinguangyi's revenue grew from 455 million yuan to 657 million yuan, with a compound annual growth rate (CAGR) of 19.7%, while net profit increased from 82 million yuan to 116 million yuan, with a CAGR of 18.9% [6] - The company maintains a low debt-to-asset ratio of 18%-21%, with strong liquidity ratios, indicating robust financial health and operational efficiency [6] Group 3: Future Prospects - The IPO proceeds will be used for expanding production capacity in core product lines and entering emerging fields such as optical adhesive films and modified materials [7] - The demand for functional films is expected to grow due to advancements in 5G, new energy vehicles, and the semiconductor industry, supported by favorable national policies [7] - Xinguangyi aims to solidify its market position and achieve breakthroughs in new areas, aspiring to become a global leader in functional materials [7]

Core Viewpoint - The company, Xinguangyi Electronics, is undergoing an IPO review with a total fundraising target of 638 million yuan, facing challenges such as declining gross margins and high customer concentration risks [2][3]. Financial Performance - The company's overall gross margin decreased from 38.74% in 2020 to 31.76% in 2022, maintaining a range of 31-32% during the reporting period [4][5]. - The gross margins of new products, including new energy materials and modified materials, are significantly lower than core products, impacting overall profitability [5][6]. Product and Material Dependency - The core product, anti-spill special film, relies heavily on TPX particles sourced from a single supplier, Mitsui Chemicals, leading to supply chain risks [7]. - The company has developed alternative materials (PBT) but requires time for full implementation, leaving it vulnerable to supply disruptions in the short term [7]. Customer Concentration Risks - The top five customers accounted for a high percentage of sales, with figures of 69.64%, 57.22%, and 52.89% over the reporting period, indicating a significant reliance on a few clients [8]. - The largest customer, Pengding Holdings, represented 35.34%, 26.08%, and 19.45% of sales in consecutive years, highlighting the risk of price pressure from major clients [7][9]. Information Disclosure Issues - The company has faced criticism for inaccurate and untimely information disclosure in its prospectus, including errors regarding contracts with a now-defunct company and failure to disclose a significant patent lawsuit until prompted by regulators [10][11]. - Prior to the IPO application, the company distributed a substantial cash dividend of 220 million yuan, raising concerns about the sustainability of its cash flow and reliance on external financing for this distribution [10][11].

Company Overview - Suzhou Xinguangyi Electronics Co., Ltd. specializes in the research, production, and sales of high-performance specialty functional materials, including anti-overflow special films and strong resistance special films, and has established itself as a leading player in the industry [2] - The company has broken the technological monopoly of foreign countries in the field of anti-overflow special films and strong resistance special films, achieving the highest market share in China for five consecutive years, reaching 30% in 2024 [2][5] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 455.13 million yuan, 515.94 million yuan, and 656.95 million yuan, respectively, showing a steady growth trend [3] - In the first half of 2025, the company achieved a revenue of 313.39 million yuan, a year-on-year increase of 10.24%, and a net profit of 59.46 million yuan, up 17.45% year-on-year, indicating sustained growth momentum [3] Industry Position - As a national-level specialized and innovative "little giant" enterprise, the company has made significant achievements in technology research and patent layout, holding 35 invention patents and 41 utility model patents related to its main business [5] - The company has established deep cooperation with several top 10 FPC manufacturers globally, becoming a key supplier of anti-overflow special films for well-known clients such as Pengding Holdings and Weixin Electronics [5][11] Market Opportunities - The demand for anti-overflow special films and strong resistance special films is expected to grow due to the rapid expansion of the printed circuit board market driven by emerging technologies like 5G and AI [8] - The consumer electronics market is experiencing a dual-driven growth pattern, with increasing demand for high-precision processing materials and composite functional materials due to the upgrade of smart devices [8] - The company is poised to enter high-growth sectors such as photovoltaic packaging films and new energy lithium battery materials, with the global demand for photovoltaic packaging films expected to reach 7 billion square meters by 2025 [8] Growth Potential - The sales volume of film products increased from 9.24 million square meters in September 2022 to 14.46 million square meters in 2024, representing a significant growth of 56.5% over three years [9] - The company benefits from the acceleration of domestic production in the photovoltaic and lithium battery material sectors, supported by its strong technological capabilities and patent portfolio [9] - The optimization of the customer structure, with deep partnerships with leading companies, provides stable order guarantees for performance growth [11]