Core Insights - Suzhou Korun New Materials Co., Ltd. has completed a new round of financing, securing approximately 120 million yuan in investment, led by Beiqi Investment and joined by several other notable investment institutions [2] - The company is a leading domestic producer of proton exchange membrane materials, focusing on the industrialization of core membrane materials for "flow energy storage + hydrogen energy" [2] - Korun has established a complete industrial chain from resin synthesis to membrane preparation and application development, achieving domestic production of perfluorosulfonic acid proton membranes and ranking first in the domestic market for three consecutive years [2] Financing and Investment - Korun has completed multiple rounds of financing exceeding 100 million yuan, including a recent C+ round where the first tranche raised 140 million yuan and the second tranche raised over 400 million yuan [3] - Notable investors include Sequoia China, Beiqi Investment, and China General Technology Group, among others, indicating strong interest from prominent venture capital firms [3] Product Applications and Market Position - The company's perfluorinated ion membranes are widely used in fuel cells, vanadium batteries, water electrolysis for hydrogen production, and other applications, establishing long-term partnerships with major companies [3] - Korun provides over 90% of the domestic perfluorinated ion membrane products for the vanadium battery industry and plays a crucial role in the industrialization of hydrogen fuel cell proton exchange membranes [3]

Group 1 - The company has successfully applied its tungsten-copper composite filter technology in the ITER international nuclear fusion project [1] - The company does not engage in the business of perfluorosulfonic acid proton membranes [1]

Core Viewpoint - Suzhou Corun New Materials Co., Ltd. (referred to as "Corun New Materials") has initiated the process for listing on the Science and Technology Innovation Board, marking a significant step in its growth as a leading domestic enterprise in proton exchange membrane materials [1][2]. Group 1: Company Overview - Corun New Materials has 16 years of experience in the research and manufacturing of proton exchange membranes and is one of the earliest companies in China to achieve the industrialization of perfluorosulfonic acid proton exchange membranes [1]. - The company operates three main manufacturing facilities located in Fujian, Huai'an, and Suzhou [1]. - Corun New Materials has resolved critical material challenges in the fields of vanadium flow batteries and hydrogen fuel cells, achieving domestic self-sufficiency in perfluorosulfonic acid proton membranes [1]. Group 2: Industry Position and Achievements - Corun New Materials is currently the only company in China capable of mass-producing and supplying perfluorosulfonic acid proton exchange membranes for vanadium flow batteries and is among the few that can do so for hydrogen fuel cells [1]. - The company has established a complete industrial chain layout from resin synthesis to membrane preparation and application development, leading the domestic market in the shipment volume of perfluorosulfonic acid proton (ion) membranes for three consecutive years [1]. - Corun New Materials holds over 100 patents related to proton membranes and has participated in the formulation of more than 10 national industry standards [2]. Group 3: Research and Development - The company has developed five major laboratories focusing on raw material selection, membrane liquid preparation, membrane production, performance testing, and application testing [2]. - Corun New Materials collaborates with prestigious institutions such as the Chinese Academy of Sciences and Xiamen University to maintain its technological competitiveness [2]. Group 4: Financial and Investment Highlights - Corun New Materials has completed multiple rounds of financing, attracting investments from notable firms including Sinopec Capital, Sequoia, and others [2]. - In August 2024, the company completed the second batch of financing in its C+ round, raising over 400 million yuan, with Sinopec Capital as the lead investor [2]. Group 5: Ownership Structure - The actual controller of Corun New Materials is Yang Dawei, who holds a 27.47% stake in the company [3].