宁波能之光新材料科技股份有限公司，一家在高分子材料领域深耕细作超过二十年的高新技术企业，于 2025年8月22日正式登陆北交所，这一里程碑事件标志着公司迈入了一个全新的高质量发展阶段。 自2001年成立以来，能之光始终致力于高分子接枝改性技术的产业化应用，不断推动技术创新与拓展。 通过在高分子接枝改性技术配方及规模化生产工艺方面的长期积累，公司已建立了以"高分子化学接枝 改性"、"高分子超临界流体净化"及"有机无机功能复合"为核心的三大技术平台，成功研发出多项关键 核心技术，如熔融接枝反应挤出技术、超临界流体净化技术及功能母料制备技术等，形成了坚实的技术 护城河。 在董事长兼总经理张发饶博士的引领下，能之光不断突破技术瓶颈。张发饶博士作为中科院过程工程研 究所的杰出人才，国家级重大人才计划的入选者，他带领公司组建了一支专业高效的研发团队。公司已 成功建立了国家级博士后科研工作站、省级高新技术企业研究开发中心等多个高水平研发平台，为公司 的持续创新提供了坚实支撑。同时，公司还积极引进海外专家，注重人才的多元化发展，承担了多项国 家级和市级科研项目，截至目前，已获得51项发明专利授权，充分展示了其强大的自主创新能 ...

公司在接枝改性技术配方和规模化生产工艺方面有着深厚的积累，以"高分子化学接枝改性""高分子超临界流体净化""有机无机功能复合"三大技术平台，孵 化出熔融接枝反应挤出技术、超临界流体净化技术、功能母料制备技术等多项核心技术。公司多次承担政府科研项目，培养过多位博士后。公司2019年获浙 江制造精品荣誉及宁波市单项冠军示范企业，2020年获浙江省"隐形冠军"企业及浙江省企业研究院，2022年获国家知识产权优势企业。截至目前，公司自主 研发取得发明专利授权51项。 一、公司基本情况 能之光是较早实现相容剂国产化的企业，公司积极布局功能高分子材料产品的研发，其中粘合树脂和功能母料已实现销售。功能高分子材料在改性塑料、复 合材料、高分子功能膜等材料领域力求解决行业痛点。在光伏胶膜领域，公司推出解决光伏胶膜痛点问题的系列功能母料，如除酸母料、抗PID母料等。 本报讯，能之光（920056）将于8月22日登陆北交所。资料显示，能之光发行价格为7.21元/股，此前IPO打新结果显示，公司本轮IPO打新冻资5645.43亿元， 获配比例0.02%。 能之光是从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业，是国家 ...

Financial Performance - The company reported a total revenue of 736 million yuan for the first half of 2025, a decrease of 2.54% year-on-year [1] - The net profit attributable to shareholders was 37.2 million yuan, down 28.27% compared to the previous year [1] - The gross profit margin decreased to 13.16%, a decline of 6.23% year-on-year, while the net profit margin fell to 5.05%, down 26.4% [1] - The total expenses (selling, administrative, and financial) amounted to 37.22 million yuan, representing an increase of 43.55% as a percentage of revenue [1] - Earnings per share decreased to 0.28 yuan, down 28.21% year-on-year [1] Cash Flow and Financial Health - The company's cash and cash equivalents dropped significantly to 140 million yuan, a decrease of 83.78% [1] - The company’s operating cash flow per share increased to 0.98 yuan, reflecting a substantial increase of 163.83% [1] - The liquidity ratio, indicated by cash and cash equivalents to current liabilities, is a concern as it stands at only 49.4% [3] Business Model and Strategy - The company’s return on invested capital (ROIC) was reported at 3.74%, indicating weak capital returns [3] - The company focuses on capital expenditures to drive performance, necessitating careful evaluation of the profitability of these investments [3] - The company is committed to innovation, with ongoing development of new products in response to market demands, particularly in functional films and masterbatches [3][4] Market Position and Future Outlook - The company aims to enhance its product structure and profitability through innovation and upgrading existing products [4] - There is a focus on expanding into niche applications for new film materials, which is expected to improve the company's market competitiveness [4]

（编辑 楚丽君） 证券日报网讯 8月15日晚间，德冠新材发布公告称，公司于2025年8月15日召开的第五届董事会第九次 会议审议通过了《关于部分募投项目延期的议案》，同意将"功能薄膜及功能母料改扩建技术改造项 目"达到预定可使用状态日期由2025年10月30日延期至2026年6月30日，"实验与检测升级技术改造项 目"达到预定可使用状态日期由2025年10月30日延期至2026年12月31日。 ...

Investment Rating - The investment rating for the company is suggested to be "actively participate" in the new share subscription [30]. Core Viewpoints - The company is recognized as a "small giant" in the polymer additive sector, leading in the compatibilizer niche, with a stable growth in revenue and profitability [10][30]. - The company has a strong focus on technological innovation and has established multiple research platforms to support its development [8][9]. - The company is well-positioned in a growing market, with a significant potential for expansion in high-end applications and import substitution [13][19]. Summary by Sections 1. Company Overview - The company, established in 2001 and headquartered in Ningbo, Zhejiang, specializes in the research, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, cables, electronics, and photovoltaic components [7][10]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 14.78 million shares, accounting for 18.6% of the total share capital post-issuance, and an expected fundraising of 107 million yuan [14][15]. 3. Industry Situation - The polymer additive market in China has been steadily growing, with a significant increase in market size and consumption, driven by the widespread application of polymer materials [20][21]. 4. Competitive Advantages - The company boasts strong independent research and development capabilities, advanced technology and process advantages, and comprehensive service offerings to meet diverse customer needs [23][24]. 5. Financial Performance - The company achieved a revenue of 611 million yuan in 2024, with a three-year CAGR of 4.82%, and a net profit of 55.94 million yuan, with a CAGR of 59.95% over the same period [10][18]. 6. Subscription Analysis - The company is positioned favorably for investment, with a low initial valuation and a moderate liquidity ratio, suggesting a good opportunity for investors [30].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 354 million CNY, a year-on-year decrease of 3.23% [8] - The net profit attributable to shareholders was 22.11 million CNY, down 15.39% year-on-year, due to insufficient terminal consumer demand and intensified industry competition [8] - The company plans to enhance operational resilience and focus on internal growth to counteract industry cycles [12] Group 2: Product Development and Innovation - The company is focusing on product innovation and management mechanisms to enhance core competitiveness [10] - New products are in mid-batch expansion stages, with applications in consumer electronics, sanitary materials, and instant tea markets [7] - The company aims to optimize product structure and enhance profitability through continuous product iteration and innovation [12] Group 3: Market Expansion Strategies - The company plans to expand market share by targeting specific markets and customizing marketing strategies based on market conditions and customer needs [5] - Current primary markets include South China and East China, with international coverage in East Asia, the Middle East, Latin America, and Southeast Asia [9] - Future plans include exploring new market fields while maintaining a stable operational strategy [9] Group 4: Corporate Governance and Compliance - The company adheres to legal regulations and has established a robust corporate governance structure to prevent corruption [14] - Regular internal audits and compliance training are conducted to ensure adherence to laws and regulations [14] - The company has implemented a whistleblower mechanism to report any misconduct [14] Group 5: Future Outlook and Goals - The 2025 work theme is "Renew and Grow Resiliently," with ten key operational goals aimed at achieving year-on-year growth in all business indicators [12] - The company plans to enhance product quality and increase production efficiency while ensuring safety in operations [12] - The company anticipates a recovery in the domestic consumption market, which will positively impact the BOPP industry [14]

Financial Overview - The total operating revenue for the company reached 1.521 billion yuan, an increase of 24.78% year-on-year, while the net profit attributable to shareholders was 93.05 million yuan, a decrease of 23.32% year-on-year, indicating a situation of revenue growth without profit increase [1] - In the fourth quarter, the total operating revenue was 388 million yuan, up 12.88% year-on-year, with a net profit of 20.69 million yuan, an increase of 3.0% year-on-year, but the non-net profit decreased by 11.47% year-on-year [2] Key Financial Metrics - Gross margin was 13.28%, down 29.4% year-on-year - Net margin was 6.12%, down 38.55% year-on-year - Operating expenses accounted for 4.28% of revenue, down 6.7% year-on-year - Earnings per share were 0.7 yuan, down 39.13% year-on-year - Cash and cash equivalents decreased by 67.71% year-on-year to 390 million yuan [6] Business Composition - Functional films generated revenue of 1.321 billion yuan, accounting for 86.83% of total revenue, with a gross margin of 14.58% - Functional masterbatches generated revenue of 136 million yuan, accounting for 8.92% of total revenue, with a gross margin of 9.80% - Domestic sales accounted for 93.58% of total revenue, while international sales accounted for 6.42% [6] Development Outlook - The company, as a leading manufacturer of functional BOPP films in China, holds 135 patents and has participated in the formulation of several national standards - Future plans include investing raised funds to expand production capacity and enhance market share and competitiveness [7] Business Model Analysis - The company's performance is primarily driven by capital expenditures and equity financing, with a total financing amount of 1.056 billion yuan since its listing, and a total dividend payout of 86.67 million yuan, resulting in a dividend financing ratio of 0.08 [9]

广东德冠薄膜新材料股份有限公司 GUANGDONG DECRO FILM NEW MATERIALS CO.,LTD. （住所：广东省佛山市顺德区大良顺峰山工业区） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 广东德冠薄膜新材料股份有限公司 招股说明书 重要声明 中国证监会、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者保证。 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 广东德冠薄膜新材料股份有限公司 招股说明书 | 本次发行概况 | | --- | | 发行股票类型 | 股） 人民币普通股（A | | | | | --- | --- | --- | --- | --- | | 发行股数 ...

广东德冠薄膜新材料股份有限公司 首次公开发行股票并在主板上市发行公告 保荐人（主承销商）：招商证券股份有限公司 特别提示 广东德冠薄膜新材料股份有限公司（以下简称"德冠新材"、"发行人"或"公 司"）根据《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（2018 年修订）》（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》"）、《首次公开发行证券承销业务规则》（中证协发 [2023]18号）（以下简称"《承销业务规则》"）、《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"《管理规则》"）等相关法律法规、监 管规定以及自律规则等文件组织实施首次公开发行股票并在主板上市。 本次发 ...

广东德冠薄膜新材料股份有限公司 GUANGDONG DECRO FILM NEW MATERIALS CO.,LTD. (住所:广东省佛山市顺德区大良顺峰山工业区) 首次公开发行股票并在主板上市 招聘说明书 (法册稿) 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具有 据以发行股票的法律效力,仅供预先披露之用。投资者应当以正式公告的招股说明书作为投 资决定的依据。 保荐人(主承销商) CMS 四 招商证券 (深圳市福田区福田街道福华一路 111 号) 广东德冠薄膜新材料股份有限公司 招股说明书 重要声明 中国证监会、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者保证。 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 广东德冠 ...