Core Viewpoint - Tongcheng New Materials Group Co., Ltd. (hereinafter referred to as "Tongcheng New Materials") has submitted an application for a dual listing on the Hong Kong Stock Exchange, aiming for an A+H listing, with joint sponsors being Guotai Junan and Haitong International [2]. Company Overview - Established in 1999, Tongcheng New Materials is a comprehensive new materials service provider focused on advanced chemical products. The company operates in three main segments: electronic materials, rubber additives for tires and other chemical products, and fully biodegradable materials [2]. - In the electronic materials sector, Tongcheng ranked first among Chinese suppliers in sales of semiconductor photoresists and TFT array photoresists for the first nine months of 2025 [2]. - In the rubber additives and other chemical products segment, the company also ranked first in both the global and Chinese markets for phenolic resin rubber additives during the same period [2]. Financial Performance - For the fiscal years 2023 and 2024, Tongcheng reported revenues of RMB 2.937 billion and RMB 3.263 billion, respectively, with annual profits of RMB 404 million and RMB 534 million. The gross profit margins were 23.3% and 24.4% [2]. - In the first nine months of 2025, the company achieved revenues of RMB 2.517 billion, a year-on-year increase of 4.04%, and profits of RMB 522 million, reflecting an 11.61% growth. The gross profit margin was 25.2%, slightly down from 25.4% in the previous year [3][4]. Shareholding Structure - Prior to the IPO, the major shareholders of Tongcheng New Materials included Tongcheng Investment (Hong Kong) holding 47.81%, Virgin Holdings (Hong Kong) with 13.01%, and Zhang Ning with 0.14%. Tongcheng Investment is wholly owned by Zhang Ning, while Virgin Holdings is owned 99.9% by Zhang Ning and 0.1% by Tongcheng Investment [4]. Management Team - The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors. Zhang Ning serves as the executive director and chairman, while Ding Lin is the executive director, vice chairman, and president [6][8]. - Zhang Ning, the founder of Tongcheng New Materials, has over 26 years of experience in chemical materials manufacturing and has held various leadership roles since the company's inception [7]. - Ding Lin has extensive management experience in chemical materials and has been with the company since November 2021 [8].

國泰海通 海浦或偿 HATTONG SUOTAI HAITONG [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) |编纂|數目 : [编纂]股H股(可予[编纂]) |编纂|數目 : [編纂]股H股(可予[編纂]及視乎[編纂]行使與 合向定) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、 0.0027%證監會交易徵費、0.00565%聯交 所交易費及0.00015%會財局交易徵費(須 於申請時以港元繳足,多繳股款可予J編 纂I) 面值 : 每股H股人民幣1.00元 【编纂】： [编纂] (於中華人民共和國註冊成立的股份有限公司) l 繼續] 獨家保薦人、[編纂]、[編纂]及[編纂] 据港交所2月8日披露，彤程新材（603650）料集团股份有限公司(简称：彤程新材(603650.SH))向港交所主板递交上市 申请书，国泰海通/海通国际为独家保荐人。招股书显示，彤程新材是中国领先的综合性新材料服务供应商，专注于 先进化工产品。公司主要从事新型化工材料的研发、生产、营销、销售及分销。于往绩记录期间，公司的主要业务包 括三个分部，即(i)电子材料;(ii)轮胎用橡胶助剂及其 ...

Core Viewpoint - Tongcheng New Materials (彤程新材) is applying for a dual listing on the A+H stock markets, facing slowing profit growth and declining average selling prices in its business segments, with trade receivables rising to 730 million RMB [1][3]. Financial Performance - For the fiscal years 2023 to 2025, the company's revenue figures are 2.944 billion RMB, 3.270 billion RMB, and 2.523 billion RMB respectively, with net profits of 407 million RMB, 517 million RMB, and 494 million RMB, showing significant deceleration in growth rates of 36.37%, 27.10%, and 12.65% [3][6]. - The overall gross profit margins remained relatively stable at approximately 23.3%, 24.4%, and 25.2%, with gross profits of about 685 million RMB, 796 million RMB, and 634 million RMB [8]. Business Segments - The company operates in three main segments: electronic materials, tire rubber additives, and fully biodegradable materials. The tire rubber additives segment is the largest revenue contributor, accounting for 77.5%, 74.7%, and 69.7% of total revenue in the respective periods [6][7]. - The electronic materials segment's revenue share increased from 19.1% to 27.8% over the same period, with average selling prices rising from 44,300 RMB to 53,900 RMB [7]. Trade Receivables and Inventory - Trade receivables have increased to 730 million RMB, with turnover days rising from 71 to 75 days, indicating potential collection challenges [8][9]. - Inventory levels have also increased, with amounts of 431 million RMB, 486 million RMB, and 511 million RMB, and inventory turnover days extending from 68 to 73 days [10]. Market Performance - As of February 6, the company's stock price rose by 1.42% to 55.55 RMB per share, with a total market capitalization of approximately 34.225 billion RMB, reflecting a more than 60% increase in stock price over the past year [11].

[編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) |编纂|數目 : [编纂]股H股(可予[编纂]) |编纂|數目 : [編纂]股H股(可予[編纂]及視乎[編纂]行使與 合向定) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、 0.0027%證監會交易徵費、0.00565%聯交 所交易費及0.00015%會財局交易徵費(須 於申請時以港元繳足,多繳股款可予J編 纂I) 面值 : 每股H股人民幣1.00元 【编纂】： [编纂] l 繼續] 獨家保薦人、[編纂]、[編纂]及[編纂] 据港交所2月8日披露，彤程新材料集团股份有限公司(简称：彤程新材(603650.SH))向港交所主板递交上市申请书，国 泰海通/海通国际为独家保荐人。招股书显示，彤程新材是中国领先的综合性新材料服务供应商，专注于先进化工产 品。公司主要从事新型化工材料的研发、生产、营销、销售及分销。于往绩记录期间，公司的主要业务包括三个分 部，即(i)电子材料；(ii)轮胎用橡胶助剂及其他化工产品；及(iii)可完全生物降解材料。 Red Avenue New Materials Group Co., Ltd. ...