Group 1 - Crown New Materials Technology Co., Ltd. has submitted its prospectus to the Shenzhen Stock Exchange, revealing details about the company and its founders [2] - The company, originally established in 2000, specializes in the research, production, and sales of industrial-grade adhesive materials, electronic-grade adhesive materials, and functional film materials [3] - The main applications of Crown New Materials' products include light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [3] Group 2 - The company is controlled by the Mai family, with Mai Huiquan holding 25.92% and Mai Huixia holding 38.59% of the shares, totaling 87.17% control [3] - Mai Huiquan, the founder, transitioned from being a primary school teacher to the adhesive industry, establishing several companies before founding Crown New Materials [4] - In 2022, the Mai family undertook internal asset restructuring to address competition issues prior to the IPO, including acquisitions of stakes in related companies [4][5] Group 3 - The IPO aims to raise 919 million yuan, which will be allocated to expansion projects, industrialization of optical films, R&D center construction, and working capital [6] - Revenue projections for 2022 to 2024 are 2.567 billion yuan, 2.895 billion yuan, and 3.159 billion yuan, with net profits of 206 million yuan, 278 million yuan, and 302 million yuan respectively [6] - The company has faced challenges with cash flow, as evidenced by a decline in net cash flow from operating activities due to high accounts receivable and inventory levels [6] Group 4 - Despite the growth in the functional composite materials industry, Crown New Materials has experienced inventory impairment and declining prices for core products [7] - The company's inventory values from 2022 to mid-2025 show a decreasing trend, with significant impairment losses reported [7] - The gross margin has increased from 20.02% in 2022 to 23.82% in mid-2025, indicating better profitability compared to industry peers [7] Group 5 - As of June 2025, the company's intangible assets are valued at 275 million yuan, primarily consisting of land use rights [8] - The land use rights include multiple industrial and residential plots, totaling nearly 400,000 square meters, indicating a significant real estate component in the company's asset structure [8]

Core Viewpoint - Crown New Materials Technology Co., Ltd. has entered the inquiry stage for its main board IPO, aiming to raise approximately 919 million yuan for various expansion and development projects [1] Company Overview - Crown New Materials is a high-tech enterprise focused on functional new materials, specializing in the research, production, and sales of industrial-grade adhesive materials, electronic-grade adhesive materials, and functional film materials [1] IPO Details - The company's main board IPO was accepted on November 28, 2025, and it plans to use the raised funds for several projects, including the expansion of functional composite materials in Guangdong, semiconductor functional composite materials in Jiangsu, optical film industrialization in Zhejiang, research center construction, and to supplement working capital [1]

Company Overview - Crown New Materials Technology Co., Ltd. (Crown New Materials) has changed its listing review status on the Shenzhen Stock Exchange to "inquired," with CICC as its sponsor, aiming to raise 918.68 million yuan [1] - The company specializes in the research, production, and sales of functional composite materials, including industrial-grade adhesives, electronic-grade adhesives, and functional film materials, with applications across various sectors such as light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [1] Industry Context - The domestic market for functional composite materials is fragmented, with many small manufacturers focusing on low-end products, resulting in a weak position within the industry chain [1] - A few early entrants, including Crown New Materials, have achieved large-scale production and possess advanced production technologies for high-end materials, enabling them to compete with international leaders [1] Product Applications and Performance - Crown New Materials has successfully entered markets previously dominated by international giants like 3M, Nitto, and Tesa, providing products to well-known clients such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, CATL, and Gree [2] - The company has shown steady growth in performance and profitability, focusing on functional new materials as a strategic priority and aiming to enhance its competitive edge in high-end products [2] Fundraising and Financial Projections - The fundraising will support several projects, including the expansion of functional composite materials production and the establishment of a research center, with a total investment of approximately 1.032 billion yuan and planned use of raised funds amounting to 918.68 million yuan [3] - Financial projections indicate revenues of approximately 2.567 billion yuan, 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of around 206 million yuan, 278 million yuan, 302 million yuan, and 155 million yuan for the same periods [3] Financial Metrics - Total assets are projected to grow from approximately 2.304 billion yuan in 2022 to 3.561 billion yuan by mid-2025, with a decrease in the debt-to-asset ratio from 43.76% in 2022 to 37.41% in 2025 [4] - The company’s net profit is expected to increase from 205.50 million yuan in 2022 to 154.99 million yuan in the first half of 2025, with a basic earnings per share of 0.38 yuan for the first half of 2025 [5]

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received acceptance for its IPO on the Shenzhen Stock Exchange, with CICC as the sponsor, indicating a significant step for the company in raising capital for its operations and expansion [2] Company Overview - Crown New Materials focuses on functional new materials, specializing in the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials [2] - The company's products are widely used across various sectors, including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [2] Financial Performance - The total assets of the company have shown a steady increase from 2.30 billion yuan in 2022 to an estimated 3.56 billion yuan by mid-2025 [3] - The company's revenue has grown from 2.57 billion yuan in 2022 to an expected 3.16 billion yuan in 2025, reflecting a positive growth trajectory [4] - Net profit attributable to the parent company has increased from 205.50 million yuan in 2022 to an estimated 155.00 million yuan in the first half of 2025 [4] Shareholding Structure - The company does not have a controlling shareholder, with the largest shareholders being siblings Mai Huiquan and Mai Huixia, who collectively control 87.17% of the shares [5][6] - Mai Huiquan holds 25.92% of the shares and serves as the Chairman and General Manager, while Mai Huixia holds 38.59% and serves as the Vice Chairman [6][7] Management Team - The management team includes experienced individuals with extensive backgrounds in the industry, such as Mai Huiquan, who has held various leadership roles since 1981, and Mai Huixia, who has been involved in management since 1979 [7][8][9]

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, indicating a significant step for the company in the functional film and adhesive products industry [1]. Company Overview - Crown New Materials focuses on the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials, serving various sectors including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [4]. Financial Performance - The company's revenue for the reporting periods (2022 to 2025) shows a steady increase, with total revenues of 2.567 billion yuan, 2.895 billion yuan, 3.159 billion yuan, and 1.592 billion yuan for the respective years [5]. - The net profit after deducting non-recurring gains and losses was 226 million yuan, 275 million yuan, 307 million yuan, and 154 million yuan for the same periods, indicating stable growth [5]. Product Revenue Breakdown - Industrial-grade adhesives accounted for over 65% of total revenue, with a decline in sales price from 3.72 yuan to 3.51 yuan, while electronic-grade adhesives and functional film materials saw price increases [6]. - The revenue from industrial-grade adhesives was 1.0357 billion yuan in the first half of 2025, reflecting a growth rate of 66.07% [5]. Funding and Investment Plans - The company plans to raise 919 million yuan, primarily for expanding production projects in Guangdong, Jiangsu, and Zhejiang, as well as for the construction of a research and development center [7][8].

Core Viewpoint - Crown New Materials Technology Co., Ltd. (Crown New Materials) faces significant structural risks despite its impressive client list and market presence, including issues related to raw material dependency, governance risks from its actual controller's cross-border identity, and contradictions between fundraising needs and substantial dividend payouts [1][2][25]. Group 1: Structural Risks - The company claims to be a high-tech enterprise with a focus on functional composite materials, serving major clients like Huawei and Apple, but it harbors structural risks in its core business [2][4]. - Crown New Materials has a high dependency on raw materials, with direct materials accounting for over 80% of its main business costs, linking its profitability closely to international oil prices [4][5]. - The company faces intense competition in the market, with major players like 3M and Nitto dominating the high-end segment, while its product structure remains heavily weighted towards industrial-grade adhesive materials, which have seen declining sales prices [5]. Group 2: IPO and Sponsorship Concerns - The IPO application marks Crown New Materials' first attempt to list on the A-share main board, with China International Capital Corporation (CICC) as the sponsor [7][9]. - The sponsor must prepare for potential inquiries regarding the actual controller's overseas identity and the compliance of fund flows, as well as the alignment of financial data with industry trends [9]. Group 3: Governance and Control Risks - The company's ownership structure is characterized by absolute family control, with the actual controllers holding 87.17% of the shares, raising concerns about governance effectiveness and potential decision-making imbalances [10][12]. - The actual controller's dual nationality (Australian and Hong Kong permanent resident) poses regulatory scrutiny regarding cross-border fund flows and compliance risks [12][13]. Group 4: Financial Data and Quality Concerns - Despite revenue and net profit growth from 2022 to 2024, discrepancies in financial data raise concerns about operational quality, particularly a significant decline in cash flow despite revenue growth [14][16]. - Anomalies in prepaid accounts, which grew by 28.44% in 2024 while operating costs increased by only 7.95%, warrant scrutiny regarding the nature of these transactions [14][16]. - The company's asset efficiency has declined, with revenue per fixed asset decreasing from 4.62 in 2022 to 3.87 in 2024, while capital expenditures surged by 82.05% [14][17]. Group 5: Fundraising Logic and Dividend Conflicts - Crown New Materials plans to raise approximately 919 million yuan, with 100 million yuan earmarked for working capital, despite having distributed significant cash dividends of 75.24 million yuan and 82.54 million yuan in 2023 and 2024, respectively [24][25]. - The juxtaposition of large dividend payouts and the need for fundraising raises questions about the company's liquidity and the rationale behind its dividend policy [24][25].

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, with a focus on functional new materials and a wide range of applications across various industries [2][3]. Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials, positioning itself as a high-tech enterprise [2]. - The company's products are utilized in numerous well-known brands, including OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, and others [2]. Financial Summary - The total investment for the IPO is approximately 10.32 billion, with 9.2 billion intended for expansion projects and working capital [3]. - Revenue figures for the years 2022 to 2025 are projected to be 2.567 billion, 2.895 billion, 3.159 billion, and 1.592 billion respectively, with net profits of 206 million, 278 million, 302 million, and 155 million [5]. - The company’s total assets are expected to grow from 2.303 billion in 2022 to 3.560 billion by mid-2025, while the debt-to-asset ratio is projected to decrease from 43.76% in 2022 to 37.41% by mid-2025 [4]. Subsidiary Performance - As of the date of the prospectus, Crown New Materials has eight wholly-owned subsidiaries, with only two subsidiaries, Jiangsu Crown and Guangdong Crown, reporting profits in the first half of the year [6].

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, focusing on functional composite materials, which are essential in various industries including electronics and automotive [1][2]. Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade and electronic-grade adhesive materials, as well as functional film materials [1]. - The company operates in multiple sectors such as light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [1]. Market Trends - The global composite materials market is projected to reach USD 91.1 billion in 2023, with a compound annual growth rate (CAGR) of 7.16% from 2019 to 2023 [2]. - China's composite materials market is expected to grow to CNY 232.7 billion in 2023, reflecting a year-on-year increase of 10.30% and a CAGR of 5.89% from 2019 to 2023 [2]. Application and Demand - Functional composite materials are increasingly used in personal computers for component fixation and optical display protection, requiring specific properties such as insulation, corrosion resistance, stability, and heat resistance [5]. - The global PC shipment volume is projected to decline to 260 million units in 2023, a decrease of 13.9% year-on-year, but is expected to recover slightly to 263 million units in 2024, marking a 1.0% increase [5]. AIoT Industry Growth - The AIoT industry, integrating IoT and AI technologies, is expected to grow significantly, with the global market projected to reach USD 17.81 billion in 2024 and USD 70.99 billion by 2030, reflecting a CAGR of 25.92% [9]. - Wearable devices, a key segment of the AIoT market, are anticipated to see a shipment volume of 538 million units in 2024, representing a year-on-year growth of 6.1% [9].

Core Viewpoint - Crown New Materials Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, focusing on functional new materials and serving various industries including electronics and automotive [3]. Company Overview - Crown New Materials specializes in the research, production, and sales of industrial-grade adhesives, electronic-grade adhesives, and functional film materials [3]. - The company's products are widely used in sectors such as light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [3]. Clientele - The company's products are applied in well-known brands including OPPO, vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, CATL, Guoxuan High-Tech, Zhongchuang Xinhang, Gree, Galanz, and Deli [3]. Financial Performance - The total assets of the company have increased from 2.30 billion yuan in 2022 to 3.56 billion yuan in 2025 [4]. - The net profit attributable to the parent company has grown from 205.50 million yuan in 2022 to 154.99 million yuan in the first half of 2025 [5]. - The operating revenue has shown a steady increase from 2.57 billion yuan in 2022 to 3.15 billion yuan in 2024, with 1.59 billion yuan reported for the first half of 2025 [5]. Shareholding Structure - The company does not have a controlling shareholder, with the actual control held by siblings Mai Huiquan and Mai Huixia, who collectively control 87.17% of the shares [6]. Management Background - Mai Huiquan, born in August 1964, has extensive experience in the adhesive industry, having held various managerial positions since 1981 [7][8]. - Mai Huixia, born in June 1962, also has a strong background in management within the same industry, serving in multiple roles since 1979 [9].

Core Viewpoint - Crown New Materials Technology Co., Ltd. is initiating an IPO on the A-share market, backed by strong financial performance, but is also planning to raise funds despite significant cash dividends in recent years [1][2]. Group 1: Company Overview - Established in 2000, Crown New Materials focuses on functional new materials, including industrial-grade and electronic-grade adhesives, as well as functional film materials [2]. - The company's products are widely used across various sectors, including light industry, home appliances, automotive manufacturing, new energy batteries, consumer electronics, smart IoT, and semiconductors [2]. Group 2: Financial Performance - Crown New Materials reported revenues of approximately 25.67 billion, 28.95 billion, 31.59 billion, and 15.92 billion for the years 2022 to the first half of 2025, respectively [2]. - Corresponding net profits for the same periods were approximately 2.06 billion, 2.78 billion, 3.02 billion, and 1.55 billion [2]. - The company plans to distribute cash dividends of approximately 752.39 million and 825.35 million for 2023 and 2024, totaling around 1.58 billion [2]. Group 3: IPO and Fundraising - The IPO aims to raise approximately 919 million, which will be allocated to expansion projects, a research center, and working capital [3]. - The company intends to invest 100 million specifically for working capital [3]. Group 4: Shareholding Structure - The actual controllers, Mai Huixia and Mai Huiquan, collectively hold 87.17% of the company's shares, with no single shareholder owning more than 50% [4][5]. - Mai Huiquan directly holds 25.92% of the shares and controls an additional 48.58% through various entities, while Mai Huixia holds 38.59% directly [4]. Group 5: Governance and Risks - Concerns have been raised regarding the high ownership concentration and potential conflicts of interest, despite the company's established governance structure [5]. - The company has indicated that it has measures in place to prevent the actual controller from harming the interests of the company and public shareholders [5]. Group 6: Financial Ratios - Crown New Materials has a lower R&D expense ratio compared to industry peers, with rates of 3.9%, 4.59%, 4.77%, and 4.81% over the reporting period, against peer averages of 4.42%, 5.48%, 5.21%, and 5.04% [6]. - The company's sales expense ratio is higher than the industry average, with rates of 2.01%, 2.5%, 2.75%, and 2.93%, compared to peer averages of 1.74%, 2.22%, 2.14%, and 2.36% [6].