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干式摩擦片国内市场份额排名第二位 科马材料北交所IPO审核状态变更为“提交注册”
Quan Jing Wang· 2025-09-21 14:55
Core Viewpoint - Zhejiang Kema Material Co., Ltd. has transitioned its IPO application status to "submitted for registration," indicating progress in its public offering process [1] Company Overview - Kema Material specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, holding the second-largest market share in the domestic dry friction plate sector [2][3] - The company has established long-term partnerships with major domestic clutch manufacturers and supplies products to well-known automotive brands [2][3] Market Position and Growth - The export value of "clutch and its parts" from China is projected to grow from 75.69 billion in 2022 to 91.76 billion in 2024, reflecting increasing overseas demand [2] - Kema Material's dry friction plates are expected to see a global market expansion from approximately 120 billion to 130 billion over the next three years [9] Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 202.16 million, 198.96 million, and 249.03 million respectively, with net profits increasing from 41.65 million to 71.03 million [5] - The gross margin for the main business has improved from 34.87% in 2022 to 47.24% in 2024, indicating strong profitability and cost control [5] Research and Development - Kema Material has a strong focus on R&D, with stable investments in research expenses, which were 13.68 million, 13.06 million, and 13.72 million from 2022 to 2024 [5] - The company holds 78 national patents, including 12 invention patents, showcasing its commitment to innovation [4] International Expansion - Kema Material is actively pursuing international markets and has established good relationships with global automotive parts giants like Eaton and ZF [9] - The company aims to enhance its product competitiveness and expand its sales scale in global niche markets [9] New Business Development - The company is venturing into torque dampers, which are applicable in both traditional and new energy hybrid vehicles, with sales revenue for these products growing significantly from 0.12 million in 2022 to 723.58 million in 2024 [11] - Kema Material's upcoming fundraising projects include upgrading its production capabilities for environmentally friendly clutch friction materials [11]
科马材料IPO过会两周后提交注册,上半年营收净利双位数增长
Sou Hu Cai Jing· 2025-08-27 08:02
Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. (Kema Materials) has submitted its IPO registration, with the underwriting agency being Guotou Securities, taking 15 days from approval to registration submission [2]. Financial Performance - The company's total assets as of December 31, 2024, are approximately 628.07 million yuan, an increase from 557.38 million yuan in 2023 and 545.75 million yuan in 2022 [3]. - Total equity attributable to shareholders reached approximately 558.60 million yuan in 2024, up from 487.07 million yuan in 2023 and 460.70 million yuan in 2022 [3]. - The company reported operating revenues of approximately 249.03 million yuan in 2024, compared to 198.96 million yuan in 2023 and 202.16 million yuan in 2022 [3]. - The net profit for 2024 is approximately 71.03 million yuan, an increase from 49.05 million yuan in 2023 and 41.65 million yuan in 2022 [3]. - The gross profit margin improved to 47.39% in 2024 from 41.48% in 2023 and 34.91% in 2022 [3]. - The weighted average return on net assets was 13.68% in 2024, up from 10.46% in 2023 and 9.55% in 2022 [3]. Growth Projections - For the first half of 2025, the company expects an 11.37% year-on-year increase in operating revenue, with net profit attributable to shareholders expected to grow by 30.68% [4]. - For the first nine months of 2025, projected operating revenue is between 194 million yuan and 200 million yuan, indicating a growth rate of 2.55% to 5.72% [4]. - The net profit for the same period is expected to be between 61 million yuan and 65 million yuan, reflecting a year-on-year growth of 10.05% to 17.27% [4]. Shareholding Structure - The actual controllers of the company, Wang Zonghe, Liao Aixia, Wang Tingting, and Xu Changcheng, collectively control 52.97 million shares, accounting for 84.40% of the total share capital [6]. - Wang Zonghe and Liao Aixia are a married couple, while Xu Changcheng is their son-in-law, and Wang Tingting is their daughter [6]. Management Team - Wang Zonghe has extensive experience in the friction materials industry, having held various leadership positions since 1995 and currently serving as the chairman [6]. - Liao Aixia has a background in education and library services, currently serving as a director and assistant general manager [7]. - Xu Changcheng, with a background in education and sales, has been with the company in various roles since 2010 and currently serves as a director and general manager [7]. - Wang Tingting, who holds Australian permanent residency, has transitioned from sales roles to brand management within the company [8].
一周A股IPO观察:2家新股首日大涨,3家过会,3家获注册批
Sou Hu Cai Jing· 2025-08-18 10:47
IPO Pipeline Overview - As of August 17, 2025, there are 296 companies in the IPO pipeline, with 28 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 29 on the Growth Enterprise Market, and 177 on the Beijing Stock Exchange [1] IPO Application Status - The total number of applications processed includes 6 accepted, 237 in inquiry, 14 approved, 23 suspended, and 16 registered [2] Newly Listed Companies - During the period from August 11 to August 17, 2025, two companies were newly listed: Guangdong Academy of Building Research Group Co., Ltd. closed at 34.01 CNY per share with a 418.45% increase and a trading volume of 19.048 billion CNY, while Zhigao Machinery Co., Ltd. closed at 57.66 CNY per share with a 231.19% increase and a trading volume of 1.083 billion CNY [3] New Counseling Records - Four companies received new counseling records: Zhejiang Ouno Machinery Technology Co., Ltd., Jiangsu Handian Biotechnology Co., Ltd., China Aerospace Technology Co., Ltd., and InnoCon Medical Technology (Suzhou) Co., Ltd. [4][5] Approval for Listing - Three companies successfully passed the review process: Zhejiang Kema Friction Materials Co., Ltd., Xi'an Yisiwei Material Technology Co., Ltd., and Harbin Itama Dapeng Industrial Co., Ltd. [6][7][8] Registration Approval - Three companies received registration approval: Zhejiang Jinhua New Materials Co., Ltd., Daoshengtianhe Material Technology (Shanghai) Co., Ltd., and Marco Polo Holdings Co., Ltd. [9] Termination of Review - Only Wuxi Sunshine Precision Machinery Co., Ltd. withdrew its IPO application during this period [10]
【IPO审核周记】3过3,有啥看点?
Sou Hu Cai Jing· 2025-08-18 05:21
Group 1: Company Highlights - Zhejiang Kema Friction Material Co., Ltd. focuses on the R&D, production, and sales of dry and wet paper-based friction materials, emphasizing the development of new friction materials [2] - The company has transitioned to dry extrusion technology, which reduces organic solvent usage, lowers natural gas consumption, and enhances product performance, with wet process products officially discontinued in July 2023 [3] - For the first half of 2024, the company reported revenue of 125.16 million yuan, a year-on-year increase of 40.55%, and a net profit of 34.18 million yuan, up 89.54% [4] Group 2: Market Position and Performance - Xi'an Yisiwei Material Technology Co., Ltd. is a leading manufacturer of 12-inch silicon wafers, ranking first in mainland China and sixth globally, with a market share of approximately 6% in monthly shipments and 7% in production capacity [5] - The company received government subsidies totaling 11.36 million yuan, 18.17 million yuan, and 34.90 million yuan over the reporting periods, benefiting from tax incentives as a high-tech enterprise [6] Group 3: Financial Performance - Harbin Itama Dapeng Industrial Co., Ltd. reported revenues of 247.36 million yuan, 259.72 million yuan, and 264.69 million yuan over the reporting periods, with net profits of 35.91 million yuan, 40.31 million yuan, and 38.11 million yuan [8] - The company received government subsidies of 7.53 million yuan, 15.75 million yuan, and 14.29 million yuan, which accounted for 16.41%, 28.16%, and 28.86% of total profits, indicating stable government support for its specialized equipment production [9]
未盈利硬科技企业过会丨IPO一周要闻
Sou Hu Cai Jing· 2025-08-17 00:10
Core Insights - The IPO market this week highlighted the acceptance of unprofitable companies, with Xi'an Yicai being the first unprofitable firm to pass the review for the Sci-Tech Innovation Board [2][4] - Various companies, including Wanjing Technology and Junsheng Electronics, are planning to list in Hong Kong, indicating a trend of seeking international capital to expand their businesses [2][3] Group 1: Approval Status - Zhejiang Kema Materials Co., Ltd. received approval for its IPO on the Beijing Stock Exchange, focusing on the development and production of friction materials [4] - Xi'an Yicai successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking a significant step for unprofitable companies in the capital market [4][5] - Dapeng Industrial's IPO was approved despite its net profit being below the commonly accepted threshold of 40 million yuan [6] Group 2: Newly Listed Companies - Jiangsu Zhonghui Biotechnology Co., Ltd. debuted on the Hong Kong Stock Exchange with a share price of 12.9 HKD, achieving a remarkable opening increase of 155.81% [7][8] - Guangdong Construction Science Research Institute Group Co., Ltd. successfully listed on the Growth Enterprise Market, raising approximately 6.87 billion yuan with a first-day closing price reflecting a 418.45% increase [10] - Zhejiang Zhigao Machinery Co., Ltd. listed on the Beijing Stock Exchange, with a closing price of 57.66 yuan per share, marking a 231.19% increase [11] - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. listed on the Hong Kong Stock Exchange, raising 6.35 billion HKD, with a first-day peak increase of 296.15% [12] Group 3: Companies Filing for IPO - Wanjing Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international business footprint [13] - Junsheng Electronics submitted its application for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed [14] - Hunan Junxin Environmental Protection Co., Ltd. aims to expand its financing channels through an IPO, focusing on sustainable development in the environmental sector [15] - Shenzhen Yuntianlfei Technology Co., Ltd. filed for an IPO, targeting the AI sector with a focus on computer vision and algorithm development [16] - Leshushi Ltd. is seeking to capitalize on the home comfort system market by filing for an IPO, aiming to integrate resources in the smart home sector [17] - Xinnengda submitted its IPO application, focusing on lithium battery solutions for consumer electronics and automotive sectors [18] Group 4: Market Dynamics - Wendo Li Sunshade Materials Co., Ltd. withdrew its IPO application after a lengthy review process, highlighting challenges in the market despite its accolades [20][21]
科马材料获批北交所IPO,拟募资2.06亿元强化技术布局
Sou Hu Cai Jing· 2025-08-12 16:54
Core Viewpoint - Zhejiang Kema Material Co., Ltd. has successfully passed the IPO review and will soon be listed on the Beijing Stock Exchange, aiming to raise 206 million RMB through the issuance of up to 20.92 million shares to fund technological upgrades and R&D projects [1] Group 1: Company Overview - Founded in 2002, Kema Material specializes in the research, production, and sales of friction materials, becoming a recognized "little giant" enterprise by the Ministry of Industry and Information Technology [3] - The company’s core product, dry clutch friction plates, holds a significant position in the domestic commercial vehicle market, with stable partnerships established with major manufacturers like FAW Jiefang and Dongfeng Motor [3] Group 2: Technological Strength - Kema Material has accumulated 75 authorized patents, including 12 invention patents, and has actively participated in drafting industry and national standards, showcasing its leading technological innovation capabilities [3] - The company’s technological advancements create a solid competitive barrier in the friction materials industry [3] Group 3: Business Diversification - In addition to its strengths in dry friction plates, Kema Material is expanding into wet paper-based friction plates, which are essential for automatic transmissions and have a low domestic supply ratio [4] - The shift towards domestic production in this sector presents significant growth opportunities for Kema Material, positioning the company favorably in future market competition [4] Group 4: Financial Performance - Kema Material has demonstrated steady revenue growth, with revenues of 202 million RMB, 199 million RMB, and 249 million RMB from 2022 to 2024, alongside net profits of approximately 36.95 million RMB, 44.27 million RMB, and 68.72 million RMB [5] - For the first half of 2025, the company expects revenues between 136 million RMB and 141 million RMB, reflecting a year-on-year growth of approximately 8.66% to 12.65%, with net profits projected to increase by 23.49% to 34.98% [5]
科马材料过会:今年IPO过关第41家 国投证券过2单
Zhong Guo Jing Ji Wang· 2025-08-12 03:27
Group 1 - The Beijing Stock Exchange's listing committee approved Zhejiang Kema Friction Material Co., Ltd. for IPO, marking the 41st company approved this year [1] - Kema Materials specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [1] - The company plans to issue up to 20.62 million shares, aiming to raise approximately 206.17 million yuan for projects related to environmentally friendly clutch friction materials and R&D center upgrades [4] Group 2 - Kema Industrial holds 65.87% of Kema Materials' shares, making it the controlling shareholder, with key individuals Wang Zonghe and Liao Aixia holding significant stakes [2][3] - The actual controllers of the company, including Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, have signed a consensus agreement to ensure unified decision-making in major operational matters [3] - The company has not experienced any changes in its controlling shareholder or actual controllers during the reporting period [3] Group 3 - The underwriting institution for Kema Materials is Guotou Securities, which has successfully sponsored two IPO projects this year [1] - The company has faced inquiries regarding the authenticity of its revenue, stability of operating performance, and related party transactions, which require verification from the underwriting institution and accountants [5][6]
刚刚!IPO审1过1
梧桐树下V· 2025-08-11 10:09
Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's growth and market potential [2]. Group 1: Company Overview - The company specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [4]. - Founded in November 2009 and transformed into a joint-stock company in March 2011, Kema has a total share capital of 62.76 million shares before the issuance [4]. - As of the end of 2024, the company employs a total of 474 people [4]. Group 2: Shareholding Structure - Kema Industrial holds 65.87% of the company's shares, making it the controlling shareholder [5]. - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who collectively control 84.40% of the total share capital [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 202.16 million yuan, 198.96 million yuan, and 249.03 million yuan, with net profits of 36.95 million yuan, 44.27 million yuan, and 68.72 million yuan respectively [6]. - As of December 31, 2024, total assets amounted to 628.07 million yuan, with total equity of 559.18 million yuan [7]. - The company achieved a gross profit margin of 47.39% in 2024, up from 41.48% in 2023 and 34.91% in 2022 [7]. Group 4: Key Inquiries from Review Meeting - Questions raised during the review meeting included the authenticity of revenue, the stability of operating performance, and the nature of financial transactions with related parties [8][9]. - The company was asked to clarify the reasons for its higher gross profit margin compared to industry peers and to provide insights into market demand and potential risks of performance decline [8].
科马材料冲击IPO,一家四口控股84.4%,行业面临重大技术变革的潜在风险
Ge Long Hui· 2025-08-11 08:46
Company Overview - Zhejiang Kema Material Co., Ltd. (科马材料) is focused on the automotive friction materials sector, specifically dry friction plates and wet paper-based friction plates [2][3] - The company was established in April 2002 and has undergone several attempts to go public, including applications for the ChiNext and the National Equities Exchange and Quotations (NEEQ) [1][3] Ownership Structure - The actual controllers of the company are a family of four, holding a combined 84.4% of the total shares [2][3] Financial Performance - The company's revenue has fluctuated in recent years, with reported revenues of 202 million yuan in 2022, 199 million yuan in 2023, and an estimated 249 million yuan in 2024 [8] - The net profit for the same years was approximately 41.65 million yuan, 49.05 million yuan, and 71.03 million yuan, respectively [8] - In the first half of 2025, the company expects revenue between 136 million yuan and 141 million yuan, representing a year-on-year growth of approximately 8.66% to 12.65% [8] Product Segmentation - The majority of the company's revenue comes from dry friction plates, which accounted for approximately 97.11% of total revenue in 2024 [10] - The company has phased out its T1 product line, focusing on T2 products, which have a higher profit margin [11][13] Market Dynamics - The domestic market for dry friction plates is projected to grow from approximately 15 billion yuan to 17 billion yuan over the next three years [22] - The global market for dry friction plates is estimated to increase from around 120 billion yuan to 130 billion yuan in the same period [22] Challenges and Risks - The company faces challenges related to high accounts receivable, with balances representing 44.96%, 47.82%, and 37.60% of revenue in recent years [18] - Potential risks include significant technological changes in the commercial vehicle market that could reduce demand for dry friction plates [22][23]
科马材料三年上市路:研发费用率持续下滑,多起内控不规范行为
Sou Hu Cai Jing· 2025-08-11 00:49
Core Viewpoint - The company, Zhejiang Koma Materials Co., Ltd., is preparing for its IPO on the Beijing Stock Exchange after previously withdrawing its application for the Shenzhen Stock Exchange due to various issues, including performance decline and internal control concerns [2][3]. Company Overview - Koma Materials was established in 2002 and specializes in the research, production, and sales of dry and wet friction materials [3]. - The main products include dry friction plates and wet paper-based friction plates, with a shift in focus to T2 products since July 2023 [3]. Financial Performance - The company experienced fluctuating performance from 2022 to 2024, with revenues of 202 million, 199 million, and 249 million respectively, and net profits of 41.65 million, 49.05 million, and 71.03 million [5]. - Revenue growth rates were -1.58% in 2023 and 25.16% in 2024, indicating a recovery after a decline [5]. - For the first half of 2025, revenue is projected to be between 136 million and 141 million, with net profit expected to be between 43 million and 47 million, reflecting a year-on-year growth of approximately 23.49% to 34.98% [6]. Product Revenue Breakdown - The revenue from T1 products significantly decreased from 1.08 billion in 2022 to 236.08 million in 2024, while T2 products saw an increase from 862.43 million to 2.35 billion in the same period [3]. - The company also generates around 2% of its revenue from copper-based friction plate trading, which has been declining [4]. Cash Flow and Working Capital - The company has a high level of accounts receivable, accounting for approximately 40% of revenue, which poses operational pressure [7]. - Cash and cash equivalents have been declining, with balances of 61.64 million, 47.25 million, and 25.12 million over the reporting periods, attributed to significant expenditures on new facilities and dividends [9]. Internal Control and Compliance Issues - The company has faced scrutiny regarding its internal control practices, with multiple instances of non-compliance identified, including issues related to financial management and the handling of funds by actual controllers [13][15]. - The company plans to raise 206 million through its IPO, with a significant portion allocated to upgrading production technology and research [10]. R&D and Human Resources - Koma Materials' R&D expenses have been decreasing, with rates of 6.77%, 6.56%, and 5.51% over the reporting periods, which are slightly below industry averages [12]. - The workforce consists of 474 employees, with a low percentage of individuals holding advanced degrees, indicating a potential gap in technical talent [12].