被称为高性能特种功能材料"小巨人"的新广益创业板IPO顺利过会。 IPO将助力公司保持领先 新广益是一家专注于高性能特种功能材料研发、生产及销售的高新技术企业，主要产品有抗溢胶特种 膜、强耐受性特种膜等特种功能材料。 9月19日，深交所上市审核委员会召开2025年第20次上市审核委员会审议会，审议通过苏州市新广益电 子股份有限公司(简称"新广益")的首发申请。 招股书显示，公司计划通过募集资金投资功能性材料项目，扩大抗溢胶特种膜、强耐受性特种膜等核心 产品的市场份额，巩固其在细分市场的领先地位。 2022年至2024年，新广益营业收入由4.55亿元增长至6.57亿元，归母净利润由0.82亿元增长至1.16亿元， 总体呈现稳健增长态势。 招股书披露，今年上半年，新广益实现营业收入3.13亿元，同比增长10.24%；归母净利润0.59亿元，同 比增长17.45%，扣非后归母净利润同比增幅为14%。 招股书提到，2025年上半年，消费电子及新能源汽车行业延续了2024年以来持续向好的发展趋势，公司 主要客户对公司产品的采购需求持续扩大。受益于上述有利因素的推动，各项经营指标稳步增长。 分业务板块来看，抗溢胶特种膜是 ...

（原标题：元创股份、新广益深交所IPO过会） 元创股份主营业务为橡胶履带类产品的研发、生产与销售，主要产品包括农用机械橡胶履带、工程机械 橡胶履带和橡胶履带板，作为联合收割机、挖掘机、装载机、摊铺机等多种履带式农用或工程机械的行 走部件，最终应用于农业生产、工程施工等不同应用领域。报告期内，公司主要客户包含沃得农机、 USCO SPA、ZENITH TRACK CO.,LTD.、潍柴雷沃等。 新广益是一家专注于高性能特种功能材料研发、生产及销售的高新技术企业，主要产品有抗溢胶特种 膜、强耐受性特种膜等特种功能材料。此外，公司还生产、研发并开展电子产品组件材料、改性材料、 光学胶膜、新能源锂电材料、光伏胶膜等新兴业务。 智通财经APP获悉，9月19日，元创科技股份有限公司、苏州市新广益电子股份有限公司(分别简称：元 创股份、新广益)深交所IPO通过上市委会议。元创股份保荐机构为国泰海通证券，拟募资4.8513亿元； 新广益保荐机构为中信证券，拟募资6.3838亿元。 ...

新广益的保荐机构（主承销商）是中信证券股份有限公司，保荐代表人是李锐、王嘉宇。这是中信 证券今年保荐成功的第5单IPO项目。此前，2月21日，中信证券保荐的江苏汉邦科技股份有限公司过 会；4月18日，中信证券保荐的广州瑞立科密汽车电子股份有限公司过会；7月11日，中信证券保荐的北 矿检测技术股份有限公司过会；8月14日，中信证券保荐的西安奕斯伟材料科技股份有限公司过会。 新广益是一家专注于高性能特种功能材料研发、生产及销售的高新技术企业，主要产品有抗溢胶特 种膜、强耐受性特种膜等特种功能材料。 中国经济网北京9月20日讯 深圳证券交易所上市审核委员会2025年第20次审议会议于昨日召开，审 议结果显示，苏州市新广益电子股份有限公司（以下简称"新广益"）符合发行条件、上市条件和信息披 露要求。这是今年过会的第52家企业（其中，上交所和深交所一共过会30家，北交所过会22家）。 无 2025年上交所深交所IPO过会企业一览： | 序号 | 公司名称 | 上会日期 | 拟上市地点 | 保荐机构 | | --- | --- | --- | --- | --- | | 1 | 马可波罗控股股份有限 | 2025/1/1 ...

Group 1 - The core viewpoint of the news is that Suzhou Xinguangyi Electronics Co., Ltd. has successfully passed the IPO review on the ChiNext board, aiming to raise approximately 638 million yuan for functional materials projects [1] - Xinguangyi focuses on the research, production, and sales of high-performance special functional materials, with main products including anti-overflow special films and strong resistance special films [1] - The company’s IPO was accepted on June 29, 2023, and entered the inquiry stage on July 25, 2023 [1] Group 2 - The listing committee requested Xinguangyi to explain the technical advantages of its main products and the sustainability of its operating performance, considering industry competition, core technology, downstream customer needs, and cost factors [1] - The committee also required an explanation of the background and contributions of core technical and R&D personnel, as well as the rationale behind the lower R&D expense ratio compared to industry peers [1] - Xinguangyi's R&D expense ratios for 2022-2024 are 4.9%, 5.35%, and 4.72%, which are significantly lower than those of peers like Fangbang Co. and Stik [2]

Core Viewpoint - The IPO project of Suzhou Xinguangyi Electronics Co., Ltd. has been approved by the Shenzhen Stock Exchange, highlighting its strong investment value in the high-performance special functional materials sector amid the acceleration of high-tech industry iterations and domestic substitution strategies [2] Group 1: Technology and Market Position - The company has established a difficult-to-replicate core technology system, with six major patented technologies and over forty special functional film/coating material formulas, creating a comprehensive technical barrier [3] - The company has maintained the number one market share in anti-overflow special films in China from 2020 to 2024, reaching a domestic market share of 30% in 2024 [4] - The company has deep partnerships with leading firms such as Pengding Holdings and GoerTek, demonstrating high customer stickiness through an "embedded R&D" model [4] Group 2: Financial Health and Growth Potential - The company's revenue increased from 455 million to 657 million yuan from 2022 to 2024, with net profit rising from 81.51 million to 116 million yuan, maintaining a gross margin of 31%-32% [5] - The company has a low debt ratio of around 20%, with a current ratio exceeding 3.5 and a quick ratio over 2.7, indicating strong risk resistance and capital expansion potential [5] - In the first half of 2025, the company achieved a revenue of 313 million yuan, a year-on-year growth of 10.24%, with significant contributions from its core products [5] Group 3: Strategic Alignment and Industry Trends - The IPO fundraising of 638 million yuan will be used for projects that align with national policies for high-end functional film materials, addressing urgent needs in semiconductor, new energy, and new display industries [6] - The new materials sector is a key area supported by national policies, with the company positioned to benefit from the explosive demand for new energy materials and high-performance materials driven by technological advancements [7] - The company's anti-overflow special films are increasingly indispensable in flexible circuit boards, while its acoustic films are critical for enhancing sound quality in high-end headphones, leading to rising market penetration [7] Group 4: Investment Highlights - The company possesses a full-chain core technology in special functional materials, leading the domestic market with a 30% share in anti-overflow special films and international leadership in acoustic film technology [8] - The company demonstrates robust financial health with continuous high growth in revenue and net profit, alongside a stable gross margin and low debt ratio [8] - The fundraising projects align with the high-end and domestic substitution strategies for functional film materials, tapping into trillion-level market growth opportunities supported by national policies [8]

Core Viewpoint - The company, Xinguangyi Electronics, is undergoing an IPO review with a total fundraising target of 638 million yuan, facing challenges such as declining gross margins and high customer concentration risks [2][3]. Financial Performance - The company's overall gross margin decreased from 38.74% in 2020 to 31.76% in 2022, maintaining a range of 31-32% during the reporting period [4][5]. - The gross margins of new products, including new energy materials and modified materials, are significantly lower than core products, impacting overall profitability [5][6]. Product and Material Dependency - The core product, anti-spill special film, relies heavily on TPX particles sourced from a single supplier, Mitsui Chemicals, leading to supply chain risks [7]. - The company has developed alternative materials (PBT) but requires time for full implementation, leaving it vulnerable to supply disruptions in the short term [7]. Customer Concentration Risks - The top five customers accounted for a high percentage of sales, with figures of 69.64%, 57.22%, and 52.89% over the reporting period, indicating a significant reliance on a few clients [8]. - The largest customer, Pengding Holdings, represented 35.34%, 26.08%, and 19.45% of sales in consecutive years, highlighting the risk of price pressure from major clients [7][9]. Information Disclosure Issues - The company has faced criticism for inaccurate and untimely information disclosure in its prospectus, including errors regarding contracts with a now-defunct company and failure to disclose a significant patent lawsuit until prompted by regulators [10][11]. - Prior to the IPO application, the company distributed a substantial cash dividend of 220 million yuan, raising concerns about the sustainability of its cash flow and reliance on external financing for this distribution [10][11].

Core Viewpoint - Suzhou Xinguangyi Electronic Co., Ltd. has successfully passed the IPO review, focusing on high-performance specialty functional materials [1][3]. Company Overview - Xinguangyi specializes in the R&D, production, and sales of high-performance specialty functional materials, with key products including anti-overflow special films and strong resistance special films [3]. - The anti-overflow special film is crucial in the production process of flexible circuit boards, serving multiple functions such as anti-overflow, release, wrinkle resistance, and protection [3]. - The strong resistance special film is designed for extreme production environments, used in automated production processes of flexible and printed circuit boards, providing protection, traction, support, and fixation [3]. - Since its establishment in 2004, Xinguangyi has broken the technological monopoly of companies from Japan, the US, and Europe in its product categories, becoming the market leader in China [3]. Financial Performance - From 2022 to 2024, Xinguangyi achieved revenues of 455 million yuan, 516 million yuan, and 657 million yuan, with net profits of 82 million yuan, 83 million yuan, and 116 million yuan respectively [4]. - In the first half of 2025, the company reported revenues of 313 million yuan, a year-on-year increase of 10.24%, and a net profit of 59 million yuan, up 17.45% year-on-year [4]. - The growth in demand from major clients in the consumer electronics and new energy vehicle sectors has positively impacted Xinguangyi's performance [4]. IPO and Future Plans - Xinguangyi plans to raise 638 million yuan through its IPO, which will be invested in functional material projects to enhance product technology, deepen core competitive advantages, and improve delivery capabilities [4]. - This funding is expected to support the company's continuous revenue growth and help maintain its leading position in the industry [4].

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. has successfully passed the IPO review on the ChiNext board, focusing on high-performance special functional materials [1] Group 1: Company Overview - Xinguangyi specializes in the R&D, production, and sales of high-performance special functional materials, including anti-overflow adhesive special films and strong resistance special films [1] - The company’s IPO application was accepted on June 29, 2023, and it entered the inquiry phase on July 25, 2023 [1] Group 2: Fundraising and Investment Plans - Xinguangyi aims to raise approximately 638 million yuan through the IPO, which will be invested in functional material projects [2] Group 3: Regulatory Requirements and R&D Analysis - The listing committee requested Xinguangyi to explain the technical advantages of its main products, sustainability of operational performance, and the ability to digest new production capacity [2] - The committee also required details on the background of core technical and R&D personnel, R&D achievements, and investment, as well as the rationale behind the lower R&D expense ratio compared to industry peers [2] - Xinguangyi's R&D expense ratios for 2022-2024 are 4.9%, 5.35%, and 4.72%, respectively, which are lower than peers like Fangbang Co. and Stik [2]

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. is preparing for its IPO on the ChiNext board, with the application accepted over two years ago and entering the inquiry phase in July 2023 [1][3] Financial Performance - The company reported projected revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022 to 2024, with corresponding net profits of about 81.51 million yuan, 83.28 million yuan, and 116 million yuan [3] - In the first half of the current year, the company achieved revenues of approximately 313 million yuan, reflecting a year-on-year growth of 10.24%, and a net profit of about 59.46 million yuan, up 17.45% year-on-year [3] Accounts Receivable Risk - The company has a high balance of accounts receivable, with values of approximately 160 million yuan, 216 million yuan, and 282 million yuan at the end of 2022, 2023, and 2024 respectively [3] - There is a potential risk of accounts receivable collection if the financial conditions of major debtors deteriorate, which could impact the company's operational status and cash flow [3] Fundraising and Project Adjustments - Initially, the company planned to raise 800 million yuan, with 500 million yuan allocated to functional materials projects and 300 million yuan to new energy lithium battery materials projects [4] - The latest disclosure indicates a reduction in the fundraising target to 638 million yuan, with the cancellation of the new energy lithium battery materials project and an increase in funding for functional materials projects by approximately 138 million yuan [4] R&D Expenditure - The company's R&D expense rates are lower than those of industry peers, with R&D expenses of approximately 22.33 million yuan, 27.62 million yuan, and 31.04 million yuan for 2022 to 2024, and corresponding R&D expense rates of 4.9%, 5.35%, and 4.72% [4][5] - In comparison, industry peers such as Fangbang Co. and Stik have significantly higher R&D expense rates [4][5] Shareholding Structure - The controlling shareholder and actual controller of the company is Xia Chaohua, who, along with his brother Xia Huachao, collectively controls 85.54% of the voting rights in the company [5]

Company Overview - Suzhou Xinguangyi Electronics Co., Ltd. specializes in the research, production, and sales of high-performance specialty functional materials, including anti-overflow special films and strong resistance special films, and has established itself as a leading player in the industry [2] - The company has broken the technological monopoly of foreign countries in the field of anti-overflow special films and strong resistance special films, achieving the highest market share in China for five consecutive years, reaching 30% in 2024 [2][5] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 455.13 million yuan, 515.94 million yuan, and 656.95 million yuan, respectively, showing a steady growth trend [3] - In the first half of 2025, the company achieved a revenue of 313.39 million yuan, a year-on-year increase of 10.24%, and a net profit of 59.46 million yuan, up 17.45% year-on-year, indicating sustained growth momentum [3] Industry Position - As a national-level specialized and innovative "little giant" enterprise, the company has made significant achievements in technology research and patent layout, holding 35 invention patents and 41 utility model patents related to its main business [5] - The company has established deep cooperation with several top 10 FPC manufacturers globally, becoming a key supplier of anti-overflow special films for well-known clients such as Pengding Holdings and Weixin Electronics [5][11] Market Opportunities - The demand for anti-overflow special films and strong resistance special films is expected to grow due to the rapid expansion of the printed circuit board market driven by emerging technologies like 5G and AI [8] - The consumer electronics market is experiencing a dual-driven growth pattern, with increasing demand for high-precision processing materials and composite functional materials due to the upgrade of smart devices [8] - The company is poised to enter high-growth sectors such as photovoltaic packaging films and new energy lithium battery materials, with the global demand for photovoltaic packaging films expected to reach 7 billion square meters by 2025 [8] Growth Potential - The sales volume of film products increased from 9.24 million square meters in September 2022 to 14.46 million square meters in 2024, representing a significant growth of 56.5% over three years [9] - The company benefits from the acceleration of domestic production in the photovoltaic and lithium battery material sectors, supported by its strong technological capabilities and patent portfolio [9] - The optimization of the customer structure, with deep partnerships with leading companies, provides stable order guarantees for performance growth [11]