Core Viewpoint - Yifeng New Materials Co., Ltd. has initiated its IPO process on the ChiNext board, focusing on organic sulfur chemical products and sulfur-based new materials, with significant funding allocated for various projects aimed at enhancing its production capabilities and R&D efforts [1][4]. Group 1: Company Overview - Yifeng New Materials specializes in the organic sulfur chemical industry, with a primary focus on optical new materials, expecting 85.23% of its revenue in 2024 to come from organic sulfur chemicals and sulfur-based new materials [1]. - The company has achieved several domestic firsts in optical technology and has successfully localized key materials such as polysulfide alcohols [1][9]. - The company is recognized as a national champion in manufacturing and a "little giant" enterprise in specialized and innovative sectors [1]. Group 2: Financial Projections - The company anticipates raising 844.26 million yuan, with major allocations including 419 million yuan for high refractive index optical resin materials, 138 million yuan for high-end functional materials, and 134 million yuan for R&D center construction [1][3]. - Projected revenues for 2024 are 602 million yuan, with net profits expected to reach 139 million yuan [4][5]. - The company has shown a steady increase in net profit from 135 million yuan in 2022 to 139 million yuan in 2024, despite a slight decline in revenue [4]. Group 3: Market Position - Yifeng New Materials holds a 26.40% market share in the global thiourea market, which is projected to be worth 851 million yuan in 2024 [6]. - The company also commands a 5.33% share in the global polysulfide curing agent market, valued at approximately 992 million yuan in 2024 [7]. Group 4: R&D and Innovation - The company has invested a total of 68.26 million yuan in R&D over the past three years, with R&D expenses constituting 2.64% to 4.37% of its revenue during this period [8]. - Yifeng New Materials has developed multiple domestic first processes in the optical field and has led the drafting of several international and industry standards [9]. - The company holds 148 domestic invention patents and has made significant advancements in the industrialization of polysulfide materials, reducing reliance on imports [9]. Group 5: Shareholding Structure - The controlling shareholders, Ma Yunsheng and Wan Chunling, collectively hold 49.96% of the company's shares, ensuring significant influence over corporate decisions [10]. - The shareholding structure has remained stable, with Ma Yunsheng consistently holding a majority stake over the past two years [10].