Core Viewpoint - Hengxing New Materials, established in December 2006 and listed on the Shanghai Stock Exchange in September 2023, is a leading domestic producer of specialty chemicals with a diverse product range and certain international competitiveness [1] Group 1: Business Overview - The company primarily engages in the research, production, and sales of fine chemical products such as organic ketones, acids, and esters [1] - Hengxing New Materials is classified under the basic chemicals industry, specifically in chemical products and other chemical products [1] Group 2: Financial Performance - For Q3 2025, Hengxing New Materials reported revenue of 606 million yuan, ranking 48th among 79 companies in the industry, while the industry leader, Sinochem International, achieved revenue of 35.716 billion yuan [2] - The net profit for the same period was approximately 40.48 million yuan, placing the company 45th in the industry, with the top performer, Hangyang Co., reporting a net profit of 850 million yuan [2] Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 8.13% in Q3 2025, significantly lower than the industry average of 34.74%, indicating strong solvency [3] - The gross profit margin for Hengxing New Materials was 17.22%, which, while improved from 13.39% year-on-year, remains below the industry average of 19.93% [3] Group 4: Management and Shareholder Information - The chairman, Zhang Qian, received a salary of 664,300 yuan in 2024, an increase of 93,500 yuan from 2023 [4] - The company’s largest shareholder is Yixing Zhonggang Investment Co., Ltd., with actual controllers including Wu Ye and Zhang Jianbin [4] Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 0.29% to 11,800, while the average number of circulating A-shares held per shareholder increased by 0.29% to 6,400.6 [5] - Among the top ten circulating shareholders, Guotai Junan Innovation Growth Mixed Fund increased its holdings by 739,500 shares [5] Group 6: Business Highlights and Risks - Hengxing New Materials is focusing on carbon-based chemicals, with a projected sales growth of over 30% for its main products in 2024 [6] - The company is also expanding into daily chemical products, with water-based sunscreen products currently in the pilot testing phase [6] - The product applications are diverse, covering areas such as green herbicides, lithium battery electrolytes, and green food and feed additives [6]

Group 1 - The stock price of Hengxing New Materials increased by 6.52% on August 1, reaching 17.47 CNY per share, with a trading volume of 80.52 million CNY and a turnover rate of 6.1%, resulting in a total market capitalization of 3.628 billion CNY [1] - Jiangsu Hengxing New Materials Technology Co., Ltd. is located in Yixing Economic and Technological Development Zone and focuses on the development, production, and sales of organic ketones, acids, and esters, which are widely used in green fields such as pesticides, lithium batteries, flavor and fragrance, and environmentally friendly coatings [1] - The company has four production bases with a total production capacity of 450,000 tons per year and has obtained ISO certification along with multiple technical honors, successfully listing on the Shanghai Stock Exchange main board in 2023 [1] Group 2 - As of March 31, Hengxing New Materials had 13,400 shareholders, with an average of 5,795 circulating shares per person [2] - For the first quarter of 2025, Hengxing New Materials achieved operating revenue of 187 million CNY, representing a year-on-year increase of 21.43%, while the net profit attributable to shareholders decreased by 23.27% to 12.8827 million CNY [2]

| | 文件名 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2-1 | 财务报告及审计报告 | 29 | | 2-2 | 审阅报告 | 200 | | 3 | 内部控制鉴证报告 | 317 | | 4 | 经注册会计师鉴证的非经常性损益明细表 | 335 | | 5 | 法律意见书 | 346 | | 6 | 律师工作报告 | 439 | | 7 | 发行人公司章程（草案） | 559 | | 8 | 中国证监会同意本次发行注册的文件 | 619 | 国泰君安证券股份有限公司 关于 江苏恒兴新材料科技股份有限公司 首次公开发行股票并在主板上市 江苏恒兴新材料科技股份有限公司 首次公开发行股票并在主板上市招股意向书附录目录 之 发行保荐书 保荐机构 中国（上海）自由贸易试验区商城路 618 号 二〇二三年六月 1 国泰君安证券股份有限公司 关于江苏恒兴新材料科技股份有限公司 首次公开发行股票并在主板上市之发行保荐书 上海证券交易所： 一、保荐机构名称 国泰君安证券股份有限公司。 国泰君安证券股份有限公司（以下简称"保荐机构"、"国泰君安"）接受 江苏恒兴新材料科 ...