Core Viewpoint - Beijing Kangmeite Technology Co., Ltd. (Kangmeite) is undergoing an IPO review process at the Beijing Stock Exchange, with a focus on its core technology personnel, particularly the contributions of its 85-year-old chief engineer, Wang Lijuan [1][3]. Group 1: Company Overview - Kangmeite was established in 2005 with a registered capital of approximately 120 million yuan, specializing in the research, production, sales, and customized services of new polymer materials [1]. - The company is recognized as a "little giant" in the national specialized and innovative enterprises category [1]. Group 2: Key Personnel - Kangmeite has eight core technical personnel, including Wang Lijuan, who has been with the company since its inception and is responsible for guiding research in electronic packaging materials [6]. - Wang Lijuan's contributions include the development of various epoxy packaging materials and technologies, such as aerospace epoxy adhesives and LED packaging materials [6]. Group 3: Industry Context - The presence of senior core technical personnel is common in the materials industry, with examples of other companies having similarly aged experts [5]. - Kangmeite argues that the high age of core technical personnel is a characteristic of the materials industry, indicating a broader industry trend [5].

Core Viewpoint - Beijing Kangmite Technology Co., Ltd. has entered the inquiry stage by the regulatory authority, focusing on customer composition, sales authenticity, high direct material cost ratio, and the necessity of expansion projects and liquidity support [1][6]. Group 1: Company Overview - Kangmite primarily engages in the research, production, and sales of electronic packaging materials and high-performance modified plastics, with key products including electronic adhesives for LED chip packaging and modified polystyrene [2]. - The company reported revenues of 341 million yuan, 384 million yuan, and 423 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 47.95 million yuan, 45.14 million yuan, and 62.70 million yuan during the same period [4]. Group 2: Financial Performance - For the first quarter of 2025, Kangmite achieved a revenue of 99.74 million yuan, a 26.50% increase year-on-year, and a net profit of 17.31 million yuan, a 69.19% increase year-on-year [5]. - The company’s gross profit margins were reported at 31.08%, 36.18%, and 38.93% over the same period, with a significant impact from raw material price fluctuations [8]. Group 3: Regulatory Focus - The regulatory authority has raised concerns regarding the indirect equity stake of major customers and the authenticity of sales, particularly highlighting the relationship with major clients such as Hongli Zhihui and Ruisheng Optoelectronics [6][9]. - The inquiry also emphasizes the need for Kangmite to provide detailed explanations regarding the sales concentration with Ruisheng Optoelectronics and the reasons for declining sales figures [6]. Group 4: Capital Raising and Project Plans - Kangmite plans to raise 221 million yuan through an IPO, with 155 million yuan allocated for the industrialization project of semiconductor packaging materials [10]. - The company aims to expand its production capacity for organic silicon packaging materials from 780 tons to 1000 tons, and for epoxy packaging materials from 360 tons to 658 tons [10][11].