Summary of JinHua New Materials Conference Call Company Overview - JinHua New Materials was established in 2007 and focuses on continuous innovation in the copper foil industry chain, enhancing product offerings and technical capabilities [3][4] - The company has achieved a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [2][3] Key Products - Main products include silane crosslinking agents, strong ammonium salts, methoxyamine hydrochloride, and acetaldehyde oxime, used in construction, energy, electronics, and new energy vehicles [2][3] - Silane crosslinking agents are utilized in organic silicone sealants and adhesives, while strong ammonium salts are used in pesticides and pharmaceuticals [3] Market Position and Competitive Advantage - JinHua is the only company in China capable of industrially producing hydroxylamine aqueous solution, breaking BASF's monopoly [2][5] - The hydroxylamine solution is a key raw material for chip cleaning agents, widely used in wafer manufacturing [5][11] - The company has established stable partnerships with major multinational corporations such as Bayer and Brenntag [5][17] Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be CNY 1.04 billion, CNY 1.31 billion, and CNY 1.66 billion, respectively, with net profits of CNY 200 million, CNY 250 million, and CNY 320 million [2][6] - Revenue and net profit are expected to experience stable growth from 2022 to 2024, although a decline is anticipated in 2025 due to lower demand in downstream industries and macroeconomic factors [7] Industry Insights - The global functional silane market is expected to reach 719,000 tons by 2028, with China accounting for over 80% of production [2][8] - The strong ammonium salt market is projected to grow from CNY 16 billion in 2023 to CNY 21.6 billion by 2029, with a CAGR of approximately 5% [10] - The hydroxylamine salt market in China is expected to grow significantly, with a market size of CNY 16 billion in 2023 [10] Technological Innovations - JinHua has developed a green production process for hydroxylamine aqueous solution, obtaining five related patents, which may lead to domestic substitution of imports [14] - The company has invested in automation, information technology, and digitalization to enhance production efficiency and product quality [16] Future Growth Potential - The hydroxylamine aqueous solution market is projected to grow from USD 203 million in 2024 to USD 378 million by 2037, with a CAGR of approximately 4.9% [13] - The company is expanding its product matrix towards high-value-added products, including a new high-purity hydroxylamine aqueous solution project [17] Valuation and Investment Rating - JinHua New Materials is expected to maintain stable growth in its core business, with projected revenues for silane crosslinking agents of CNY 460 million, CNY 600 million, and CNY 770 million from 2025 to 2027 [18] - The company is rated as "Buy" with a valuation slightly above the industry average, indicating strong future growth potential [19]

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has successfully listed on the Beijing Stock Exchange, marking the second company cultivated by Hengshen Group to go public this year [2] - Since its establishment in 2007, Jinhua New Materials has focused on the research, production, and sales of ketoxime series fine chemicals, with major products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as Bayer and Wanhua Chemical, positioning itself as a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors [4] Group 2 - The successful listing of Jinhua New Materials is seen as a significant event in its development history and a successful practice of Hengshen Group's strategy of precise investment and industrial collaboration [6] - Jinhua New Materials raised a net amount of 549 million yuan from the listing, which will be used for high-end coupling agent projects, pilot projects, and smart factory construction, further enhancing its technological and production capacity advantages [4] - Hengshen Group aims to leverage its capital cooperation and industry chain resource integration capabilities to help Jinhua New Materials fully utilize its technological and management strengths, accelerating the establishment of the world's largest ketoxime industry base [6]

Core Points - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) was listed on the Beijing Stock Exchange, opening at 39.00 CNY and closing at 42.29 CNY, marking a 133.00% increase with a trading volume of 1.132 billion CNY and a turnover rate of 91.23% [1] Company Overview - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [1] - The company is controlled by Juhua Group Co., Ltd., which holds 82.49% of the shares, while the Zhejiang Provincial State-owned Assets Supervision and Administration Commission indirectly holds 90.00% of Juhua Group [1] Financial Highlights - The total amount raised from the issuance before the exercise of the over-allotment option was 592.90 million CNY, with a net amount of 549.15 million CNY after deducting issuance costs [3] - The company plans to use the raised funds for a 60kt/a high-end coupling agent project, a 500 tons/year JH-2 pilot project, and the construction of a ketoxime industrial chain smart factory [3][4] Performance Metrics - Jinhua New Materials reported revenues of 993.97 million CNY, 1.114 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of 79.59 million CNY, 172.51 million CNY, and 210.94 million CNY during the same period [5][6] - For the first half of 2025, the company reported revenues of 570.62 million CNY, a decrease of 11.68% year-on-year, and net profits of 113.55 million CNY, down 11.48% year-on-year [7] Future Projections - The company forecasts a revenue of 1.063 billion CNY and a net profit of 199.39 million CNY for the year 2025, representing a decline of 14.25% and 5.47% respectively compared to the previous year [7]

Core Viewpoint - The recent listings of Jianfa Zhixin, United Power, and Jinhua New Materials on the stock exchanges highlight the growth and investment opportunities in the medical device and new energy sectors in China [1][2]. Group 1: Jianfa Zhixin - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution, providing centralized operation services for medical consumables to hospitals [1]. - The company has a market capitalization of 2.97 billion yuan, with an issuance price of 7.05 yuan per share and a P/E ratio of 13.29, significantly lower than the industry average of 25.73 [2]. - In 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (11.03 billion yuan, 61.69%), distribution (6.74 billion yuan, 37.68%), and services (112 million yuan, 0.63%) [4]. - The company plans to invest 1.4 billion yuan in information system upgrades, 1.04 billion yuan in centralized operation services, and 2.4 billion yuan to supplement working capital [3]. Group 2: United Power - United Power, spun off from the industrial automation giant Inovance Technology, specializes in new energy vehicle power systems, including electric drive and power supply systems [6][7]. - The company is a leader in the new energy vehicle power system sector, providing solutions to over 40 vehicle manufacturers and participating in the entire lifecycle of vehicle design and production [7]. - United Power's accounts receivable have increased significantly, with values of 1.85 billion yuan, 3.61 billion yuan, and 5.68 billion yuan from 2022 to 2024, representing 20.37%, 29.38%, and 31.45% of total assets respectively [8]. Group 3: Jinhua New Materials - Jinhua New Materials focuses on the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent market with market shares of 27.85%, 31.60%, and 38.16% from 2022 to 2024 [9]. - The company's products are essential for various industries, including construction, energy, electronics, and new energy vehicles [9]. - Jinhua New Materials has received multiple national honors and has participated in the formulation of several industry standards [9].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has initiated its subscription for listing on the Beijing Stock Exchange, with a new stock code of "920015" following its IPO [1] Group 1: IPO Details - The issue price for Jinhua New Materials is set at 18.15 CNY per share, with a maximum issuance of 32.67 million shares and a 15% over-allotment option, potentially raising approximately 593 million CNY, or up to 682 million CNY if the over-allotment is fully exercised [3] - The funds raised will be allocated to the development of new products such as silane coupling agents and functional silane intermediates, primarily used in composite materials, plastics, coatings, and various other applications [3] Group 2: Company Background - Jinhua New Materials was established in December 2007, previously known as Quzhou Jinhua Chemical Co., Ltd., with a registered capital of 98 million CNY [3] - Major shareholders include Juhua Group and Lishui Jinhong Enterprise Management Partnership [4] Group 3: Financial Performance - Projected revenues for Jinhua New Materials are approximately 994 million CNY in 2022, 1.115 billion CNY in 2023, and 1.239 billion CNY in 2024, with net profits of about 79.59 million CNY, 173 million CNY, and 211 million CNY respectively [5] - Total assets are expected to reach approximately 1.32 billion CNY by the end of 2024, with a debt-to-asset ratio of 36.26% [6] - The company has shown a gross margin of 27.94% in 2024, with a return on equity of 28.19% [7]

Core Viewpoint - JinHua New Materials is set to conduct an online issuance on the Beijing Stock Exchange on September 16, with an issuance price of 18.15 yuan per share, corresponding to a price-to-earnings ratio of 11.52 times [1] Company Overview - JinHua New Materials plans to publicly issue 32.66667 million shares, resulting in a total share capital of 130.66667 million shares post-issuance [1] - The company aims to raise 593 million yuan, which will be allocated to the construction of a 60,000 tons/year high-end coupling agent project, a 500 tons/year JH-2 pilot project, and an intelligent factory for the ketoxime industry chain [1] Industry Position - JinHua New Materials is a leading enterprise in the domestic silane crosslinking agent and hydroxylamine salt niche, primarily engaged in the research, production, and sales of ketoxime series fine chemicals [1] - The main products of the company include silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [1]

Company Overview - The company operates as a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, and provides centralized operation services for medical consumables to end hospitals [5]. Financial Performance - The company's revenue for 2022 was 118.82 billion, projected to increase to 154.43 billion in 2023 and 179.23 billion in 2024 [6]. - Net profit for 2022 was 1.89 billion, expected to rise to 2.27 billion in 2023 and 2.74 billion in 2024 [6]. - Cash flow from operating activities was -1.75 billion in 2022, improving to -1.05 billion in 2023, and projected to be 0.46 billion in 2024 [6]. Industry Context - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and healthcare institutions [5]. - The high-value medical device market is expanding, driven by improvements in national healthcare insurance coverage and increasing public demand for higher quality medical services [11]. SWOT Analysis - Strengths include a vertically integrated management system and a unified business system for medical device distribution, enhancing operational efficiency [11]. - Opportunities arise from the growing market for high-value medical devices and supportive government policies promoting industry development [11][12]. - Weaknesses include a gap in management and operational standards compared to international peers, as well as high operational costs and significant capital requirements [12].

Core Viewpoint - The article discusses the upcoming IPOs of two companies: Jianfa Zhixin and Jinhua New Materials, highlighting their business models, financial metrics, and market positions in their respective industries [1][10]. Group 1: Jianfa Zhixin (301584.SZ) - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, as well as providing centralized operation services for medical consumables [1][6]. - The company is controlled by Xiamen Jianfa Group, with a 51.02% stake held by Jianfa Medical, which is fully owned by Xiamen Jianfa Group [6]. - For 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (110.32 billion, 61.69%), distribution (67.38 billion, 37.68%), and service (1.12 billion, 0.63%) [6]. - The company serves over 3,300 medical institutions across 31 provinces, with major clients including Beijing Anzhen Hospital and Jilin University First Hospital [6]. - Jianfa Zhixin's fundraising will focus on upgrading information systems (1.4 billion), centralized operation services (1.04 billion), and working capital (2.4 billion) [5]. Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, being a leading player in the domestic silane crosslinker segment [10][11]. - The company plans to invest in several projects, including a high-end coupling agent project (5.07 billion) and a ketone-based smart factory construction project (0.61 billion) [10]. - Jinhua New Materials holds a market share of 27.85%, 31.60%, and 38.16% in silane crosslinkers for the years 2022, 2023, and 2024, respectively [11]. - The company has received multiple honors, including being recognized as a "Little Giant" enterprise and a national high-tech enterprise [11]. - Jinhua New Materials faces potential risks from cyclical fluctuations in downstream industries, particularly in real estate and photovoltaic sectors, which may impact demand for its products [12].

Core Viewpoint - Jinhua New Materials (920015.BJ) has initiated its subscription on September 16, with an issue price of 18.15 CNY per share and a maximum subscription limit of 1.5516 million shares, reflecting a price-to-earnings ratio of 11.52 times. The company specializes in the research, production, and sales of ketoxime series fine chemicals, with applications across various industries including construction materials, energy, electronics, new energy vehicles, pesticides, pharmaceuticals, metal extraction agents, ion exchange resins, and environmentally friendly dyes [1]. Company Overview - Jinhua New Materials focuses on the development of silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are essential for producing organic silicon sealants and adhesives, widely used in strategic emerging industries [1][2]. - The company has established stable partnerships with multinational corporations such as Bayer and Braskem, as well as listed companies like Wanhua Chemical and Xin'an Chemical [2]. Market Position - The domestic market share of Jinhua New Materials for silane crosslinking agents is projected to increase from 27.85% in 2022 to 38.16% in 2024. For hydroxylamine salts, the market share is expected to shift from 34.86% in 2022 to 42.37% in 2024 [2]. Financial Performance - The company reported revenues of approximately 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 79.59 million CNY, 173 million CNY, and 211 million CNY [3][4]. - Total assets are projected to grow from approximately 859.68 million CNY in 2022 to 1.322 billion CNY in 2024, with total equity increasing from approximately 477.59 million CNY to 842.66 million CNY over the same period [4]. Investment Projects - The net proceeds from the current issuance will be allocated to several projects, including a high-end coupling agent project with an investment of approximately 50.69 million CNY, a pilot project with an investment of approximately 2.3 million CNY, and an intelligent factory construction project for the ketoxime industry chain with an investment of approximately 6.31 million CNY [3]. Profitability Metrics - The gross profit margin is expected to improve from 17.72% in 2022 to 27.94% in 2024. The net profit margin is projected to increase from 8.01% in 2022 to 17.00% in 2024 [5]. - The company’s basic earnings per share are forecasted to rise from 0.8291 CNY in 2022 to 2.1525 CNY in 2024 [5].

Core Viewpoint - Jinhua New Materials (920015.BJ) has initiated its subscription with an issue price of 18.15 CNY per share and a price-to-earnings ratio of 11.52, focusing on the development, production, and sales of ketoxime series fine chemicals, with significant applications across various industries [1][2]. Group 1: Company Overview - Jinhua New Materials specializes in ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are used in construction materials, energy, electronics, new energy vehicles, pesticides, pharmaceuticals, metal extractants, ion exchange resins, and environmentally friendly dyes [1]. - The company's silane crosslinking agents are key raw materials for producing silicone sealants and adhesives, widely used in strategic emerging industries, particularly in new materials [1][2]. Group 2: Market Position and Growth - The domestic market share of Jinhua New Materials for silane crosslinking agents is projected to increase from 27.85% in 2022 to 38.16% in 2024, while the market share for hydroxylamine salts is expected to rise from 34.86% in 2022 to 42.37% in 2024 [2]. - The company has established stable partnerships with major multinational corporations such as Bayer and Braskem, as well as listed companies like Wanhua Chemical and Xinan Co., Ltd. [2]. Group 3: Financial Performance - Jinhua New Materials reported revenues of approximately 994 million CNY in 2022, 1.115 billion CNY in 2023, and projected 1.239 billion CNY in 2024, with net profits of 79.59 million CNY, 173 million CNY, and 211 million CNY respectively [3][4]. - The total assets of the company increased from approximately 859.68 million CNY in 2022 to about 1.322 billion CNY in 2024, with total equity rising from 477.59 million CNY to 842.66 million CNY during the same period [4]. - The gross profit margin improved from 17.72% in 2022 to 27.94% in 2024, indicating enhanced profitability [5].