Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has refiled its application for listing on the Hong Kong Stock Exchange after its initial application expired, indicating its ongoing ambition to expand in the capacitor film manufacturing industry [1][2]. Company Overview - Haiwei Electronic is a manufacturer of capacitor films, producing key components such as capacitor base films and metallized films, which are widely used in various sectors including new energy vehicles and industrial equipment [1][3]. - The company has been recognized as the second-largest capacitor film manufacturer in China based on projected sales for 2024 [1][4]. Financial Performance - Revenue from 2022 to 2024 shows a steady increase from 327 million RMB to 422 million RMB, while net profit has fluctuated, decreasing from 102 million RMB in 2022 to 86.4 million RMB in 2024 [1][5]. - In the first five months of 2025, revenue declined by approximately 3.2% to 157 million RMB, and net profit decreased by about 4.56% to 31.4 million RMB [1][6]. Market Dynamics - The capacitor film market in China is projected to grow significantly, with the market size increasing from 1.2 billion RMB in 2019 to 3.6 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 24.2% [8][11]. - Haiwei Electronic holds a market share of 14.2% in the capacitor base film market, ranking second among the top five players, which collectively hold 61.6% of the market [11][12]. Production Capacity and Expansion Plans - The company plans to double its production capacity by adding four new capacitor base film production lines by 2027, which will significantly enhance its market presence [12][13]. - Haiwei Electronic's production capacity utilization has been high, reaching 98.8% in 2024, indicating strong demand for its products [13][14]. New Business Ventures - The company is expanding into the composite copper foil market, which is expected to grow from 11.09 billion RMB in 2025 to 49.47 billion RMB by 2029, with a CAGR of 45.3% [15]. - This new venture is anticipated to become a significant growth driver for Haiwei Electronic, potentially enhancing its valuation [15].

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange after a six-month interval, aiming for a main board listing [1][2] Company Overview - Haiwei Electronic is a capacitor film manufacturer, producing capacitor base films and metallized films, which are key components of film capacitors widely used in various sectors including new energy vehicles and industrial equipment [2][3] - The company is recognized as the second-largest capacitor film manufacturer in China based on projected sales for 2024 [2][6] Financial Performance - Revenue from 2022 to 2024 shows a steady increase: 327 million, 330 million, and 422 million RMB respectively, while net profit fluctuated: 102 million, 69.8 million, and 86.4 million RMB [2][6] - In the first five months of 2025, revenue declined by approximately 3.2% to 157 million RMB, and net profit decreased by about 4.56% to 31.4 million RMB [2][8] Profitability Analysis - The fluctuation in net profit is attributed to the decline in gross margin, which was 44.9%, 31.2%, and 29.7% from 2022 to 2024 [7][9] - The drop in gross margin in 2023 was due to reduced market prices for capacitor base films, while the increase in metal prices affected the metallized films' costs in 2024 [9] Market Position and Competition - The capacitor base film market in China is projected to grow from 1.2 billion to 3.6 billion RMB from 2019 to 2024, with a compound annual growth rate (CAGR) of 24.2% [10][13] - Haiwei Electronic holds a market share of 14.2% in 2024, ranking second among the top five players who collectively hold 61.6% of the market [13][14] Expansion Plans - The company plans to launch four new capacitor base film production lines between 2026 and 2027, increasing total capacity by 16,000 tons, effectively doubling its production capacity [14][15] - Haiwei Electronic has also extended its business into the composite copper foil market, which is expected to grow significantly, providing a potential new growth avenue [16][17]

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the second time this year, with CICC as the sole sponsor [1] Financial Performance - The company reported revenues of 327 million RMB in 2022, 330 million RMB in 2023, and projected revenues of 422 million RMB in 2024, with 157 million RMB for the first five months of 2025 [2][3] - The net profit and total comprehensive income for the same periods were 102 million RMB, 69.8 million RMB, 86.4 million RMB, and 31.4 million RMB respectively [2][3] - The company's income for the first five months of 2025 decreased by 4.6% compared to the same period in 2024, primarily due to a decline in sales of metallized films [3] Market Position - Haiwei Electronic is the second-largest capacitor film manufacturer in China, holding a market share of 10.9% in 2024 based on capacitor base film revenue [2] - The company’s products are essential components of film capacitors, which are widely used in applications such as new energy vehicles, new energy power systems, industrial equipment, and household appliances [2] Customer Dependency - The company relies heavily on its top five customers, which contributed revenues of 119 million RMB, 115 million RMB, 158 million RMB, and 157 million RMB for the respective years, accounting for 36.4%, 34.9%, 37.6%, and 42.1% of total revenue [5] - The largest customer’s revenue contribution to total income was 17.3%, 12.2%, 12.6%, and 12.0% for the respective years [5] Competitive Environment - The capacitor film market in China is highly competitive and concentrated, with the top five companies, including Haiwei Electronic, holding a combined market share of 61.6% in 2024 [6] - Key competitive factors in the market include rapid capacity expansion, technical expertise, integrated supply chains, scale and operational efficiency, as well as customer relationships and recognition [6] - Notably, BYD, one of Haiwei Electronic's major customers, has begun producing its own film capacitors [6]

Group 1 - Jiexin International Resources officially listed on the Hong Kong Stock Exchange on August 28, becoming the first company to be listed simultaneously on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, showcasing a new model of financial cooperation between China and Kazakhstan [1] - On its first trading day, Jiexin International Resources saw its stock price surge by 177.84%, closing at HKD 30.34 per share, indicating strong market confidence [1] Group 2 - Anke Intelligent, a subsidiary of Midea Group, has submitted a listing application to the Hong Kong Stock Exchange, reporting a revenue of CNY 18.7 billion and a net profit of CNY 380 million for 2024, with compound annual growth rates of 14.8% and 33.0% respectively since 2022 [2] - As of June 2025, Anke Intelligent has covered over 9,000 enterprise clients and managed warehouse space exceeding 11 million square meters, with a vehicle capacity of 586,000 and over 3,500 active delivery points nationwide [2] Group 3 - Haiwei Electronics has submitted a prospectus for a proposed listing on the Hong Kong Stock Exchange, being the second-largest manufacturer of capacitor films in China, with a 10.9% market share in the capacitor base film market in 2024 [3] - The company is the only one in China with the capability to independently design and develop production lines for capacitor base films, which are essential components in various applications including electric vehicles and renewable energy systems [3] Group 4 - First Capital Securities, listed on A-shares, plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange, having received preliminary approval from the Beijing State-owned Assets Supervision and Administration Commission [4] - Established in February 2000, First Capital Securities aims to expand its capital base and enhance its international influence through this listing, following a successful performance since its A-share listing [4]

Company Overview - Hebei Haiwei Electronic New Materials Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on August 27, indicating it is the second-largest capacitor film manufacturer in China based on capacitor base film sales in 2024 [1] - The company's net profits for 2022, 2023, 2024, and the first five months of 2025 were 102 million, 70 million, 86 million, and 31 million yuan respectively [1][2] - The company's revenue for the same periods was 327 million, 330 million, 422 million, and 157 million yuan respectively [1][2] Financial Performance - The net profit increased from 70 million yuan in 2023 to 86 million yuan in 2024, primarily due to increased sales of capacitor base films [2] - The net profit decreased from 33 million yuan in the first five months of 2024 to 31 million yuan in the first five months of 2025, mainly due to a decline in sales of metallized films [2] - The gross profit margins for 2022, 2023, 2024, and the first five months of 2025 were 44.9%, 31.2%, 29.7%, and 35.5% respectively [2] Market Position - In 2024, the company held a 10.9% market share in the domestic capacitor base film market [1] - Capacitor base films accounted for the largest portion of the company's revenue, representing 91.9%, 71.8%, 72.8%, and 78.5% of total revenue for 2022, 2023, 2024, and the first five months of 2025 respectively [2] - The company's top five customers generated revenues of approximately 119 million, 115 million, 158 million, and 157 million yuan, accounting for 36.4%, 34.9%, 37.6%, and 42.1% of total revenue respectively [2] Industry Insights - The capacitor base film market in China is projected to grow at a compound annual growth rate (CAGR) of 19.7%, increasing from 46,200 tons in 2019 to 113,400 tons in 2024, and expected to reach 224,100 tons by 2029 with a CAGR of 14.1% from 2025 to 2029 [3]

Core Viewpoint - Haiwei Electronics is preparing for an IPO in Hong Kong, revealing key financial data that indicates a 17.5% increase in net profit but a 1.5% decline in gross margin, reflecting the company's operational status and potential risks [1] Group 1: Company Overview - Haiwei Electronics has been focused on the capacitor film industry for over 15 years and is the second-largest manufacturer in China, producing capacitor base films and metallized films [2] - The company operates in the midstream of the industry, utilizing a direct sales model and maintaining close relationships with suppliers and customers [2] Group 2: Financial Performance - Revenue increased from 3.271 billion to 4.217 billion yuan from 2022 to 2024, a growth of 28.0%, but saw a 3.2% decline in the first five months of 2025 compared to the same period in 2024 [3] - Net profit decreased from 102 million to 69.8 million yuan from 2022 to 2023, a decline of 31.5%, then increased to 82 million yuan in 2024, a growth of 17.5%, but fell to 31.4 million yuan in the first five months of 2025, a decrease of 4.6% [4] - The overall gross margin declined from 44.9% to 29.7% from 2022 to 2024, but increased from 27.9% to 35.5% in the first five months of 2025 [5] Group 3: Product and Revenue Structure - The majority of Haiwei Electronics' revenue comes from capacitor film products, with capacitor base films accounting for over 70% of revenue from 2022 to 2024 [6] - The revenue contribution from metallized films has been around 20% since 2023 [7] Group 4: Key Risks and Challenges - The company faces significant financial challenges due to fluctuations in the price of electrical-grade polypropylene, which affects sales costs and gross margins [8] - Haiwei Electronics is highly dependent on a few major customers, with the top five customers accounting for 34.9% to 42.1% of revenue from 2022 to May 2025, posing a customer concentration risk [10] - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 74.4% to 90.4% of procurement from 2022 to May 2025, which could impact production and cost control [11] Group 5: Management and Governance - The core management team has extensive experience in the capacitor film industry, averaging over 15 years, which is beneficial for the company's development [13] - The controlling shareholder group, which includes Song Wenlan and others, holds approximately 77.12% of voting rights, significantly influencing company decisions [12]

Group 1 - The core point of the article is that Haiwei Electronics has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - Haiwei Electronics is the second-largest manufacturer of capacitor films in China, producing capacitor base films and metallized films [1] - The company is the only enterprise in China with the capability to independently design and develop production lines for capacitor base films [1] Group 2 - The products of Haiwei Electronics are key components of film capacitors, which are widely used in new energy vehicles, new energy power systems, industrial equipment, and household appliances [1] - In 2024, Haiwei Electronics is projected to hold a 10.9% revenue share in the Chinese capacitor base film market [1] - The market for capacitor base films in China continues to grow, particularly in the fields of new energy vehicles and new energy power systems [1] Group 3 - The company's clients include film capacitor manufacturers and new energy vehicle companies such as BYD [1]

Core Viewpoint - Hebei Haiwei Electronic New Materials Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Haiwei Electronic is the second-largest capacitor film manufacturer in China based on capacitor base film sales in 2024, with a market share of 10.9% [5] - The company's products include capacitor base films and metallized films, which are key components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [5] - The end-use applications for film capacitors are diverse, including new energy vehicles, new energy power systems, industrial equipment, and household appliances [5] Market Potential - The capacitor base film market in China is projected to grow from 46,200 tons in 2019 to 113,400 tons in 2024, representing a compound annual growth rate (CAGR) of 19.7% [6] - The market for capacitor base films used in new energy vehicles is expected to increase from 47,800 tons in 2025 to 87,300 tons in 2029, with a CAGR of 16.2% [6] - The market for capacitor base films in new energy power systems is anticipated to grow from 34,200 tons in 2025 to 79,800 tons in 2029, with a CAGR of 23.6% [6] Competitive Advantage - Haiwei Electronic is the only major capacitor film manufacturer in China with the capability to independently design and develop capacitor base film production lines [6] - The company currently operates five production lines for capacitor base films, all of which are self-designed, developed, and assembled [6] Financial Performance - Revenue for Haiwei Electronic was approximately 327 million RMB in 2022, 330 million RMB in 2023, and is projected to be 422 million RMB in 2024 [7] - The net profit and total comprehensive income for the same years were approximately 102 million RMB, 69.8 million RMB, and 86.4 million RMB respectively [7] - For the five months ending May 31, 2025, the revenue was approximately 157 million RMB, with a net profit of about 31.4 million RMB [7][8]

Core Insights - The article highlights that Haiwei Electronics is the second-largest capacitor film manufacturer in China, with a market share of 10.9% in capacitor base film revenue for 2024 [3][4]. Industry Overview - The capacitor base film market in China is projected to grow at a compound annual growth rate (CAGR) of 19.7%, increasing from 46,200 tons in 2019 to 113,400 tons by 2024, and expected to reach 224,100 tons by 2029, with a CAGR of 14.1% from 2025 to 2029 [4]. - The market for capacitor base films used in electric vehicles is anticipated to grow from 47,800 tons in 2025 to 87,300 tons by 2029, reflecting a CAGR of 16.2% [4]. - The market for capacitor base films in new energy power systems is expected to increase from 34,200 tons in 2025 to 79,800 tons by 2029, with a CAGR of 23.6% from 2025 to 2029 [4]. Company Profile - Haiwei Electronics is positioned in the midstream of the industry chain, primarily serving capacitor manufacturers and notable clients like BYD, a leading electric vehicle company in China [3]. - The company is unique among major capacitor film manufacturers in China for having the capability to design and develop its own capacitor base film production lines [4]. - As of the latest feasible date, Haiwei Electronics operates five self-designed and assembled production lines for capacitor base films, with product thickness ranging from 2.7 micrometers to 13.8 micrometers [4]. Financial Performance - For the fiscal years 2022, 2023, and projected figures for 2024, Haiwei Electronics reported revenues of approximately RMB 327 million, RMB 330 million, and RMB 422 million respectively [5][7]. - The net profit and total comprehensive income for the same periods were approximately RMB 102 million, RMB 69.8 million, and RMB 86.4 million respectively [5][7].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Hebei Haiwei Electronic New Materials Technology Co., Ltd.'s overseas issuance and listing of shares, allowing the company to issue up to 47,423,000 overseas listed ordinary shares on the Hong Kong Stock Exchange [1] - The company has 14 shareholders who plan to convert a total of 29,019,539 shares of unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange [1] Group 2 - According to the prospectus, Haiwei Electronics is the largest capacitor film manufacturer in China based on capacitor base film sales in 2023 [3] - The company's capacitor film products include capacitor base films and metallized films, which are key components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long service life [3] - Film capacitors have a wide range of end-use applications, including in new energy vehicles, new energy power systems, industrial equipment, and household appliances [3]