Core Viewpoint - Jiangsu Kangrui New Materials Technology Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, aiming to enhance its capabilities in high-performance metal materials and contribute to the transformation of the manufacturing industry [2] Group 1: Company Overview - Kangrui New Materials is recognized as a national-level specialized and innovative "little giant" enterprise focused on the R&D, production, and sales of high-precision and high-performance metal materials [2] - The company has established a comprehensive precision metal materials technology system, integrating multiple core processes to ensure high consistency and control in production [4] Group 2: Financial Performance - From 2022 to 2024, the company's main business revenue increased from 1.019 billion to 2.961 billion, with metal layered composite materials becoming a key growth driver, rising from 12.46% to 65.23% of total revenue [6] Group 3: Product Portfolio - The product matrix includes various forms and materials such as titanium-aluminum composites, precision metal profiles, and precision metal rods, catering to diverse customer needs in terms of performance, form, and cost [6] - The products are widely used in consumer electronics, industrial equipment, automotive parts, and energy chemicals, with a focus on lightweight and durable materials [9] Group 4: Market Positioning - Kangrui New Materials has established stable partnerships with leading global consumer electronics brands, enhancing its competitive advantage through deep collaboration [8][9] - The company is well-positioned to meet the growing demand for high-performance metal materials driven by advancements in new information technology, new energy, and high-end equipment manufacturing [12] Group 5: Sustainability Initiatives - The company emphasizes green manufacturing and sustainable development, implementing practices to reduce carbon emissions throughout the product lifecycle [11] - Initiatives include recycling titanium alloy waste and adopting low-carbon production technologies, aligning with national carbon neutrality goals [11] Group 6: Future Growth Strategy - Kangrui New Materials has a clear strategy for vertical and horizontal expansion, aiming to enhance its manufacturing capabilities and explore emerging technologies such as metal powder metallurgy and 3D printing [14] - The IPO proceeds will support projects to increase production capacity and improve the overall value of the supply chain [15]

长江商报消息 ●长江商报记者 徐佳 资料显示，康瑞新材成立至今已有24年。2021年10月，康瑞新材完成股份制改制。2025年6月末，深交 所正式受理了公司的首发申请。 IPO申请被受理仅数日，康瑞新材就被抽中现场检查。到目前，由于IPO申请文件中记录的财务资料已 过有效期，需要补充提交，康瑞新材的审核状态为"中止"。 深耕精密金属材料20余年，康瑞新材专注于高精度、高性能及特定结构精密金属材料的研发、生产和销 售，产品主要应用于消费电子、工业装备、汽车零部件等领域，且以消费电子领域为主。 被抽中现场检查已有数月，江苏康瑞新材料科技股份有限公司（以下简称"康瑞新材"）IPO按下暂停 键。 按照计划，康瑞新材拟在深市主板上市，募资规模11.05亿元。当前，康瑞新材的审核状态为"中止"。 长江商报记者注意到，本次发行前，康瑞新材的实控人朱卫、LI LI（李莉）夫妇二人合计控制公司超 七成股权。IPO前，包括现金分红及转让股权变现在内，朱卫夫妇合计套现约1.2亿元。而康瑞新材本次 拟使用2亿元募资用于补充流动资金，其合理性与必要性必将成为监管层关注的重点。 作为一家精密金属材料企业，康瑞新材的产品主要应用于消费电子 ...

Core Viewpoint - Jiangsu Kangrui New Materials Technology Co., Ltd. (Kangrui New Materials) faces regulatory scrutiny as its IPO application has been selected for on-site inspection, which is a significant hurdle in its listing process [1][2]. Group 1: IPO Process and Regulatory Environment - Kangrui New Materials has entered the inquiry stage of its IPO process after being included in the on-site inspection list published by the China Securities Association [2][3]. - The on-site inspection is a regulatory measure aimed at filtering out companies with potential issues before they go public, with a historical termination rate of 72.73% for companies selected for inspection from 2022 to 2024 [2]. Group 2: Company Background and Financial Performance - Established 24 years ago, Kangrui New Materials is recognized as a national high-tech enterprise with annual revenue approaching 3 billion yuan [4]. - The company reported impressive financial growth, with revenues of approximately 1.05 billion yuan, 2.49 billion yuan, and 3 billion yuan for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 136.01% and 20.59% [15]. - The net profit attributable to the parent company also saw significant increases, with figures of approximately 35.85 million yuan, 227 million yuan, and 415 million yuan for the same years [15]. Group 3: Tax Compliance and Financial Control Issues - Kangrui New Materials has faced tax compliance issues, including a fine of 33,000 yuan for tax underreporting during customs declarations, and a total of 6.33 million yuan in tax and penalties related to past tax incentives [8][7]. - The company has also been scrutinized for financial control weaknesses, including improper use of personal accounts for business transactions and non-compliant financial practices, which have since been rectified [25][31]. Group 4: Shareholder Actions and Capital Structure - The controlling shareholders, Zhu Wei and Li Li, have collectively controlled 72.52% of the company, with significant cash dividends distributed in 2022 and 2024 totaling 40 million yuan and 50 million yuan respectively [10][12]. - In September 2023, Li Li and Jiangyin Kangde transferred shares to BYD, realizing approximately 74.99 million yuan in cash [12][14]. Group 5: Research and Development Investments - Kangrui New Materials has increased its R&D expenditures significantly, with amounts of 36.67 million yuan, 48.26 million yuan, and 81.22 million yuan for the years 2022, 2023, and 2024, representing a rising percentage of revenue [18][20]. - The company plans to utilize 904.49 million yuan of its IPO proceeds for R&D center construction and other projects aimed at enhancing its production capabilities [22][23].

Core Viewpoint - Jiangsu Kangrui New Materials Technology Co., Ltd. (Kangrui New Materials) is undergoing a listing review on the Shenzhen Stock Exchange, aiming to raise approximately 1.10493 billion yuan for its operations and expansion in the precision metal materials sector [1]. Company Overview - Kangrui New Materials has over 20 years of experience in the precision metal materials field, focusing on the research, production, and sales of high-precision and high-performance metal materials [1]. - The company has developed a comprehensive technology system centered on titanium alloy smelting, precision rolling, composite rolling, drawing, and heat treatment, and is also involved in metal powder manufacturing, powder metallurgy, and metal 3D printing [1]. Product Portfolio - The product range includes metal layered composite materials, precision metal profiles, polished rods, fine metal wires, and precision metal tubes, covering various materials such as titanium-aluminum composites, titanium alloys, stainless steel, and aluminum alloys [1]. - The primary application areas for Kangrui's products are consumer electronics, industrial equipment, automotive parts, and daily consumer goods, with a significant focus on the consumer electronics sector [1]. Clientele and Partnerships - Major clients in the consumer electronics sector include Company X and Company Y, with stable partnerships established with large manufacturers such as Foxconn, BYD, Changying Precision, Linyi Zhizao, Lens Technology, and Lianfeng Group [2]. Fundraising and Investment Plans - The company plans to allocate the raised funds to several projects, including: - A project for producing 5,000 tons of titanium alloy materials with an investment of 59.81 million yuan - A project for producing 4,000 tons of metal layered composite materials with an investment of 21.64 million yuan - A research and development center with an investment of 9.04 million yuan - Supplementing working capital with 20 million yuan [2]. Financial Performance - Projected revenues for 2022, 2023, and 2024 are approximately 1.053 billion yuan, 2.486 billion yuan, and 2.998 billion yuan, respectively, with net profits of about 47.56 million yuan, 229 million yuan, and 404 million yuan for the same years [2]. - Total assets for 2024 are projected to be approximately 2.670 billion yuan, with a significant increase in equity attributable to the parent company from 375.61 million yuan in 2022 to an estimated 1.328 billion yuan in 2024 [3]. - The company’s debt-to-asset ratio is expected to decrease from 43.06% in 2022 to 30.51% in 2024, indicating improved financial stability [3].