金岩高岭新材在中国专营煤系高岭土，拥有横跨从采矿、研发、加工到生产、销售的全价值链的整合能力。公司的产品主要包括精铸用莫来石材料和耐火用 莫来石材料，这些产品是精铸型壳和耐火材料的重要材料。公司也销售生焦生粉，客户可进一步加工。 财华社讯，11月25日，金岩高岭新材（02693.HK）正式启动香港全球招股。本次计划全球发售2430万股股份，其中国际发售部分为2187万股，香港公开发 售部分为243万股。 本次招股价确定为7.3港元/股，在扣除相关发行开支且超额配股权未行使的情况下，公司预计募集资金净额约1.243亿港元。募集资金中约70.8%用于莫来石 基铝硅系材料深加工项目；约20.6%用于建立硅铝新材料工程技术研究中心。 香港公开发售时间为11月25日至11月28日，最终发售价及股份分配结果预计于12月2日公布。公司股份计划于12月3日在香港联交所主板开始买卖，股份代号 为2693，每手500股，入场费约3686.82港元。 公司本次发行获数家基石投资者参与，包括平煤香港、煤炭上市公司创力集团(603012.SH)旗下创力香港、金源香港和德高矿山。这些基石投资者已承诺在 满足相关条件后，按发售价认购总金额 ...

Core Viewpoint - Jin Yan High Alumina New Materials has initiated an IPO, planning to globally offer 24.3 million H-shares at a price of HKD 7.30 per share, with expected listing on December 3 [1] Group 1: IPO Details - The global offering consists of 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1] - The company has secured cornerstone investors including Pingmei Hong Kong, Chuangli Hong Kong, Jinyuan Hong Kong, and Degao Mining, collectively subscribing for HKD 76.2193 million of the offered shares [1] Group 2: Fund Utilization - Assuming the over-allotment option is not exercised, the net proceeds from the global offering are approximately HKD 124.3 million [1] - Approximately 70.8% of the proceeds will be allocated to the deep processing project of kaolin-based aluminum-silicon materials, 20.6% for establishing a new materials engineering technology research center, 0.6% for repaying bank loans, and 8.0% for working capital and general corporate purposes [1] Group 3: Company Overview - The company specializes in coal-based kaolin in China, possessing full value chain integration capabilities from mining, R&D, processing to production and sales [1] - Its main products include precision casting kaolin materials and refractory kaolin materials, as well as coke and powder [1] - According to Frost & Sullivan data, the company ranks fifth in the market with a 5.4% market share based on revenue from coal-based calcined kaolin companies in China for 2024 [1]

假设超额配股权未获行使且基于发售价为每股发售股份7.3港元，公司估计全球发售所得款项净额将约 为1.243亿港元。若超额配股权获全额行使，及发售价为每股发售股份7.3港元，公司估计公司从发售该 等额外股份收到的额外所得款项净额将约为2570万港元。公司计划按以下方式分配全球发售所得款项净 额：约70.8%将用于莫来石基铝矽系材料深加工项目；约20.6%将用于建立矽铝新材料工程技术研究中 心；约0.6%将用于偿还公司若干银行贷款的本金总额及应计利息；及约8.0%将分配至营运资金及一般 企业用途。 公司已订立基石投资协议，据此，基石投资者已同意在遵守若干条件的前提下，按发售价认购或促使其 指定实体按发售价认购可购入的若干数目发售股份，总金额为7620万港元。基于发售价每股股份7.30港 元，基石投资者将认购的发售股份总数为1044.1万股发售股份。基石投资者包括平煤神马(香港)国际投 资有限公司("平煤香港"，由中国平煤神马控股集团有限公司全资拥有)、香港创力赢泰投资有限公司 ("创力香港"，由安徽创力全资拥有，由创力集团(603012.SH)最终控股)、香港金源工贸有限公司("金源 香港"，由淮北金源工贸有限责 ...

金岩高岭新材(02693)于2025年11月25日-2025年11月28日招股，拟全球发售2430万股H股，香港公开发 售占10%，国际发售占90%，另有15%超额配股权。每股发售股份7.30港元，每手500股，预期H股将于 2025年12月3日(星期三)上午九时正开始在联交所买卖。 另外，公司已与平煤香港、创力香港、金源香港及德高矿山订立基石投资协议，据此，基石投资者已同 意在遵守若干条件的前提下，按发售价认购或促使其指定实体按发售价认购可购入的若干数目发售股份 (向下约整至最接近每手500股股份的完整买卖单位)，总金额为7621.93万港元。 截至2022年、2023年、2024年12月31日止年度以及截至2024年及2025年5月31日止五个月，公司的收入 分别约为人民币1.904亿元、人民币2.047亿元、人民币2.67亿元、人民币8830万元及人民币1.05亿元，净 利润分别约为人民币2440万元、人民币4360万元、人民币5260万元、人民币1450万元及人民币1800万 元，展现了公司持续的增长和盈利能力。 假设超额配股权未获行使且基于发售价为每股发售股份7.3港元，全球发售净筹约1.243亿港 ...

另外，公司已与平煤香港、创力香港、金源香港及德高矿山订立基石投资协议，据此，基石投资者已同 意在遵守若干条件的前提下，按发售价认购或促使其指定实体按发售价认购可购入的若干数目发售股份 (向下约整至最接近每手500 股股份的完整买卖单位)，总金额为7621.93万港元。 截至2022年、2023年、2024年12月31日止年度以及截至2024年及2025年5月31日止五个月，公司的收入 分别约为人民币1.904亿元、人民币2.047亿元、人民币2.67亿元、人民币8830万元及人民币1.05亿元，净 利润分别约为人民币2440万元、人民币4360万元、人民币5260万元、人民币1450万元及人民币1800万 元，展现了公司持续的增长和盈利能力。 假设超额配股权未获行使且基于发售价为每股发售股份7.3港元，全球发售净筹约1.243亿港元，约 70.8%将用于莫来石基铝硅系材料深加工项目;约20.6%将用于建立硅铝新材料工程技术研究中心;约0.6% 将用于偿还若干银行贷款的本金总额及应计利息;约8.0%将分配至营运资金及一般企业用途。 智通财经APP讯，金岩高岭新材(02693)于2025年11月25日-2025年 ...

Core Viewpoint - Jin Yan High-Tech is seeking to list on the Hong Kong Stock Exchange after previously attempting to list on the Beijing Stock Exchange, indicating a strategic shift in its capital market approach [1][4]. Company Overview - Jin Yan High-Tech is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% in 2024 [2]. - The company primarily relies on coal series kaolin mineral resources for its products, which include precision casting mullite materials and refractory mullite materials [2]. Financial Performance - The production volumes for precision casting mullite materials were 117,900 tons in 2022, 114,500 tons in 2023, 105,600 tons in 2024, and 84,800 tons in the first five months of 2025. For refractory mullite materials, the production volumes were 5,200 tons, 19,800 tons, 25,700 tons, and 10,600 tons respectively [2]. - The company's revenue figures were CNY 190 million in 2022, CNY 205 million in 2023, CNY 267 million in 2024, and CNY 105 million in the first five months of 2025. Net profits were CNY 24 million, CNY 44 million, CNY 53 million, and CNY 18 million respectively [2]. Fundraising Purpose - The funds raised from the IPO will be allocated to deep processing projects for mullite-based aluminum-silicon materials, establishing a new materials engineering technology research center, repaying bank loans, and general corporate purposes [3]. Market Strategy - Jin Yan High-Tech has a dedicated sales and marketing team of 10 people, focusing on promoting and selling mullite materials. The company has established a stable customer base, with 40 clients maintaining business relationships for over five years [4]. - Revenue from the top five customers accounted for 18.6%, 23.7%, 23.8%, and 24.5% of total revenue in 2022, 2023, 2024, and the first five months of 2025, respectively [4]. Supplier Relationships - The company sources materials from various suppliers, including packaging, utility services, and logistics. The procurement amounts from the top five suppliers were CNY 73 million, CNY 69 million, CNY 90 million, and CNY 44 million for the respective years, representing 74.6%, 68%, 66.9%, and 73% of total procurement [5].

来源：市场资讯 （来源：北证资讯） 继合佳股份、印象股份、森达电气等企业后，新三板企业赴港上市再添新进展。港交所日前披露，安徽 金岩高岭土新材料股份有限公司（下称 "金岩高新"）通过主板上市聆讯，国元国际与民银资本担任联 席保荐人。 成立于2012年的金岩高新，是一家煤系高岭土行业的公司，拥有横跨从采矿、研发、加工到生产、销售 的全价值链的整合能力。根据弗若斯特沙利文提供的数据，于2024年按收入计， 金岩高新在中国煤系 煅烧高岭土公司中排名第五，市场份额为5.4%；于2024年按收入计， 金岩高新是中国最大的精铸用莫 来石材料生产商，市场份额为19.1%。 作为中国煅烧高岭土产品的主要生产商，公司业务依托丰富且优质的煤系高岭土矿产资源，主要产品包 括精铸用莫来石材料和耐火用莫来石材料，同时也销售生焦生粉。公司产品满足多个行业的关键需求。 精铸用莫来石材料主要用作精密铸造工艺中型壳制造的材料，是汽车、航空、医疗及通用器械等行业铸 造高精度零部件不可或缺的材料。耐火用莫来石材料主要用于生产耐火材料，服务于冶金及建材等行 业。 金岩高新全资拥有位于安徽省淮北市的朔里高岭土矿，该矿以其丰富的煤系高岭土资源而闻名。根 ...

Core Viewpoint - The company, Jinyan High-Tech, is positioned as a leading player in the coal-based kaolin industry in China, with a strong vertical integration model that enhances its competitive edge in a challenging market environment [1][2]. Group 1: Market Position and Product Structure - Jinyan High-Tech is one of the few companies specializing in coal-based kaolin, with a comprehensive capability that spans mining, R&D, processing, and sales [1]. - The company holds a 5.4% market share in the coal-based calcined kaolin sector, ranking fifth in China, while it leads the market in precision casting mullite materials with a 19.1% share [1]. - The product structure is divided into two main segments: precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [2]. Group 2: Production Capacity and Resource Control - The production capacity for precision casting mullite materials is projected to decline from 117.9 thousand tons in 2022 to 105.6 thousand tons in 2024, while refractory mullite materials are expected to grow significantly from 5.2 thousand tons in 2022 to 25.7 thousand tons in 2024 [2]. - The acquisition of the Shuli kaolin mine in October 2021 has provided the company with a stable supply of raw materials, ensuring quality and cost advantages [3]. Group 3: Financial Performance - Revenue has shown a robust growth trajectory, increasing from 190.4 million RMB in 2022 to 267.1 million RMB in 2024, with a compound annual growth rate (CAGR) of 18.5% [4]. - The net profit has more than doubled from 24.4 million RMB in 2022 to 52.6 million RMB in 2024, achieving a CAGR of 46.8% [4]. - The gross margin has improved from 30.2% in 2022 to 36.7% in 2024, indicating enhanced profitability [4]. Group 4: Financial Risks - The financing costs have surged dramatically, reaching 3.71 million RMB in 2024, over 3.5 times the 1.04 million RMB in 2022, raising concerns about financial pressure due to increased debt [5]. - In the first five months of 2025, financing costs reached 3.19 million RMB, reflecting a more than 400% increase compared to the same period in 2024 [5]. Group 5: Market Growth and Challenges - The market for precision casting mullite materials is projected to grow at a CAGR of 8.4% from 2023 to 2028, down from 11.2% from 2019 to 2023, indicating a slowdown in growth potential [9]. - The refractory mullite materials market is expected to see a slight increase in growth rate, with a projected CAGR of 5.2% from 2024 to 2028, but overall growth remains limited [11]. - The company faces the challenge of maintaining its competitive edge and optimizing its financial structure amidst a slowing industry growth rate [11].

根据弗若斯特沙利文报告，按2024年中国煤系煅烧高岭土公司的收入计算，金岩高新以5.4%的市场份 额排名第五。更为亮眼的是，在精铸用莫来石材料这一细分领域，公司已成为行业领头羊——按2024年 收入计算，其市场份额高达19.1%，稳居中国第一。 稀缺资源掌控奠定发展根基 增长动能强劲与财务结构隐忧并存 金岩高新的产品结构主要分为两大板块：精铸用莫来石材料和耐火用莫来石材料，这些都是精铸型壳和 耐火材料的重要基础材料。同时，公司还销售生焦生粉，由客户进行进一步加工。 产能数据印证了公司在细分领域的专注与深化。从2022年至2024年，公司精铸用莫来石材料产量分别为 117.9千吨、114.5千吨、105.6千吨；而耐火用莫来石材料则从2022年的5.2千吨快速增长至2024年的25.7 千吨，显示出公司在产品结构调整与市场拓展方面的积极成效。特别是在2025年前五个月，精铸用莫来 石材料产量达到84.8千吨，已接近2024年全年产量的80%，表明公司主营业务正加速发展。 智通财经APP认为，金岩高科的竞争力，很大程度上建立在对其稀缺矿产资源的掌控之上。2021年10 月，公司与朔里矿业订立资产转让协议，成功获得 ...

Group 1 - Anhui Jinyan Kaolin New Materials Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with Guoyuan Financing (Hong Kong) Co., Ltd. and Minyin Capital Co., Ltd. as joint sponsors [1][2] - The funds raised from the IPO will be allocated for several purposes, including deep processing projects for mullite-based aluminum silicate materials, establishing a new materials engineering technology research center, repaying bank loans, and general corporate purposes [1][2] Group 2 - The company specializes in coal series kaolin and has a fully integrated value chain from mining, R&D, processing to production and sales [2] - Key products include precision casting mullite materials and refractory mullite materials, which are essential for high-precision components in industries such as automotive, aerospace, and medical [2] - The company leverages its rich and high-quality coal series kaolin resources to serve various sectors, including precision casting, metallurgy, and building materials, establishing a strong market position through vertical integration and product quality advantages [2]