Core Viewpoints - QYResearch is recognized for its authoritative industry analysis and reports, widely cited by reputable companies and media, ensuring credibility and professionalism in market insights [1] Group 1: Heating Elements Market - Hangzhou Rewei Electric Heating Technology Co., Ltd. ranks among the top three in global heating element production from 2019 to 2021, supplying major appliance manufacturers like Midea and Samsung [3] Group 2: Golf Cart Market - The global golf cart market is projected to grow from $2.427 billion in 2024 to $4.304 billion by 2031, with a CAGR of 8.6% from 2025 to 2031 [4] Group 3: Router Market - The global router market is expected to reach $20.59 billion in sales by 2024 and $26.28 billion by 2031, with a CAGR of 3.6% [5] Group 4: Power Tool Market - The global market for power tool chucks is anticipated to grow from $321 million in 2024 to $449 million by 2031, reflecting a CAGR of 5.0% from 2024 to 2031 [7] Group 5: Fine Chemicals Market - Jinhua New Materials holds a market share of 34.86% in 2022, 33.21% in 2023, and 42.37% in 2024 for hydroxylamine salts in China [9] Group 6: USB Bridge Chip Market - Nanjing Qinheng Microelectronics ranks ninth globally and first domestically in USB bridge chip sales revenue from 2022 to 2024 [12] Group 7: Lubricant Additives Market - The global lubricant additives market is projected to grow from $15.99 billion in 2023 to $18.21 billion by 2030, with a CAGR of 1.9% from 2024 to 2030 [14] Group 8: HMB Market - The company has secured a long-term supply agreement with Abbott, maintaining over 50% market share in HMB products globally from 2022 to 2024 [16] Group 9: Polyurethane Market - The global polyurethane market is expected to grow from approximately $82.09 billion in 2023 to $99.46 billion by 2030 [18] Group 10: UV Coatings Market - The global commercial UV coatings market is projected to reach $19.13 billion by 2031, growing from $12.65 billion in 2024, with a CAGR of 6.1% [21] Group 11: Radiation Therapy Products Market - The global radiation therapy positioning products market is expected to grow from $27.7 million in 2021 to $57.3 million by 2028, achieving a CAGR of 10.93% [23] Group 12: Textile Machinery Market - The global textile machinery market is projected to grow from $22.5 billion in 2023 to $28.26 billion by 2029, with a CAGR of 3.9% [26] Group 13: Reflective Materials Market - The global reflective materials market is expected to reach $6.272 billion by 2031, with a CAGR of 4.2% from 2025 to 2031 [28] Group 14: LED Lighting Power Supply Market - The global LED lighting power supply market is projected to grow from $1.31 billion in 2022, with a low market share compared to major global players [30] Group 15: VLP Copper Foil Market - The global VLP copper foil market is expected to reach $15.2 billion by 2030, with a CAGR of 8.9% [32] Group 16: Enamelled Wire Market - The global enameled wire market is projected to grow from $9.67 billion in 2023 to $10.65 billion by 2030, with a CAGR of 1.4% [34] Group 17: Industrial Motor Market - The global industrial motor market is expected to maintain an 18% CAGR from 2025 to 2030 [37] Group 18: Wireless Microphone Market - The global wireless lapel microphone market is projected to grow from $1.428 billion in 2023 to $2.299 billion by 2030, with a CAGR of 6.94% [39] Group 19: Wafer Electrostatic Chuck Market - The global wafer electrostatic chuck market is expected to reach $2.424 billion by 2030 [41] Group 20: Game Console Accessories Market - The global game console accessories market is projected to grow from $16.49 billion in 2024 to $34.24 billion by 2031, with a CAGR of 11.2% [47] Group 21: Shock Absorber Market - The global shock absorber market is expected to exceed $13.09 billion in 2024, with high-end shock absorbers gaining market share [48] Group 22: 3C Charger Market - The global 3C charger market is projected to reach approximately $22.64 billion by 2029, with a CAGR of 10.06% from 2022 to 2029 [49] Group 23: Precision Electronic Machinery Market - The precision electronic machinery market is expected to grow from 48% in 2022 to 51% by 2029 in the linear guide downstream market [54] Group 24: Ergothioneine Raw Material Market - The global ergothioneine raw material market is projected to grow from $0.63 billion in 2024 to $1.61 billion by 2031, with a CAGR exceeding 14% [56] Group 25: Medical Aesthetics Market - The Chinese medical aesthetics market is expected to reach ¥410.8 billion by 2025, with a CAGR of 17.2% from 2021 to 2025 [59] Group 26: High-Frequency Electrosurgical Device Market - The Chinese high-frequency electrosurgical device market is projected to grow from $344.78 million in 2022 to $800 million by 2029 [61] Group 27: Home NAS Market - The Chinese home NAS market is expected to grow from ¥712 million in 2023 to ¥9.619 billion by 2030 [64] Group 28: Thiourea Market - The global thiourea market is projected to reach approximately $0.851 billion in 2024, with a market share of about 26.40% for the leading producer [67] Group 29: Wind Power Gearbox Market - The Chinese wind power gearbox market is expected to grow from $3.136 billion in 2023 to $4.263 billion by 2030 [70] Group 30: Thermal Interface Materials Market - The global thermal interface materials market is projected to grow from ¥5.2 billion in 2019 to ¥7.6 billion by 2026, with a CAGR of 5.57% [72] Group 31: Elderly Companion Robot Market - The global elderly companion robot market is expected to grow from $0.212 billion in 2024 to $3.19 billion by 2031, with a CAGR of 48.0% [77] Group 32: HTCC Ceramic Packaging Market - The global HTCC ceramic packaging market is projected to grow from ¥18 billion in 2021 to ¥29.3 billion by 2028 [79] Group 33: LED Display Control System Market - The global LED display control system market is expected to reach $0.587 billion in 2024, with a CAGR of 13.6% [81] Group 34: Consumer Robotics Market - The global consumer robotics market is projected to grow from $41.02 billion in 2024 to $170.48 billion by 2031 [83] Group 35: Cold Chain Logistics Market - The global cold chain logistics market is expected to reach ¥76.62 billion by 2031, with a CAGR of 14.8% from 2025 to 2031 [86] Group 36: AI Companion Robot Market - The global AI companion robot market is projected to grow from $0.203 billion in 2024 to $23.23 billion by 2031, with a CAGR of 86.0% [89]

截至招股说明书签署日，巨化集团有限公司(以下简称"巨化集团")直接持有锦华新材80,837,240股股 份，持股比例为82.49%，为锦华新材控股股东。 浙江省人民政府国有资产监督管理委员会(以下简称"浙江省国资委")直接持有巨化集团76.49%股份，通 过杭州钢铁集团有限公司间接持有巨化集团13.51%股权，共计持有巨化集团90.00%股权。浙江省国资 委为浙江省人民政府直属正厅级特设机构，省政府授权省国资委代表省政府履行国有资产出资人职责， 监管省属经营性国有资产。因此，锦华新材的实际控制人为浙江省国资委。 中国经济网北京7月5日讯北京证券交易所上市委员会2025年第13次审议会议于昨日上午召开，审议结果 显示，浙江锦华新材料股份有限公司(以下简称"锦华新材")符合发行条件、上市条件和信息披露要求。 这是今年过会的第31家企业(其中，上交所和深交所一共过会19家，北交所过会12家)。 锦华新材的保荐人、主承销商为浙商证券（601878）股份有限公司，签字保荐代表人为苗淼、廖来泉。 这是浙商证券今年保荐成功的第1单IPO项目。 锦华新材主要从事酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联剂、羟 ...

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a significant step towards public listing and potential capital raising for business expansion [1]. Group 1: Company Overview - The company primarily engages in the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4]. - Jinhua New Materials is recognized as a leading enterprise in the domestic market for silane crosslinking agents and hydroxylamine salts [4]. - The company was established in December 2007 and transitioned to a joint-stock company in July 2009, with a total share capital of 98 million shares prior to the IPO [4]. Group 2: Shareholding Structure - The controlling shareholder of the company is Juhua Group Co., Ltd., which holds 82.49% of the shares. The actual controller is the Zhejiang Provincial State-owned Assets Supervision and Administration Commission, which directly holds 76.49% of Juhua Group and indirectly holds 13.51% through Hangzhou Steel Group Co., Ltd., totaling 90.00% ownership of Juhua Group [5]. Group 3: Financial Performance - During the reporting period, the company's operating revenues were 993.97 million yuan, 1,114.51 million yuan, and 1,239.48 million yuan, respectively. The net profit attributable to the parent company, excluding non-recurring gains and losses, was 78.42 million yuan, 172.81 million yuan, and 205.83 million yuan [6]. Group 4: Inquiry Issues Raised - Questions were raised regarding the authenticity and reasonableness of the operating performance, particularly concerning the differences in gross profit margins across sales channels and the authenticity of terminal sales by traders [7]. - The company was asked to clarify its operational independence from the controlling shareholder, Juhua Group, in terms of assets, personnel, finance, and business operations [7]. - Concerns were also expressed about environmental compliance and safety production, specifically regarding whether overcapacity has led to environmental pollution and whether the internal control mechanisms for environmental compliance and safety production are effective [7].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) is preparing for its listing on the Beijing Stock Exchange, focusing on the production and sales of fine chemical products, particularly oxime series chemicals. The company has shown revenue growth in recent years, but its profitability remains a concern due to a significant drop in gross margin and net profit compared to 2021 [2][4][5]. Financial Performance - Jinhua New Materials reported revenues of 9.94 billion, 11.15 billion, and 12.39 billion for 2022, 2023, and 2024 respectively, with net profits of 0.78 billion, 1.73 billion, and 2.06 billion [4][5]. - The company’s revenue in 2021 was 11.53 billion, indicating a decline in 2022 by 1.59 billion. The net profit in 2021 was 2.45 billion, which is more than three times the profit in 2022 [4][5]. - Gross margin dropped from 34.12% in 2021 to 17.72% in 2022, rebounding to 27.65% in 2023, but still below the 2021 level [5][6]. Industry Comparison - Jinhua New Materials' gross margin has consistently been lower than its peers. In 2022, the average gross margin for comparable companies was 34.59%, while Jinhua's was only 17.72% [6][7]. - The gross margin for Jinhua's main product, silane crosslinking agents, was 16.21% in 2022, significantly lower than the average of 34.88% for similar products from competitors [8][9]. Related Procurement and Financial Concerns - The company has faced scrutiny regarding the fairness of its related-party procurement, particularly concerning the pricing of raw materials [3][10]. - The proportion of receivables settled through bank acceptance bills increased significantly in 2024, raising concerns about the authenticity of the company's financial performance [3][12]. - Jinhua New Materials' cash flow from operating activities has shown significant volatility, with a notable decline of 68.74% in 2024 compared to 2023 [10][12]. Conclusion - Jinhua New Materials is experiencing a recovery in revenue but faces challenges in profitability and cash flow management. The reliance on bank acceptance bills for settlements and the low gross margins compared to industry peers raise questions about the sustainability of its financial performance [15].

Core Viewpoint - The company, Zhejiang Jinhua New Materials Co., Ltd., is preparing for an IPO on the Beijing Stock Exchange, aiming to raise funds for several high-value projects in the fine chemical sector, particularly in silane crosslinking agents and ketoxime products [1][3]. Group 1: Company Overview - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, with key products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [3]. - The company is a leading player in the domestic market for silane crosslinking agents and hydroxylamine salts, with market shares projected to grow from 28.30% in 2021 to 37.34% in 2024 [3]. Group 2: Financial Performance - The company experienced significant revenue and profit fluctuations in recent years, with revenues of 1153.26 million yuan in 2021, dropping to 993.97 million yuan in 2022, and then recovering to 1239.48 million yuan in 2024 [5]. - Net profits after deducting non-recurring gains and losses were 244.65 million yuan in 2021, falling to 78.42 million yuan in 2022, and rising to 205.83 million yuan in 2024 [5]. - The gross profit margin showed volatility, with rates of 34.12% in 2021, 17.72% in 2022, and recovering to 27.94% in 2024 [5]. Group 3: Market Demand and Growth Drivers - The increase in net profit for 2023 is attributed to higher production capacity of silane crosslinking agents and growing market demand from downstream products like organic silicone sealants and adhesives in sectors such as photovoltaic, wind power, and new energy vehicles [5]. - A decrease in raw material and energy prices, along with improvements in production processes, contributed to a significant reduction in unit costs and an increase in gross profit margins [5]. Group 4: Corporate Structure and Relationships - The controlling shareholder of Jinhua New Materials is Juhua Group Co., Ltd., which holds 82.49% of the shares, while the actual controller is the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [6]. - The company has a close business relationship with Juhua Group, with significant amounts of related party transactions for energy, raw materials, and processing services, accounting for 35.43% to 37.52% of total procurement in recent years [8].

Core Viewpoint - The article discusses the upcoming IPO of Zhejiang Jinhua New Materials Co., Ltd., highlighting its position in the fine chemical products industry and its growth potential backed by strong market demand and strategic partnerships [2][4][8]. Group 1: Company Overview - Zhejiang Jinhua New Materials Co., Ltd. focuses on the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4]. - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt segments, with market shares projected to grow from 28.30% in 2021 to 37.34% in 2024 for silane crosslinking agents [4][6]. Group 2: Financial Performance - The company experienced revenue and profit fluctuations in recent years, with revenues of 1153.26 million yuan in 2021, dropping to 993.97 million yuan in 2022, and then recovering to 1239.48 million yuan in 2024 [6]. - Net profits after excluding non-recurring gains and losses were 244.65 million yuan in 2021, falling to 78.42 million yuan in 2022, and expected to rise to 205.83 million yuan in 2024 [6]. - The gross profit margin showed volatility, with figures of 34.12% in 2021, dropping to 17.72% in 2022, and recovering to 27.94% in 2024 [6]. Group 3: Market Demand and Growth Drivers - The increase in production capacity for silane crosslinking agents and the growing market demand for end products like organic silicone sealants and adhesives in sectors such as construction, photovoltaic, wind power, electronics, and new energy vehicles are key growth drivers [6]. - The company benefits from reduced raw material and energy costs, along with improved production processes, leading to a significant decrease in unit costs and an increase in gross profit margins [6]. Group 4: Strategic Relationships - The company is closely linked to its controlling shareholder, Juhua Group, which holds 82.49% of its shares, and is ultimately controlled by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [8][10]. - The company has significant business interactions with Juhua Group, with related party procurement amounts reaching 305.50 million yuan in 2021, accounting for 37.26% of total procurement [10].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) is preparing for its listing on the Beijing Stock Exchange, with Zheshang Securities as the sponsor. The company specializes in the research, production, and sales of ketoxime series fine chemicals, positioning itself as a leader in the domestic silane crosslinking agents and hydroxylamine salts sectors [1][3]. Company Overview - Jinhua New Materials primarily produces silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are essential for various applications including organic silicon sealants, pesticides, and environmentally friendly dyes [1]. - The actual controller of the company is the Zhejiang State-owned Assets Supervision and Administration Commission, indicating a transition from a private enterprise to a state-owned enterprise [3][5]. Shareholder Structure - As of the prospectus disclosure date, the company had four shareholders: Juhua Group (82.49%), Lishui Jinhong (10.66%), Fujian Shenyuan (3.57%), and Hong Gen (3.28%) [3]. - The second-largest shareholder, Lishui Jinhong, is an employee stock ownership platform, with significant holdings by management [7]. Fundraising and Financial Performance - The company plans to raise 593 million yuan (approximately 59.3 million) through its IPO, with a reduction of 175 million yuan from the initial target of 767.8 million yuan [9][10]. - The funds will be allocated to projects including a 60kt/a high-end coupling agent project, a 500 tons/year JH-2 pilot project, and the construction of a ketoxime industry chain smart factory [9][12]. - Jinhua New Materials has experienced significant revenue fluctuations, with reported revenues of 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan for the years 2022 to 2024, respectively [16]. Customer and Supplier Relationships - The company relies heavily on a few major customers, with the top five clients accounting for over 50% of total revenue. The largest customer is a company controlled by Hong Gen's brother, indicating potential conflicts of interest [17][19]. - Jinhua New Materials' largest supplier is Juhua Group, which has provided a significant portion of the company's procurement needs over the past three years [22][24]. Research and Development - The company's R&D expenses have been lower than the industry average, with R&D expense ratios of 4.84%, 4.46%, and 4.62% over the past three years, compared to higher rates from competitors [24][26].

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") is facing scrutiny regarding its financial performance and operational independence as it prepares for its IPO on the Beijing Stock Exchange, with concerns about the sustainability of its earnings and the nature of its related party transactions [2][12]. Financial Performance - Jinhua New Materials reported fluctuating revenues from 2021 to 2024, with revenues of 11.53 billion, 9.94 billion, 11.15 billion, and 12.39 billion respectively, and net profits of 2.45 billion, 0.78 billion, 1.73 billion, and 2.06 billion, indicating a significant drop in 2022 [3][4]. - The company's core products, silane crosslinking agents and hydroxylamine salts, accounted for over 80% of its main business revenue during this period, with silane crosslinking agents alone contributing more than 50% each year [3][4]. - In 2022, the sales price of silane crosslinking agents dropped by 35.41% to 19,700 yuan per ton, leading to a 32.47% decline in sales revenue despite a 4.29% increase in sales volume [6][7]. Market Dynamics - The silane crosslinking agent market is characterized by cyclical demand, heavily influenced by the construction and building materials sector, which is currently experiencing low demand [11]. - The gross profit margin for silane crosslinking agents has shown significant volatility, with margins of 16.21%, 28.45%, and 22.77% from 2022 to 2024, raising concerns about the company's future profitability [7][11]. Related Party Transactions - Jinhua New Materials' largest supplier is Juhua Group, which holds 82.49% of its shares, leading to significant related party transactions that raise questions about the fairness and independence of these dealings [14][15]. - The company has been criticized for purchasing raw materials at prices significantly lower than market rates, suggesting potential preferential treatment that could distort financial performance [15][16]. - The largest customer, Qizhou Silica Chemical Co., Ltd., is also linked to the company's shareholders, further complicating the independence of Jinhua New Materials' operations and raising concerns about the authenticity of its financial results [19][20].