Group 1 - The company has achieved a breakthrough in high-precision acoustic membrane technology, establishing independent Chinese technology in this field and positioning itself as a leading international supplier of materials for well-known headphone brands [2] - Acoustic membranes are the core material responsible for sound production in headphones, capable of generating different amplitudes of deformation when driven by electric current, thus influencing various acoustic parameters such as vibration mass, transient response, distortion, and frequency response [2] - The company's acoustic membranes have surpassed foreign counterparts in key technical indicators and have already been integrated into high-end Apple headphone products through sales to GoerTek [2]

Core Viewpoint - The company has achieved a breakthrough in acoustic membrane technology, positioning itself as a leading supplier for high-end global smartphone brands and major earphone products [2]. Group 1: Company Achievements - The company has developed high-precision acoustic membranes that represent a significant technological advancement in China, making it a key supplier for well-known earphone brands [2]. - The acoustic membrane is a critical component in earphones, responsible for sound production, and its performance metrics are essential for the overall sound quality [2]. - The company has surpassed international competitors in core technical indicators of acoustic membranes, marking a significant achievement in the field [2]. Group 2: Market Position - The company is currently the only global supplier of acoustic membranes for high-end smartphone products, indicating a strong market position [2]. - The company has successfully partnered with GoerTek to supply acoustic membrane materials for Apple's high-end earphone products, further solidifying its role in the premium segment of the market [2].

Core Viewpoint - New Guangyi (301687.SZ) has initiated its subscription with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi is a high-tech enterprise specializing in the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance, which are currently supplied to Apple's high-end headphone products [1] Financial Performance - The company achieved operating revenues of approximately 455 million yuan, 516 million yuan, and 657 million yuan for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [2] Revenue Breakdown by Product Category - For the first half of 2025, the revenue breakdown by product category is as follows: - Anti-overflow adhesive films: 16,417.96 million yuan (52.43%) - Strong resistance specialty films: 7,272.05 million yuan (23.22%) - New energy materials: 3,941.97 million yuan (12.59%) - Optical adhesive films: 906.95 million yuan (2.90%) - Modified materials: 1,280.92 million yuan (4.09%) - Acoustic films: 512.08 million yuan (1.64%) - Others: 985.06 million yuan (3.15%) [1] Industry Insights - The Chinese functional film materials market is experiencing rapid growth, projected to reach a market size of 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [1] - Optical functional films represent the largest segment of the market, accounting for 39.6%, followed by separation functional films and packaging functional films at 28.37% and 17.64%, respectively [1]

Company Overview - New Guangyi (301687.SZ) has launched its subscription on December 22, with an issue price of 21.93 yuan per share and a maximum subscription limit of 0.85 million shares, reflecting a price-to-earnings ratio of 28.59 times [1] - The company specializes in the research, production, and sales of high-performance special functional materials, including anti-overflow adhesive special films and strong resistance special films [1] - New Guangyi has developed high-precision acoustic films with a thickness tolerance of ±1um and modulus tolerance of ±3Mpa, which have been supplied to Apple's high-end headphone products through cooperation with GoerTek [1] Business Segments - The main business revenue by product category for New Guangyi is as follows: - Anti-overflow adhesive special films: 16,417.96 million yuan (52.43%) in H1 2025, 33,482.25 million yuan (50.97%) in 2024, 27,652.01 million yuan (53.60%) in 2023, and 30,564.98 million yuan (67.16%) in 2022 [2] - Strong resistance special films: 7,272.05 million yuan (23.22%) in H1 2025, 14,995.76 million yuan (22.83%) in 2024, 11,787.65 million yuan (22.85%) in 2023, and 11,909.86 million yuan (26.17%) in 2022 [2] - New energy materials: 3,941.97 million yuan (12.59%) in H1 2025, 9,690.41 million yuan (14.75%) in 2024, 4,435.23 million yuan (8.60%) in 2023, and 134.61 million yuan (0.30%) in 2022 [2] - Optical adhesive films: 906.95 million yuan (2.90%) in H1 2025, 2,369.42 million yuan (3.61%) in 2024, 1,744.39 million yuan (3.38%) in 2023, and 1,152.56 million yuan (2.53%) in 2022 [2] Financial Performance - The company reported revenues of approximately 455 million yuan in 2022, 516 million yuan in 2023, and 657 million yuan in 2024, with net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan respectively [3] - As of June 30, 2025, total assets amounted to 885.28 million yuan, with equity attributable to shareholders at 738.69 million yuan and a debt-to-asset ratio of 16.52% [4] - The company achieved a net profit of 59.21 million yuan in H1 2025, compared to 115.70 million yuan in 2024 and 83.28 million yuan in 2023 [4] Industry Insights - The functional film materials market in China is experiencing rapid growth, driven by demand from downstream sectors such as new displays, renewable energy, and energy conservation [2] - The market size for functional film materials in China is projected to reach 162.3 billion yuan in 2024, with a year-on-year growth of 8.9% [2] - Optical functional films represent the largest segment of the market, accounting for 39.6% of the total, followed by separation functional films and packaging functional films at 28.37% and 17.64% respectively [2]

Core Viewpoint - New Guangyi (301687.SZ) has launched its IPO with an issue price of 21.93 CNY per share and a price-to-earnings ratio of 28.59 times, focusing on high-performance specialty functional materials [1] Company Overview - New Guangyi specializes in the R&D, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and strong resistance specialty films [1] - The company has developed high-precision acoustic films with a thickness tolerance of ±1um and excellent temperature resistance (high temperature 200℃, low temperature -30℃) [1] - New Guangyi's acoustic films are already being supplied to Apple's high-end headphone products through cooperation with Goer Acoustic [1] Business Expansion - In 2024, the company aims to expand its business into the new energy sector, processing materials like EVA and POE into photovoltaic backsheet adhesive films and new energy battery materials [1] Revenue Breakdown - The main business revenue by product category for New Guangyi is as follows: - Anti-overflow adhesive films: 16,417.96 million CNY (52.43%) in H1 2025 - Strong resistance specialty films: 7,272.05 million CNY (23.22%) in H1 2025 - New energy materials: 3,941.97 million CNY (12.59%) in H1 2025 - Optical adhesive films: 906.95 million CNY (2.90%) in H1 2025 [1] Market Outlook - The Chinese functional film materials market is expected to reach 162.3 billion CNY in 2024, with a year-on-year growth of 8.9%, driven by demand from new displays, new energy, and energy-saving sectors [1] - Optical functional films represent the largest segment of the market, accounting for 39.6% of the product structure in 2024 [1] Financial Performance - The company reported revenues of approximately 455 million CNY in 2022, 516 million CNY in 2023, and 657 million CNY in 2024, with net profits of approximately 81.51 million CNY, 83.28 million CNY, and 116 million CNY respectively [2] - As of June 30, 2025, total assets amounted to 885.28 million CNY, with equity attributable to shareholders of 738.69 million CNY and a debt-to-asset ratio of 16.52% [3]

Core Viewpoint - New Guangyi (301687.SZ) is set to go public on the ChiNext board with an initial public offering (IPO) of 36.716 million shares, accounting for 25% of the total share capital post-issue, aiming to leverage its technological strengths and strategic positioning in the capital market [2] Group 1: Company Overview - Established in 2004, New Guangyi focuses on the research, production, and sales of high-performance special functional materials, adhering to a technology development route of "independent innovation and import substitution" [3] - The company has successfully broken the technological monopoly of foreign firms in key product areas, establishing itself as a leader in the industry [3] Group 2: Product Highlights - New Guangyi's core product, the anti-overflow special film, is crucial in the production of flexible circuit boards and has achieved a market-leading position in China, overcoming significant supply issues previously faced by domestic clients [3][4] - The company’s anti-overflow special film exhibits superior performance compared to foreign competitors, including higher tensile strength and lower thermal expansion rates, making it more reliable in high-temperature environments [4] Group 3: Innovation and Development - New Guangyi is actively exploring new business areas such as acoustics, optics, and new energy, seeking opportunities for self-innovation and technological breakthroughs [5] - The company has developed a high-precision acoustic film that surpasses foreign counterparts in key technical indicators, successfully entering the high-end headphone market through partnerships with major clients [6] Group 4: Financial Performance - From 2022 to June 2025, New Guangyi's main business revenue showed steady growth, with figures of 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan, while net profits were 81.51 million yuan, 83.28 million yuan, 115.70 million yuan, and 59.21 million yuan respectively [7] - The company forecasts a revenue of 704 million yuan in 2025, representing a 7.10% increase from 2024, and a net profit of 127.27 million yuan, reflecting a 10% growth [7] Group 5: Future Strategy - New Guangyi has outlined a clear development strategy aimed at becoming a world-class innovative materials enterprise, focusing on polymer modification, adhesive formulation, and film manufacturing [8] - The company plans to leverage its core competencies in niche markets to expand its market share and enhance product value while also investing in new energy materials to align with global carbon neutrality trends [8]