Core Viewpoint - The capacitor base film market is experiencing growth driven by increasing demand from the electric vehicle and renewable energy sectors, with significant market size projections for 2024 and 2025 in both global and Chinese contexts [1][5][7]. Market Size and Projections - The global capacitor base film market is projected to reach 7 billion yuan in 2024, with specific contributions from the electric vehicle sector (2 billion yuan), renewable energy systems (1.6 billion yuan), and industrial equipment and home appliances (3.4 billion yuan) [1][5]. - By 2025, the global market size is expected to grow to approximately 8.1 billion yuan, with the electric vehicle sector contributing around 2.5 billion yuan, renewable energy systems about 2.1 billion yuan, and industrial equipment and home appliances around 3.5 billion yuan [1][5]. - In China, the capacitor base film market is anticipated to reach 4 billion yuan in 2024, with the electric vehicle and renewable energy sectors each contributing 1.4 billion yuan, and industrial equipment and home appliances contributing 1.2 billion yuan [7]. - The Chinese market is projected to grow to approximately 4.6 billion yuan by 2025, with similar contributions from the electric vehicle and renewable energy sectors [7]. Industry Definition and Role - Capacitor base film is a high-stability electronic material made from biaxially oriented polypropylene, characterized by high insulation, uniform thickness, and low dielectric loss [2][5]. - It serves as the core dielectric material in film capacitors, playing a crucial role in energy storage and maintaining stable insulation under high voltage conditions [2][5]. Industry Development Environment - The capacitor base film industry is supported by various government policies aimed at promoting the development of electronic components, renewable energy, and information industries [11]. Competitive Landscape - The international market for film capacitor base film is dominated by manufacturers from Japan and Europe, with companies like Toray, Wacker Chemie, and Mitsubishi leading in technology and market share [14]. - In China, the market has developed a stable competitive landscape with key players including Tongfeng Electronics, Dazhong Southeast, Longchen Technology, and Haiwei Electronics, among others [14][15]. Industry Trends - The capacitor base film industry is facing opportunities from rapid growth in sectors like renewable energy and AI, but also challenges such as high technical barriers and intensified competition in medium-thick films [4]. - The demand for thinner, higher voltage, and higher temperature-resistant capacitor base films is increasing due to the evolving requirements of downstream applications, particularly in electric vehicles and renewable energy systems [17][19].

（来源：河北日报） 近年来，衡水紧抓资本市场改革机遇，将企业上市作为打响"衡水品牌"的关键举措。全力打造上市全周 期服务体系，构建"储备一批、辅导一批、申报一批、上市一批"的梯次培育机制。积极统筹市县两级各 部门力量，提供"一企一专班"直通式服务，通过开展上市专题培训、组织专家现场办公等精准培育举 措，全面提升企业家的市场认知和资本运作能力，为企业上市扫除障碍，保驾护航。 位于景县的河北海伟电子新材料科技股份有限公司自2006年创立以来，始终深耕新能源核心赛道，专注 于电容器基膜、金属化膜等关键材料的研发与生产。此次上市融资将重点用于新型薄膜材料研发及产业 链整合，助力企业巩固行业领先地位。 衡水挂牌上市企业总数达87家 本报讯（记者焦磊）11月28日，河北海伟电子新材料科技股份有限公司在香港联合交易所主板挂牌上 市。至此，衡水市已拥有挂牌上市企业87家。 转自：河北日报 ...

Core Insights - The latest data from the Hong Kong Stock Exchange indicates that on December 2, shareholders of Haiwei Co., Ltd. (09609) transferred shares from HSBC Hong Kong to China International Capital Corporation Hong Kong Securities, with a transfer value of HKD 58.63 million, representing 8.10% of the total shares [1] - Haiwei Co., Ltd. was listed on November 28, with an initial share price of HKD 14.28, issuing a total of 35.46 million shares, resulting in a net proceeds of approximately HKD 452 million [1] - According to Zhi Shi Consulting, Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China based on the sales volume of capacitor base films for 2024, with a market share of 10.9% in terms of revenue from capacitor base films [1] Company Overview - Haiwei Co., Ltd. specializes in manufacturing capacitor films, which include capacitor base films and metallized films, essential components of film capacitors [1] - The end-use applications of film capacitors are diverse, encompassing electric vehicles, new energy power systems, industrial equipment, and household appliances [1]

Group 1 - The core point of the article highlights that Haiwei Co., Ltd. (09609) has transferred shares worth HKD 58.63 million from HSBC to CICC Hong Kong Securities, representing 8.10% of the total shares [1] - Haiwei Co., Ltd. was listed on November 28, with an initial share price of HKD 14.28, issuing 35.46 million shares and net proceeds of approximately HKD 452 million [1] - According to ZhiShi Consulting, Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, with a market share of 10.9% in capacitor base film revenue [1] Group 2 - The company's capacitor film products include capacitor base films and metallized films, which are essential components of film capacitors [1] - Film capacitors have a wide range of end-use applications, including in new energy vehicles, renewable energy power systems, industrial equipment, and household appliances [1]

转自：推广 11月28日，河北海伟电子新材料科技股份有限公司在香港交易所成功上市。这是景县首家在港交所主板 上市的企业，也是"十四五"期间衡水市唯一的港股上市企业，标志着景县企业在对接国际资本市场方面 取得了历史性突破。 河北海伟电子新材料科技股份有限公司电容器基膜生产场景。倪志浩 摄 近年来，在省市党委、政府的领导下，景县紧盯资本市场改革机遇，将企业上市作为打响"区域品牌"的 重要抓手，全力打造上市全周期服务体系，构建"储备一批、辅导一批、申报一批、上市一批"的梯次培 育机制，积极统筹各部门合力，建立"一企一专班"直通式服务，通过上市专题培训、专家现场办公等精 准培育举措，全面提升企业家资本市场认知和资本运作能力，为企业上市清障护航。 下一步，景县将以此为契机，进一步完善企业上市培育机制，推动更多优质企业走入资本市场，为全县 经济高质量发展注入更强劲的动力。（高雷、郑蕊综合整理） 来源：推广 河北海伟电子新材料科技股份有限公司电容器基膜生产场景。倪志浩 摄 河北海伟电子新材料科技股份有限公司位于衡水市景县，创立于2006年，公司深耕新能源核心赛道，专 注于电容器基膜、金属化膜等关键材料的研发与生产。产品广泛 ...

Group 1 - Hebei Haiwei Electronic New Materials Technology Co., Ltd. was listed on the Hong Kong Stock Exchange on November 28, with a public offering of 35.456 million shares at a price of 14.28 HKD per share, raising 506 million HKD for capacity expansion, new film material research and development, and industry chain integration [1] - The company is located in Jingxian, Hengshui City, and focuses on the research and production of key materials such as capacitor base films and metallized films, holding 58 patents for its core technology [1] - Haiwei's products are widely used in sectors such as new energy vehicles, photovoltaic energy storage, and industrial equipment [1] Group 2 - In 2023, Hebei Province has actively seized opportunities in the capital market, implementing a plan to promote enterprise listings and organizing events to support companies in entering stock exchanges [3] - With the successful listing of Haiwei, the total number of listed companies in Hebei has reached 122, including 35 companies listed on the Hong Kong Stock Exchange [3]

Core Viewpoint - Hebei Haiwei Electronic Materials Technology Co., Ltd. successfully completed its initial public offering (IPO) and listed on the Hong Kong Stock Exchange, raising approximately HKD 506.3 million at an issue price of HKD 14.28 per share [2] Company Overview - Haiwei Co. was established in 2006 and specializes in the capacitor film industry, primarily producing and selling capacitor base films and metallized films, which are key components of film capacitors [2] - The company has the capability to independently design and develop production lines for capacitor base films [2] - According to Zhi Shi Consulting, Haiwei Co. is the second-largest manufacturer of capacitor films in China based on sales volume in 2024 [2] Legal Advisory - Zhong Lun Law Firm served as the issuer's legal advisor for the IPO, providing comprehensive legal services throughout the listing and H-share circulation process, receiving high recognition from clients and stakeholders [2] - The project was led by partners Li Jieli and Liu Tao, with contributions from other legal professionals [2]

Core Points - China capacitor film manufacturer Haiwei Co., Ltd. (9609.HK) debuted on the Hong Kong Stock Exchange today, experiencing a nearly 19% drop to HKD 11.6, resulting in a market capitalization of under HKD 1.8 billion [1] - Haiwei focuses on the research and production of electronic new materials such as capacitor base films and metallized films, primarily used in new energy vehicles and renewable energy power systems [1] - The IPO was priced at HKD 14.28, with the public offering being oversubscribed by 5,425 times, and a subscription rate of 1% for 200 shares [1] - The net proceeds from the fundraising amount to approximately HKD 452 million, which will be used to expand production capacity, enhance R&D capabilities, support sales and marketing activities, and for working capital [1] Financial Summary - Revenue for Haiwei from 2022 to 2024 is projected to be HKD 327 million, HKD 330 million, and HKD 422 million, with the first five months of 2025 expected to generate HKD 157 million [1] - Net profit for the same periods is forecasted to be HKD 102 million, HKD 70 million, HKD 86 million, and HKD 31 million respectively [1]

Core Viewpoint - Haiwei Co., Ltd. (09609) has listed its shares at a price of HKD 14.28, issuing 35.456 million shares, with net proceeds of approximately HKD 452 million. As of the report, the stock has dropped by 5.46% to HKD 13.5, with a trading volume of HKD 103 million [1] Company Overview - Haiwei Co., Ltd. is the second-largest capacitor film manufacturer in China, with a market share of 10.9% in capacitor base film revenue as of 2024 [1] - The company's capacitor film products include capacitor base films and metallized films, which are essential components of film capacitors [1] Production Capabilities - Haiwei is the only company with the capability to independently design and develop production lines for capacitor base films [1] - The company has five production lines that are all self-designed and assembled, with a delivery time of approximately 8 months, significantly shorter than the industry average of 3-5 years for imported lines [1] - The investment cost for a single production line is about 120 million yuan, which is considerably lower than the domestic industry average [1] - The company can flexibly adjust production line parameters to offer products with thicknesses ranging from 2.7 microns to 13.8 microns, catering to various end-use applications [1]

Core Viewpoint - Haiwei Co., Ltd., the second-largest capacitor film manufacturer in China, is entering the Hong Kong stock market, with significant interest from retail investors and backing from BYD, its largest external shareholder [1][3][12]. Company Overview - Haiwei Co., Ltd. specializes in capacitor films, including capacitor base films and metallized films, which are essential components of film capacitors known for their excellent voltage resistance, high-frequency stability, and long lifespan [5][6]. - The company holds a 14.2% market share in China's capacitor film market as of 2024, with the top five companies collectively accounting for 61.6% of the market [6]. Financial Performance - Revenue for Haiwei Co., Ltd. was RMB 327.1 million in 2022 and RMB 330.5 million in 2023, with a projected increase to RMB 421.7 million in 2024, reflecting a growth rate of 28.0% [7]. - The revenue from capacitor base film sales constituted 91.9% of total revenue in 2022, decreasing to 71.8% in 2023, and is expected to be 72.8% in 2024 [6][7]. Market Dynamics - The capacitor film market is highly competitive, with key factors including rapid capacity expansion, technical expertise, integrated supply chains, and customer relationships [6]. - The top competitors in the market have similar market shares, indicating a tight competitive landscape [6]. Supply Chain Considerations - Haiwei Co., Ltd. relies heavily on imported key raw materials, particularly electrical-grade polypropylene, which constitutes a significant portion of its cost structure [10]. - The company faces potential supply chain disruptions due to geopolitical tensions affecting its overseas suppliers [10][11]. Customer Relationships - Major customers include capacitor manufacturers and BYD, which has begun producing its own capacitor films, posing a competitive threat to Haiwei [11]. - Despite this, the relationship with BYD remains strong, as it is a significant investor in Haiwei [12]. Shareholding Structure - As of the latest data, the largest shareholders include the chairman, Song Wenlan, with 49.32% of shares, and BYD, holding approximately 3.92% [13].