日前，株洲科能新材料股份有限公司（以下简称"株洲科能"）更新了提交上交所科创板上市申请的相关 资料，其IPO进程迎来关键时刻。 据悉，近年来，株洲科能在国家战略收储、外销业务大幅增长等背景下，经营情况持续向好，保持稳定 的营收与盈利水平，预计2024年上半年净利水平将实现较大幅度增长。 与此同时，在保持国内相关产品市场份额领先地位的同时，株洲科能也着力布局半导体原材料需求旺盛 的海外市场，今年上半年外销规模已超去年全年，成国家执行镓出口管制政策的重要载体及抓手。 关于未来的业务增长点，株洲科能亦提出两点具体规划。其一，积极把握化合物半导体、新能源等产业 良好的市场发展机遇，加快"年产500吨半导体高纯材料项目及回收项目"等募投项目的实施，进一步提 升高纯铟、高纯镓等主要产品产能规模和市场占有率，加快形成原料、产品、尾料回收的绿色循环产业 链；其二，加快实施产品多元化发展战略，基于现有技术、业务基础并结合下游市场需求，积极开发高 纯砷、高纯碳、高纯铝、高纯铜、高纯锑、高纯碲、高纯锌、高纯镉、高纯硒、高纯磷等市场前景良 好、技术含量高的新产品。 预计上半年净利水平同比增幅较大 公开资料显示，株洲科能长期致力于Ⅲ- ...

在位于云南省昆明经开区的云南锡业新材料有限公司锡材生产车间，自动化生产线高效运转，锡原料经 过多道精密工序，生产出各种规格的产品。 "锡可以说是无处不在，广泛应用于汽车、高铁、手机等现代生产生活的方方面面。"云锡新材料公司研 发中心主任助理解秋莉说，近年来，在国内消费电子、汽车电子等产业快速发展以及焊接技术不断进步 的背景下，锡焊接材料和锡化工作为两个重要下游应用领域，市场需求不断增加。 科技创新是云锡新材料公司发展的核心驱动力。通过整合研发资源，公司建有博士后科研工作站，拥有 云南省锡新材料技术创新中心（筹）、电子锡焊料制备先进技术与应用工程研究中心、锡化工工程技术 研究中心、昆明市软钎焊料工程技术研究中心等创新平台。解秋莉介绍，通过持续开展技术创新，公司 研发出低辐射锡、金锡球、超细丝、预成型焊片、锡基阻燃剂、高纯铟等新产品，推动产业链、创新 链、知识产权链深度融合。目前，公司拥有授权发明专利110余项、实用新型专利20余项，制定或参与 国家及行业标准80余项。 为培育战略性新兴产业、攻克关键技术，云锡集团整合所属锡材、锡化工产业板块及研发资源，设立云 南锡业新材料有限公司，聚焦新材料高精尖产品研发和高质 ...

Core Viewpoint - Zhuzhou Keno has withdrawn its application for an initial public offering (IPO) on the Sci-Tech Innovation Board, leading to the termination of the review process by the Shanghai Stock Exchange [2] Company Overview - Zhuzhou Keno focuses on the development and industrialization of III-V group chemical element material purification technology, primarily engaged in the research, production, and sales of high-purity gallium, indium, bismuth, tellurium, and their oxides [2] - The company's products include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth, and bismuth oxide, with applications in compound semiconductors, solar cell P-type silicon wafers, ITO target material synthesis, and high-end product manufacturing in pharmaceuticals and chemicals [2] Shareholding Structure - As of the signing date of the prospectus, Zhao Kefa directly holds 23.74% of the company's shares, while Keno Advanced holds 27.05%, collectively controlling 50.80% of the company [3] - Zhao Kefa and Tang Yan, as a couple, directly and indirectly control a total of 61.05% of the company's shares, making them the common actual controllers [3] - Zhao Kefa's brother and sister hold 2.78% and 0.19% of the shares, respectively, forming a concerted action relationship, resulting in a total control of 64.01% of the shares by Zhao Kefa, Tang Yan, and their concerted actors [3] IPO Details - Zhuzhou Keno initially planned to issue up to 36,000,000 shares, accounting for no less than 25% of the total share capital after issuance [3] - The company aimed to raise 588.278 million yuan for projects including an annual production of 500 tons of semiconductor high-purity materials, advanced materials research center construction, and working capital supplementation [3][5] Project Investment - The total investment for the annual production of 500 tons of semiconductor high-purity materials project is 500 million yuan, with an intended funding usage of 470 million yuan [5] - The advanced materials research center for rare metals has a total investment of 68.278 million yuan, with the same amount allocated for funding [5] - The working capital supplementation is planned for 50 million yuan [5]

Core Points - The Shanghai Stock Exchange has decided to terminate the review of Zhuzhou Keno New Materials Co., Ltd.'s application for an initial public offering (IPO) on the Sci-Tech Innovation Board [1][3] - Zhuzhou Keno specializes in the purification technology and industrialization of III-V group chemical element materials, focusing on the research, production, and sales of high-purity gallium, indium, bismuth, and tellurium [3][4] Company Information - As of the signing date of the prospectus, Zhao Kefa directly holds 23.74% of the company's shares, while Keno Advanced holds 27.05%, giving them a combined control of 50.80% of the company [4] - Zhao Kefa and Tang Yan, as a couple, directly and indirectly control a total of 61.05% of the company's shares, making them the actual controllers [4] - The company originally planned to issue up to 36,000,000 shares, aiming to raise approximately 588.28 million yuan for projects related to semiconductor high-purity materials and advanced materials research [4] Underwriting Information - The lead underwriter for the IPO was ShenGang Securities Co., Ltd., with representatives Li Qiang and Ye Hua [5]

Core Viewpoint - Zhuzhou Keno New Materials Co., Ltd. has had its IPO review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - The company focuses on the development and industrialization of purification technology for III-V group chemical element materials, primarily engaged in the R&D, production, and sales of high-purity gallium, indium, bismuth, tellurium, and their oxides [1] - Main products include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth, and bismuth oxide, with applications in compound semiconductors, solar cell P-type silicon wafers, ITO target material synthesis, and high-end product manufacturing in pharmaceuticals and chemicals [1] Market Position - The high-purity gallium and indium produced by the company are critical materials for compound semiconductors and ITO targets, with significant quality impact on their synthesis [2] - The industry is characterized by international competition, with major market shares held by foreign companies such as Indium Corporation, Dowa, Rasa, and 5N Plus, alongside a few domestic players like Zhuzhou Keno [2] - Despite starting late in the high-purity rare metal materials field, the company has leveraged China's position as the largest primary source of rare metals and the rapid rise of domestic downstream manufacturers to enhance its market presence [3] Competitive Advantages - The company has become a major global supplier of high-purity gallium and indium, achieving domestic leadership in product technology and performance [4] - It serves as a primary or sole supplier of high-purity gallium and indium for leading global compound semiconductor manufacturers in China [4] - The company holds a dominant position in the domestic market for ITO and IGZO refined indium, covering major global ITO and IGZO target material manufacturers [4] Financial Performance - The company reported revenues of approximately 679 million RMB, 609 million RMB, and 787 million RMB for the years 2022, 2023, and 2024, respectively, with net profits of 50.82 million RMB, 43.04 million RMB, and 72.07 million RMB during the same periods [5][6]

Core Viewpoint - Zhuzhou Keno's debt has surged from 5.27 million to 405 million within a year, marking a staggering increase of 77 times, raising concerns about its IPO application on the Sci-Tech Innovation Board, which is not aligned with its "technology" label [1][3]. Financial Performance - Revenue for Zhuzhou Keno from 2022 to 2024 was reported at 679 million, 609 million, and 787 million respectively, with net profits of 50.82 million, 43.04 million, and 70.82 million, indicating a potential recovery in 2024 [5]. - However, the company has a concerning cash flow situation, with a net cash flow from operating activities of -427 million over the same period, despite a total net profit of approximately 165 million [10][11]. Ownership and Governance Issues - The actual controllers of the company, Zhao Kefu and Tang Yan, have a 14-year history of shareholding proxy arrangements, raising questions about corporate governance and transparency [6][8]. - The company has signed performance-based agreements with all strategic investors except for Zhoushan Gaoshang, which could reactivate if the company fails to complete a qualified IPO by December 2026 [9]. Debt and Cash Flow Concerns - The asset-liability ratio increased dramatically from 10.27% in 2023 to 41.81% in 2024, significantly exceeding the industry average of 40.4% [15][16]. - The company’s interest-bearing debt constitutes 81.69% of total liabilities, indicating a high dependency on debt financing [16]. Inventory and Operational Efficiency - Inventory has surged from 156 million at the end of 2020 to 641 million by the end of 2024, a 420% increase, with inventory accounting for 52.74% of total assets [12][21]. - The inventory turnover days increased from 147.02 days in 2020 to 242.95 days in 2024, with a turnover rate dropping from 3.64 times to 1.45 times, well below the industry average of 3.02 times [12][14]. Research and Development - R&D expenditures from 2022 to 2024 were 29.81 million, 28.53 million, and 30.32 million respectively, with R&D expense ratios declining from 4.39% to 3.85%, falling below the implicit 5% threshold for Sci-Tech Innovation Board companies [30][31]. - The educational background of employees is concerning, with 76.02% holding a diploma or lower, which raises doubts about the company's technological capabilities [32]. Market Position and Risks - The company has a high customer concentration risk, with significant reliance on a few major clients, which could pose a threat to its business stability [37]. - The cyclical nature of the rare metal industry, coupled with the company's substantial debt, increases operational risks, especially in a potential downturn [24][26].

Core Viewpoint - The necessity for China to master its own materials in order to gain a voice in the global technology order restructuring is emphasized, particularly in high-end manufacturing [1] Group 1: High-Purity Materials Innovation - The company is innovating in high-purity materials, specifically gallium, which can be purified from 4N to 8N, indicating a purity level of 99.999999% [2] - Achieving higher purity levels in materials like gallium and indium leads to exponential improvements in product performance, essential for high-end manufacturing [2][3] - The company has developed its own GDMS detection method for high-purity products, becoming one of the few in the industry with both production and detection capabilities [3] Group 2: Strategic Importance and Market Position - High-purity materials are considered a strategic industry with long certification times, making it a challenging field to enter [4] - The company has achieved the highest domestic market share for high-purity indium and gallium products, indicating strong competitive positioning [5] - The transition from selling raw materials to producing high-purity metals is framed as a move towards "casting national instruments" [5] Group 3: Future Development and Market Strategy - The company plans to accelerate projects for producing 500 tons of semiconductor high-purity materials and diversify its product offerings to include high-purity arsenic, carbon, and aluminum [6] - The expansion is seen as a response to national strategic needs, particularly in emerging fields like 5G and renewable energy [6][7] - The company aims to become a platform-type materials enterprise, focusing on both product development and market leadership [7]

Group 1 - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides achieving a principled consensus on addressing economic concerns and enhancing cooperation [2][3] - China emphasized the mutual benefits of the economic relationship, stating that trade wars yield no winners and expressing a willingness to engage in dialogue to resolve differences [2] - The US side reported positive outcomes from the meeting, aiming to stabilize bilateral economic relations and implement the consensus reached [3] Group 2 - The China Automobile Industry Association reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, marking year-on-year increases of 12.7% and 10.9% [4] - New energy vehicle production and sales during the same period were 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44%, with new energy vehicles accounting for 44% of total new car sales [4] Group 3 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support [5] - Companies such as Silver Wheel Co. plan to establish joint ventures to enter the intelligent robot parts market, while Tian Ci Materials intends to build an integrated production base for electrolytes and raw materials in Morocco [7]

Core Viewpoint - The Yunnan Provincial Government has issued the "Three-Year Action Plan for the Doubling of Specialized, Refined, Characteristic, and Innovative Enterprises (2025-2027)", focusing on cultivating national-level "little giant" enterprises in key sectors, leveraging Yunnan's advantages to promote new product development and industry expansion [1] Group 1: Industry Development Focus - The plan emphasizes the deepening of the non-ferrous metal industry chain, particularly in aluminum and copper, aiming to strengthen the production of aluminum materials, copper materials, and their downstream end products [1] - It aims to enhance the rare metal new materials industry, focusing on indium, germanium, and platinum, with developments in high-purity indium, ITO targets, indium phosphide, solar cells for satellites, germanium optical components, and platinum group metal functional materials and catalysts [1] - The plan promotes the vertical integration of the new energy battery industry chain by utilizing phosphorus resources, encouraging the development of the entire industry chain from "phosphate rock - phosphoric acid - cathode materials - batteries" [1] Group 2: Information Industry Development - The initiative aims to cultivate an outward-oriented information industry targeting South Asia and Southeast Asia, driven by the construction of a digital information corridor [1]