泉州嘉德利电子材料股份有限公司（以下简称"嘉德利"） 于2025年11月6日向上交所主板递交IPO申请并获受理。计划募资7.25亿元，其中5.25亿元用于新建 嘉德利厦门新材料生产基地（一期）项目，2亿元用于补充流动资金。 这家号称国家级专精特新"小巨人"的企业，毛利率远超行业平均水平，但其光鲜财报背后，却隐藏着诸多令人费解的经营谜团。 1、财务指标疑点：畸高利润率与务实投入的背离 研发投入与高利润率形成鲜明对比。2024年，公司研发费用率为3.25%，低于同行平均的3.81%。这令人质疑：公司的高毛利率究竟是靠技术领先驱动，还 是其他不可持续的因素？ | 公司名称 | 2025 年 1-6 月 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | --- | | 铜峰电子 | 3.97% | 3.70% | 3.50% | 4.27% | | 大东南 | 4.18% | 3.36% | 2.98% | 2.53% | | 龙辰科技 | 4.41% | 4.20% | 5.62% | 4.99% | | 海伟电子 | 4.62% | 3.98% | ...

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has received acceptance for its IPO application, showcasing significantly higher profit margins compared to its peers, raising questions about the sustainability of its reported capacity utilization rates and the implications of its increasing construction projects [1][2][3]. Financial Performance - Jia De Li's revenue for 2022, 2023, 2024, and the first half of 2025 were 550 million, 528 million, 734 million, and 367 million respectively, with net profits of 192 million, 141 million, 238 million, and 125 million, indicating a decline in 2023 followed by a projected increase in 2024 [2][5]. - The company's gross profit margins for the same periods were 49.29%, 41.91%, 46.29%, and 48.79%, significantly higher than the industry averages of 41.31%, 33.22%, 32.88%, and 36.85% [2][3]. - Net profit margins were reported at 34.97%, 26.66%, 32.42%, and 33.99%, while the average for comparable companies was much lower at 16.26%, 10.54%, 10.65% [3][4]. Cost Management - Jia De Li's selling expenses were 2.6647 million, 3.0174 million, 4.8748 million, and 1.47 million, representing 0.48%, 0.57%, 0.66%, and 0.40% of revenue, significantly lower than the industry average of 1.37% to 1.44% [4]. - Management expenses were 17.4068 million, 28.2156 million, 27.9604 million, and 15.7799 million, accounting for 3.16%, 5.34%, 3.81%, and 4.29% of revenue, also below the industry averages [4][5]. Research and Development - Research and development expenses were 21.3174 million, 21.7237 million, 23.884 million, and 12.0019 million, with ratios of 3.88%, 4.11%, 3.25%, and 3.27%, showing a decline below industry averages in recent years [5]. - The decrease in R&D spending raises questions about whether Jia De Li's high profit margins are driven by innovation or other factors [5]. Capacity Utilization - Reported capacity utilization rates were 107.74%, 99.52%, 102.89%, and 105.81%, but these figures are based on "standardized output" rather than actual production, leading to concerns about the accuracy of these metrics [6][8]. - If calculated using actual production, the capacity utilization rates would drop to approximately 80%, indicating a significant discrepancy in reported performance [8]. Construction Projects - The company's construction projects have seen a substantial increase, with in-progress projects rising from 78 million to 339 million within six months, primarily due to investments in new production lines [5][9]. IPO Details - Jia De Li plans to issue no less than 45.9075 million shares, aiming to raise 725 million for new production facilities and working capital [9]. - Prior to the IPO application, the company brought in four external investors through a capital increase, with a valuation of approximately 3.65 billion [9].

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Jia De Li Electronic Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 725 million yuan for new production facilities and working capital [3] Company Overview - Jia De Li was established in 2002 with a registered capital of 413 million yuan, focusing on the research, production, and sales of BOPP electrical films. It is recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise [3] - The company is currently controlled by its general manager Huang Zezhong and deputy general manager Huang Yanhua, who together hold 95.89% of the shares [5] Management Structure - The chairman of the company was Huang Dongliang until November 2022, when he resigned due to age, and Huang Huanming took over as chairman. Huang Huanming does not hold shares in the company and is related to the controlling shareholders [5] - Huang Zezhong, born in 1987, is the general manager and has previously held roles in sales and as deputy general manager. Huang Yanhua, born in 1985, is the deputy general manager with a background in production and engineering [6] Financial Performance - The company's main business revenues for the years 2022 to 2024 and the first half of 2025 are projected to be 550 million yuan, 528 million yuan, 734 million yuan, and 367 million yuan, respectively. The net profits for the same periods are expected to be 192 million yuan, 141 million yuan, 238 million yuan, and 125 million yuan, indicating some fluctuations in performance [7]

深圳商报·读创客户端记者 梁佳彤 11月6日，据上交所官网，泉州嘉德利电子材料股份公司（下称"嘉德利"）IPO获受理。公司本次计划募资总额为7.25亿元，其中，5.25亿元将投入新建嘉德 利厦门新材料生产基地（一期）项目，剩余的2亿元则用于补充流动资金。 | 公司全称 | 泉州嘉德利电子材料股份公司 | 受理日期 | 2025-11-06 | | --- | --- | --- | --- | | 公司简称 | 嘉德利 | 融资金额(亿元) | 7.25 | | 审核状态 | 己受理 | 更新日期 | 2025-11-06 | | 保荐机构 | 广发证券股份有限公司 | 保存代表人 | 张小宙,陈建 | | 会计师事务所 | 容诚会计师事务所(特殊普通合伙) | 签字会计师 | 黄印强,陈丽红,陈咪 | | 律师事务所 | 国浩律师（上海）事务所 | 签字律师 | 唐银锋,吕万成,李彦盼 | | 评估机构 | 联合中和土地房地产资产评估有限公司 | 签字评估师 | 黄东川,雷翔 | 招股书介绍，嘉德利成立于2002年，自成立至今始终专注于从事BOPP电工膜的研发、生产和销售。公司产品应用领域从电力、通讯、家电 ...

智通财经APP获悉，11月6日，上交所披露，泉州嘉德利电子材料股份公司(嘉德利)、深圳核心医疗科技股份有限公司(核心医疗)上交所IPO申请已获受理。 | 泉州嘉德利电子材料股份公司 | 主板 已受理 | 福建 | 计算机、i | | --- | --- | --- | --- | | 深圳核心医疗科技股份有限公司 | 科创板 已受理 | 广东 | 专用设备: | 据招股书，嘉德利是专注从事 BOPP 电工膜研发、生产和销售的国家级专精特新"小巨人"企业和高新技术企业，深耕 BOPP 电工膜领域超过 20 年，拥有丰 富且极具竞争力的产品储备矩阵。通过长期技术研发和工艺积累，公司在产品超薄化、耐高温和耐高压等关键技术指标方面不断取得突破，目前在不同规格 产品系列中，可分别实现 1.9µm 超薄膜、125℃超耐温膜、900V 超薄膜和 2,000V 特种脉冲薄膜等标志性产品的稳定量产，这些产品广泛应用在新能源汽 车、可再生能源、柔直输变电等新兴领域。 招股书显示，核心医疗是一家致力于提供更全面、更创新、更优质的人工心脏产品的创新医疗器械企业。截至招股说明书签署日，公司已布局 5 款植入式和 6 款介入式人工心脏产 ...

11月6日，上交所正式受理了泉州嘉德利电子材料股份公司（简称：嘉德利）主板IPO申请。 嘉德利表示，本次募投项目将充分利用公司在材料研发、工艺技改和产品开发方面的技术优势，提升产 品性能与制造效率，落地新一代材料和新产品、新重点项目的生产供应，增强公司在新能源汽车、可再 生能源、柔直输变电等高端应用市场的供应能力和技术竞争力，服务下游客户需求，推动相关产业发 展，巩固公司在行业中的领先地位。 超薄化、耐高温和耐高压是BOPP电工膜重点发展方向，也是行业公认的技术难点。通过长期技术研发 和工艺积累，公司在产品超薄化、耐高温和耐高压等关键技术指标方面不断取得突破，目前在不同规格 产品系列中，可分别实现1.9µm 超薄膜、125℃超耐温膜、900V 超薄膜和 2,000V 特种脉冲薄膜等标志 性产品的稳定量产，这些产品广泛应用在新能源汽车、可再生能源、柔直输变电等新兴领域。公司技术 实力处于行业领先地位，且产品保持良好一致性，与法拉电子、鹰峰电子等国内领先薄膜电容器生产 商，以及TDK、KEMET等国际领先薄膜电容器生产商建立了稳定的合作关系，获得了下游众多客户的 高度认可。 根据中国电子元件行业协会出具的证明，2 ...