Crown New Material's listing on the Shenzhen Stock Exchange's main board has been accepted, deeply cultivating the functional composite materials industry.

On November 28th, Crown New Materials Technology Co., Ltd. (referred to as Crown New Materials) has been accepted for listing on the Shenzhen Stock Exchange Main Board. CICC is its sponsoring institution, with plans to raise 918.68 million yuan. The prospectus shows that Crown New Materials is mainly engaged in the research, development, production, and sales of industrial adhesive materials, electronic adhesive materials, and functional film materials such as functional composite materials. The company's products have a wide range of applications, covering industries such as light industry, household appliances, automotive manufacturing, new energy batteries, consumer electronics, smart Internet of Things, semiconductors, and many other fields. The company provides global customers with a variety of high-quality functional composite materials with stable quality and excellent performance, helping customers provide professional solutions to end users. Currently, the company's products have been used in various well-known terminals in fields such as OPPO, vivo, Huawei, Apple, Google, Amazon, BYD Company Limited, Tesla, Contemporary Amperex Technology, Gotion High-tech, CALB, Gree, Galanz, Deli, and others. The company has been deeply involved in the functional composite materials industry, and after years of development, it currently has over 110 product series, covering industrial adhesive materials, electronic adhesive materials, and functional film materials. The company's main business income mainly comes from industrial adhesive materials, electronic adhesive materials, and functional film materials. During the reporting period, the revenue of these products accounted for over 97% of the company's total operating income, with industrial adhesive materials having the highest proportion. In addition, the proportion of electronic adhesive materials is increasing, rising from 19.77% in 2022 to 22.88% in the first half of 2025. The functional composite materials industry belongs to a market-oriented, highly competitive industry, with significant differences among participants in terms of brand strength, business scale, market share, research and development, and production capabilities, leading to overall differences in the level of the industry. International renowned companies such as 3M in the United States, Nitto in Japan, and tesa in Germany are leading players in the industry, occupying major shares in the high-end markets of consumer electronics, automotive, semiconductors, and leading the industry's development direction. In the reporting period, among the company's top five suppliers, Shanghai Huayi New Material Chemical Sales Co., Ltd., Satellite Chemical, Guangzhou Houya Chemical Co., Ltd., Dongguan Tongzhou Chemical Co., Ltd., mainly provide chemical materials, and Anji Hengyi Group mainly supplies base paper, and Sanli Adhesive Group mainly supplies cotton paper. The prospectus warns that during the reporting period, the percentage of direct materials in the company's main business costs was 82.81%, 80.44%, 80.29%, and 80.49%, with raw materials accounting for a high proportion. The main raw materials include monomers, solvents, resins, PE materials, release silicones, all of which are downstream products of the petrochemical industry. If international oil prices and changes in the supply and demand of major raw materials lead to fluctuations in the company's raw material procurement prices, the company's raw material procurement costs and operating profits may be affected. The funds raised in this issuance, after deducting issuance expenses, will be invested in the following projects: Financially, it is projected that in 2022, 2023, 2024, and the first half of 2025, the company will achieve operating income of approximately 25.67 billion yuan, 28.95 billion yuan, 31.59 billion yuan, and 15.92 billion yuan, respectively. During the same period, the net profit of the company is expected to be approximately 2.06 billion yuan, 2.78 billion yuan, 3.02 billion yuan, and 1.55 billion yuan, respectively.