New Stock News | Wuxi Best Precision Machinery (300580.SZ) submits a second application to the Hong Kong Stock Exchange, mainly engaged in electronic functional enhancement materials.

According to the Hong Kong Stock Exchange's disclosure on August 21, Zhenjiang Wuxi Best Precision Machinery New Materials Co., Ltd. (abbreviated as: Wuxi Best Precision Machinery, 300580.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with Guotai Haitong as its exclusive sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on January 12 of this year. Company Profile According to the prospectus, Wuxi Best Precision Machinery is a company focused on electronic functional enhancement materials, with established business layouts in the fields of acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. Based on deep insights into industrial development and technological evolution, combined with strong R&D capabilities and lean management expertise, Wuxi Best Precision Machinery has built three core technology platforms: the inorganic powder technology platform, the polymer material technology platform, and the composite material technology platform. The companys electronic functional enhancement materials are mainly used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy fields, providing comprehensive functional enhancement material solutions for a wide range of downstream applications, covering smartphones, laptops, tablets, smart wearable devices, and new energy vehicles. As technology matures and product capabilities continue to improve, the downstream application scenarios of the companys products are gradually expanding into high-growth areas such as advanced packaging and computing power, as well as other semiconductor-related fields. Leveraging its established core technology platforms, the company has developed four business units: (i) acoustic enhancement materials, (ii) electronic ceramic materials, (iii) electronic adhesives, and (iv) energy enhancement materials. According to Frost & Sullivan data, based on 2025 revenue, the company ranks as follows in various markets: first in the global acoustic enhancement materials market, with a market share of approximately 20.0%; second in the global alumina ceramic materials market for LIB diaphragm coating, with a market share of approximately 14.3%; fourth in the global acoustic adhesives market, with a market share of approximately 3.2%; and third in the global high-reflective glaze market, with a market share of 4.6%. The company primarily adopts a direct sales model, establishing close and direct connections with clients through direct sales. The customer base mainly includes component manufacturers in the consumer electronics and new energy sectors. As of 2023, sales to its five major customers accounted for 88.2%, 82.3%, 78.4%, and 75.7% of total revenue for the respective financial years/periods ending December 31, 2024, 2025, and for the six months ending June 30, 2026. Additionally, sales to the largest customer accounted for 28.4%, 20.9%, 22.3%, and 33.3% of total revenue during the same periods. Financial Information Revenue For the six months ending June 30 of 2023, 2024, 2025, and 2026, the company recorded revenues of RMB 320 million, RMB 355 million, RMB 625 million, and RMB 365 million, respectively. Gross Profit For the six months ending June 30 of 2023, 2024, 2025, and 2026, the company reported gross profits of RMB 173 million, RMB 199 million, RMB 291 million, and RMB 132 million, respectively. Net Profit for the Year/Period For the six months ending June 30 of 2023, 2024, 2025, and 2026, the company recorded net profits of RMB 9.62 million, RMB 113 million, RMB 155 million, and RMB 69.61 million, respectively. Industry Overview The demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronic smart terminals. Benefiting from the robust demand upgrade in the terminal market, the development of acoustic technology has shifted its focus towards precision, immersion, and dynamic balance. The global acoustic enhancement materials industry market size is expected to grow from RMB 11.23 billion in 2021 to RMB 15.20 billion in 2025, with a compound annual growth rate (CAGR) of 7.9%. It is anticipated that by 2030, the market size will further increase to RMB 24.09 billion, with a CAGR of 9.7% from 2025 to 2030. As AI technology reshapes the landscape of consumer electronics, product sound quality has transitioned from a basic supplementary function to a core element that constitutes product differentiation and enhances user experience. Specifically, with AI smartphones becoming increasingly thin and light, the physical space for speaker cavities has been severely compressed, leading to impaired sound quality, particularly in low-frequency performance. Products equipped with edge-side AI capabilities are expected to become key categories for future market growth. Global shipments of AI smartphones are projected to increase from 375 million units in 2025 to 1,184.3 million units by 2030, with a CAGR of 25.6%. Global shipments of AI PCs are expected to grow from 67.6 million units in 2025 to 211.8 million units by 2030, with a CAGR of 25.7%. Additionally, global shipments of foldable smartphones are expected to rise from 26.2 million units in 2025 to 73.2 million units by 2030, with a CAGR of 22.8%. The increase in the number of miniature speakers in a single foldable smartphone is expected to drive up the demand for acoustic enhancement materials, creating market growth. In general, the amount of sound-absorbing particles used in a single foldable smartphone is significantly higher than that in traditional smartphones. AI smartphones, AI PCs, and foldable smartphones are anticipated to lead a new round of growth cycle for acoustic enhancement materials. Competitive Landscape The global acoustic enhancement materials industry is relatively concentrated. By 2025, the global acoustic enhancement materials market size, based on revenue, will reach RMB 15.20 billion, with the top five acoustic enhancement materials suppliers collectively holding 69.2% of the market share. Among them, the company, with revenue of RMB 3.035 billion, holds about 20.0% of the global market share, ranking first worldwide. Electronic ceramic powders mainly refer to inorganic non-metallic fine powders that are finely designed and prepared for manufacturing electronic ceramic components and parts. The global core electronic ceramic powders market is expected to grow from RMB 11.9 billion in 2021 to RMB 21.7 billion in 2025, with a CAGR of 16.2%. With the ongoing penetration and surging demand from downstream sectors such as new energy, semiconductors, and data centers, the increasing demand for high-purity and high-performance powder materials will rapidly drive the market size of core electronic ceramic powders. By 2030, the global market size is projected to reach RMB 53.5 billion, with a CAGR of 19.8% from 2025 to 2030. The global LIB diaphragm ceramic coating materials market is expected to grow from RMB 1.8 billion in 2021 to RMB 2.6 billion in 2025, with a CAGR of 10.2%. As the penetration of high-performance diaphragms in new energy vehicles and energy storage systems continues to increase, it is estimated that the global market size will reach RMB 7.8 billion by 2030, with a CAGR of 24.9% from 2025 to 2030. Notably, due to its high thermal stability and excellent particle conductivity, the market share of alumina is expected to continue to expand, increasing from 26.8% in 2025 to 47.0% in 2030. The global LIB diaphragm ceramic coating alumina materials market is highly concentrated, with leading companies dominating the market. By 2025, the top five companies are expected to collectively hold approximately 78.0% of the market share. Among them, the company stands out with a significant leading position, holding 14.3% of the global market share, ranking second in the industry. Board Information The company's board currently consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Shareholding Structure As of August 14, 2026, Zhengxin Dexu holds a 37.72% stake in the company. Zhengxin Dexu is wholly owned by Shanghai Lejin, which is approximately 0.54% owned by its general partner, Shanghai Zhengxin Gu. Shanghai Lejin has 25 limited partners, including (i) Hangzhou Longshan Chemical Co., Ltd., Shanghai Baomin Investment Management Co., Ltd., and Shanghai Tantong Investment Partnership (Limited Partnership) holding approximately 20.12%, 18.73%, and 10.14% of the partnership interests, respectively, while other limited partners hold less than 10% of the partnership interests; and (ii) Shanghai Tantong Investment Partnership (Limited Partnership), Shanghai Zhengxin Gu Industrial Co., Ltd., Zhuhai Hengqin Xugu Investment Management Partnership (Limited Partnership), and Zhuhai Hengqin Xuyao Investment Management Partnership (Limited Partnership) holding approximately 10.14%, 2.30%, 1.35%, and 2.69% of the partnership interests, collectively holding approximately 16.48% of the partnership interests, and these companies are directly or indirectly controlled by Shanghai Zhengxin Gu and/or Mr. Lin Lijun. All limited partners of Shanghai Lejin are passive investors, and none of the limited partners holds 30% or more of the partnership interests. The limited partners of Shanghai Lejin have authorized the general partner, namely Shanghai Zhengxin Gu, to make decisions and execute actions on their behalf regarding partnership matters. Shanghai Zhengxin Gu is 99.90% owned by Mr. Lin Lijun, with 0.10% owned by independent third party Mr. Zhao Yongsheng. Advisory Team Exclusive Sponsor: Guotai Junan Financing Co., Ltd. Legal Adviser to the Company: On Hong Kong Law: JunHe LLP; On Chinese Law and Data Privacy Law: Beijing Dacheng Law Offices Legal Adviser to the Exclusive Sponsor: On Hong Kong Law: King & Wood Mallesons; On Chinese Law: King & Wood Mallesons Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Haode Financing Co., Ltd.