Crown New Materials Shenzhen Stock Exchange motherboard IPO has been accepted to further cultivate the functional composites industry

The Zhitong Finance App learned that on November 28, Crown New Materials Technology Co., Ltd. (abbreviation: Crown New Materials) Shenzhen Stock Exchange Main Board IPO was accepted. As its sponsor, CICC plans to raise 9186.8 million yuan.

According to the prospectus, Crown New Materials is mainly engaged in R&D, production and sales of functional composite materials such as industrial grade adhesive materials, electronic grade adhesive materials, and functional film materials. The company's products have a wide range of applications, covering various fields such as light industry, household appliances, automobile manufacturing, new energy batteries, consumer electronics, intelligent Internet of Things, semiconductors, etc.

The company provides global customers with all kinds of functional composites with stable quality and excellent performance to help customers provide professional solutions for the terminal audience. Currently, the company's products have been used in well-known terminals in various fields such as OPPO, Vivo, Huawei, Apple, Google, Amazon, BYD, Tesla, Ningde Era, Guoxuan Hi-Tech, Zhongxin Airlines, Gree, Galanz, and Deli.

The company is deeply involved in the functional composite materials industry. After years of development, the company now has more than 110 product lines, covering industrial grade adhesive materials, electronic grade adhesive materials and functional film materials.

The company's main business revenue mainly comes from industrial grade adhesive materials, electronic grade adhesive materials, and functional film materials. During the reporting period, related product revenue always accounted for more than 97% of the company's revenue, with industrial grade adhesive materials accounting for the highest share; in addition, the share of electronic grade adhesive materials increased, from 19.77% in 2022 to 22.88% in January-June 2025.

The functional composites industry is a market-based and fully competitive industry. There are large differences between different participants in the industry in terms of brand power, business scale, market share, R&D and production capacity, etc., and there are certain differences in the overall level. Internationally renowned companies such as 3M in the US, Nitto in Japan, and Desa in Germany are pioneers in the industry. The above companies occupy the main share of the middle and high-end markets in the functional composite materials industry such as consumer electronics, automobiles, semiconductors, etc., and are leading the development direction of the industry.

Among the company's top five suppliers during the reporting period, Shanghai Huayi New Material & Chemical Sales Co., Ltd., Satellite Chemical, Guangzhou Houya Chemical Co., Ltd., and Dongguan Tongzhou Chemical Co., Ltd. mainly supplied chemical materials. Anji Hengyi Group mainly supplied raw paper, and Sanli Adhesive Group mainly supplied cotton paper.

According to the prospectus, during the reporting period, direct materials accounted for 82.81%, 80.44%, 80.29% and 80.49% of the company's main business costs, respectively, and raw materials accounted for a relatively high proportion. Among the company's main raw materials, monomers, solvents, resins, PE materials, release silicone oil, etc. are all downstream products in the petrochemical industry. If changes in international oil prices and the supply and demand of major raw materials cause the company's raw material procurement prices to fluctuate to a certain extent, the company's raw material procurement costs and operating profits may be affected.

The funds raised in this offering will be invested in the following projects after deducting the issuance fee:

On the financial side, in 2022, 2023, 2024, and January-June 2025, the company achieved operating income of approximately 2,567 billion yuan, 2,895 billion yuan, 3.159 billion yuan, and 1,592 billion yuan.

In the same period, the company's net profit was approximately RMB 206 million, RMB 278 million, RMB 302 million and RMB 155 million respectively.