Hongfucheng (301716.SZ), which focuses on advanced electronic functional materials and devices such as thermal management, electromagnetic shielding and wave absorption, plans to be listed on the GEM IPO

According to the Zhitong Finance App, Hong Fu Cheng (301716.SZ) issued a prospectus for the initial public offering of shares and listing on the GEM. The number of new shares issued this time was 187.306.06 million shares, accounting for 25% of the company's total share capital after issuance. The initial inquiry date for this offering is September 10, 2026, and the subscription date is September 16, 2026. The initial strategic placement volume was 56191.81 million shares, accounting for 30.00% of the current offering. The issuer's senior management and core employees participating in the special asset management plan set up in this strategic placement are expected to be no more than 10.00% of the number of subscriptions issued.

The company is a national-level specialized and focused “little giant” enterprise focusing on R&D and industrialization of advanced electronic functional materials and devices such as thermal management, electromagnetic shielding and wave absorption. Its products mainly include thermal interface materials, electromagnetic shielding and wave absorption materials. Thermal conductive interface materials are usually filled between heating components such as chips and radiators to improve thermal conductivity; electromagnetic shielding and wave absorbing materials are materials in the field of electromagnetic compatibility. They mainly shield and absorb electromagnetic waves through reflection, absorption, or loss, and play a role in reducing electromagnetic interference. These materials are key materials to ensure the reliability and stable operation of various electronic information products, and are widely used in data centers (AI high-power chips, optical modules), smart cars, 5G communications, and consumer electronics.

Benefiting from the explosive growth of downstream industries, particularly AI computing power infrastructure, the company's operating income in 2025 and net profit attributable to the parent company after deduction were 706.6616 million yuan and 264.192 million yuan respectively, a significant increase of 114.34% and 276.99% compared with 2024. Among them, sales revenue for thermal management materials and devices was 568.3862 million yuan, a significant increase from 199.785 million yuan in 2024, driving a significant increase in net profit in 2025. In particular, metal-carbon-based composites were approved by leading customers and quickly moved from small-batch testing to large-scale mass production, with sales reaching 191.751,800 yuan, compared with sales of only 410,600 yuan in the previous year. Although downstream AI data centers and smart cars for thermal management products are generally still in a stage of rapid growth, the company is also actively expanding new application scenarios and developing new high-quality customers. Currently, the company also has sufficient orders. However, the company believes that there is some peculiarity in the unconventional increase in performance in 2025.

From January to June 2026, the issuer's reviewed operating income and net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss were 435.23,500 yuan, respectively, up 66.29% and 103.12% from the same period last year, and the growth rate slowed from 2025.

The funds raised in this public stock offering, after deducting the issuance fee, will all be used for investment in the following projects: advanced electronic functional materials base construction project, Shenzhen Hongfucheng New Materials Co., Ltd. R&D center construction project, marketing service network and headquarters base construction project, supplementary working capital, and development and technology reserve funds.