A-share Subscription | Crown New Materials (001381.SZ) Opens for Subscription, Products Enter Material Fields Dominated by International Leading Companies

On October 19, Crown New Materials (001381.SZ) opened for subscription, with an issue price of RMB 16.98 per share, a subscription cap of 13,500 shares, and an issue price-to-earnings ratio of 25.87 times. It is listed on the Shenzhen Stock Exchange, with CICC as its sponsor. According to the prospectus, the company is mainly engaged in the 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 light industry, home appliances, automobile manufacturing, new energy batteries, consumer electronics, smart IoT, semiconductors, and many other fields. The functional composite materials industry in which the company operates is a market-oriented and fully competitive industry. Different participants in the industry differ greatly in brand strength, business scale, market share, R&D and production capabilities, and there are certain differences in the overall level. Internationally renowned enterprises such as the U.S.'s 3M, Japan's Nitto, and Germany's tesa are the pioneers in the industry. These enterprises have a long history and rich industry experience, and their R&D and production technology levels are relatively leading. They have advantages in technical and capital strength, product variety, sales networks, and brand recognition. The above-mentioned enterprises occupy the main share of the mid-to-high-end market in functional composite materials industries such as consumer electronics, automobiles, and semiconductors, and lead the development direction of the industry. There are many domestic manufacturers engaged in the production of functional composite materials, but most are small in scale, have a single product variety, and a high proportion of mid-to-low-end products, placing them in a relatively weak position in the industrial chain, with fragmented market share. A small number of domestic manufacturers that started early and have already achieved large-scale production, such as Crown New Materials, Jiangsu Sidike New Materials Science & Technology, Shanghai Smith Adhesive New Material, Shanghai Yongguan Adhesive Products Corp.,Ltd, and other enterprises, have mastered the production technology of some high-end materials through years of accumulated technical experience and independent R&D, and in recent years have gradually gained the ability to compete with leading international enterprises. At present, the company's products have entered material fields once dominated by international leading companies such as the U.S.'s 3M, Japan's Nitto, and Germany's tesa. With excellent product performance and stable product quality, they have been applied in well-known terminals across multiple fields, including OPPO, vivo, Huawei, Apple, Google, Amazon, BYD Company Limited, Tesla, Contemporary Amperex Technology, Gotion High-Tech, CALB, Gree, Galanz, and Deli, providing good business support for the stable growth of the company's operating performance. After years of accumulation, the company's performance has risen steadily and its profitability has continued to strengthen. In the future, it will continue to take functional new materials as its strategic focus, benchmark against international leading enterprises such as the U.S.'s 3M, Japan's Nitto, and Germany's tesa in the high-end product field, and continue to consolidate its advantages in rapid response capability and integrated supporting services, thereby gaining the trust of downstream end customers and driving the company to maintain strong competitiveness in the industry. In terms of financials, in 2023, 2024, and 2025, the company achieved operating revenue of approximately RMB 2.895 billion, RMB 3.159 billion, and RMB 3.408 billion, respectively; during the same periods, net profit was approximately RMB 278 million, RMB 302 million, and RMB 309 million, respectively.