HZ info:On June 24, 2025, the initial public offering (IPO) application of Suzhou betely Polymer Materials Co., Ltd. (hereinafter referred to as "betely") for the Shenzhen Stock Exchange Growth Enterprise Market (GEM) was accepted. Guosen Securities is acting as its sponsor. The company plans to issue no more than 65.7 million new shares to raise RMB 792 million. This marks a significant step in the capital market journey of this National High-Tech Enterprise, injecting strong momentum for its deep cultivation in the new materials sector.

As a National High-Tech Enterprise, betely specializes in the R&D, production, and sales of electronic materials and chemical new materials. Its products cover three main segments: conductive materials, silicone materials, and coating materials. These products are widely used in cutting-edge fields such as photovoltaics (PV), 3C electronics, and new energy vehicles (NEVs). Its customer network includes industry leaders like PV frontrunner DKK Co., Ltd. (Dike), 3C giants Huawei and Xiaomi, and NEV automaker BYD.

According to betely's prospectus, the proceeds from this IPO will be primarily used for four key projects:

(1) Phase III Project of Annual 500 Tons of Special Conductive Materials;

(2) Expansion and Renovation Project of Dongguan betely New Materials Co., Ltd.;

(3) Wuxi R&D and Marketing Center Construction Project; and

(4) Working Capital Supplement.

The implementation of these projects aims to significantly enhance the company's core competitiveness in specific new material segments and drive the global expansion of its business. Upon reaching full production capacity, the funded projects will yield an annual output of 500 tons of low-temperature PV paste, 12,000 tons of special silicone rubber, 3,800 tons of electronic potting compounds, and 6,150 tons of special silicone oils. This initiative is expected to alleviate the potential pressure on digesting low-temperature PV paste capacity resulting from the slowdown in PV industry growth and support the customer expansion of new silicone products. However, its effectiveness ultimately depends on market demand from downstream industries.

Financially, betely demonstrates robust business growth momentum. In 2024, the company achieved operating revenue of RMB 2.521 billion, net profit attributable to the parent company's shareholders of RMB 97.4999 million, and adjusted net profit attributable to the parent company's shareholders (non-GAAP) of RMB 94.5646 million. Basic earnings per share stood at RMB 0.49. Over the past three years, the company's operating revenue grew from RMB 635 million to RMB 2.521 billion, showcasing strong market competitiveness.

The company's core business exhibits outstanding profitability, primarily driven by continuous technological innovation and market expansion in areas like conductive materials and silicone materials. In terms of business composition, conductive materials were the core business in 2024, generating total revenue of RMB 1.916 billion, accounting for 76.13% of the main business revenue. Within this segment, silver powder contributed the most, with revenue of RMB 1.681 billion (66.79% share). The silicone materials segment generated revenue of RMB 495 million, and the coating materials segment contributed RMB 105 million.

Deep technological expertise is betely's core competitive advantage, strongly supporting its import substitution strategy and market expansion. To date, the company has accumulated 111 invention patents, possesses 50 high-tech products, and has achieved 18 scientific and technological results, building an innovation system covering multiple technical dimensions.

In the conductive materials field, the company's "Development Technology of Silver Powder for Solar Front Silver Paste" and "Low-Temperature Soldering Heterojunction (HJT) Solar Cell Silver-Coated Copper Conductive Paste Technology" successfully passed scientific and technological achievement appraisals in 2025, with the overall technological results reaching internationally advanced levels. This provides critical material support for the technological advancement of the PV industry. In the silicone materials segment, since 2022, the company has added 8 high-tech product certifications, continuously driving technological innovation and product iteration. Simultaneously, in the coating materials field, the company's "Silky Skin-Touch UV Curable Coating Technology" also passed appraisal in 2025, achieving internationally advanced levels, providing high-performance coating solutions for 3C electronics, NEVs, and other fields. Upon completion, the Wuxi R&D Center included in the fundraising projects will enhance R&D equipment levels and talent attraction, accelerate the industrialization of technological achievements, and is expected to significantly strengthen the company's ability to provide precise services tailored to customer needs.

Looking ahead, betely will continue its mission to "Focus on customer needs and lead with R&D to provide competitive solutions and services in the new materials field," adhering to the business philosophy of "Openness, Cooperation, Sharing, and Win-Win," and is committed to becoming a globally leading new materials enterprise.