Shenzhen Main Board Subscription
Crown New Material launched its subscription for a Shenzhen Stock Exchange Main Board listing on October 19, according to the company's prospectus disclosures reported by Gaogong Lithium. The company makes industrial-grade adhesives, electronic-grade adhesives and functional film materials.
Crown New Material's product end-use customer list includes CATL, BYD, Gotion High-tech and CALB, as well as Apple and Huawei.
2025 Financial Results
Crown New Material reported 2025 revenue of 3.408 billion yuan, net profit attributable to shareholders of 309 million yuan and a comprehensive gross margin of 23.38%. The comprehensive gross margin rose from 21.70% in 2023 to 23.38% in 2025.
By product line in 2025, industrial-grade adhesive materials generated revenue of 2.199 billion yuan at a gross margin of 20.64%; electronic-grade adhesive materials generated 741 million yuan at 31.83%; and functional film materials generated 408 million yuan at 21.04%. The electronic-grade gross margin was 11.19 percentage points higher than the industrial-grade margin.
Pricing and Unit Margins
Industrial-grade adhesive materials had an average selling price of 3.49 yuan per square meter and a unit gross profit of about 0.72 yuan. Electronic-grade adhesive materials had an average selling price of 8.53 yuan per square meter and a unit gross profit of about 2.71 yuan.
Crown New Material's automotive-grade adhesive materials, covering automotive interior and exterior trim and new energy battery applications, generated revenue of 466 million yuan in 2024.