# Crown New Material Opens Shenzhen Main Board Subscription; 2025 Net Profit 309 Million Yuan

Crown New Material launched its Shenzhen Stock Exchange Main Board subscription on October 19\. The adhesives and functional film maker 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%\.

By China EV Signal
Published: 2026-10-19T12:59:24.946Z
Updated: 2026-10-19T12:59:24.947Z
Canonical article: https://chinaevsignal.com/news/crown-new-material-shenzhen-ipo-2025-profit

## Key takeaways

- Crown New Material launched its Shenzhen Stock Exchange Main Board subscription on October 19\.
- 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%\.
- Crown New Material's product end-use customer list includes CATL, BYD, Gotion High-tech and CALB, as well as Apple and Huawei\.

## 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\.

## Battery Materials and Market Position

Crown New Material is developing high-shear insulating film, structural bonding materials and flame-retardant protective materials for batteries\. The company's high-shear insulating film has a nominal shear strength of 7 MPa or above while maintaining insulating performance\. Its composite film tape can replace some battery cathode and anode PC \(polycarbonate\) sheets to reduce material costs\.

Crown New Material's UV-activated semi-structural adhesive technology is in the trial production stage and targets bonding and filling between battery modules\.

China's adhesive tape market recorded sales of 72\.6 billion yuan in 2024, of which double-sided tape, protective film tape and other specialty tape accounted for about 28\.1 billion yuan\. Crown New Material estimated its 2024 domestic market share in related functional composite materials at about 11%, based on its prospectus\.

## Energy Storage Cell Demand

GGII data shows China's shipments of energy storage cells above 500Ah were about 7GWh in 2025, accounting for about 1\.3% of the market\. GGII forecasts shipments will exceed 140GWh in 2026, with penetration exceeding 20%\.

Energy storage cells are moving toward larger formats such as 587Ah, 628Ah and 684Ah\.

## Industry Supplier Activity

Saiwu Technology's new energy and power electronics materials business recorded revenue of 332 million yuan in the first half of 2026, up 15\.94% year on year\. Its FRT fireproof material has been nominated by a leading energy storage customer and is in stable mass production\.

Jinghua New Material reported in its 2026 interim report that revenue at its electronics division rose 28% year on year\.

Hymson said its cell UV insulation coating line has entered scaled mass production at a leading battery company\. Songjing Paint's UV insulation coating materials are in stable supply, and the company has received orders for multiple inkjet printing equipment lines, including one contract worth about 30 million yuan\.

## Industry Conference

The 2026 \(16th\) Gaogong Lithium Battery Annual Conference and Gaogong Golden Globe Awards ceremony will be held from November 25 to 27 at the JW Marriott Hotel Shenzhen Qianhai OCT\.

## Company coverage

- [BYD news](https://chinaevsignal.com/manufacturers/byd)
- [CATL news](https://chinaevsignal.com/manufacturers/catl)
- [Huawei news](https://chinaevsignal.com/manufacturers/huawei)

## Original publisher

高工锂电. Published: 2026-10-19T09:29:19.000Z