Guangyuan New Materials' IPO on the ChiNext has been accepted, focusing on the field of electronic grade glass fiber.

On June 18, Henan Guangyuan New Materials Co., Ltd. (referred to as Guangyuan New Materials) has submitted its application for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Board. Guotai Haitong is the sponsoring institution, and the company plans to raise 3.6 billion yuan. According to the prospectus, Guangyuan New Materials is mainly engaged in the research and development, production, and sale of electronic grade glass fiber products, including E-glass fiber products and special electronic grade glass fiber products, with a complete industrial chain of electronic yarn and electronic fabric. The company has built the largest production base for electronic yarn and electronic fabric in the central region. The main product, electronic yarn, is glass fiber with a single filament diameter of 9 micrometers or less. The electronic yarn is further woven into electronic grade glass fiber fabric, which is used as a substrate in the copper-clad laminate (CCL) industry and is a key raw material that affects the performance of CCL and printed circuit boards (PCBs). The development of AI infrastructure has sparked structural demand for downstream high-frequency and high-speed printed circuit boards (PCBs). Through independent technological innovation, the company has become one of the few global leading manufacturers that can stably mass-produce and supply special electronic grade glass fiber products with low dielectric properties. The products have been deeply integrated into the supply chain of high-frequency and high-speed communication equipment such as AI servers, data center switches, 800G and above optical modules, becoming a strategic foundational material that supports the development of PCBs into higher speeds, frequencies, and densities. Represented by low dielectric glass fiber products, the company has successfully broken foreign monopolies and rapidly increased production capacity and output. By 2025, the production capacity of low dielectric yarn will rank first in China, and the production and sales volume of low dielectric fabric will be among the best in the world. The company's product performance has been recognized by numerous well-known downstream customers domestically and internationally, such as Dosan Electronics, Taitron Electronics, Panasonic Electronics, Taiyao Technology, Nanya New Material Technology, Lianmao Electronics, Shengyi Technology, Zhejiang Wazam New Materials, Jinbao Electronics, Grace Fabric Technology, Fuqiao Industrial, Denom Industrial, and other copper-clad laminate and electronic fabric manufacturers. Most of these customers are listed companies and hold a high market position in their respective industries. The products of these customers are mainly used in products of international renowned technology companies such as Nvidia, Amazon, Google, and Huawei. The prospectus indicates that the ratio of net accounts receivable to annual operating income for the end of each year from 2023 to 2025 is expected to be 22.89%, 31.31%, and 34.99%, respectively. As the business scale continues to expand, the net accounts receivable is showing a growing trend. In terms of finances, the company recorded operating income of approximately 1.071 billion yuan, 1.329 billion yuan, 2.268 billion yuan, and 843 million yuan in the years 2023, 2024, 2025, and 2026 (January to March), respectively. During the same period, the net profit was approximately -99.32 million yuan, 60.94 million yuan, 517 million yuan, and 344 million yuan respectively.