A-share subscription | Huada Haitan (920288.BJ) opens for subscription, ranking first in market share in the domestic decorative paper water-based printing ink sector.

On August 17, Huada Huatian (920288.BJ) started subscription at an issuance price of 12.57 yuan per share, with a subscription limit of 894,000 shares and a price-to-earnings ratio of 13.50 times. The company is listed on the Beijing Stock Exchange, with China Securities Co., Ltd. as its sponsor. According to the prospectus, the company focuses on the research, development, and application of water-based functional materials, and is recognized as a national-level specialized and innovative small giant and high-tech enterprise. Since its establishment, the company has closely monitored and explored the market demand for water-based functional materials in various fields, gradually expanding its business scope and enriching its product categories, currently comprising three main product lines: digital paper-based new materials, water-based ink materials, and food packaging materials. The companys main products align with national strategies for green, low-carbon, energy conservation, and environmental protection. Digital paper-based new materials are primarily used in the digital printing sector, with corresponding digital printing technologies replacing traditional printing methods to achieve wastewater-free printing, which is prioritized in the "Guidance Catalog for Adjusting Industrial Structure (2024 Edition)" under "digital, intelligent, and green dyeing techniques"; water-based ink materials significantly reduce VOCs and other pollutant emissions during use compared to solvent-based inks, and are encouraged as "energy-saving and environmentally friendly inks such as water-based inks" in the same catalog; food packaging materials aim to provide more environmentally friendly and recyclable paper-based solutions instead of plastic, which aligns with the national "plastic limit order" policy trends. The companys main business closely aligns with the national development philosophy of green and environmental protection, practicing the national "dual carbon" goals and the sustainable development strategy of ecological preservation. Technologically, the companys core products are innovative and leading. For the water-based functional coatings on digital paper-based new materials, the company has innovatively designed multi-layer film structures and corresponding material formulations; in terms of water-based ink materials, the company has independently designed and prepared key raw materials and developed efficient pigment dispersion technologies. Through continuous R&D innovation, the performance indicators of the companys main products reach industry-leading levels. According to relevant scientific and technological achievement identification certificates, the key technology and industrialization of the companys quick-drying thermal sublimation transfer digital paper-based functional film and high-performance water-based inks for decorative paper have been recognized as internationally advanced; quick-drying thermal sublimation transfer paper-based digital films, high lightfastness water-based printing inks, and pearl luster water-based printing inks have been recognized as domestically leading. In terms of market position, the companys core products have a leading market status and influence. The company is a major manufacturer in the digital paper-based new materials field and has led the drafting of industry standards for digital thermal sublimation transfer papers and the Zhejiang manufacturing standards. The companys digital paper-based new materials are primarily high-weight products (over 60g/). According to estimates provided by the Special Paper Committee of the Chinese Paper Association, the companys market share for high-weight products exceeds 30%, making it a standout in the high-weight sector. The companys water-based ink materials are mainly water-based printing inks for decorative paper, and the company has led the drafting of industry standards for decorative paper water-based printing inks. According to certifications from the China Daily Chemical Industry Association, the company ranks first in the market share of domestic decorative paper water-based printing inks in 2024, making it a leading enterprise in this niche sector with extensive industry influence. In terms of finance, for the fiscal years 2023, 2024, and 2025, the company achieved operating revenues of approximately 505 million yuan, 537 million yuan, and 599 million yuan respectively; during the same periods, the net profits were approximately 85.115 million yuan, 61.7943 million yuan, and 69.8811 million yuan respectively.