According to the Hong Kong Stock Exchange disclosure on August 21, Wuxi Best Precision Machinery Co.,Ltd. (referred to as Best, 300580.SZ) has submitted a listing application to the Main Board, with Guotai Haitai serving as its sole sponsor. The company previously filed a listing application on January 12 this year.
Company Overview
According to the prospectus, Best is an electronic functional enhancement materials company with mature business operations in acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. Building on deep insight into industry development and technological evolution, along with solid R&D capabilities and refined management expertise, Best has established three core technology platforms: inorganic powder technology, polymer materials technology, and composite materials technology. The company's electronic functional enhancement materials are primarily used to improve the acoustic, optical, thermal, and electrical performance of components and devices in consumer electronics and new energy sectors, offering comprehensive functional enhancement material solutions across a wide range of downstream applications, including smartphones, laptops, tablets, smart wearables, and new energy vehicles. As technology matures and product capabilities continue to improve, the company's downstream applications are gradually expanding into high-growth sectors such as advanced packaging, computing power, and other semiconductor-related fields.
Leveraging its established core technology platforms, the company has built four business units: (i) acoustic enhancement materials, (ii) electronic ceramic materials, (iii) electronic adhesives, and (iv) energy enhancement materials. According to Frost & Sullivan data, based on 2025 revenue, the company ranks as follows: first globally in the acoustic enhancement materials market with a market share of approximately 20.0%; second globally in the alumina ceramic materials market for LIB separator coating with a market share of approximately 14.3%; fourth globally in the acoustic adhesives market with a market share of approximately 3.2%; and third globally in the high-reflectivity glaze market with a market share of 4.6%.
The company primarily adopts a direct sales model, establishing close and direct relationships with customers, whose base mainly includes component manufacturers in the consumer electronics and new energy sectors. For the years ended December 31, 2023, 2024, and 2025, and the six months ended June 30, 2026, sales to the company's five largest customers accounted for 88.2%, 82.3%, 78.4%, and 75.7% of total revenue for each respective period. Additionally, sales to the largest customer in each period represented 28.4%, 20.9%, 22.3%, and 33.3% of total revenue, respectively.
Financial Data
Revenue for the years 2023, 2024, 2025, and the six months ended June 30, 2026, amounted to RMB 320 million, RMB 355 million, RMB 625 million, and RMB 365 million, respectively. Gross profit for the same periods was RMB 173 million, RMB 199 million, RMB 291 million, and RMB 132 million, respectively. Profit for the year/period recorded RMB 96.156 million, RMB 113 million, RMB 155 million, and RMB 69.601 million, respectively.
Industry Overview
Demand for acoustic enhancement materials is highly dependent on the shipment scale of consumer electronics smart terminals. Benefiting from steady growth in end markets and upgrades in high-performance demand, acoustic technology development now places greater emphasis on precision, immersion, and dynamic balance. The global acoustic enhancement materials market grew from RMB 1,123.0 million in 2021 to RMB 1,519.6 million in 2025, representing a compound annual growth rate (CAGR) of 7.9%. The market is expected to further expand to RMB 2,408.8 million by 2030, with a CAGR of 9.7% from 2025 to 2030.
As AI technology reshapes the consumer electronics landscape, product sound quality has evolved from a basic auxiliary function to a core element that differentiates products and enhances user experience. Specifically, as AI smartphones become increasingly thinner, physical space for speaker rear chambers is severely compressed, impairing sound quality, particularly low-frequency performance. Products with on-device AI capabilities are expected to become the core growth category in the future market. Global AI smartphone shipments are projected to grow from 379.5 million units in 2025 to 1,184.3 million units by 2030, representing a CAGR of 25.6%. Global AI PC shipments are expected to rise from 67.6 million units in 2025 to 211.8 million units by 2030, with a CAGR of 25.7%. Additionally, global foldable smartphone shipments are projected to increase from 26.2 million units in 2025 to 73.2 million units by 2030, reflecting a CAGR of 22.8%. Among these, the increased number of micro-speakers per foldable smartphone drives higher usage of acoustic enhancement materials, creating market growth. Generally, the usage of sound-absorbing particles per foldable smartphone is significantly higher than in traditional smartphones. AI smartphones, AI PCs, and foldable smartphones are expected to lead a new cycle of growth in acoustic enhancement materials.
Competitive Landscape
The global acoustic enhancement materials industry is relatively concentrated. In 2025, the global market size reached RMB 1,519.6 million by revenue, with the top five suppliers collectively holding a 69.2% market share. Among them, the company achieved revenue of RMB 303.5 million, capturing approximately 20.0% of the global market share and ranking first worldwide. Electronic ceramic powder primarily refers to finely designed and prepared inorganic non-metallic fine powders used to manufacture electronic ceramic components and parts. The global core electronic ceramic powder market grew from RMB 11.9 billion in 2021 to RMB 21.7 billion in 2025, at a CAGR of 16.2%. With continued penetration and surging demand from downstream sectors such as new energy, semiconductors, and data centers, growing demand for high-purity, high-performance powder materials will rapidly expand the core electronic ceramic powder market, reaching RMB 53.5 billion by 2030, with a CAGR of 19.8% from 2025 to 2030.
The global LIB separator ceramic coating materials market grew from RMB 1.8 billion in 2021 to RMB 2.6 billion in 2025, at a CAGR of 10.2%. With increasing penetration of high-performance separators in new energy vehicles and energy storage systems, the global market is expected to reach RMB 7.8 billion by 2030, representing a CAGR of 24.9% from 2025 to 2030. Notably, driven by its high thermal stability and excellent particle conductivity, alumina's market share is set to expand from 26.8% in 2025 to 47.0% by 2030. The global LIB separator coating alumina ceramic materials market is highly concentrated, with leading players dominating. In 2025, the top five companies by revenue collectively held approximately 78.0% of the market share. Among them, the company holds a significant leading position, ranking second in the industry with a 14.3% global market share.
Board Information
The company's board currently comprises 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors.
Shareholding Structure
As of August 14, 2026, Zhengxin Dexu holds a 37.72% stake in the company. Zhengxin Dexu is 100.00% owned by Shanghai Lejin, which is approximately 0.54% owned by its general partner, Shanghai Zhengxingu. Shanghai Lejin has 25 limited partners, among which (i) Hangzhou Longshan Chemical Co., Ltd., Shanghai Baomin Investment Management Co., Ltd., and Shanghai Tantung Investment Partnership (Limited Partnership) hold approximately 20.12%, 18.73%, and 10.14% partnership interests in Shanghai Lejin, respectively, while no other limited partner holds 10% or more; and (ii) Shanghai Tantung Investment Partnership (Limited Partnership), Shanghai Zhengxingu Industrial Co., Ltd., Zhuhai Hengqin Xugu Investment Management Partnership (Limited Partnership), and Zhuhai Hengqin Xuyao Investment Management Partnership (Limited Partnership) hold approximately 10.14%, 2.30%, 1.35%, and 2.69% partnership interests in Shanghai Lejin, respectively, together holding approximately 16.48%, with these entities directly or indirectly controlled by Shanghai Zhengxingu and/or Mr. Lin Lijun. All limited partners of Shanghai Lejin are passive investors, and none holds 30% or more partnership interest. The limited partners have authorised the general partner, Shanghai Zhengxingu, to make decisions and execute actions on partnership matters on their behalf. Shanghai Zhengxingu is 99.90% owned by Mr. Lin Lijun and 0.10% by independent third party Mr. Zhao Yongsheng.
Advisory Team
Sole sponsor: Guotai Junan Capital Limited. Company legal counsel: JunHe LLP for Hong Kong law; Beijing DeHeng Law Offices for Chinese law and data privacy law. Sole sponsor's legal counsel: Jingtian & Gongcheng LLP (Limited Liability Partnership) for Hong Kong law; Jingtian & Gongcheng Law Firm for Chinese law. Reporting accountant and independent auditor: Deloitte Touche Tohmatsu. Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance advisor: Altus Capital Limited.