Gadeli Responds to Shanghai Stock Exchange IPO Inquiry: Capacitor Film Sales Rank Second Globally

On November 27, Quanzhou Jiadeli Electronic Materials Co., Ltd. (abbreviated as: Jiadeli) changed its review status for listing on the main board of the Shanghai Stock Exchange to "inquired." GF Securities is its sponsor, and it plans to raise 725 million yuan.

According to the prospectus, the company is a national-level specialized and innovative "little giant" enterprise and high-tech enterprise focused on the research, development, production, and sales of BOPP electrical films. It has been deeply involved in the BOPP electrical film field for over 20 years and possesses a rich and highly competitive product reserve matrix. BOPP electrical film is an insulating dielectric material made from polypropylene resin through a biaxial stretching process. It features good self-healing properties, high voltage resistance, uniform thickness, low dielectric loss, and low specific gravity. The downstream application areas include polypropylene film for film capacitors (capacitor film) and composite copper foil base film.

In film capacitors, BOPP electrical film plays a role in allowing the charged electrodes on both ends to accumulate charge. It is the core raw material of film capacitors, and its performance directly affects key indicators such as capacitance value, stability, and service life. In lithium battery composite current collectors, BOPP electrical film can serve as a negative electrode composite copper foil-based film, effectively enhancing battery safety and reducing costs. This is a key emerging development direction in the lithium battery field. With the rapid development of emerging application areas such as new energy vehicles, renewable energy, flexible direct current transmission, and composite current collectors, the BOPP electrical film industry is set to welcome a broader market and development space.

The key development directions of BOPP electrical films are ultra-thinness, high-temperature resistance, and high-pressure resistance, which are also recognized as technical challenges within the industry. Through long-term technological research and process accumulation, the company has continuously achieved breakthroughs in key technical indicators such as product ultra-thinness, high-temperature resistance, and high-pressure resistance. Currently, in different product series, the company can achieve stable mass production of iconic products such as 1.9µm ultra-thin films, 125℃ ultra-high-temperature-resistant films, 900V ultra-thin films, and 2,000V special pulse films. These products are widely used in emerging fields such as new energy vehicles, renewable energy, and flexible DC transmission. The company is at the forefront of the industry in terms of technological strength, maintaining good product consistency, and has established stable cooperative relationships with domestic leading film capacitor manufacturers such as Farad Electronics and Yingfeng Electronics, as well as international leading film capacitor manufacturers such as TDK and KEMET. These efforts have gained high recognition from numerous downstream customers. According to statistics from the China Electronic Components Association, in 2024, the company's sales of polypropylene films for capacitors ranked second globally and first domestically, with global and domestic market shares of 11.7% and 16.4%, respectively.

In the field of new energy, film capacitors have become one of the main types of capacitors, and the sales scale of the company's BOPP electrical film products has been continuously increasing. Meanwhile, the company is actively researching and developing products for emerging application fields. In the future, with the mass production of automotive power batteries and energy storage batteries using composite current collectors, the company's BOPP electrical film is expected to encounter even broader application scenarios.

In terms of high-end production capacity, the company has currently put into operation 7 BOPP electrical film production lines, of which 3 lines utilize a synchronous stretching process with higher production efficiency. The supply of 2μm ultra-thin films is leading in China. The company still has 4 production lines under construction. In the future, as the demand in emerging downstream fields expands, the company will maintain a synchronized expansion pace with leading customers in areas such as new energy vehicles, renewable energy, flexible direct current transmission and transformation, and composite current collectors. According to statistics from the China Electronic Components Industry Association and revenue calculations from the company's related businesses, the company's market share in China's new energy vehicle sector is approximately 60%, while its market share in photovoltaic and wind power is about 40%. With the expansion of production capacity, the company will maintain its leading market share in the core application areas of BOPP electrical films.

In terms of finance, the company achieved operating revenue of approximately 550 million yuan, 528 million yuan, 734 million yuan, and 367 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. During the same period, the net profit was approximately 192 million yuan, 141 million yuan, 238 million yuan, and 125 million yuan, respectively.