Bell ringing for IPO! LED industry supply chain A-share company +1

On July 8, 2026, Beijing Kangmeite Technology Co., Ltd. (abbreviated as: Kangmeite, stock code: 920189) officially listed on the Beijing Stock Exchange, successfully entered the capital market, and stepped into a new stage of industrial upgrading.

(Source image: Kangmeite)

On the first day of listing, Kangmeite opened at 51.00 yuan/share, up 526.54% from the issue price of 8.14 yuan/share, with a total market value of 72.12 billion yuan, fully reflecting the market's high recognition of its industry status and growth prospects.

As a national-level specialized and new "Little Giant" enterprise and a national high-tech enterprise, Kangmeite has always taken "domestic substitution and technological breakthrough" as its core development philosophy. Since its establishment in 2005, it has been mainly engaged in the R&D, production, and sales of high-performance modified plastics and other new polymer materials such as electronic packaging materials. Today, Kangmeite has built three core technology platforms: organic silicon packaging materials, epoxy packaging materials, and modified expandable polystyrene materials, becoming a leading enterprise that simultaneously masters both organic silicon and epoxy packaging systems in China and has achieved mass production breakthroughs in emerging display fields such as Mini LED.

Among them, the main product forms of the company's electronic packaging materials are electronic adhesives for LED chip packaging. The products are widely used in new displays, semiconductor general lighting, semiconductor dedicated lighting, semiconductor device packaging, aerospace and other fields, serving as the company's core growth engine; the product form of the company's high-performance modified plastics is modified expandable polystyrene. The products are widely used in head safety protection in sports and transportation, protection of fragile parts such as LCD panels and lithium batteries, building energy saving, and other fields.

Particularly noteworthy is that Kangmeite is the first domestic manufacturer to achieve mass production of Mini LED organic silicon packaging glue. The core product performance has reached a level comparable to internationally renowned manufacturers, successfully breaking the technical monopoly of international giants such as US Dow Corning and Japan Shin-Etsu .

Relying on strong technical strength, Kangmeite's customer network covers global top LED packaging manufacturers, such as OSRAM, Everlight Electronics, Seoul Semiconductor, as well as domestic leading enterprises Hongli Zhihui, NationStar Optoelectronics, Sanan Optoelectronics, etc., and has successfully entered the supply chains of well-known terminal manufacturers such as TCL Technology, BOE , Xiaomi, BYD, etc. In the field of high-performance modified plastics, the company's products also serve well-known enterprises such as BOE and EVE Energy.

Financial data shows that Kangmeite's performance growth has been steady. From 2023 to 2025, Kangmeite's revenue grew from 384 million yuan to 469 million yuan, with a compound annual growth rate of 10.53%; net profit jumped from 45 million yuan to 85 million yuan, with a compound annual growth rate as high as 37.50%. The profit growth significantly outpaced revenue growth. The core factor lies in the increasing proportion of income from high gross margin products such as high-end Mini LED packaging glue, and continuous optimization of product structure has continuously driven the upward trend in profitability quality.

Momentum for development in Q1 2026 continues; the company achieved revenue of 114 million yuan, a year-on-year increase of 14.73%; net profit was 21.6056 million yuan, a year-on-year increase of 24.78%.

The number of shares issued in this public offering is 21.21 million shares, with a price-to-earnings ratio of 14.98 times. The raised funds will be primarily invested in expanding Mini/Micro LED packaging adhesive production lines and advancing frontier technology R&D, aiming to further consolidate its first-mover advantage in new display materials and expand into new growth areas such as advanced IC packaging materials.

Kangmeite's IPO not only signifies that its achievements in autonomous innovation for LED packaging materials and high-performance modified plastics have been recognized by the capital market, but also sends a firm message to the global industry that China's new materials industry is accelerating its rise, injecting sustained momentum into domestic localization and supply chain security across the entire value chain.

(Source: Kangmeite )

Mr. Ge Shili, Chairman of the Board of Directors, stated that successfully listing on the Beijing Stock Exchange marks a brand new starting point for enterprise development. In the future, Kangmeite will continue to deeply cultivate core tracks in new materials, adhere to independent innovation, technological breakthroughs, and quality refinement, continuously strengthen the enterprise's core competitiveness, empower industry development with more standardized, superior products, and stronger technologies, and contribute solid strength to the development of China's new materials industry.