Core Viewpoint - SanHuan Group has officially submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of its IPO process, focusing on advanced electronic ceramic materials and components [1] Group 1: Company Overview - SanHuan Group specializes in advanced electronic ceramic materials and components, with a complete business system covering basic materials, electronic components, communication devices, and equipment components [1] - The company's products are widely used in various fields, including communication, AI and data centers, consumer electronics, automotive electronics, semiconductors, new energy, and smart industrial control [1] - According to a Frost & Sullivan report, SanHuan Group has become a significant leading enterprise in the global advanced electronic ceramic materials and components sector [1] Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 5.088 billion to 7.266 billion yuan, with a compound annual growth rate (CAGR) of approximately 19.5% [3] - Net profit is expected to increase from 1.506 billion to 2.190 billion yuan during the same period [3] - In the first nine months of 2025, the company achieved revenue of 6.420 billion yuan and a net profit of 1.957 billion yuan, demonstrating strong profitability and operational efficiency [3] Group 3: Market Position and Competitive Advantage - In the electronic ceramic materials sector, SanHuan Group holds over 50% of the global market share for alumina ceramic substrates, ranking first in the industry [3] - The company also ranks first in the global market share for solid oxide fuel cell (SOFC) membranes and fourth for resistor pastes, with a market share of approximately 13% [3] - As a major supplier of multilayer ceramic capacitors (MLCC), SanHuan Group is ranked ninth globally and is the largest MLCC supplier in mainland China [3] Group 4: Market Outlook - The global advanced electronic ceramic materials market is expected to grow from 24.1 billion yuan in 2025 to 42.2 billion yuan by 2030, with a CAGR of approximately 11.8% [4] - Key growth drivers include the penetration of high-performance substrate materials in power electronics, automotive electric drives, and high-speed communications, as well as new demand from AI, IoT, and new energy sectors [4] - The MLCC and core ceramic electronic components market is projected to expand alongside developments in optical communication, AI data centers, and automotive electronics, with an expected global market size of 251.7 billion yuan by 2030 [4] Group 5: Strategic Intentions - The founder and actual controller, Zhang Wanzhen, controls approximately 36.47% of the issued shares, indicating a stable shareholding structure [4] - The IPO aims to leverage international capital markets to enhance R&D investment, strengthen capacity layout, and expand global business, thereby consolidating its leading position in high-end electronic ceramic materials and components [4] - The company seeks to capitalize on long-term development opportunities arising from downstream industry upgrades and domestic substitution [4]

Core Viewpoint - The company, Chaozhou Sanhuan (Group) Co., Ltd., has submitted an application for listing on the Hong Kong Stock Exchange, with China Galaxy International as the sole sponsor [1]. Company Overview - The company focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components. It has established a core product matrix covering four categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [2]. - The company specializes in upstream basic materials in the electronic industry chain, including alumina ceramic substrates, aluminum nitride ceramic substrates, electronic pastes, and solid oxide fuel cell (SOFC) membranes [2]. Competitive Position - The company has achieved significant competitiveness in specific segments, such as alumina ceramic substrates, where it has become one of the top suppliers globally, holding over 50% market share by revenue in 2024 [3]. - The company ranks first in the global market for SOFC membranes, which are critical components for energy transition [3]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, and projected for 2024 is approximately RMB 5.09 billion, RMB 5.68 billion, and RMB 7.27 billion, respectively [4]. - The profit figures for the same periods are approximately RMB 1.51 billion, RMB 1.58 billion, and RMB 2.19 billion, respectively [5]. Industry Overview - The global market for advanced electronic ceramic materials is expected to grow from RMB 16.8 billion in 2020 to RMB 22.1 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [7]. - The market for core ceramic electronic components is projected to increase from RMB 136 billion in 2020 to RMB 167.3 billion in 2024, with a CAGR of 5.3% [10]. Market Dynamics - The global alumina ceramic substrate industry is highly concentrated, with the top four companies accounting for about 97% of the market share in 2024. The company holds approximately 52% of the global market share in this segment [9]. - The global resistor paste market is also concentrated, with the top five companies holding about 84% of the market share in 2024, where the company ranks fourth with approximately 13% market share [9]. Board of Directors - The board will consist of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors, with a term of three years [15]. Shareholding Structure - As of the latest feasible date, Mr. Zhang holds approximately 59.21% of the equity in Sanjiang Investment, which in turn holds about 33.67% of the company's equity [16].

Core Viewpoint - Sihuan Group has submitted an application for listing on the Hong Kong Stock Exchange, with China Galaxy International as the exclusive sponsor [1]. Company Overview - Sihuan Group focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components. The company has established a product matrix covering four core categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [3]. - The company specializes in upstream basic materials in the electronic industry chain, including alumina ceramic substrates, aluminum nitride ceramic substrates, electronic pastes, and solid oxide fuel cell (SOFC) membranes [3]. Competitive Position - Sihuan Group has achieved significant competitiveness in specific segments, such as alumina ceramic substrates, where it has become one of the top suppliers globally, holding over 50% market share by revenue in 2024 [4]. - The company ranks first in the global market for SOFC membranes, which are critical components for energy transition systems, with a leading market share by revenue in 2024 [4]. Financial Performance - The revenue for Sihuan Group was approximately RMB 5.09 billion in 2022, RMB 5.68 billion in 2023, and is projected to reach RMB 7.27 billion in 2024. For the nine months ending September 30, 2024, the revenue is expected to be RMB 5.32 billion, and RMB 6.42 billion for the same period in 2025 [5]. - The profit for the company was approximately RMB 1.51 billion in 2022, RMB 1.58 billion in 2023, and is projected to be RMB 2.19 billion in 2024. For the nine months ending September 30, 2024, the profit is expected to be RMB 1.60 billion, and RMB 1.96 billion for the same period in 2025 [6]. Industry Overview - The global market for core advanced electronic ceramic materials is expected to grow from RMB 16.8 billion in 2020 to RMB 22.1 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. The market is projected to reach RMB 42.2 billion by 2030, with a CAGR of 11.8% from 2025 to 2030 [8]. - The global alumina ceramic substrate industry is highly concentrated, with the top four companies accounting for approximately 97% of the market share by revenue in 2024. Sihuan Group leads this market with about 52% share [10]. - The global market for core ceramic electronic components is expected to grow from RMB 136 billion in 2020 to RMB 167.3 billion in 2024, with a CAGR of 5.3%. The market is projected to reach RMB 251.7 billion by 2030 [11].

Company Overview - Chaozhou Three-Circle (Group) Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with China Galaxy International as the sole sponsor [1] - The company focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components [3] Product Matrix - The company has established a core product matrix consisting of four categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [3] - Key upstream materials include alumina ceramic substrates, aluminum nitride ceramic substrates, electronic pastes, and solid oxide fuel cell (SOFC) membranes [3] Market Position - The company has achieved significant competitiveness in specific segments, with a global market share of over 50% in alumina ceramic substrates by 2024 [4] - The SOFC membranes are ranked first in global market share, highlighting their importance in energy transition [4] Financial Performance - Revenue for the fiscal years 2022, 2023, and projected for 2024 is approximately RMB 5.09 billion, RMB 5.68 billion, and RMB 7.27 billion respectively [5] - Profit figures for the same periods are approximately RMB 1.51 billion, RMB 1.58 billion, and RMB 2.19 billion respectively [6] Industry Overview - The global market for advanced electronic ceramic materials is projected to grow from RMB 16.8 billion in 2020 to RMB 22.1 billion by 2024, with a compound annual growth rate (CAGR) of 7.1% [8] - The market is expected to further expand to RMB 42.2 billion by 2030, with a CAGR of 11.8% from 2025 to 2030 [8] Competitive Landscape - The global alumina ceramic substrate industry is highly concentrated, with the top four companies holding approximately 97% of the market share by 2024 [10] - The company holds about 52% of the global market share in alumina ceramic substrates, maintaining its position as the industry leader [10] Future Outlook - The demand for core ceramic electronic components is expected to rise, with the market size projected to grow from RMB 136 billion in 2020 to RMB 167.3 billion by 2024, reflecting a CAGR of 5.3% [11] - The MLCC market is anticipated to grow significantly, driven by increasing demand in high-end applications such as communication and AI [11]

Core Viewpoint - The company, Sanhuan Group, has submitted an application for issuing overseas stocks (H-shares) and listing on the main board of the Hong Kong Stock Exchange on December 5, 2025 [1] Group 1 - The application was filed with the Hong Kong Stock Exchange and includes materials that comply with the requirements of the Hong Kong Securities and Futures Commission [1] - The published application materials are in draft form and may be updated and revised as necessary [1]

证券代码：300408 证券简称：三环集团 公告编号：2025-54 潮州三环（集团）股份有限公司 关于向香港联交所递交 H 股发行并上市申请并刊发申请资料 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 https://www1.hkexnews.hk/app/sehk/2025/107934/documents/sehk25120 501455_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107934/documents/sehk25120 501456.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行 H 股并上 市的相关信息而作出。本公告以及刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行境外股票（H 股）的 要约或要约邀请。 本次发行 H 股并上市尚需取得中国证监会、香港证监会和香港联交所等相关 政府机关、监管机构、证券交易所的批准、核准或备案，并需综合考虑市场情况 以及其他因素方可实施，该事项仍存在不确定性。公司将依据法律法 ...

Group 1 - The core point of the article is that Chaozhou Three-Circle (Group) Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Galaxy International as the sole sponsor [1] - The company focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components [1] - Chaozhou Three-Circle has established a product matrix consisting of four core categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [1] Group 2 - The company covers key application areas including communication, AI and data centers, consumer electronics, automotive electronics, semiconductor manufacturing and packaging, new energy, and smart industrial control [1] - The business framework includes basic materials, key components, and high-end devices and components [1]

Group 1 - The core viewpoint of the article is that Chaozhou Three-Circle (Group) Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Galaxy International as the sole sponsor [1] - The company focuses on advanced ceramic materials and has become a global leader in the field of advanced electronic ceramic materials and components [1] - Chaozhou Three-Circle has established a core product matrix consisting of four categories: electronic and ceramic materials, electronic components, communication devices, and equipment components [1] Group 2 - The company covers key application areas including communication, AI and data centers, consumer electronics, automotive electronics, semiconductor manufacturing and packaging, new energy, and intelligent industrial control [1] - The business framework includes basic materials, key components, and high-end devices and components [1]

每经AI快讯，12月5日，港交所文件显示，潮州三环(集团)股份有限公司向港交所提交上市申请书，独 家保荐人为中国银河国际。 每经AI快讯，12月5日，港交所文件显示，潮州三环(集团)股份有限公司向港交所提交上市申请书，独 家保荐人为中国银河国际。 ...

据港交所文件，潮州三环（集团）股份有限公司向港交所提交上市申请书，独家保荐人为中国银河国 际。 （文章来源：第一财经） ...