Korun New Materials is an innovative and entrepreneurial enterprise mainly engaged in the research, production and sales of perfluorosulfonic acid proton exchange membranes and related materials. In 2025, the company's operating revenue reached 230 million yuan, and its non-pretax net profit was 57 million yuan. Among the 53 new listed IPO enterprises on the创业板 in 2026， Korun New Materials had the smallest revenue scale. Previously， Leju Intelligent and Establishment Aviation had annual operating revenues of 258 million yuan and 251 million yuan respectively. 

The company's main products are perfluorosulfonic acid proton exchange membranes. These include liquid flow battery membranes, hydrogen production membranes for electrolysis, fuel cell membranes, and electrochemical manufacturing membranes. Among them, the liquid flow battery membrane is the company's primary source of income, accounting for 92.56% of the main business revenue in 2025. Specifically: (1) The liquid flow battery membrane is mainly used in the field of liquid flow energy storage, and the company's products have been successfully applied in multiple national benchmark projects such as "Dalian Constant Current Energy Storage Station"; (2) The hydrogen production membrane for electrolysis is suitable for green hydrogen production scenarios and has advantages of high proton conductivity and low hydrogen permeability; (3) The fuel cell membrane is adapted for transportation fields such as hydrogen fuel cell vehicles; (4) The electrochemical manufacturing membrane is widely used in industrial scenarios such as electrolytic plating, electrodialysis, and chlor-alkali industry. In addition, the company has also extended and developed high-end fluoropolymer products such as perfluorosulfonic acid resins, resin dispersion liquids, perfluoroether rubber, and polytetrafluoroethylene high-fiber resins. 

In terms of performance, from 2023 to 2025, the company's operating revenue was 91 million yuan, 168 million yuan and 230 million yuan respectively, and the non-pretax net profit attributable to the parent company was 12 million yuan, 16 million yuan and 57 million yuan respectively. The performance scale was small but maintained growth.

During the reporting period, the company's main business gross profit margin was 50.36%, 51.61% and 63.81% respectively, showing a trend of increasing year by year. The reason for the relatively rapid increase in the gross profit margin in 2025 was that both the unit sales price and the unit production cost decreased significantly, resulting in stable gross profit while the sales price decreased. In each reporting period, the combined revenue of the top five customers accounted for 67%, 85% and 87% respectively, and the proportion increased year by year.

The main business revenue of the company mainly comes from the sales of proton exchange membranes. Among them, the proton exchange membrane for flow batteries accounted for as high as 92.56% of the main business revenue in 2025, and was the core source of income. From 2023 to 2025, the revenue of this product increased from 76.2913 million yuan to 212.2459 million yuan, fully benefiting from the explosive growth of the liquid flow energy storage market. 

The company completed its latest round of financing in December 2025, with a post-financing valuation of 3.718 billion yuan. The company's revenue in 2025 was 230 million yuan, and the compound growth rate of the past three years was 58.55%.

The company chose to apply Article 2.1.2, Paragraph 4 of the "Shenzhen Stock Exchange Growth Enterprise Market Stock Listing Rules (Revised in 2026)", which states: "(4) Expected market value of no less than 3 billion yuan, recent one-year revenue of no less than 200 million yuan, and compound growth rate of revenue in the past three years of no less than 30%; or expected market value of no less than 4 billion yuan, recent one-year revenue of no less than 200 million yuan, and cumulative R&D investment in the past three years of no less than 100 million yuan and a proportion of no less than 15% of the cumulative revenue in the past three years." As the first criterion for this listing. 

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