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Rui Finance Deng RufeiRecently, the Beijing Stock Exchange disclosed a review inquiry letter regarding the application documents for the public issuance of shares and listing on the Beijing Stock Exchange by Zhejiang Kema Friction Materials Co., Ltd. (hereinafter referred to as "Kema Materials").

The main business of Coma Materials is the research and development, production and sales of dry clutch friction plates and wet paper-based friction plates. In addition, the company also conducts copper-based friction plate trading business. The products are mainly used in automobile clutch modules.

According to the product application field, friction materials can be divided into brake friction materials (brake pads) and transmission friction materials. Dry clutch friction plates and wet paper-based friction plates belong to transmission friction materials. At present, there are no domestic listed companies specializing in such business. Coma Materials is trying to become the "first stock in transmission friction materials."

From the perspective of revenue structure, the revenue of Coma Materials basically depends on dry clutch friction plate products. From 2021 to 2023, the proportion of the company's dry clutch friction plate revenue to its main business revenue was 99.13%, 96.99% and 96.84% respectively, and the product structure was relatively simple.

According to the prospectus, dry clutch friction plates are mainly used in manual transmission vehicles, while wet paper-based friction plates are mainly used in automatic transmission vehicles. However, with the current manual transmission vehicle market facing certain restrictions, Koma Materials, whose revenue mainly depends on dry clutch friction plates, faces concerns about its business development prospects and market share.