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Cadel: One of the actual controllers with a high school diploma 'contributed' over 70% of patents; discrepancies found in construction contract amounts compared to official announcements or disclosures

Southern Capital Center of JZY Research, Author: Luo Jiu, Risk Control: Nanjiang Yingwei

Nearly five months after its listing application was accepted, Quanzhou Cadel Electronic Materials Co., Ltd. (hereinafter referred to as 'Cadel') registered its listing process on April 3, 2026. This time, applying for the main board of the Shanghai Stock Exchange, Cadel's prospectus cited association data, stating that its revenue from capacitor-grade polypropylene film ranked second globally and first domestically in 2024. However, in the first round of inquiries issued by the Shanghai Stock Exchange, Cadel was required to explain whether its ranking in capacitor-grade polypropylene film indicated an overly segmented industry status.

Not only that, but Cadel also claims its technical strength is at the forefront of the industry. More than 70% of Cadel’s patents were 'contributed' by one of the actual controllers, Huang Yanhuang, with over 90% of valid patents applied for since 2019 being developed with his participation. Huang Yanhuang reportedly has only a high school education. Meanwhile, Cadel has acquired several invention patents, one of which may have been transferred from a university student. On the other hand, the amount disclosed in the construction contracts signed with building suppliers differs from the officially announced data, raising doubts. In this context, the former executive director and manager of the construction supplier, 'Su Wenhuan,' shares a similar name with Cadel’s actual controller’s uncle, 'Su Wenhe,' leaving their relationship unclear.

One of the actual controllers, Huang Yanhuang, with a high school education, 'contributed' over 70% of the patents, while one invention patent possibly acquired from a university student is now under suspicion

As a BOPP electrical film manufacturer seeking to go public, Jiadeli's revenue grew from over 500 million yuan to over 700 million yuan. In its prospectus, Jiadeli claims that its technical capabilities are at the leading position in the industry. Since 2019, more than 90% of the effective patents owned by Jiadeli list Huang Yanhuang as an inventor, and over 70% of all patents owned by Jiadeli were 'contributed' by Huang Yanhuang, who has only a high school education. At the same time, Jiadeli has acquired multiple patents, one of which may have been transferred from a university student.

1.1 As a BOPP electrical film manufacturer, Jiadeli’s revenue exceeded 700 million yuan, claiming its technological strength is at the forefront of the industry

According to the prospectus dated March 13, 2026 (hereinafter referred to as the 'prospectus signed on March 13, 2026'), Jiadeli engages in the research, development, production, and sales of BOPP electrical films. Jiadeli’s technical capabilities are among the best in the industry, and its products maintain good consistency. It has established stable cooperative relationships with many leading domestic and foreign film capacitor manufacturers. According to the certification issued by the China Electronics Components Industry Association, in 2024, the company ranked second globally and first domestically in terms of sales revenue for capacitor polypropylene films, with global and domestic market shares of 11.7% and 16.4%, respectively.

Next, let’s look at Jiadeli’s performance.

From 2022 to 2025, Jiadeli’s revenues were 550 million yuan, 528 million yuan, 734 million yuan, and 757 million yuan, respectively, with year-on-year growth rates of -3.98%, 38.95%, and 3.18% from 2023 to 2025. From 2022 to 2025, Jiadeli’s net profits were 192 million yuan, 141 million yuan, 238 million yuan, and 244 million yuan, respectively, with year-on-year growth rates of -26.81%, 68.99%, and 2.35% from 2023 to 2025.

Jiadeli, as a BOPP electrical film manufacturer, claims that its technological strength is at the forefront of the industry and ranks among the top in terms of market share. From 2023 to 2025, Jiadeli’s revenue increased from the 500 million yuan range to over 700 million yuan.

1.2 The prospectus disclosed that the actual controller Huang Yanhuang has a high school education, and since 2019, over 90% of the valid patents applied for include Huang Yanhuang as one of the developers.

According to the prospectus signed on March 13, 2026, as of the signing date, Huang Yanhuang is one of the actual controllers of Jiadeli. Huang Yanhuang was born in November 1985,High school educationPreviously served as the head of the equipment and engineering department at Gadlee, currently serving as a director and vice general manager of Gadlee. Meanwhile, Huang Yanhuang has been recognized as a core technical staff member.

According to verified public information released by Quanzhou Luojiang District Nan Shaolin Experimental School on December 17, 2016, Huang Yanhuang is an alumnus from the class of 1996 of Nan Shaolin International School in Quanzhou. At that time, he was serving as the assistant to the general manager of Gadlee.

The aforementioned public information mentions that Huang Yanhuang studied there from grade four in elementary school until graduating from junior high school, spending six years at Nan Shaolin International School.After graduating from junior high school, Huang Yanhuangwent to Singapore for four more years of study, majoring in business administration.After returning to his home country, Huang Yanhuang joined Gadlee. His father is responsible for technical management, while Huang Yanhuang is responsible for daily operational management, such as equipment maintenance.

According to the prospectus signed on March 13, 2026, as of the end of the reporting period, Gadlee owns 103 patents, including 19 invention patents and 84 utility model patents.

It should be noted that out of the 103 patents owned by Gadlee, 80 patents were applied for in 2019 or later, with 73 patents listing 'Huang Yanhuang' as one of the inventors, and 46 patents listing 'Huang Yanhuang' as the sole inventor.

Moreover, prior to 2019, none of the patent inventors listed in Gadlee's applications included 'Huang Yanhuang.'

In other words, publicly available information shows that after graduating from junior high school, Huang Yanhuang went to Singapore to major in business administration. The prospectus disclosed Huang Yanhuang's education level as high school. Among the patents obtained by Cadeli up to March 13, 2026, over 70% of the patents have application dates in 2019 or later, and more than 90% of these patents list Huang Yanhuang as an inventor.

1.3 Among the owned invention patents, eight were acquired through transfer, one of which was transferred from an individual named Kang Hui in 2021.

According to the prospectus signed on March 13, 2026, among the invention patents owned by Cadeli, the following eight were acquired through transfer: 'A plastic film winding device convenient for installation and replacement,' 'A graphene anti-corrosion adhesive film and its preparation method,' 'An in-plane anisotropic magnetoresistive thin film and its preparation method,' 'An iron-based photoelectrochemical thin film,' 'A capacitor film production belt connecting device with improved utilization,' 'A device applied to biaxially oriented film production equipment,' 'A functional photoelectric thin film position adjustment mechanism,' and 'Polypropylene film and its preparation method and applications.'

In this regard, Cadeli stated that as of the end of the reporting period, in order to expand its patent portfolio, Cadeli acquired eight invention patents through transfer. However, these do not constitute the core technology source of Cadeli, there is no profit-sharing arrangement with the transferor, and there are no disputes. This will not impact Cadeli’s ongoing operations or independence.

According to data from the National Intellectual Property Administration, the invention patent 'Polypropylene Film and Its Preparation Method and Applications' was submitted on June 18, 2021. At that time, both the patent applicant and inventor were listed asKang Hui", the applicant's address is *** University of Technology (hereinafter referred to as "**University”）Apartment A07。

On September 1, 2022, the applicant for this patent changed from 'Kang Hui' to 'Cadeli', and the address was updated to No. 790, Xingxiu Road, Quanzhou Taiwan Investment Zone, Quanzhou City, Fujian Province.

The technical origin of the invention patent 'Polypropylene Film and Method for Preparing Polypropylene Film and Its Application' may be worth noting.

The patent application transferred from Kanghui was filed in 2021, at which time Kanghui might have been a student at a certain university.

According to publicly available information from ** University, on April 12, 2024, during the 'Mingde Forum' held by the School of Chemical Engineering and Chemistry of ** University, a 2022 graduate of the school,Kang Huiwas invited to attend the event and delivered a keynote speech.

Among the graduates of ** University in 2022, there is an individual named 'Kanghui.' When the person named Kanghui applied for the patent 'Polypropylene Film and Method for Preparing Polypropylene Film and Its Application' in 2021, the address provided was '** University Dormitory A07.' If both instances of 'Kanghui' refer to the same person, the above-mentioned invention patent of Jiadeli might have been transferred from Kanghui, who was then a student at the university.

In other words, in this initial public offering (IPO), Jiadeli's performance has maintained growth, and it claims that its technological capabilities are at the forefront of the industry. Notably, the prospectus discloses that the actual controller Huang Yanhuang has a high school education, and over 90% of the valid patents he applied for after 2019 include Huang Yanhuang as one of the inventors. Moreover, out of the 19 invention patents owned by Jiadeli, eight were obtained through transfer, with one potentially acquired from Kanghui, who was then an undergraduate student.

Secondly, doubts arise as there may be discrepancies between the amount of engineering contracts disclosed officially and what is stated in the IPO documents. The former manager of the contractor shares a name with a relative of Jiadeli’s actual controller, differing by only one character.

As the saying goes, 'Misfortune may be an actual blessing; blessing may hide a curse.' In this IPO, the contract amounts disclosed in the prospectus signed with construction suppliers appear to be inconsistent with official public information, raising questions. Under this context, four projects undertaken by this construction supplier came from Jiadeli and its affiliates, and the former executive director and manager of this construction supplier, 'Su Wenhuan,' has a similar name to 'Su Wenhe,' a relative of Jiadeli’s actual controller.

Jiadeli owns a plot located in Dongyuan Village, Dongyuan Town, where it might invest 120 million yuan in constructing a 'high-end business economy project.'

According to the prospectus signed on March 13, 2026, as of the end of the reporting period, Jiade Li held four land use rights located at No. 790, Xingxiu Road, Jinfeng Community, Dongyuan Town, Quanzhou Taiwan Investment Zone; No. 289, Cuozai, Jincuo Village, Dongyuan Town, Quanzhou Taiwan Investment Zone; Dongyuan Village, Dongyuan Town, Quanzhou Taiwan Investment Zone; and the southeast side of the intersection of Bailao Sha Road and Xiachu Building Road, Haicang District, Xiamen City.

Among them, the land located in QuanzhouTaiwan Investment Zone, Dongyuan Town, Dongyuan Villageis designated for 'business and financial use,' covering an area of 6,488 square meters, with the usage term ending on December 24, 2061.

According to public information released by the Quanzhou Natural Resources and Planning Bureau on March 2, 2023, it approved the issuance of a construction planning permit for the 'Quanzhou Jiade Li Electronic Materials Co., Ltd.'high-end business economic projectwith reference number [2023] No. 26 from the Quanzhou Resource Planning Approval Office. The project site is located in Dongyuan Village, Dongyuan Town, covering a total area of 6,488 square meters. Relevant technical indicators are as follows: the above-ground floor area is 12,969.48 square meters, and the underground floor area is 4,725.98 square meters.

According to public information on Jiade Li's official website, on June 30, 2023,the Taiwan Business Investment Zoneheld a ceremony for the centralized commencement and completion of key projects in the second quarter. Among the projects that began construction was Jiade Li’s high-end economic project, which covers a total area of 9.7 mu (approximately 6,488 square meters), has a total construction area of about 18,000 square meters, and represents a total investment of 120 million yuan. It will include the construction of a new materials research and development center, corporate operations center, and related supporting facilities.

Based on the calculation that 1 mu equals 666.67 square meters, 9.7 mu is approximately equal to 6,466.67 square meters.

This indicates that Gadeli might invest in constructing a 'High-end Business Economic Project' on the site located in Dongyuan Village, Dongyuan Town.

Fujian Kunjian may be the engineering contractor for the 'High-end Business Economic Project,' with discrepancies between the contract amount disclosed in the prospectus and official information raising concerns.

According to the prospectus signed on March 13, 2026, during the reporting period, Gadeli has executed or is executing four engineering service procurement contracts worth over 20 million yuan each.

Among these, Gadeli, as the contractor, entered into two contracts with Fujian Kunjian Construction Co., Ltd. ('Fujian Kunjian'), for projects named 'High-end Business Economic Project', and 'Construction of New Production Lines 7 and 8 for Ultra-thin BOPP New Material.' The signing dates were March 27, 2023, December 20, 2023, March 2, 2024, and March 23, 2023, respectively, with contract amounts of 47.8 million yuan and 36 million yuan, respectively, and all contracts have been fully executed.

According to the 'Reply to the First Round of Inquiry Regarding the Application Documents for Gadeli's Initial Public Offering and Listing on the Shanghai Main Board' dated January 13, 2026 (hereinafter referred to as the 'First Round of Inquiry Reply dated January 13, 2026'), Gadeli's procurement content from Fujian Kunjian was construction engineering, specifically used for the headquarters building and the construction of production lines seven and eight.

The first round of inquiry responses signed on January 13, 2026, and the prospectus signed on March 13, 2026, show that at the end of 2022-2025, Jiadel's ongoing projects were divided into 'Line 5 and Line 6 Production Projects', 'Headquarters Building', 'Line 7 and Line 8 Production Projects', 'Jiadel Xiamen New Material Production Base (Phase I)', and 'Other Miscellaneous Projects'.

According to data from the National Construction Market Supervision Public Service Platform (hereinafter referred to as the 'Four Databases and One Platform'), as of the query date of April 13, 2026, Fujian Kunjian has registered a total of seven construction projects, three of which have Jiadel as the construction entity. These projects are 'Quanzhou Jiadel Electronic Materials Co., Ltd. High-end Business Economy Project', 'Quanzhou Jiadel Electronic Materials Co., Ltd. Headquarters Office Building Project', and 'Jiadel New Line 7 and Line 8 Ultra-thin BOPP New Material Production Line Project'.

Among these, the 'Quanzhou Jiadel Electronic Materials Co., Ltd. High-end Business Economy Project' is located in Dongyuan Village, Dongyuan Town, Quanzhou Taiwan Investment Zone. The project plans to construct an office building with a nine-story main building and a five-story podium. The land area is 6,485 square meters, with a total construction area of 17,665.5 square meters, a plot ratio of 1.9999, and a building height of 38.6 meters. It will include the construction of a new material research and development center, company operation center, and related supporting facilities.

Meanwhile, the 'Quanzhou Jiadel Electronic Materials Co., Ltd. Headquarters Office Building Project' has a total land area of6,488 square meters, with a total construction area of 13,000 square meters. It will include the construction of a new material research and development center, company operation center, and related supporting facilities. The project is located in the Quanzhou Taiwan Investment Zone Management Committee.

Another project, 'Jiadel New Line 7 and Line 8 Ultra-thin BOPP New Material Production Line Project', is located at No. 289, Jin Cuo Village, Dongyuan Town, Quanzhou Taiwan Investment Zone.

Based on Jiadel's ownership of four parcels of land, only one of them is located in Dongyuan Town, Dongyuan Village, with an area of 6,488 square meters. In the prospectus, Jiadel disclosed that Fujian Kunjian is the contractor for its 'High-end Business Economy Project' and 'New Line 7 and Line 8 Ultra-thin BOPP New Material Production Line Project'. In the response to the first round of inquiries, it disclosed that the specific use of the construction projects purchased from Fujian Kunjian was for the headquarters building and the Line 7 and Line 8 factory buildings. Combining the information disclosed by the Four Databases and One Platform, the land area of the 'Headquarters Office Building Project' undertaken by Fujian Kunjian is 6,488 square meters. Therefore, Jiadel’s 'High-end Business Economy Project' may be the construction of Jiadel's headquarters building.

Notably, according to the disclosure by the Four Databases and One Platform, among the construction projects registered by Fujian Kunjian with Jiadel as the construction entity is 'Quanzhou Jiadel Electronic Materials Co., Ltd.'High-end Business Economy ProjectQuanzhou Jiadel Electronics Materials Co., Ltd.Headquarters Office Building ProjectJiadel’s new production lines 7 and 8 for ultra-thin BOPP new materials, with respective contract amounts signed asRMB 25.8 million、RMB 3 millionand RMB 36 million.

As disclosed in the prospectus, Fujian Kunjian is the contractor for Jiadel's 'High-end Business Economic Project' and 'New Production Lines 7 and 8 for Ultra-thin BOPP New Materials,' with contract amounts of RMB 47.8 million and RMB 36 million, respectively. Additionally, information from the Four Databases and One Platform shows that the contract amount between Fujian Kunjian and Jiadel for the 'New Production Lines 7 and 8 for Ultra-thin BOPP New Materials' project is also RMB 36 million. However, the contract amounts for the 'High-end Business Economic Project' and 'Quanzhou Jiadel Electronics Materials Co., Ltd. Headquarters Office Building Project' are RMB 25.8 million and RMB 3 million, respectively, which may differ from the information disclosed in the prospectus, potentially raising doubts about information disclosure.

According to the first round inquiry response dated January 13, 2026, the balance of Jiadel's construction-in-progress 'Headquarters Building' at the end of 2022-2024 and June 2025 were RMB 5,300, RMB 21.1586 million, RMB 40.8258 million, and RMB 45.6048 million, respectively. Among these, the costs for engineering construction, design, and supervision fees were RMB 0, RMB 19.5898 million, RMB 38.4545 million, and RMB 42.7564 million, while equipment and installation costs were RMB 0, RMB 33,800, RMB 766,200, and RMB 766,200, respectively.

According to the prospectus dated March 13, 2026, the 'Headquarters Building' under construction began construction in 2022, with a budgeted amount of RMB 49.1396 million and an accumulated investment amount of RMB 45.961 million. As of the end of 2025, it has not yet been converted into fixed assets and is expected to reach a usable state by January 2026.

Fujian Kunjian undertook four projects from Jiadel and its related parties, where the former manager's name differs by only one character from that of the actual controller’s relative.

As mentioned earlier, as of the inquiry date April 13, 2026, Fujian Kunjian has registered a total of seven construction projects, three of which are projects owned by Jiadeli.

Additionally, among the construction projects registered by Fujian Kunjian, the project 'Quanzhou Huadong Power Equipment Co., Ltd. Expansion Project' is owned by Quanzhou Huadong Power Equipment Co., Ltd. (hereinafter referred to as 'Huadong Equipment').

According to the prospectus signed on March 13, 2026, Huadong Equipment is a company wholly controlled by Huang Yanhuang, one of Jiadeli's actual controllers, along with his spouse Hong Yunyu, and Huang Yanhuang’s parents Huang Huanming and Huang Bifen. It is an affiliate of Jiadeli. Huadong Equipment's core business is air compressors.

In other words, out of the seven construction projects registered by Fujian Kunjian, a total of four projects are from Jiadeli and its affiliates.

According to the data from the Market Supervision Administration, Fujian Kunjian was registered on August 4, 2016. As of the inquiry date April 13, 2026, Liu Qian and Chen Lixiang hold 88% and 12% of the shares respectively, with Liu Qian serving as the executive director, manager, and financial officer.

Change records indicate that on April 22, 2024, Fujian Kunjian's legal representative, executive director and manager, and contact person were changed from 'Yang Yan' to 'Su Wenhuan', then changed to 'Liu Qian' on September 11, 2025.

On the other hand, on November 26, 2021, Fujian Kunjian's address was changed to No. 246, Xucuo, Dongyuan Village, Dongyuan Town, Quanzhou Taiwan Investment Zone, Fujian Province. On November 22, 2022, it was changed to No. 602, Xiwei, Xinan Village, Luocheng Town, Huian County, Fujian Province. On June 28, 2023, it was changed again to the seventh floor, No. 139, Huiquan North Road, Luocheng Town, Huian County, Fujian Province, and remained unchanged as of the inquiry date April 13, 2026.

Furthermore, the Huian branch of Fujian Kunjian was established on January 13, 2022. As of the inquiry date April 13, 2026, the person in charge was 'Su Wenhuan,' and the registered office is located at No. 602, Xiwei, Xinan Village, Luocheng Town, Huian County, Fujian Province.

On July 4, 2023, Quanzhou Qingzheng Building Materials Co., Ltd. (hereinafter referred to as 'Qingzheng Building Materials') was registered and established. As of the inquiry date, April 13, 2026, it is wholly owned by Yang Qingbin, with Su Wenhuan serving as supervisor and Chen Lixiang as the financial manager. In 2024, the contact number for Qingzheng Building Materials was 135******15.

The individual businesses Quanzhou Taiwan Business Investment Zone Zhengyuan Hardware Trading Company (hereinafter referred to as 'Zhengyuan Hardware') and Quanzhou Taiwan Business Investment Zone Tianyi Trading Company (hereinafter referred to as 'Tianyi Trading') were established on January 3, 2020, and June 19, 2015, respectively, with operators being Yang Qingbin and Su Wenhuan, respectively.

As of the inquiry date, April 13, 2026, the business scope of both individual enterprises includes retail of hardware, lighting, bathroom fixtures, plumbing, and heating products. Both enterprises are located at No. 606, Sukeng Village, Zhangtan Town, Quanzhou Taiwan Business Investment Zone. In 2024, the enterprise contact number for Zhengyuan Hardware was 135******15.

The address of Fujian Kunjian was previously in Dongyuan Town, Dongyuan Village, and its current address is in Luocheng Town, Hui'an County. In April 2024, Su Wenhuan became the new executive director and manager of Fujian Kunjian, and he exited this role in September 2025. As of the inquiry date, April 13, 2026, Su Wenhuan is the head of the Hui'an branch of Fujian Kunjian. Additionally, the address of the individual business Tianyi Trading operated by Su Wenhuan is located in Zhangtan Town, Quanzhou Taiwan Business Investment Zone.

According to the prospectus signed on March 13, 2026, Huang Yanhua is the sister of Jiadelin's chairman Huang Huanming, and Su Wenhe is the spouse of Huang Yanhua. Among them, Quanzhou Wenzhi Trading Co., Ltd. (hereinafter referred to as 'Wenzhi Trading') is a company wholly owned by Su Wenhe, who also serves as executive director and manager, while Quanzhou Taiwan Business Investment Zone Gongying Trading Company (hereinafter referred to as 'Gongying Trading') is an individual business operated by Su Wenhe.

It should be noted that Huang Huanming is one of the actual controllers of Jiadelin, Huang Yanhuang's father, meaning Su Wenhe is Huang Yanhuang's uncle by marriage.

According to market supervision bureau data, as of the inquiry date, April 13, 2026, the business location of Gongying Trading is Room 1402, Building 11, Yulong Garden, No. 588, Yuban Village, Dongyuan Town, Quanzhou Taiwan Business Investment Zone. The registered address of Wenzhi Trading is No. 108, Dongxi House, Shannai Village, Zhangtan Town, Quanzhou Taiwan Business Investment Zone.

From the above information, it is known that the name of Jiadelin's actual controller Huang Yanhuang’s uncle is 'Su Wenhe,' and his company, Wenzhi Trading, is located in Zhangtan Town, Quanzhou Taiwan Business Investment Zone. Meanwhile, the former executive director and manager of Fujian Kunjian, a construction engineering supplier of Jiadelin, is named 'Su Wenhuan.' Furthermore, the address of the individual business Tianyi Trading under 'Su Wenhuan' is located in Zhangtan Town, Quanzhou Taiwan Business Investment Zone. That is, the names of Fujian Kunjian's 'Su Wenhuan' and Jiadelin's actual controller Huang Yanhuang’s uncle 'Su Wenhe' are similar. Under these circumstances, Fujian Kunjian may be the contractor for Jiadelin's 'high-end business economy project,' but doubts arise between the contract amounts disclosed in the prospectus and those officially disclosed.

III. Conclusion

In short, in this public offering, there appears to be a contradiction or doubt between the amount of the engineering service contract disclosed by Jiadelin with the contractor Fujian Kunjian and the amount disclosed on the official platform. Additionally, as of the inquiry date, April 13, 2026, four out of seven projects undertaken by Fujian Kunjian came from Jiadelin and its related parties. Moreover, the similarity in names between Fujian Kunjian’s former executive director and manager 'Su Wenhuan' and Jiadelin's actual controller’s uncle 'Su Wenhe' raises unresolved questions about their relationship.

On another note, Jiadelin claims in its filing documents that its technical strength is at the forefront of the industry. However, since 2019, over 90% of the patents applied for by Jiadelin list one of its actual controllers, Huang Yanhuang, as an inventor. Public information shows that after graduating from middle school, Huang Yanhuang went to Singapore to study business administration, and the prospectus states that his highest education level is high school. Moreover, of the 19 invention patents owned by Jiadelin, eight were acquired through transfer, with one possibly transferred from a university student.

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