振石股份IPO背后：2024年营收、净利双降，报告期分红超11亿元

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. (Zhenshi) is attempting to re-enter the capital market after a six-year hiatus following its privatization in 2019, but faces significant financial pressures with declining revenues and high debt levels as it seeks to raise approximately 39.81 billion yuan through its IPO [1][4][5]. Financial Performance - Zhenshi's revenue and net profit have shown a downward trend from 2022 to 2024, with revenues of approximately 52.67 billion yuan, 51.24 billion yuan, and 44.39 billion yuan, and net profits of about 7.74 billion yuan, 7.9 billion yuan, and 6.08 billion yuan respectively [4][5]. - The company's asset-liability ratio has remained high, with figures of 71.53%, 71.3%, and 67.75% over the same period, significantly above the industry average by approximately 12 percentage points [5][6]. Debt Situation - As of the end of 2024, Zhenshi's total short-term and long-term borrowings exceeded 40 billion yuan, with short-term borrowings around 15.87 billion yuan and long-term borrowings approximately 24.33 billion yuan [5][6]. Dividend Policy - Despite high debt levels, Zhenshi has distributed substantial cash dividends totaling about 11.4 billion yuan over the past two years, with 2022 and 2023 dividends of approximately 5.4 billion yuan and 6 billion yuan, representing 69.77% and 75.95% of the respective net profits [7][8]. Related Party Transactions - Zhenshi has engaged in significant related party transactions, with amounts of 28.11 billion yuan, 22.79 billion yuan, and 22.56 billion yuan over the reporting periods, constituting 70.49%, 60.42%, and 69.22% of the operating costs [9][10]. - A notable portion of these transactions involves China Jushi, Zhenshi's main supplier of glass fiber, with procurement amounts of approximately 21.12 billion yuan, 18.95 billion yuan, and 20.35 billion yuan, making up 52.98%, 50.24%, and 62.43% of operating costs respectively [10].