两度变更拟上市板块、实控人手握超七成股权，中塑股份IPO胜算几何

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (hereinafter referred to as "Zhongsu Co.") is making progress in its IPO application, having entered the inquiry stage on the Shenzhen Stock Exchange, backed by strong performance metrics, but shows uncertainty in its future strategic direction [1][4]. Group 1: IPO Progress - Zhongsu Co.'s IPO application for the ChiNext board was accepted by the Shenzhen Stock Exchange on September 26, 2025, and entered the inquiry phase on October 19, 2025 [3][4]. - The company plans to raise approximately 645 million yuan, which will be allocated to projects including the construction of an intelligent production base for high-performance engineering materials and the expansion of its production base in Jiangxi [4][5]. Group 2: Financial Performance - From 2022 to 2024, Zhongsu Co. reported annual revenue growth, with revenues of approximately 493 million yuan, 537 million yuan, and 700 million yuan, and corresponding net profits of about 51.92 million yuan, 79.24 million yuan, and 100 million yuan [4][5]. - In the first quarter of 2025, the company achieved revenue of approximately 152 million yuan and a net profit of about 25.81 million yuan [4]. Group 3: Product Performance - The main revenue source for Zhongsu Co. is high-performance engineering materials, which accounted for over 70% of its main business income during the reporting periods [1][5]. - However, the unit price of this key product has been declining, with prices dropping from 25,400 yuan/ton in 2022 to 17,800 yuan/ton in 2024, although there was a slight recovery to 18,700 yuan/ton in the first quarter of 2025 [5]. Group 4: Client Relationships - Zhongsu Co. is a supplier to major clients such as BYD and Wentai Technology, with sales to the top five clients accounting for 26.2% to 18.43% of total sales from 2022 to the first quarter of 2025 [5]. - BYD was the largest client in 2024 and the first quarter of 2025, with sales of approximately 33.42 million yuan and 11.84 million yuan, respectively [5]. Group 5: Listing Board Uncertainty - Zhongsu Co. has shown indecision regarding its listing board, having changed its intended listing from ChiNext to the Beijing Stock Exchange and back to ChiNext within a short timeframe [6]. - The company cited various factors, including its development strategy and market conditions, for these changes [6].