两度变更拟上市板块 中塑股份冲刺IPO

Core Viewpoint - Zhongsu New Materials Co., Ltd. is progressing towards its IPO on the ChiNext board, showing strong performance in revenue and net profit, but is indecisive about its strategic direction regarding the listing board [1][6]. Financial Performance - Zhongsu's annual revenue and net profit have shown consistent growth from 2022 to 2024, 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 [3][4]. - In Q1 of the current year, the company achieved revenue of approximately 152 million yuan and a net profit of about 25.81 million yuan [3]. Product Performance - The main revenue source for Zhongsu is high-performance engineering materials, contributing over 70% to the main business income during the reporting periods [1][4]. - 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 Q1 of the current year [4]. Customer Base - Zhongsu is a supplier to major clients such as BYD and Wenta Technology, with sales to the top five customers accounting for 26.2% in 2022, 22.6% in 2023, and 18.43% in 2024 [5]. - BYD was the largest customer in 2024 and Q1 of 2025, with sales amounting to approximately 33.42 million yuan and 11.84 million yuan, respectively [5]. Listing Board Uncertainty - The company has changed its intended listing board multiple times within the year, initially applying for the ChiNext board, then switching to the Beijing Stock Exchange, and finally returning to the ChiNext board [6]. - This indecision may signal instability in the company's strategic direction, potentially affecting investor confidence [6]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder, Zhu Huaicai, holds 55.24% of the shares directly and controls an additional 9.01% through another entity, with a total control of 73.26% alongside his spouse [7].