中塑股份IPO年内两度拟变更上市板块，募资合理性引市场关注

Core Viewpoint - Zhongsu Co., Ltd. is undergoing an IPO process on the ChiNext board, aiming to raise 645 million yuan for capacity expansion and liquidity support, despite declining capacity utilization and concerns over the sustainability of its financial performance [2][6]. Company Overview - Zhongsu Co., Ltd. specializes in modified engineering plastics, supplying materials to notable companies such as Huawei and BYD [2]. - The company has undergone two changes in its proposed listing board within a year, initially planning to list on the Beijing Stock Exchange before switching to the ChiNext board [3][5]. Financial Performance - Revenue and net profit have shown growth from 2022 to 2025, with figures of 493 million yuan, 537 million yuan, 700 million yuan, and 337 million yuan in revenue, and net profits of approximately 52 million yuan, 79 million yuan, 100 million yuan, and 59 million yuan respectively [4]. - Despite this growth, the average selling price of its core products has been declining, raising concerns about future profitability [7]. Capacity Utilization and Inventory - The company's capacity utilization rates have consistently been below 85%, with figures of 72.42%, 76.18%, 84.1%, and 68.37% from 2022 to the first quarter of 2025 [6]. - Inventory levels have increased during the same period, with balances of 54.22 million yuan, 78.99 million yuan, 85.53 million yuan, and 80.45 million yuan, leading to lower inventory turnover rates compared to industry averages [6][8]. Fundraising and Investment Concerns - The planned fundraising of 645 million yuan includes 458 million yuan allocated for expanding production capacity, which is questioned due to the company's underutilized capacity and rising inventory levels [6][7]. - The price of high-performance engineering materials, which contribute over 70% to the company's revenue, has decreased significantly, impacting overall profitability [7][8]. Governance and Management Structure - Zhongsu Co., Ltd. exhibits a family-run management structure, with the controlling shareholders being Zhu Huaicai and his wife, holding over 73% of the company [9][11]. - The company has engaged in several capital operations and share transfers, raising concerns about governance and potential risks associated with family control [10][11].