振石股份IPO：11亿分红流向实控人父子，募资39亿背后，关联依赖加剧独立性风险

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. is set to go public on November 18, 2025, with an IPO fundraising target of 3.981 billion yuan, primarily for capacity expansion and overseas layout, despite facing high debt and cash flow issues since its privatization in 2019 [1][2][4]. Financial Performance - The company has consistently reported negative net cash flow from operating activities for 2022 and 2023, amounting to -208 million yuan and -409 million yuan respectively, indicating reliance on external borrowing to support operations and dividend payments [3][4]. - Revenue declined from 5.267 billion yuan in 2022 to 4.439 billion yuan in 2024, a year-on-year decrease of 13.37%, while net profit fell from 774 million yuan to 606 million yuan, a decline of 23.43% [7]. Dividend Policy - The company has engaged in significant dividend payouts, distributing 540 million yuan in 2022 and 600 million yuan in 2023, which accounted for 69.77% and 75.95% of net profit respectively, raising concerns about prioritizing shareholder returns over debt management [2][3]. Debt Situation - Short-term borrowings increased from 1.587 billion yuan to 3.240 billion yuan between 2022 and 2025, with a liquidity gap exceeding 400 million yuan as of June 2025, indicating ongoing liquidity risks [4][5]. - Long-term borrowings rose from 830 million yuan in 2022 to 2.788 billion yuan in the first half of 2025, with a debt-to-asset ratio consistently around 71%, significantly higher than the industry average of 45%-55% [4][5]. Business Dependency - The company relies heavily on a concentrated supply chain, with over 82% of purchases from the top five suppliers, including approximately 70% from the related party China Jushi, raising concerns about operational independence [5][6]. - Sales to related parties, particularly to China National Materials Group, accounted for about 12% of total revenue, further entrenching the company's position within a closely-knit corporate structure [6]. Expansion Plans - Despite the challenging financial landscape, the company plans to use over 90% of the IPO proceeds (3.606 billion yuan) for capacity expansion, increasing total capacity from 540,000 tons in 2024 to 953,000 tons, a 76.48% increase [8]. - Historical data shows fluctuating capacity utilization rates, which declined from 91.52% in 2022 to 75.84% in 2024, indicating potential challenges in absorbing the new capacity [8].