CJS(SH:600176) Zhong Jin Zai Xian·2025-11-17 12:28Group 1 - The core viewpoint of the news is that Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") is preparing for its IPO on the Shanghai Stock Exchange, facing scrutiny over its high proportion of related party transactions and financial practices [1][2][4] Group 2 - Zhenstone's main business involves the research, production, and sales of fiber-reinforced materials in the clean energy sector, with applications in wind power, photovoltaic power, new energy vehicles, and other industries [1] - The company is returning to the capital market after privatizing from the Hong Kong stock market in 2019, with its IPO application set for review on November 18 [1] Group 3 - A significant concern is the high volume of related party transactions, particularly with China Jushi, which is Zhenstone's largest supplier, accounting for over 50% of its operating costs during the reporting periods [2][3] - Zhenstone's purchases from China Jushi for glass fiber amounted to approximately 211,242.56 million yuan, 189,466.92 million yuan, 203,472.45 million yuan, and 151,754.73 million yuan, representing 52.98%, 50.24%, 62.43%, and 62.64% of its operating costs respectively [2] Group 4 - The company has a high debt-to-asset ratio, consistently above 67%, with short-term borrowings reaching 1.888 billion yuan and long-term borrowings due within a year at 605 million yuan, indicating liquidity risks [5][6] - Despite these financial pressures, Zhenstone has issued substantial cash dividends of approximately 540 million yuan and 600 million yuan in 2022 and 2023, respectively, which accounted for 69.77% and 75.95% of its net profit [6][7] Group 5 - The recent regulatory environment emphasizes scrutiny on large dividends, with new rules stating that cumulative dividends exceeding 50% of net profit over three years may hinder IPO approvals [7]