关联交易惹眼、实控人手握超九成股权 振石股份IPO迎考

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, amid fluctuating performance and significant cash dividends totaling approximately 1.14 billion yuan over 2022 and 2023 [1][3][4]. Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan respectively [3]. - Corresponding net profits for the same periods are approximately 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [3]. Shareholding Structure - The actual controllers of the company, Zhang Yuqiang and Zhang Jiankang, hold a combined 96.51% of the company's shares, primarily through Tongxiang Huajia Enterprise Management Co., Ltd. [3][4]. - Tongxiang Huajia holds 56.27% of the shares, making it the controlling shareholder [3]. IPO Fundraising and Utilization - The company aims to raise approximately 3.981 billion yuan through the IPO, which will be allocated to the construction of production bases for fiberglass products and composite materials, a production project in Spain, and the establishment of a research and development center [5]. Related Party Transactions - China Jushi is identified as the largest supplier to Zhenstone, with procurement amounts from 2022 to 2025 (first half) being approximately 2.112 billion yuan, 1.895 billion yuan, 2.035 billion yuan, and 1.518 billion yuan, constituting a significant portion of the company's operating costs [8]. - The company has also engaged in regular related party transactions with China Jushi, with amounts of approximately 2.811 billion yuan, 2.279 billion yuan, 2.256 billion yuan, and 1.679 billion yuan, representing a substantial percentage of operating costs [9].