振石股份冲刺A股IPO：拟募资40亿，关联交易多次遭问询

Core Viewpoint - Zhenstone Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for various projects, including production bases and R&D centers [2][3] Group 1: Company Overview - Zhenstone Co., Ltd. is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, with over 80% of its revenue coming from clean energy functional materials [3][4] - The company has established itself as a global leader in wind turbine blade materials, holding over 35% of the global market share in wind fiber fabric as of 2024 [3][4] Group 2: Financial Performance - The company's revenue has shown significant fluctuations, with reported revenues of 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan from 2022 to 2024, while net profits were 774 million yuan, 790 million yuan, and 606 million yuan during the same period [3][4] - In the first three quarters of 2025, Zhenstone's revenue increased to 5.397 billion yuan, a 77.06% year-on-year growth, driven by a recovery in the wind energy sector [4][5] - Despite revenue growth, net profit only increased by 40.32% to 603 million yuan, indicating a disparity between revenue and profit growth due to various factors including raw material price increases [4][5] Group 3: Supply Chain and Related Transactions - The actual controllers of Zhenstone are Zhang Yuqiang and Zhang Jiankang, who control 96.51% of the company through various entities [6][7] - Zhenstone relies heavily on China Jushi, its largest supplier, with procurement amounts increasing from 2.112 billion yuan in 2022 to 1.532 billion yuan in the first half of 2025, representing a growing dependency [6][7] - Regulatory scrutiny has been directed at the related transactions between Zhenstone and China Jushi, particularly regarding the fairness of pricing and the potential impact on the company's operational independence [6][7][8]