Core Viewpoint - Zhenstone Co., Ltd. is pushing for an A-share IPO with plans to raise approximately 39.81 billion yuan, primarily for the construction of production bases and R&D projects in the clean energy sector [1][4] Group 1: Financial Performance - The company's revenue from 2022 to 2024 showed significant fluctuations, with figures of 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan respectively, while net profit for the same period was 774 million yuan, 790 million yuan, and 606 million yuan [1] - For the first three quarters of 2025, the company reported a revenue of 5.397 billion yuan, a year-on-year increase of 77.06%, while net profit was 603 million yuan, up 40.32% [2] Group 2: Dependency on Related Parties - Zhenstone's actual controllers, Zhang Yuqiang and Zhang Jiankang, control 96.51% of the company's shares, with Zhang Jiankang also serving as the chairman [2] - China Jushi, a major supplier, accounted for a significant portion of Zhenstone's procurement, with amounts of 2.112 billion yuan, 1.895 billion yuan, and 2.037 billion yuan from 2022 to 2024, representing an increase in dependency from 68.97% to 76.53% [2][3] Group 3: Regulatory Scrutiny - The company has faced regulatory scrutiny regarding its procurement practices from China Jushi, with inquiries about the fairness of transaction prices and the impact on operational independence [3][4] - The listing review committee has requested detailed explanations regarding the pricing basis and decision-making processes related to transactions with China Jushi [4] Group 4: Debt Levels - The company's asset-liability ratio was relatively high, recorded at 71.53%, 71.30%, 67.77%, and 69.27% from the end of 2022 to mid-2025, primarily due to reliance on bank loans for operational funding [5] - As of June 2025, short-term loans amounted to 1.888 billion yuan, making up 40.30% of current liabilities, while long-term loans totaled 2.788 billion yuan [5]
振石股份IPO拟募40亿 高负债下分红11亿关联交易遭问询
Zhong Guo Jing Ji Wang·2025-11-27 06:53