族兴新材IPO上会，以核心技术突破重塑功能粉体材料格局

Core Viewpoint - Zuxing New Materials Co., Ltd. is set to undergo a listing committee review on December 3, 2025, as a key enterprise recognized for its specialized and innovative capabilities in the new materials industry, focusing on expanding production capacity for high-purity fine spherical aluminum powder and high-performance aluminum pigments [2][14] Company Overview - Established in 2007, Zuxing New Materials has focused on the field of non-ferrous metal functional powder materials for 18 years, creating a dual-driven business model of "aluminum pigments + fine spherical aluminum powder" [5] - The company has developed a robust technical moat with 89 authorized patents, including 48 invention patents and 41 utility model patents, and has played a significant role in setting industry standards [8] Product and Technology - The fine spherical aluminum powder produced by the company is made from high-purity liquid aluminum through a nitrogen gas atomization process, resulting in products with low oxidation, minimal impurities, and excellent spherical shape [6] - The aluminum pigments, derived from fine spherical aluminum powder, are used in coatings, printing inks, and plastics, offering unique color effects and protective properties against UV and infrared light [6] Market Position - Zuxing New Materials ranks third globally and first in China for high-performance aluminum powder pigments, with a diverse product line catering to various industries, including automotive and aerospace [9] - The company has established a strong customer base, including major multinational corporations such as AkzoNobel, PPG, and BASF, particularly in the automotive coatings sector [9] Future Growth and Investment - The IPO fundraising projects aim to address industry pain points and target high-growth areas, with a total investment of approximately 1.01 billion yuan for a project to produce 5,000 tons of high-purity fine spherical aluminum powder [11][12] - The company plans to enhance production capabilities and upgrade product structures towards high-value-added fields, leveraging its technological advancements and market position [13] Strategic Importance - As a national-level specialized and innovative "little giant" enterprise, Zuxing New Materials aligns with national strategies in the new materials sector, which is crucial for emerging industries such as renewable energy and aerospace [13] - The company is positioned to transition from a "material supplier" to a "solution provider," capitalizing on its technological and market advantages to achieve global leadership [14]