族兴新材IPO：转战北交所，删除0.4亿补流，多次遭遇处罚

Core Viewpoint - Zuxing New Materials Co., Ltd. is preparing for its listing on the Beijing Stock Exchange, focusing on aluminum pigments and fine spherical aluminum powder, with significant applications in various manufacturing sectors, but faces challenges related to financial compliance and operational efficiency [1][11]. Group 1: Company Overview - Zuxing New Materials specializes in the research and development of aluminum pigments and fine spherical aluminum powder, which are widely used in coatings, printing inks, and plastics [1]. - The actual controller, Liang Xiaobin, holds a 52.14% stake and serves as both chairman and general manager, raising concerns about potential risks of improper control [6][3]. - The company has faced multiple administrative penalties and has a history of financial internal control issues, including irregularities in cash management and inventory [6][9]. Group 2: Financial Performance - Revenue growth has slowed, with reported revenues of 629 million yuan, 690 million yuan, and 707 million yuan from 2022 to 2024, reflecting year-on-year growth rates of 27.43%, 9.57%, and 2.53% respectively [19]. - Net profit has fluctuated significantly, with figures of 52 million yuan, 87 million yuan, and 59 million yuan during the same period, showing changes of -18.46%, 67.52%, and -32.31% [19]. - The company has experienced negative operating cash flow for three consecutive years, indicating potential issues with operational quality [22][23]. Group 3: IPO and Fundraising - Zuxing New Materials plans to issue up to 23 million shares to raise approximately 208 million yuan for projects including the construction of high-purity fine spherical aluminum powder and high-performance aluminum pigments [11][14]. - The company has canceled a previously planned 40 million yuan working capital project, raising questions about its financial strategy [15]. Group 4: Compliance and Regulatory Issues - The company has a history of disciplinary actions, including a suspension of stock transfer due to non-compliance with disclosure requirements during its previous listing attempt [9][10]. - Zuxing New Materials has faced multiple administrative fines for safety and compliance violations, highlighting the need for improved operational compliance [18][19]. Group 5: Research and Development - The company's R&D expenses are significantly lower than industry peers, with a research expense ratio of 2.23% in 2024, compared to an industry average of around 3.59% [24][26]. - Zuxing New Materials has been involved in a patent infringement lawsuit, which underscores the importance of intellectual property management in its operations [27][28].