三度“闯关”终获成功，族兴新材IPO审核顺利通过

Core Viewpoint - Zuxing New Materials Co., Ltd. successfully passed the IPO review at the Beijing Stock Exchange, aiming to raise 208 million yuan for expansion projects in high-purity aluminum powder and high-performance aluminum pigments [1][6]. Company Overview - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, categorized under functional powder materials in the new materials industry [3]. - The company ranks second in the domestic powder coating industry for aluminum silver powder applications and third globally in high-performance aluminum pigment production and sales, marking it as an "invisible champion" [3]. Product Applications - Zuxing's fine spherical aluminum powder is utilized in various sectors, including chemicals, modern pesticides, refractory materials, self-heating materials, new energy (solar electronic slurry), military aerospace (solid propellants, lightweight alloys), and nuclear waste treatment [3]. - The aluminum pigment products are widely used in coatings, printing inks, and plastics, serving industries such as automotive, 3C products, home appliances, aerospace, engineering machinery, and construction materials [5]. Market Position - The company has successfully broken the monopoly of foreign firms like ECKA, Toyo, and Starborn in the mid-to-high-end aluminum pigment market [5]. - Notable clients include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as domestic companies like Songzi Co. and Xiangjiang Paint [5]. Financial Performance - From 2022 to the first half of 2025, Zuxing reported revenues of 629 million yuan, 690 million yuan, 707 million yuan, and 363 million yuan, with net profits of 42.98 million yuan, 64.82 million yuan, 55.86 million yuan, and 30.30 million yuan respectively [6]. - The company meets the IPO listing standards with an expected market value of no less than 200 million yuan and net profits exceeding 15 million yuan in the last two years [6]. IPO Journey - This marks Zuxing's third attempt at an IPO, having previously withdrawn applications for the ChiNext in 2016 and 2020 before successfully applying to the Beijing Stock Exchange [8]. - The IPO process took nearly 9 years and 7 months from the initial application to the successful review, illustrating the company's perseverance [8].