长裕集团沪主板IPO即将上会，专注于化工新材料领域，2023年业绩下滑

Core Viewpoint - The recent IPO developments of multiple companies on the Shanghai Stock Exchange, including Changyu Group, indicate a growing interest in the chemical new materials sector, particularly in zirconium products and specialty nylon [2][33]. Company Overview - Changyu Group, established in April 2019 and headquartered in Zibo, Shandong Province, focuses on the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [3][6]. - The company is controlled by Liu Qiyong and Liu Ce, who hold 53.20% of the shares [4][5]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 1.669 billion, 1.608 billion, and 1.638 billion CNY respectively, with net profits of 260 million, 196 million, and 215 million CNY [13]. - In the first half of 2025, the revenue was 896 million CNY, showing a decline in 2023 due to a drop in zirconium product prices despite stable sales volume [13][35]. - For the first nine months of 2025, revenue reached 1.321 billion CNY, an increase of 8.49% year-on-year, with net profit growing by 14.78% [13]. Product Segmentation - Zirconium products accounted for 69.78% of the company's revenue in the first half of 2025, while specialty nylon products contributed approximately 20.48% [15][18]. - The sales volume of zirconium products was 52,700 tons in 2022, increasing to 57,300 tons in 2023, and 64,000 tons in 2024 [15][16]. Market Position - Changyu Group holds a market share of approximately 30% in the zirconium products sector, making it a leading player in the industry [24][33]. - The global zirconium market is projected to reach 750 million USD by 2030, indicating significant growth potential [27]. Research and Development - As of June 2025, the company employed 1,163 people, with 112 dedicated to research and development, representing 9.63% of the workforce [23]. - The R&D expenses for the past years were 55.28 million, 50.03 million, 52.31 million, and 27.05 million CNY, with R&D expense ratios of 3.31%, 3.11%, 3.19%, and 3.02% respectively [23]. Competitive Landscape - The zirconium products industry is characterized by strong competition, primarily among private enterprises, with Changyu Group competing against major players like Dongfang Zirconium and Guocera [32]. - The specialty nylon market is also competitive, with significant players including DuPont and Arkema [32].