福恩股份推进深主板IPO：再生面料业务夯实基础，扩产与研发支撑长期发展

Core Viewpoint - The textile industry is accelerating its transition towards green manufacturing and a circular economy, with recycled fabrics becoming a crucial part of the apparel supply chain. Hangzhou Fu'en Co., Ltd. is set to launch its initial public offering (IPO) on the Shenzhen Stock Exchange, aiming to leverage capital markets for capacity expansion and capability upgrades [1][4]. Group 1: Business Performance - Fu'en Co. has established a mature business model and stable customer base, with a consistent focus on recycled fabrics. The revenue from recycled fabrics has been increasing year by year, reflecting the alignment of the company's product offerings with the sustainable procurement trends of downstream brands [1][2]. - The company reported revenues of 1.764 billion yuan, 1.517 billion yuan, and 1.813 billion yuan for the years 2022, 2023, and 2024, respectively, with a revenue of 938 million yuan in the first half of 2025. The net profits attributable to shareholders were 277 million yuan, 229 million yuan, and 275 million yuan during the same period, indicating a strong profitability level within the industry [2]. Group 2: Business Structure - Recycled fabrics have become the core revenue source for Fu'en Co., with their contribution to main business income rising to 86.63% by 2024. This increase is linked to global apparel brands raising their usage of recycled materials, showcasing the company's competitive edge and customer loyalty in this niche market [2]. - The company has built a vertically integrated manufacturing system encompassing design, research and development, spinning, weaving, dyeing, and finishing, with production bases in Hangzhou, Nantong, and Vietnam. This setup enhances synergy in delivery control, quality stability, and cost management [2]. Group 3: Fundraising and Future Development - The IPO will primarily fund projects focused on expanding production capacity and enhancing research and development capabilities, with approximately 1.25 billion yuan allocated for integrated projects related to recycled eco-friendly fabrics and a high-end recycled materials research institute [3]. - The implementation of these projects is expected to further increase the production capacity of recycled fabrics and reduce reliance on external sourcing by enhancing in-house raw material production. The R&D initiatives will provide a platform for continuous investment in new material applications, process improvements, and functional fabric development, thereby increasing product value and technical barriers [3]. Group 4: Industry Environment - The textile industry's green transformation trend is clear, with international markets pushing for circular economy development through policies and brand strategies. The application ratio of recycled fabrics in the apparel sector is continuously increasing [3]. - The industry still has room for consolidation, and companies with scalable supply capabilities, stable customer resources, and compliant production systems are more likely to expand market share during industry adjustments. Fu'en Co. is recognized for its market share and representation in the recycled fabric sector [3].