新恒泰招股书与公开环评文件信息不符，重要新增项目未披露

Core Viewpoint - Zhejiang Xinhengtai New Materials Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 380 million yuan for capacity expansion and R&D upgrades, but faces scrutiny over the authenticity and compliance of its information disclosure [1] Group 1: Company Overview - Zhejiang Xinhengtai was established in 2008 and is headquartered in Jiaxing, Zhejiang, focusing on the R&D, production, and sales of functional polymer foam materials [1] - The company's product range includes PE Foam, IXPE, and MPP, which are used in construction decoration, new energy, and consumer electronics, and it holds multiple patents and industry qualifications [1] - The company has achieved revenue growth through large-scale production and a diversified customer base, with projected revenue of 774 million yuan in 2024 [1] Group 2: Fundraising and Project Details - The main fundraising project is the "Annual Production of 50,000 Cubic Meters of Microporous Foam New Material Project," with a total investment of 242.32 million yuan, of which 241.35 million yuan is planned to be raised, accounting for 63.5% of the total fundraising [2] - However, the environmental assessment report from Jiaxing's Ecological Environment Bureau indicates that the project is an expansion with a total investment of only 117.64 million yuan, revealing a discrepancy of 124.68 million yuan, which is approximately 1.06 times the reported amount [1][2] - Another fundraising project, the "IXPE Production Line Technical Upgrade and Expansion Project," has an environmental assessment approval showing an annual production capacity of 3,000 tons of IXPE sheets, which corresponds to a reported increase of 30,000 cubic meters, indicating a 35% difference in data [6] Group 3: Environmental and Compliance Issues - The environmental impact report for the R&D center indicates that the approved capacity for IXPE sheet materials in 2023 is 11,000 tons, with an actual output of 10,500 tons, while the prospectus reports a production of 77,700 cubic meters, suggesting a conversion rate of approximately 1,000 cubic meters equals 1,351.4 tons [4] - An important project, the irradiation accelerator relocation and expansion project, with a total investment of 50 million yuan, is directly related to the IXPE production line upgrade but is not mentioned in the prospectus [6]