2 1 Shi Ji Jing Ji Bao Dao·2026-01-05 23:03Group 1 - The core viewpoint of the news is the IPO of Zhixin Co., Ltd. (603352.SH) and Kema Materials (920086.BJ), highlighting their business focus and market positioning in the automotive parts industry [1][5]. - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive stamping parts and related molds, with major products including cold stamping parts, hot-formed parts, and welding assemblies [1][5]. - Kema Materials focuses on the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, aiming to develop new friction materials [5][12]. Group 2 - Zhixin Co., Ltd. has established itself as a significant player in the automotive parts sector in Southwest China, with a projected market share of 6.21% for cabin products, 4.85% for side wall products, and 4.59% for floor products by mid-2025 [5]. - The company has been actively expanding its business in the new energy vehicle sector, collaborating with major automotive manufacturers such as Changan Automobile and Geely, and has seen a continuous increase in new energy vehicle projects from 17 in 2022 to 15 in the first half of 2025 [5]. - Kema Materials is recognized as a leader in the domestic dry friction plate industry, participating in the formulation of national and industry standards, and has established a strong customer base including major domestic clutch manufacturers [12][13]. Group 3 - Zhixin Co., Ltd. plans to use the raised funds for expanding production capacity and technological upgrades across its bases in Chongqing, Ningbo, and Anhui, with a total investment of 10.29 billion yuan allocated for these projects [3]. - Kema Materials intends to invest 1.51 billion yuan in environmentally friendly dry clutch friction materials and 0.55 billion yuan in upgrading its research and development center [10]. - The company faces risks related to customer concentration, with sales to its top five customers accounting for over 68% of its revenue in recent years [6].