Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, but concerns regarding the sustainability of its sales and the authenticity of its financial performance have been raised [4][5][9]. Group 1: Company Overview - Zuxing New Materials specializes in the research, production, and sales of fine spherical aluminum powder and aluminum pigments, which are used in coatings, inks, and plastics [5]. - The company has submitted its registration for listing on December 29, 2025, after meeting the issuance and listing conditions set by the Beijing Stock Exchange [4]. Group 2: Financial Performance - The average selling price of fine spherical aluminum powder is projected to decline from 20,700 RMB/ton in 2022 to 20,300 RMB/ton in 2024, while aluminum pigments are expected to decrease from 53,300 RMB/ton to 50,100 RMB/ton over the same period [5]. - Gross margins for fine spherical aluminum powder are forecasted to be 4.66%, 5.60%, and 4.07% from 2022 to 2024, which are lower than comparable companies [6]. - The company anticipates a gross margin of only 3.98% for the entire year of 2025 based on sales data from January to September [6]. Group 3: Fundraising and Investment Plans - Of the 200 million RMB raised, 82.42 million RMB is allocated to a project for producing 5,000 tons of high-purity fine spherical aluminum powder, which has a gross margin of approximately 5% [7]. - The total expected investment for three projects is 272.60 million RMB, with 208.10 million RMB expected to be raised [7]. Group 4: Customer Concentration and Credit Risks - A significant concentration of customers using the "Zuxing" brand name raises concerns about the authenticity of sales, as several distributors have been long-term partners [9][10]. - The company has reported overdue accounts receivable, with some clients having overdue amounts for over three years, which raises questions about credit risk [10][11]. - The top five customers' sales thresholds have been decreasing over the years, indicating potential instability in customer relationships [13]. Group 5: Regulatory Compliance and Market Position - Zuxing New Materials claims to meet the standards set by the Beijing Stock Exchange for profitability and market valuation, with projected net profits of 64.82 million RMB and 55.86 million RMB for 2023 and 2024, respectively [15][16]. - However, the company’s reported investment income significantly influences its profitability metrics, which may not reflect sustainable operational performance [16]. Group 6: Sales Performance and Market Dynamics - The sales of fine spherical aluminum powder in the solar electronic paste sector have dramatically decreased from 44.48 million RMB in 2022 to 12.15 million RMB in 2024, raising concerns about the reliability of sales figures [17]. - Shanghai Jinyida New Energy Co., Ltd., a new customer, contributed significantly to sales despite being established only recently, which raises questions about the consistency of Zuxing's sales performance [17][18].
族兴新材IPO提交注册 销售真实性、业绩可持续性仍需关注
Sou Hu Cai Jing·2026-01-12 02:15