族兴新材闯关北交所注册生效，财务总监现身专利发明人

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. (Zuxing New Materials) has successfully registered its application for listing on the Beijing Stock Exchange, marking a significant milestone in its capital market journey after several challenges [2][18]. Financial Performance - Zuxing New Materials is a leading enterprise in the field of micro-fine spherical aluminum powder and aluminum pigments in China, with revenue figures for the reporting period (2022 to June 2025) as follows: 629.41 million yuan, 689.65 million yuan, 707.09 million yuan, and 362.57 million yuan, with over 99% of revenue derived from aluminum pigments and micro-fine spherical aluminum powder [2][18]. Project Development - There are doubts regarding the progress of Zuxing New Materials' ongoing projects. The annual production project of 30,000 tons of high-performance metal materials by its wholly-owned subsidiary, Qujing Huayi New Materials Co., Ltd., was reported to have completed construction and testing by July 30, 2021, with a public acceptance report issued between March 7 and April 1, 2022 [3][6][10]. - However, recent government reports indicate that the project is still under review, raising questions about the actual completion status of the second phase of the project [10][25]. Research and Development - Zuxing New Materials has a strong focus on R&D, with a total of 89 authorized patents, including 48 invention patents and 41 utility model patents. R&D expenses during the reporting period were 15.82 million yuan, 17.04 million yuan, 16.28 million yuan, and 8.08 million yuan, representing 2.51%, 2.47%, 2.30%, and 2.23% of revenue, respectively [13][28]. - The company has seen a transfer of employees from various departments to the R&D department, with 11 employees (12.79% of R&D staff) coming from other areas to participate in R&D activities [28]. Management and Patents - The financial director of Zuxing New Materials, Yu Xinchun, has been noted as an inventor on two recent patents, raising questions about the appropriateness of his involvement in technical innovations given his background in finance [14][29][31].