刚刚！IPO审1过1

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's future growth in the new materials sector, particularly in aluminum pigments and fine spherical aluminum powder [1][2]. Group 1: Company Overview - The company focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are categorized as functional powder materials in the non-ferrous metal industry [3]. - Established in July 2007, the company transitioned to a joint-stock company in June 2011 and is currently listed on the innovation tier of the National Equities Exchange and Quotations [3]. - As of June 2025, the company has a total of 9.7 million shares and employs 603 people across four subsidiaries and one branch [3]. Group 2: Shareholding Structure - The controlling shareholder and actual controller of the company is Mr. Liang Xiaobin, who holds 50.57 million shares, accounting for 52.14% of the total share capital [4]. - Mr. Liang has been serving as the chairman and general manager, significantly influencing the company's operational decisions [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 629.41 million yuan, 689.65 million yuan, 707.09 million yuan, and 362.57 million yuan, with net profits of 42.98 million yuan, 64.82 million yuan, 55.86 million yuan, and 30.30 million yuan respectively [5][6]. - As of June 30, 2025, total assets amounted to approximately 956.98 million yuan, with total equity of about 799.94 million yuan [6]. - The company reported a gross profit margin of 19.69% and a net profit margin of 35.90 million yuan for the first half of 2025 [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set forth in Article 2.1.3 of the Beijing Stock Exchange's listing rules, which require a market value of no less than 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8% [7]. Group 5: Review Opinions - The review committee raised concerns regarding the authenticity of sales, requesting detailed explanations about major orders, including execution and payment conditions [8]. - The committee also requested further clarification on the compliance of internal control mechanisms within the company's operations [8]. Group 6: Inquiry Issues - Questions were raised about the authenticity of sales revenue, particularly regarding the distribution and scale of customers, as well as the variability in gross margins [9].