刚刚！IPO审1过1

Core Viewpoint - Zhenhong Heavy Industry (Jiangsu) Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's market entry and growth potential in the wind power sector [1]. Group 1: Company Overview - Zhenhong Heavy Industry specializes in the research, production, and sales of forged wind power main shafts and other large metal forgings, serving various industries including wind power, chemical, machinery, shipping, and nuclear power [4][5]. - The company was established in January 2005 and transitioned to a joint-stock company in May 2022, with a total share capital of 78,650,000 shares prior to the IPO [5]. - As of June 30, 2025, the company has a total of 503 employees and no controlling subsidiaries, with three associated companies [6]. Group 2: Financial Performance - The company's revenue for the reporting period was as follows: 82,717.91 million yuan, 102,518.82 million yuan, 113,612.42 million yuan, and 63,335.21 million yuan, with net profits (excluding non-recurring gains) of 5,809.23 million yuan, 7,147.39 million yuan, 10,205.74 million yuan, and 5,600.83 million yuan [4][8]. - For the fiscal year ending December 31, 2024, the company is projected to achieve a revenue of 1,136,124.17 million yuan and a net profit of 103,566.55 million yuan [3][9]. - The company has shown a consistent increase in revenue and net profit over the past few years, with a gross profit margin of 19.74% projected for 2025 [9]. Group 3: Shareholding Structure - The controlling shareholder and actual controller of the company is Zhao Zhenghong, who directly holds 59.19% of the shares and also has an indirect holding of 0.13% through Jisheng New Energy, totaling 59.31% [7]. Group 4: Listing Standards - The company has chosen to meet the first set of listing standards, which requires a market capitalization 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% [10]. Group 5: Inquiry Issues - The inquiry raised questions regarding the sustainability of performance growth, particularly the impact of raw material price fluctuations on product competitiveness and gross margins, as well as the measures taken to address changes in the wind power industry [11]. - Concerns were also expressed about the negative cash flow from operating activities during the reporting period and the reasons behind the reliance on short-term borrowings [11].