Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application, highlighting its position as a leading manufacturer of fiber-reinforced materials in the clean energy sector [1][2]. Group 1: Company Overview - Zhenshi New Materials specializes in the research, production, and sales of fiber-reinforced materials for clean energy applications, serving various industries including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1]. - The company has become a global leader in wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024, according to the China Glass Fiber Industry Association [1]. Group 2: Clientele and Market Position - Zhenshi New Materials has a diverse customer base, including major domestic companies such as Mingyang Smart Energy Group, Envision Energy, and China National Materials Group, as well as international clients like Vestas, Siemens Gamesa, and others, covering the top ten wind turbine manufacturers globally [2]. - The company is actively expanding the application of its materials in other clean energy sectors, having developed a photovoltaic frame that received the world's first certification from TÜV Rheinland Group [2]. Group 3: Fundraising and Project Significance - The funds raised from the IPO will be primarily allocated to the construction of fiberglass product production bases, composite material production bases, a facility in Spain, and the establishment of a research and development center [2]. - The implementation of these projects will enhance the company's technological and product advantages in wind turbine blade materials, optimize production capacity, and improve responsiveness to market demands, while also fostering innovation in advanced composite materials for photovoltaic applications [3].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") is pursuing an IPO on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for various projects related to clean energy materials [1][4]. Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [3]. - The company has become a global leader in the manufacturing of wind turbine blade materials, holding over 35% of the global market share for wind fiberglass fabric as of 2024 [3][4]. - Zhenstone has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blades, contributing to advancements in the industry [3]. Group 2: Product Development and Innovation - In the photovoltaic sector, Zhenstone's self-developed solar frame has received the world's first certification from the Rhine Group, demonstrating superior performance in aging resistance, flame retardancy, and mechanical properties [3]. - The company has established multiple production bases globally and has developed high-modulus fiberglass fabric for the world's first 16-megawatt offshore wind turbine, showcasing its commitment to technological breakthroughs [4]. Group 3: Financial Performance - Zhenstone's revenue for the years 2022 to 2024 is reported as 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, respectively, with net profits of 774 million yuan, 790 million yuan, and 608 million yuan [4]. Group 4: Future Plans and Market Strategy - The funds raised from the IPO will be allocated to the construction of production bases for fiberglass products and composite materials, as well as a research center and information technology projects [4]. - Zhenstone aims to leverage its core technologies in clean energy materials to expand production capacity and solidify its market leadership, while also enhancing its global competitiveness through investments in overseas bases [5].