从招股书来看，福恩股份也抓住了这一机遇，目前再生面料产品已成为企业核心业务，其收入占公司总 营收的比例超80%。企业客户均为耳熟能详的国际快时尚巨头，如H&M、优衣库、GU、GAP、Zara等 品牌。其中，仅H&M和优衣库两大品牌的订单，就为福恩股份贡献了一半以上的总营收。招股书中也 列举了多家头部快时尚品牌对于环保面料使用的规划，例如H&M提出，到2030年实现所有原材料均来 自回收或其他可持续材料；优衣库的母公司迅销集团则计划，到2030年将约50%的服装面料替换为环保 再生面料。 此次，福恩股份能被资本市场所接纳，关键在于讲好了传统行业的"再生"故事。招股书披露的财务数据 显示，2022年至2024年及2025年上半年，福恩股份主营业务收入分别为17.42亿元、15.05亿元、18.03亿 元和9.32亿元，归属于母公司所有者的净利润分别为2.77亿元、2.29亿元、2.75亿元和1.05亿元。而据招 股书预测，2025年福恩股份营业收入为17.1亿元。 当前，福恩股份所处的再生面料细分赛道，实力强劲的竞争对手尚不算多。招股书列出的主要竞争对手 包括法国面料商凯蒙、日本东丽在中国设立的子公司以及浙江三元 ...

Core Viewpoint - Fuen Co., Ltd. has submitted an application for listing on the Shenzhen Stock Exchange, aiming to enter the A-share market, focusing on the production of environmentally friendly recycled fabrics [1] Group 1: Company Overview - Fuen Co., Ltd. originated from a small weaving factory in Jinjiang, Fujian, and has transformed into a comprehensive enterprise involved in fabric design, spinning, weaving, dyeing, finishing, and sales over several decades [1] - The company has successfully penetrated the supply chains of international brands such as H&M, Uniqlo, and ZARA by leveraging its recycled fabrics made from waste clothing and plastic bottles, which are low-carbon and skin-friendly [1] Group 2: Financial Performance - Fuen Co., Ltd. has shown strong financial performance, with revenue projected to grow from 1.764 billion yuan in 2022 to 1.813 billion yuan in 2024, while maintaining net profits above 200 million yuan [3][4] - The company's revenue from recycled fabrics reached approximately 1.5 billion yuan in 2024, accounting for 83.20% of total revenue, with a notable growth rate of 83.20% compared to the previous year [2] Group 3: Challenges - The company faces increasing accounts receivable, with significant debts from major clients such as Huacheng Group and Chenfeng Group, which could impact cash flow and financial stability [4][5] - Rising inventory levels pose a risk of impairment due to market trends and fluctuations in raw material prices, potentially affecting profitability [5] Group 4: Ownership Structure - The ownership structure of Fuen Co., Ltd. is characterized by family control, with over 80% of shares held by Wang Enwei, Wang Neili, and their son-in-law Wang Xuelin [5] - Wang Enwei, the founder, leads the company despite having only a middle school education, while Wang Neili and Wang Xuelin bring international experience and advanced education to their roles [5] Group 5: Market Impact - The listing of Fuen Co., Ltd. may provide consumers with more choices and better quality products, as the company transforms discarded materials into comfortable recycled fabrics [7] - The story of Fuen Co., Ltd. highlights the intersection of fashion and environmental progress, prompting consumers to consider the suppliers behind their clothing [7]