Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application on the Shanghai Stock Exchange, marking its return to the public market after privatization in 2019 [1] Company Overview - Zhejiang Zhenshi New Materials Co., Ltd. is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [2] - The company has established itself as a global leader in wind power blade materials, holding over 35% of the global market share for wind power fiberglass fabrics in 2024 [2] Financial Performance - The company's operating revenues for the reporting period were 5.267 billion, 5.124 billion, 4.439 billion, and 3.275 billion yuan, with net profits of 579 million, 704 million, 597 million, and 395 million yuan respectively [5] - Total assets as of December 2023 were approximately 8.41 billion yuan, with total equity attributable to shareholders of approximately 2.41 billion yuan [6] Shareholding Structure - The company transitioned from a sole proprietorship to a partnership structure, with significant changes in its shareholding over the years [8][10] - As of the latest report, the controlling shareholder is Tongxiang Huajia, holding 56.27% of the shares, while the actual controllers are Zhang Yuqiang and Zhang Jiankang, who collectively control 96.51% of the shares [15] Business Segments - In the photovoltaic sector, the company's fiber-reinforced materials for solar panel frames are recognized for their low cost, lightweight, and high tensile strength, with increasing market penetration [3]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. (stock code: 688783) has become the first unprofitable company to list on the Sci-Tech Innovation Board, injecting strong vitality into the capital market despite accumulating losses exceeding 2 billion yuan over three years [3][5]. Group 1: Main Business and Products - The company focuses on the research, production, and sales of 12-inch silicon wafers, aiming to become a respected enterprise in the semiconductor silicon materials field. It ranks first in mainland China and sixth globally in terms of monthly shipment volume and production capacity, accounting for approximately 6% and 7% of the global market, respectively [4]. - Its products are utilized in various types of chips, including NAND Flash, DRAM, CPU, GPU, and more, serving applications in smartphones, personal computers, data centers, IoT, smart vehicles, and robotics [4]. Group 2: Financial Data and Indicators - The company reported revenues of 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan for the years 2022, 2023, and 2024, respectively. Corresponding net losses were approximately 411.82 million yuan, 577.97 million yuan, and 737.64 million yuan, with a cumulative loss exceeding 2.067 billion yuan during the reporting period [5]. - As of June 30, 2025, total assets amounted to 17.44 billion yuan, with a debt-to-asset ratio of 52.51% for consolidated statements [6]. Group 3: Historical Development of Equity Partnership - In 2015, a management team with industry background established the Beijing Chip Dynamics Fund to focus on investments in the integrated circuit industry, particularly in display driver chips [7]. - The company underwent a strategic shift from overseas acquisitions to self-operation, with core management and strategic investors taking equity stakes [8][10]. Group 4: Shareholding Structure - As of March 15, 2023, the company transitioned to a joint-stock company with a diverse shareholding structure, including 45 investment partners [12][13]. - By October 22, 2025, the shareholding structure showed that Yiswei Group held 12.73% of shares, while other significant shareholders included Ningbo Yixin and Shaanxi Integrated Circuit Fund [14][15]. Group 5: Incentive and Control Arrangements - The company has implemented an employee incentive program, with 342 employees receiving stock options, representing 2.20% of the total share capital [17]. - The control structure involves a complex arrangement where four individuals control Yiswei Group, which in turn controls the company, highlighting the intricate nature of its governance [18][19].