Core Viewpoint - The IPO journey of Koma Materials has attracted significant attention due to its fluctuating performance during the reporting period and ongoing concerns regarding its part-time R&D personnel [2] Financial Performance - Koma Materials' main business involves the R&D, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [3] - From 2021 to 2023, Koma Materials reported revenues of 223 million yuan, 202 million yuan, and 199 million yuan, respectively, indicating a continuous decline in revenue [3] - Net profits for the same period were 72.52 million yuan, 41.65 million yuan, and 49.05 million yuan, showing volatility in profitability [3] - In 2022, the company experienced a 9.25% decline in revenue and a 42.57% drop in net profit, attributed to geopolitical issues, rising raw material costs, and a significant decrease in commercial vehicle production [5] - For 2024, Koma Materials projected a revenue of 249 million yuan, a 25.16% increase year-on-year, with a net profit of 68.72 million yuan, reflecting a 55.22% growth [6][7] R&D Personnel Structure - The number of part-time R&D personnel at Koma Materials decreased from 18 in 2021 to 10 in 2023, with a significant portion of their salaries accounted for in R&D expenses [8] - The company has been questioned about the specific roles and rationality of non-full-time R&D personnel, including senior management, and the allocation of their working hours and salary distribution [9][11] - As of the end of 2023, Koma Materials had 56 R&D personnel, with 46 being full-time and 10 part-time, and planned to reduce part-time personnel further in 2024 to enhance focus and efficiency [12][13] Governance and Control - Koma Materials is predominantly controlled by the Wang family, with significant shareholding and key management positions held by family members, raising concerns about potential governance risks [14][15] - The company has faced scrutiny regarding its internal control systems and compliance, particularly concerning the high salaries of executives and past tax evasion issues [16][17] - Koma Materials has stated that it does not engage in practices to evade tax obligations through low-income employees and has rectified previous discrepancies with tax authorities [18]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (hereinafter referred to as "Zhenstone") has completed its IPO counseling filing report with the Zhejiang Securities Regulatory Bureau, with CICC as the counseling institution [2] Group 1: Company Overview - Zhenstone was established in September 2000 and specializes in the research, production, and sales of fiberglass fabrics, primarily used in the wind power sector [2] - The major shareholder, Tongxiang Huajia Enterprise Management Co., Ltd., holds a 56.27% stake, while Zhenstone Holding Group Co., Ltd. owns 39.4% [2] - The company operates seven production bases located in Zhejiang Tongxiang, Henan Xinyang, Egypt Suez, and Turkey Taekildar, exporting products to over 30 countries and regions globally [2] - Zhenstone has established strong business relationships with numerous well-known wind turbine blade manufacturers worldwide [2] Group 2: Financial Control and Compliance - During the reporting period, Zhenstone faced issues related to financial internal control, including fund occupation by related parties and issuance of commercial bills without real transaction backgrounds [4] - By the end of 2023, Zhenstone had rectified these issues through loan repayments, fund recoveries, and correction of improper behaviors, with no new occurrences of financial internal control issues reported thereafter [4] - The company did not face administrative penalties for the aforementioned financial internal control issues and received confirmation letters from various regulatory bodies [4] - Zhenstone has established and effectively implemented internal control systems to prevent financial internal control irregularities and has maintained effective financial reporting internal controls in all significant aspects [4] Group 3: Related Party Transactions - The company engaged in significant related party procurement and was previously managed by Zhenstone Group, which included purchasing fiberglass raw materials from China Jushi and logistics services from Yushi Logistics [5] - Zhenstone has cleaned up unnecessary related transactions before the reporting benchmark date and established an independent business system, strictly controlling related party transactions based on necessity [5]