Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. has successfully completed its IPO on the Beijing Stock Exchange after multiple attempts over the past nine years, meeting the necessary issuance and listing conditions [1][3]. Group 1: IPO Process and History - This marks the third attempt at an IPO for Zuxing New Materials, with previous attempts in 2016 and 2020 failing due to the company's withdrawal of application materials [1]. - The company shifted its listing application from the ChiNext board to the Beijing Stock Exchange in March 2025 [1]. Group 2: Financial Performance - Zuxing New Materials reported revenues of 629 million yuan, 689 million yuan, 707 million yuan, and 363 million yuan for the years 2022, 2023, and the first half of 2024, respectively, with net profits of 51.78 million yuan, 86.74 million yuan, 58.72 million yuan, and 35.90 million yuan for the same periods [3]. - The company anticipates a revenue of 788 million yuan for the current year, representing a year-on-year growth of 11.4%, with net profits expected to increase by 39.9% and 33.8% for net profit attributable to shareholders and net profit after deducting non-recurring gains and losses, respectively [3]. Group 3: Use of Proceeds and Investment Plans - The IPO proceeds have been reduced by nearly 20% to 208 million yuan, with the removal of a 40 million yuan project for "supplementing working capital" and a 10 million yuan reduction in the "high-performance aluminum pigment construction project" [3]. - The funds will primarily be allocated to projects including the construction of a 5,000-ton high-purity micro-fine spherical aluminum powder production facility and a 1,000-ton high-performance aluminum pigment for powder coatings [3]. Group 4: Regulatory Scrutiny and Compliance - The listing committee has raised concerns regarding the authenticity of sales and the sustainability of the company's performance, requesting detailed explanations about customer orders and internal control mechanisms [2][4]. - Zuxing New Materials has undergone two rounds of inquiries from the Beijing Stock Exchange, focusing on the sustainability of its performance, the authenticity of sales, and the necessity of fundraising projects [2].