Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for its clean energy-focused operations [1] Company Overview - Zhenstone is a national high-tech enterprise specializing in the research, production, and sales of fiber-reinforced materials for the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1] - The company has become a global leader in manufacturing materials for wind turbine blades, holding over 35% of the global market share in wind power fiberglass fabric as of 2024 [1] Financial Highlights - Projected revenues for Zhenstone are approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods are estimated at around 0.781 billion yuan, 0.793 billion yuan, 0.607 billion yuan, and 0.404 billion yuan [3] Investment Projects - The funds raised from the IPO will be allocated to several projects, including: - Construction of a fiberglass product production base: 1.69977 billion yuan - Construction of a composite materials production base: 1.64825 billion yuan - Production project in Spain: 358.5 million yuan - R&D center and information technology construction: 274.55 million yuan - The total investment for these projects amounts to 3.98107 billion yuan [3] Market Position - Zhenstone has established direct or indirect relationships with the top ten wind turbine manufacturers globally and is one of the first suppliers of fiberglass products to major wind turbine and blade manufacturers in China [2]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan, positioning itself as a leading manufacturer of wind turbine blade materials globally [1]. Company Overview - Zhenstone specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, recognized as a national high-tech enterprise [1]. - The company provides high-quality, innovative solutions across various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and environmental protection [1]. Market Position - According to the China Glass Fiber Industry Association, Zhenstone holds over 35% of the global market share for wind power fiberglass fabrics, leading in production and sales [1]. - The company has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blade main beams, contributing to advancements in the industry [1]. Product Development - Zhenstone's self-developed photovoltaic frames have received the world's first certification from TÜV Rheinland, excelling in aging resistance, flame retardancy, and mechanical performance [1]. Sales and Marketing Strategy - The company employs a direct sales model for market research, customer development, product promotion, and after-sales service, establishing stable partnerships with renowned clients globally [2]. Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including: - Construction of a fiberglass product production base with an investment of 1.69977 billion yuan [3]. - Construction of a composite materials production base with an investment of 1.64825 billion yuan [3]. - A production project in Spain with an investment of 358.5 million yuan [3]. - Development of a research center and information technology infrastructure with an investment of 274.55 million yuan [3]. Financial Performance - The company reported revenues of approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - Net profits for the same periods were approximately 781 million yuan, 793 million yuan, 607 million yuan, and 404 million yuan [4]. Financial Metrics - As of June 30, 2025, total assets are projected to be approximately 1.094 billion yuan, with equity attributable to shareholders of the parent company at around 335.71 million yuan [5]. - The company's debt-to-asset ratio is expected to be 69.27% as of mid-2025, showing a slight decrease from previous years [5].