Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has officially announced its IPO project on the ChiNext board, aiming to raise 645 million yuan for various high-performance engineering materials projects and R&D initiatives [2][3]. Group 1: IPO and Fundraising - The company plans to use the raised funds for the construction of a smart production base for high-performance engineering materials, expansion of the Jiangxi production base, and establishment of a new materials engineering technology research center [2][3]. - The total investment for these projects is approximately 698.11 million yuan, with 645.49 million yuan coming from the IPO proceeds [3]. Group 2: Business Overview - Established in September 2009, Zhongsu specializes in modified engineering plastics, recognized as a national-level "little giant" enterprise, focusing on R&D, production, and sales [3]. - The company's core products include modified PC, PC/ABS, PA, PPA, PBT, and PET, catering to specific customer needs in various industries such as consumer electronics, energy storage, and automotive [4][5]. Group 3: Financial Performance - From 2022 to Q1 2025, the company's main business revenue showed a steady increase, with figures of 493 million yuan in 2022, 528 million yuan in 2023, 689 million yuan in 2024, and 151 million yuan in Q1 2025 [5][6]. - Net profit grew from 51.71 million yuan in 2022 to 100 million yuan in 2024, indicating strong profitability and growth potential [5][6]. Group 4: Product and Market Dynamics - The gross margin for high-performance engineering materials was 27% in 2024, while for specialty functional materials, it reached 45.54%, highlighting the latter's increasing importance in the product mix [7]. - The company has established partnerships with major clients in the consumer electronics sector, with over 70% of its revenue coming from this segment, including companies like BYD, Huawei, and Xiaomi [5][6]. Group 5: Industry Trends - The modified plastics industry is experiencing growth, with over 25 listed companies in the A-share market as of May 2025, driven by rising demand in automotive and other sectors [7]. - The industry is undergoing a transformation, with leading companies focusing on R&D investment, capacity expansion, and vertical integration to build competitive advantages [7][8].

Core Viewpoint - Zhongsu Co., Ltd. has initiated its IPO process on the ChiNext board, aiming to raise 645 million yuan for various projects and working capital [1][2]. Group 1: Company Overview - Zhongsu Co., Ltd. specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1][2]. - The company’s core products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET, developed to meet specific customer needs [1][2]. Group 2: Financial Performance - From 2022 to Q1 2025, Zhongsu Co., Ltd. reported revenues of 493 million yuan, 537 million yuan, 700 million yuan, and 152 million yuan, with net profits of 48.76 million yuan, 79.24 million yuan, 92.57 million yuan, and 24.24 million yuan respectively [2]. - The company has achieved a compound annual growth rate of 19.11% in revenue and 37.79% in net profit over the last three years [2]. Group 3: IPO Fund Utilization - The IPO proceeds will be allocated to the construction of a smart production base for high-performance engineering materials, expansion of the Jiangxi production base, and establishment of a new materials engineering research center [2][3]. - The smart production base aims to enhance market responsiveness and strengthen the company's competitive position [3]. - The expansion of the Jiangxi production base will significantly increase production capacity and improve supply capabilities in the East China region [3].