中国上市公司网/文 自2025年以来，我国密集出台了一系列新能源政策，构建了市场机制、基础设施融合、产业技术和数字 赋能四大协同推进的矩阵。从市场化改革激发活力，到硬件基础设施升级奠定转型基础;从产业链和技 术突破提供长远支撑，再到数字化手段优化系统效率，全方位推动新能源产业迈向高比例、高质量发展 新时代。这一系列政策为清洁能源领域纤维增强材料行业创造了良好的发展环境，市场需求持续攀升， 行业前景一片光明。浙江振石新材料股份有限公司(以下简称：振石股份)作为该领域的佼佼者，恰逢其 时地迎来重大发展契机。 深耕清洁能源，铸就行业典范 振石股份是一家专注于清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业。自创立伊 始，公司便围绕清洁能源领域的前沿应用，从材料端发力，为下游应用源源不断地提供高品质、创新性 的解决方案。其产品应用范围广泛，覆盖风力发电、光伏发电、新能源汽车、建筑建材、交通运输、电 子电气及化工环保等多个行业。 在风力发电领域，经过二十余年的深耕细作，振石股份已成为全球领先的风电叶片材料制造商。2024 年，公司风电玻纤织物全球市场份额超过35%，稳居全球第一，产销规模在全球范围内遥遥领先 ...

11月18日，上交所官网显示，振石股份IPO上会审议获通过。在此次冲刺A股上市前，振石股份的前身 恒石有限，曾于2015年12月通过恒石控股在港股上市，并于2019年7月私有化退市。此次A股上市招股 书显示，振石股份拟募资39.81亿元，主要用于玻璃纤维制品生产基地建设、复合材料生产基地建设及 西班牙生产基地建设、研发中心及信息化建设项目等项目。 招股书显示，在业绩上，振石股份近年波动明显，进入2025年以后，振石股份业绩改善明显，但净利润 增长及经营活动产生的现金流量净额并未出现同步增长。值得一提的是，振石股份董事长张健侃同时兼 任中国巨石董事，其父张毓强控股的振石控股集团有限公司持有中国巨石16.88%股份，为后者第二大 股东，中国巨石亦为振石股份最大供应商，双方之间的采购交易也曾多次受到监管关注。南都湾财社记 者也就振石股份未来业绩增长是否具有可持续性及关联交易等方面问题向振石股份发去采访函，截至发 稿时未获回应。 主营业务集中度高 净利润、经营活动现金流与营收增长不同步 招股书信息显示，振石股份是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新 技术企业。主营收入主要来自清洁能源功能材 ...

11月18日，浙江振石新材料股份有限公司主板IPO申请获得上交所上市委审核通过。值得一提的是，振石股份曾于2015年在香港联交所主板上市，2019年私 有化退市。那么这家曾在香港上市后又退市，6年后选择主板上市的公司的股权合伙是怎么安排的呢？本文结合该公司招股说明书申报稿进行简要分析介 绍。 三、股权合伙的历史沿革情况 （1）恒石有限公司（振石股份前身）设立 恒石有限成立于2000 年 9 月，设立时的注册资本为 310.00 万美元，全部由唐兴华出资。恒石有限设立时的股权结构如下: 一、主要业务、主要产品或服务 | 序号 | 股东名称 | 出资额(万美元) | 出资比例(%) | | --- | --- | --- | --- | | 1 | 唐兴华 | 310.00 | 100.00 | | 序号 | 股东名称 | 出资额(万美元) | 出资比例(%) | | | 合计 | 310.00 | 100.00 | 浙江振石新材料股份有限公司是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业。公司自成立以来，围绕清洁能源领域的 前沿应用，从材料端为下游应用持续提供高品质、创新性的解决方案 ...

北京商报讯（记者 马换换 王蔓蕾）近日，上交所官网显示，浙江振石新材料股份有限公司（以下简 称"振石股份"）主板IPO提交注册，公司冲击上市进入最后一关。 据了解，振石股份是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企 业。公司主板IPO于2025年6月25日获得受理，当年7月19日进入问询阶段，2025年11月18日上会获得通 过，并于11月19日提交注册。 本次冲击上市，振石股份拟募集资金约39.81亿元，扣除发行费用后的净额将全部应用于玻璃纤维制品 生产基地建设项目、复合材料生产基地建设项目、西班牙生产建设项目、研发中心及信息化建设项目。 ...

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 received approval for its IPO on the Shanghai Stock Exchange, with China International Capital Corporation as the sponsor [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, recognized as a national high-tech enterprise [5] - The company has been providing high-quality and innovative solutions for downstream applications in various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [5] Group 2: Market Position - After over 20 years of development, Zhenstone has become a specialized manufacturer of materials for wind turbine blades, holding a global market share of over 35% in wind power fiberglass fabric as of 2024, leading in production and sales scale [6] Group 3: Regulatory Requirements - The Shanghai Stock Exchange requires Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis, decision-making processes, and procurement prices from third parties [3] - The company must also address its dependency on China Jushi, including procurement prices, proportions, and customer certification requirements [3] - Additionally, Zhenstone is required to evaluate the impact of rising fiberglass prices from China Jushi and the capacity expansion of major customers on its future performance stability [3]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 77th company to pass the review this year [1][2]. Company Overview - Zhenshi Co. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, becoming a global leader in wind turbine blade materials after over 20 years of development [2]. - The company is a national high-tech enterprise, providing innovative solutions across various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [2]. Shareholding Structure - As of the signing date of the prospectus, Tongxiang Huajia holds 832.43 million shares, representing a 56.27% stake, making it the controlling shareholder [2]. - The actual controllers of the company are Zhang Yuqiang and Zhang Jiankan, who together control 96.51% of the shares through various entities [2]. IPO Details - Zhenshi Co. plans to publicly issue no less than 16.44 million shares and no more than 49.31 million shares, with the public offering accounting for 10% to 25% of the total shares post-issuance [2]. - The company aims to raise approximately 398.11 million yuan for projects including the construction of production bases for fiberglass products and composite materials, a production project in Spain, and the establishment of a research and development center [2]. Regulatory Review Insights - The listing committee raised questions regarding the fairness of related party transactions with China Jushi, particularly concerning pricing and procurement processes [3]. - Concerns were also expressed about the company's dependency on major clients and the potential impact of rising raw material prices on future performance stability [3].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for various projects in the clean energy sector [1] Financial Performance - The company reported revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and projected 4.439 billion yuan in 2024, indicating a decline in revenue over the years [1] - Net profits were 774.4 million yuan in 2022, 790.2 million yuan in 2023, and are expected to decrease to 606.3 million yuan in 2024 [1] - Basic earnings per share are projected to drop from 0.84 yuan in 2022 to 0.41 yuan in 2024 [1] - The weighted average return on equity is expected to decline from 37.08% in 2022 to 22.78% in 2024 [1] Investment Projects - The funds raised from the IPO will be allocated to the construction of a fiberglass product production base, a composite materials production base, a production project in Spain, and the establishment of a research and development center along with information technology projects [1]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") has successfully passed the IPO review by the Shanghai Stock Exchange, marking a significant step for the company in the clean energy materials sector [1][4]. Company Overview - Established in September 2000, Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for the clean energy sector [4]. - Zhenstone has become a global leader in the manufacturing of wind turbine blade materials, holding over 35% of the global market share for wind fiberglass fabric as of 2024 [4]. Product Development and Innovation - The company has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blades, contributing to advancements in blade size, weight reduction, and offshore wind turbine development [4]. - In the photovoltaic sector, Zhenstone's self-developed photovoltaic frames received the world's first certification from the Rhine Group, demonstrating superior performance in aging resistance, flame retardancy, and mechanical properties [4]. Client Relationships - Zhenstone has established stable partnerships with renowned clients globally, including domestic companies like Mingyang Smart Energy, Envision Energy, and international firms such as Vestas and Siemens Gamesa [5]. Technological Advancements - The company holds a total of 32 invention patents and 210 utility model patents, with 21 core technologies that fill domestic gaps, including advanced weaving techniques for high-weight fabrics and high-modulus fiberglass [5]. Financial Performance - For the first three quarters of 2023 to 2025, Zhenstone reported revenues of 5.124 billion yuan, 4.439 billion yuan, and 5.397 billion yuan, with net profits of 790 million yuan, 606 million yuan, and 603 million yuan respectively [6]. - The company aims to raise 3.981 billion yuan through its IPO to fund the construction of production bases for fiberglass products and composite materials, as well as a research and development center [6]. Strategic Goals - Zhenstone plans to leverage its core technologies in clean energy materials to expand production capacity and solidify its market leadership [6]. - The company is also focusing on enhancing its supply capabilities in Europe, a key region for wind energy development, to boost its global competitiveness and brand influence [6].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 3.981 billion yuan for its operations in the clean energy sector [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy field and is recognized as a national high-tech enterprise [1] - The company’s IPO was accepted on June 25, 2025, and entered the inquiry stage on July 19, 2025 [1] Group 2: IPO Details - The company plans to raise around 3.981 billion yuan through its IPO [1] - The listing committee has requested Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis and decision-making processes [1] Group 3: Risk Considerations - The listing committee has asked the company to address its dependency on China Jushi for raw materials and whether the risk disclosures are adequate [1] - Zhenstone is also required to explain the potential impact on its future performance stability due to rising prices of glass fiber from China Jushi and the capacity expansion of major customers [1]