IPO Review and Registration Progress - Four companies passed the IPO review last week, including two semiconductor firms, Qiangyi Co. and Hengrun Chang, aiming to list on the Sci-Tech Innovation Board and Beijing Stock Exchange respectively [2][3] - Qiangyi Co. focuses on the development and production of probe cards, essential for semiconductor testing, with a high customer concentration where the top five clients contribute about 80% of revenue [2][3] - Hengrun Chang specializes in plasma RF power systems, with revenue projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, although a slight decline in revenue is expected in 2025 due to increased R&D and capacity expansion [3][4] New IPO Applications and Upcoming Listings - Five companies are scheduled for IPO reviews this week, including Zhenstone Co., which plans to raise 3.981 billion yuan, focusing on clean energy materials [5][6] - Zhenstone's revenue is expected to decline from 5.267 billion yuan in 2022 to 4.439 billion yuan in 2024, primarily due to market competition and raw material price fluctuations [6] - Other companies like Yisiwei and Aide Technology are also preparing for IPOs, with Yisiwei's revenue heavily reliant on government subsidies [7][8] New Stock Listings and Subscription Dynamics - Three new stocks are set to be listed this week, including Beikang Detection, Hengkun New Materials, and Nanfang Network Digital, with significant revenue growth reported for Nanfang Network Digital [12][13] - Beikang Detection focuses on non-ferrous metal inspection services, while Hengkun New Materials specializes in key materials for semiconductor manufacturing [12][13] - Two new stocks are scheduled for subscription, including Jingchuang Electric and China Uranium, with China Uranium projected to achieve revenue between 19.5 billion and 20 billion yuan in 2025 [14][15]

Core Insights - This week (November 17-21), five companies are scheduled for IPO meetings, with a focus on various stock exchanges including the Sci-Tech Innovation Board and the Beijing Stock Exchange [1] Group 1: Upcoming IPOs - Five companies are set to present their IPO plans, including Yisiwei on the Sci-Tech Innovation Board, Zhenshi Co. on the Shanghai Main Board, and three companies (Tongling Technology, Jingqiang Technology, and Aide Technology) on the Beijing Stock Exchange [1] - Zhenshi Co. plans to raise the highest amount of 3.981 billion yuan, targeting projects related to fiberglass products, composite materials, and a production facility in Spain [1] - Yisiwei and Tongling Technology aim to raise 1.214 billion yuan and 411 million yuan, respectively [1] Group 2: Company Profiles - Zhenshi Co. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [2] - Yisiwei focuses on the research, production, and sales of automotive manufacturing machine vision equipment [3] - Tongling Technology is involved in the research, production, and sales of automotive interior components [4] - Jingqiang Technology is a major supplier of aluminum-based electromagnetic wire products, primarily producing enameled aluminum wire [4] - Aide Technology specializes in the research, production, and sales of orthopedic medical devices [5]

Group 1: New IPOs - This week, there are two new stocks available for subscription: one from the Shenzhen main board and one from the Beijing Stock Exchange [1] - The Beijing Stock Exchange new stock, Jingchuang Electric, has an issue price of 12.1 yuan and a price-to-earnings ratio of 13.47, while the industry average dynamic P/E ratio is 39 [2] - The Shenzhen main board new stock, China Uranium Industry, is a key player in China's natural uranium supply, focusing on the comprehensive utilization of natural uranium and radioactive co-mineral resources [2] Group 2: Financial Performance - China Uranium Industry reported revenues of 10.535 billion yuan, 14.801 billion yuan, 17.279 billion yuan, and 9.551 billion yuan for the years 2022 to the first half of 2025, with net profits of 1.520 billion yuan, 1.511 billion yuan, 1.712 billion yuan, and 871 million yuan respectively [2] - The compound annual growth rates for revenue and net profit over the last three years are 28.07% and 6.12%, indicating stable growth [2] Group 3: Fundraising and Investment Plans - China Uranium Industry plans to raise 4.11 billion yuan through its IPO, which will be used for natural uranium capacity construction, comprehensive utilization of radioactive co-mineral resources, and to supplement working capital [3] - The projects aim to significantly enhance domestic natural uranium supply security and promote the large-scale and intensive development of the radioactive co-mineral resources industry [3] Group 4: Other IPOs - Five companies are scheduled for IPO meetings this week, including Zhenstone Co., Ltd. and Yisiwei, which are targeting the Shanghai and Science and Technology Innovation boards respectively [4] - Zhenstone Co., Ltd. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, holding over 35% of the global market share in wind power fiberglass fabric [4] - Yisiwei focuses on machine vision products for the automotive manufacturing sector, holding the top market share in China [5]

根据上交所安排，浙江振石新材料股份有限公司（以下简称振石股份）首发事宜将于11月18日接受上交 所上市审核委员会召开的2025年第55次审议会议的审核。这是振石股份IPO进程中向前迈出的关键一 步。 振石股份是一家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，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行业。 对于振石股份此次IPO，舆论方面其实充满了不少的质疑。比如，该公司还未上市，业绩就出现变脸。 其中，振石股份营收持续下滑了两年，且在2024年还出现了营收扣非净利润双双下滑的不利局面。 | 项目 | 2025年6月末 | 2024年12月末 | 2023年12月末 | 2022 年 12 月末 | | --- | --- | --- | --- | --- | | | /2025 年 1-6 月 | /2024 年度 | /2023 年度 | /2022 年度 | | 扣除非经常性损益后归属母 公司股东的净利润(万元) | 39.507.66 | 59. ...

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, marking a significant step towards entering the capital market as a national high-tech enterprise focused on clean energy [2] Group 1: Company Overview - Zhenstone specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering various industries including wind power, photovoltaic power, new energy vehicles, and construction materials [3][4] - The company has established a comprehensive customer network, covering the top ten global wind turbine manufacturers, with domestic clients including Mingyang Smart Energy and Envision Energy, and international clients such as Vestas and Siemens Gamesa [3] Group 2: Production and Technology - Zhenstone has a global production network, with a market share exceeding 35% in wind power glass fiber fabric, maintaining its leading position [4] - The company holds a robust patent portfolio with 32 invention patents and 210 utility model patents, focusing on core technologies such as high-modulus glass fiber fabric weaving [4] Group 3: Strategic Initiatives - The company aims to target the "Four New" markets: new energy generation, new energy vehicle composites, new energy vehicle components, and new material applications, with its fundraising projects directly aligned with these strategic goals [5][6] - The IPO proceeds will enhance the company's asset structure and support business expansion, with a stable revenue range of 4.4 billion to 5.3 billion yuan and a net profit exceeding 600 million yuan [6] Group 4: Future Outlook - Zhenstone is positioned to lead the global market in wind power materials while exploring high-growth areas such as new energy vehicle composites, contributing to the clean energy transition [7] - The company emphasizes innovation and collaboration within the supply chain, ensuring material stability and performance improvements through partnerships with upstream suppliers and downstream manufacturers [7]

Core Viewpoint - The Shanghai Stock Exchange will hold a listing review meeting on November 18, 2025, to assess the initial public offering (IPO) of Zhejiang Zhenshi New Materials Co., Ltd. [1] Company Overview - Zhejiang Zhenshi New Materials Co., Ltd. is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [1]. - The company’s IPO was accepted on June 25, 2025, and entered the inquiry phase on July 19, 2025 [1]. Fundraising and Project Allocation - Zhenshi New Materials aims to raise approximately 3.981 billion yuan through this IPO [1]. - The funds will be allocated to several projects, including: - Construction of a fiberglass product production base - Construction of a composite materials production base - A production project in Spain - Development center and information technology construction projects [1]

Core Viewpoint - After being privatized and delisted from the Hong Kong stock market in 2019, Zhenstone Co., Ltd. is re-entering the capital market after six years, with significant revenue growth and a stable outlook for its performance despite some risks of revenue decline in the coming years [1]. Financial Performance - In the first three quarters of this year, the company achieved operating revenue of 5.397 billion yuan, an annualized increase of 62.13% compared to 2024 [1]. - The net profit after deducting non-recurring gains and losses was 567 million yuan, with an annualized increase of 26.62% compared to 2024 [1]. - The company reported a total asset value of 10.941 billion yuan as of June 30, 2025, up from 9.039 billion yuan at the end of 2024 [2]. - The total liabilities to assets ratio was 69.27% as of June 30, 2025, compared to 67.77% at the end of 2024 [2]. Revenue and Profit Trends - The company anticipates a decline in operating revenue from 2022 to 2024, primarily due to falling sales prices of its main products, but expects a recovery in revenue in the first half of 2025 as prices stabilize [1]. - The operating revenue for 2025 is projected to be 3.275 billion yuan for the first half, down from 4.438 billion yuan in 2024 [2]. Related Party Transactions - Zhenstone Co., Ltd. has significant related party transactions with China Jushi, with the amount of transactions constituting a high percentage of the company's operating costs, ranging from 60.42% to 70.49% over the reporting periods [3]. - The company has begun engaging third-party suppliers for glass fiber procurement, with plans for large-scale purchases from international suppliers starting in 2025 [4]. Bad Debt Provisions - The company has adjusted its bad debt provisions for accounts receivable from Zhongke YN, increasing the provision from 5% to 80% after the client was listed as a dishonest executor [5][10]. - The accounts receivable balance as of June 30, 2025, was 358.185 million yuan, with a bad debt provision of 286.548 million yuan at an 80% provision rate [7]. IPO and Fundraising - Zhenstone Co., Ltd. plans to raise approximately 3.981 billion yuan through its IPO, which will be allocated to various projects including the construction of glass fiber product production bases and a research and development center [10]. Dividend History - Prior to the IPO application, the company distributed significant cash dividends totaling approximately 1.14 billion yuan in 2022 and 2023 [11].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. plans to raise approximately 4 billion yuan through its IPO on the Shanghai Stock Exchange, with uncertainties surrounding its successful listing [3][10]. Company Overview - Zhenstone was previously listed on the Hong Kong Stock Exchange in 2015 and privatized in 2019. The company is currently in the "inquiry" stage of its IPO process [3]. - The company is a major player in the clean energy sector, specializing in fiber-reinforced materials for wind power, photovoltaic power, and other applications [7]. Shareholding Structure - The actual controllers of Zhenstone are Zhang Yuqiang and Zhang Jiankang, who collectively hold 96.51% of the shares. Zhang Jiankang serves as the chairman of Zhenstone [4]. - Zhenstone has significant ties to China Jushi, with a procurement relationship where Zhenstone sourced 68.97% to 76.53% of its materials from China Jushi during the reporting period [4]. Financial Performance - Zhenstone's revenue for the reporting period was 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan, with net profits of 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan, indicating some fluctuations in performance [7]. - The company's revenue is primarily derived from clean energy functional materials, which accounted for over 85% of total revenue from 2022 to 2024 [8]. Accounts Receivable - Zhenstone's accounts receivable have been high, totaling 2.695 billion yuan, 2.566 billion yuan, and 2.333 billion yuan from 2022 to 2024, with over 3 billion yuan as of mid-2023 [8]. Industry Context - The company plans to use 3.706 billion yuan of the IPO proceeds to expand production capacity, despite the industry facing overcapacity issues, with a projected 33.3% overcapacity rate in the wind fiber market by 2024 [9]. - Zhenstone's production capacity utilization rates have varied, ranging from 75.84% to 98.38% during the reporting period [9]. Future Outlook - The company aims to leverage its relationships with major clients like Mingyang Smart Energy and BYD to ensure the absorption of new production capacity [9].

Group 1 - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, with a fundraising target of 3.981 billion yuan [2][3] - The company specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [3] - According to the China Glass Fiber Industry Association, Zhenstone holds over 35% of the global market share for wind power glass fiber fabrics in 2024, ranking first globally [3] Group 2 - The company faced challenges from 2015 to 2018, with revenue fluctuating between 1 billion and 1.5 billion yuan, heavily reliant on overseas markets, particularly Europe [3] - In April 2019, a significant acquisition occurred where Zhang Yuqiang and Zhang Jiankang's company acquired 20,548,000 shares of Zhenstone at a price of 2.50 HKD per share, leading to the company's privatization [3][4] - Following the privatization, Zhenstone underwent restructuring, with a major share transfer agreement signed in August 2020, resulting in a new ownership structure [4] Group 3 - As of April 2023, a series of share transfers were completed, further consolidating control of Zhenstone by Zhang Yuqiang and Zhang Jiankang [5] - The company transitioned to a joint-stock company in June 2023, with the main shareholder being Tongxiang Huajia, which holds 56.27% of the shares [6] - The financial performance forecast for the end of 2024 indicates a net profit attributable to shareholders of approximately 299.6 million yuan, with a basic earnings per share of 0.41 yuan [7] Group 4 - The actual controllers of the company are Zhang Yuqiang and Zhang Jiankang, who collectively control 96.51% of the shares through various entities [8] - Zhang Yuqiang serves as the chairman, while Zhang Jiankang holds the position of general manager [6][8]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) is attempting to re-enter the capital market after a six-year hiatus following its privatization in 2019, facing significant financial pressures and high debt levels during its IPO process [2][3][4]. Financial Performance - Zhenstone's core business focuses on the research, production, and sales of fiber-reinforced materials for clean energy, with revenue and net profit declining significantly in 2024 [3][4]. - The company's revenue figures from 2022 to 2024 were approximately 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, respectively, while net profits were about 774 million yuan, 790 million yuan, and 608 million yuan [3][4]. Debt Levels - As of the end of 2024, Zhenstone's total short-term and long-term borrowings exceeded 4 billion yuan, with an asset-liability ratio consistently higher than the industry average by about 12 percentage points [2][4]. - The asset-liability ratios for the respective years were 71.53%, 71.3%, and 67.75%, compared to industry averages of 58.11%, 52.6%, and 55.7% [4]. Dividend Payments - Prior to the IPO application, Zhenstone distributed substantial cash dividends totaling approximately 1.14 billion yuan over two years, raising concerns about its financial management amid rising debt [5][6]. - The cash dividends for 2022 and 2023 were approximately 540 million yuan and 600 million yuan, representing 69.77% and 75.95% of the respective net profits [6]. Related Party Transactions - Zhenstone's supply chain exhibits a high concentration of related party transactions, with over 68% of its operating costs linked to purchases from related parties, particularly China Jushi [8][10]. - The company purchased goods and services from related parties amounting to 2.643 billion yuan, 2.185 billion yuan, and 2.235 billion yuan from 2022 to 2024, with respective proportions of 66.29%, 57.95%, and 68.59% of operating costs [10]. Governance and Control - The actual controllers of Zhenstone, Zhang Yuqiang and Zhang Jiankang, hold a combined 96.51% stake in the company, raising questions about governance and potential conflicts of interest [5][6].