Core Viewpoint - Zuxing New Materials Co., Ltd. successfully passed the IPO review at the Beijing Stock Exchange, aiming to raise 208 million yuan for expansion projects in high-purity aluminum powder and high-performance aluminum pigments [1][6]. Company Overview - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, categorized under functional powder materials in the new materials industry [3]. - The company ranks second in the domestic powder coating industry for aluminum silver powder applications and third globally in high-performance aluminum pigment production and sales, marking it as an "invisible champion" [3]. Product Applications - Zuxing's fine spherical aluminum powder is utilized in various sectors, including chemicals, modern pesticides, refractory materials, self-heating materials, new energy (solar electronic slurry), military aerospace (solid propellants, lightweight alloys), and nuclear waste treatment [3]. - The aluminum pigment products are widely used in coatings, printing inks, and plastics, serving industries such as automotive, 3C products, home appliances, aerospace, engineering machinery, and construction materials [5]. Market Position - The company has successfully broken the monopoly of foreign firms like ECKA, Toyo, and Starborn in the mid-to-high-end aluminum pigment market [5]. - Notable clients include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as domestic companies like Songzi Co. and Xiangjiang Paint [5]. Financial Performance - From 2022 to the first half of 2025, Zuxing reported revenues of 629 million yuan, 690 million yuan, 707 million yuan, and 363 million yuan, with net profits of 42.98 million yuan, 64.82 million yuan, 55.86 million yuan, and 30.30 million yuan respectively [6]. - The company meets the IPO listing standards with an expected market value of no less than 200 million yuan and net profits exceeding 15 million yuan in the last two years [6]. IPO Journey - This marks Zuxing's third attempt at an IPO, having previously withdrawn applications for the ChiNext in 2016 and 2020 before successfully applying to the Beijing Stock Exchange [8]. - The IPO process took nearly 9 years and 7 months from the initial application to the successful review, illustrating the company's perseverance [8].

Core Viewpoint - Zuxing New Materials Co., Ltd. is set to enter the capital market following the successful review of its IPO application, leveraging its core technology in fine spherical aluminum powder and aluminum pigment products in the non-ferrous metal functional powder materials sector [1][3]. Group 1: Company Overview - Established in 2002, Zuxing New Materials is one of the earliest companies in China to engage in the research and production of fine spherical aluminum powder, with a focus on R&D, production, and sales of aluminum pigments [3]. - The company has an annual production capacity of 25,000 tons for fine spherical aluminum powder and 6,400 tons for aluminum pigments, ranking among the top domestic enterprises [3]. - Zuxing's subsidiary, Qujing Huayixing, achieved a domestic market share of 22.63% and a global market share of 15.03% in 2024, solidifying its position in the industry [3]. Group 2: Technological Advantages - Zuxing New Materials holds 89 authorized patents, including 48 invention patents, and has established itself as a key player in setting industry standards for aluminum pigments [4]. - The company has successfully broken the monopoly of large multinational corporations in high-end products, achieving large-scale production of advanced aluminum pigments [4]. - Its water-based aluminum pigment products for automotive coatings have reached international advanced levels and have been certified under the IATF 16949:2016 automotive quality management system [4]. Group 3: Market Strategy - The company employs a vertically integrated supply chain strategy, ensuring stable raw material supply and high-quality production processes [5]. - Zuxing focuses on the mid-to-high-end market, avoiding low-end market competition, and its aluminum silver powder ranks second in the domestic powder coating industry [5]. - The company has established a global customer network, supplying major multinational paint companies and domestic enterprises [5]. Group 4: Growth Initiatives - The IPO aims to raise 208 million yuan for three strategic projects, including the construction of a high-purity fine spherical aluminum powder production line and a high-performance aluminum pigment project [6]. - The market for fine spherical aluminum powder is expected to grow steadily, with production in China projected to reach 103,000 tons in 2024 [6]. - The company is positioned to benefit from the expanding global nuclear power market through its specialized products for nuclear waste treatment [6]. Group 5: Sustainability Efforts - Zuxing New Materials is committed to green manufacturing, aligning with the industry's low-carbon transformation trends [7]. - Its aluminum silver powder for powder coatings is environmentally friendly and efficient, supporting the production of chemical pesticides and self-heating food packaging [7]. - The successful IPO marks a new development phase for Zuxing, aiming to enhance its global leadership in fine spherical aluminum powder and aluminum pigments while supporting strategic industries like automotive lightweighting and renewable energy [7].

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 84th company to pass the review this year, with a focus on aluminum pigments and fine spherical aluminum powder in the new materials industry [1]. Company Overview - Zuxing New Materials was established in 2007 and specializes in the research and development of aluminum pigments and fine spherical aluminum powder, which are categorized under functional powder materials in the non-ferrous metal sector [1]. - The company's products are utilized in various strategic emerging fields, including chemicals, modern pesticides, refractory materials, self-heating materials, new energy (solar electronic slurry), aerospace (solid propellants, lightweight alloys), and nuclear waste treatment [1]. - The aluminum pigments produced by Zuxing are widely used in coatings, printing inks, and plastics, with applications in automotive, 3C products, home appliances, aircraft, ships, engineering machinery, and construction materials [1]. Shareholding Structure - Liang Xiaobin holds 50,577,500 shares, accounting for 52.14% of the total share capital, making him the controlling shareholder and actual controller of the company [2]. IPO Details - Zuxing plans to publicly issue no more than 23 million shares, with a potential additional issuance of up to 3.45 million shares through an over-allotment option, bringing the total to a maximum of 26.45 million shares [3]. - The company aims to raise approximately 208.11 million yuan, which will be allocated to projects including the construction of a 5,000-ton high-purity fine spherical aluminum powder production facility and a 1,000-ton high-performance aluminum pigment for powder coatings [3]. Regulatory Review - The review committee has requested further clarification on the authenticity of sales, particularly regarding major orders and customer relationships, to ensure compliance with internal control mechanisms [4][5].

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, marking its third attempt to go public since 2016 [1][12]. Group 1: Company Overview - The company focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are categorized under non-ferrous metal functional powder materials in the new materials industry [3][4]. - The company was established in July 2007 and transitioned to a joint-stock company in June 2011. It was listed on the National Equities Exchange and Quotations (NEEQ) in July 2024 [4][14]. - As of June 2025, the company has a total of 603 employees and operates four wholly-owned subsidiaries and one branch [4][14]. Group 2: Shareholding Structure - The controlling shareholder and actual controller of the company is Mr. Liang Xiaobin, who holds 50,577,500 shares, accounting for 52.14% of the total share capital [5][15]. - Mr. Liang has been serving as the chairman and general manager for the past two years, significantly influencing the company's operational decisions [5][15]. Group 3: Financial Performance - The company's revenue for the reporting periods was as follows: CNY 629.41 million in 2022, CNY 689.65 million in 2023, CNY 707.09 million in 2024, and CNY 362.57 million for the first half of 2025 [6][16]. - The net profit attributable to the parent company for the same periods was CNY 51.78 million in 2022, CNY 86.74 million in 2023, CNY 58.72 million in 2024, and CNY 30.30 million for the first half of 2025 [6][16]. - The company reported a total asset value of CNY 956.98 million as of June 30, 2025, with total equity of CNY 799.94 million [7][16]. Group 4: IPO Attempts - The company has made three attempts to go public: the first in April 2016, which was withdrawn before the review; the second in July 2020, which was also withdrawn; and the third attempt in March 2025, which shifted its focus from the ChiNext to the Beijing Stock Exchange [4][14]. Group 5: Listing Standards - The company aims to meet the listing standards set by the Beijing Stock Exchange, which require an expected market value of no less than CNY 200 million, net profits of at least CNY 15 million in the last two years, and an average return on equity of no less than 8% [8][17].

Core Viewpoint - Zuxing New Materials has faced significant challenges in its attempts to go public, with its upcoming listing on the Beijing Stock Exchange being critical for its future, especially after past failures in the A-share market [2][3][10]. Group 1: Listing Journey - Zuxing New Materials has been attempting to list on the A-share market for over eight years, with its latest effort focused on the Beijing Stock Exchange [3][7]. - The company previously attempted to go public in 2017 and 2019 but withdrew its applications due to various challenges, including regulatory scrutiny and performance issues [5][6][9]. - The current listing application requires Zuxing New Materials to meet specific financial criteria, including a minimum market value of 200 million and net profits of at least 15 million over the last two years [10][15]. Group 2: Financial Performance - The company's financial performance has been inconsistent, with net profits fluctuating significantly over the years, impacting its ability to meet listing requirements [9][14]. - In 2023, Zuxing New Materials reported a net profit of 64.82 million, a 50.8% increase year-on-year, but faced a decline in 2024, with net profits dropping to 55.86 million, a 13.8% decrease [14][16]. - The company's average return on equity was below the required 8% in 2022 and 2024, but improved to 9.54% in 2023, allowing it to meet the listing criteria temporarily [15][17]. Group 3: Research and Development - Zuxing New Materials has been criticized for its low investment in research and development, with R&D expenses declining as a percentage of revenue from 2.51% in 2022 to 2.30% in 2024 [22][24]. - Compared to industry peers, the company's R&D spending is significantly lower, raising concerns about its innovation capabilities and sustainability as a high-tech enterprise [23][25]. - The company has faced scrutiny regarding its high-tech enterprise status, as it has not met the required R&D expenditure thresholds to maintain this classification [25][26].

近日，长沙族兴新材料股份有限公司（以下简称"族兴新材"）回复了北交所第二轮审核问询函，涉及业绩可持续性、业绩预测、销售真实性及核查充分性等 问题。同时，该公司向北交所递交了上会稿，将于2025年12月3日迎来IPO"终极大考"。 | 长沙族兴新材料股份有限公司 電受理 2025-04-30 | 已向询 上市委会议 2025-05-30 | 提交流部 | 注册结果 | | --- | --- | --- | --- | | 项目基本信息 | | | | | 代码 | 874405 | 简称 | 族兴新材 | | 公司全称 | 长沙族兴新材料股份有限公司 | 受理日期 | 2025-04-30 | | 审核状态 | 已问询 | 更新日期 | 2025-11-26 | | 保存机构 | 西部证券股份有限公司 | 保存代表人 | 贺斯,李艳军 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 签字会计师 | 贺梦然,刘灵珊,罗其 | | 律师事务所 | 北京国枫律师事务所 | 签字律师 | 海澜,金俊,吴任桓 | | 评估机构 | 中瑞世联资产评估集团有限公司 | 签字评估师 | 饶燕唐靓 | 截至20 ...

Core Viewpoint - Zuxing New Materials Co., Ltd. is set to undergo a listing committee review on December 3, 2025, as a key enterprise recognized for its specialized and innovative capabilities in the new materials industry, focusing on expanding production capacity for high-purity fine spherical aluminum powder and high-performance aluminum pigments [2][14] Company Overview - Established in 2007, Zuxing New Materials has focused on the field of non-ferrous metal functional powder materials for 18 years, creating a dual-driven business model of "aluminum pigments + fine spherical aluminum powder" [5] - The company has developed a robust technical moat with 89 authorized patents, including 48 invention patents and 41 utility model patents, and has played a significant role in setting industry standards [8] Product and Technology - The fine spherical aluminum powder produced by the company is made from high-purity liquid aluminum through a nitrogen gas atomization process, resulting in products with low oxidation, minimal impurities, and excellent spherical shape [6] - The aluminum pigments, derived from fine spherical aluminum powder, are used in coatings, printing inks, and plastics, offering unique color effects and protective properties against UV and infrared light [6] Market Position - Zuxing New Materials ranks third globally and first in China for high-performance aluminum powder pigments, with a diverse product line catering to various industries, including automotive and aerospace [9] - The company has established a strong customer base, including major multinational corporations such as AkzoNobel, PPG, and BASF, particularly in the automotive coatings sector [9] Future Growth and Investment - The IPO fundraising projects aim to address industry pain points and target high-growth areas, with a total investment of approximately 1.01 billion yuan for a project to produce 5,000 tons of high-purity fine spherical aluminum powder [11][12] - The company plans to enhance production capabilities and upgrade product structures towards high-value-added fields, leveraging its technological advancements and market position [13] Strategic Importance - As a national-level specialized and innovative "little giant" enterprise, Zuxing New Materials aligns with national strategies in the new materials sector, which is crucial for emerging industries such as renewable energy and aerospace [13] - The company is positioned to transition from a "material supplier" to a "solution provider," capitalizing on its technological and market advantages to achieve global leadership [14]

深圳商报·读创客户端记者 宁可坚 根据北交所上市委会议11月26日公告，长沙族兴新材料股份有限公司（简称"族兴新材"）将于12月3日上会审议。 11月26日，族兴新材同时披露了第二轮审核问询回复，二轮问询主要涉及业绩可持续性、销售真实性及核查充分性、流动 性风险等。 故公司预计2025年销售费用率将较2024年有所下降，取三年平均值为3.41%，结合预计收入测算销售费用约为2680.75万 元，较2024年略有增加。 问询函还提到，公司2022年至2024年各季度销售收入分布较为平均，无明显的季度波动，2025年半年度扣非归母净利润为 3029.71万元，而公司预测2025年扣非归母净利润为7214.43万元。 北交所要求，说明公司2025年上半年扣非归母净利润不足预测数一半，且各季度销售收入分布较为平均的情况下，预计全 年扣非归母净利润能够达到预测数的合理性，相关预测依据是否充分。 族兴新材则回应称，第三季度业绩增长的因素仍将持续，预计第四季度经营情况仍将保持良好势头。因此公司2025年上半 年扣非归母净利润虽不足预测数一半，但根据第三季度的实际经营情况和第四季度仍将持续保持的情况下，预计全年扣非 归母净利 ...

Industry Overview - Micro-fine spherical aluminum powder is a high-performance aluminum powder material, classified as a non-ferrous metal functional powder material. The industry has seen rapid development and expansion in scale due to the accelerating growth of downstream industries such as new energy vehicles and aerospace [1][4] - The industry began in the 1950s in China, utilizing technology from the former Soviet Union to initiate the industrialization process of spherical aluminum powder. Over decades, the application fields have continuously expanded, and the industrial chain has improved [3] Production and Supply - China has become the world's largest producer of micro-fine spherical aluminum powder, with production capacity and output ranking first globally. In 2024, China's annual output increased from 92,000 tons in 2021 to 109,000 tons, maintaining over 60% of the global total output [5][6] - The market supply of coarse and medium-fine powders is relatively sufficient, while fine powder products, essential for solar electronic paste and high-end aluminum pigments, are in short supply due to stringent standards in particle size control and purity [5][6] Market Size and Growth - The market size of China's micro-fine spherical aluminum powder industry is projected to grow from 2.096 billion yuan in 2019 to 2.835 billion yuan in 2024, with expectations to reach approximately 3.789 billion yuan by 2030 [8][10] Downstream Applications - The primary applications of micro-fine spherical aluminum powder are in aluminum pigments and solar electronic paste, which together account for over 55% of the demand for fine powder (average particle size less than 8µm) [10][12] - The production of aluminum pigments has been increasing, with output rising from 42,000 tons in 2018 to around 60,000 tons in 2024, providing strong momentum for the development of the micro-fine spherical aluminum powder industry [10][12] Competitive Landscape - The industry has significant entry barriers, including technical thresholds and capital requirements, leading to a stable competitive landscape. The market is dominated by companies like Xuyang New Materials and Zuxing New Materials, which together hold over 50% market share [14][16] - Xuyang New Materials leads with a market share of approximately 33.98%, while Zuxing New Materials follows with about 24.27% [14] Development Trends - The industry is expected to trend towards micro-fine and spherical products, with increasing demands for product quality and performance from downstream applications [20] - There is a growing emphasis on environmentally friendly and resource-saving practices, driven by heightened public awareness and regulatory policies [21] - The demand for product diversification and customization is increasing, with new application fields emerging as the quality and fineness of aluminum powder improve [22]

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. is making its third attempt to go public on the A-share market, facing scrutiny over performance fluctuations, sudden dividends, and overlapping identities of customers and suppliers [1][2][3] Financial Performance - In 2024, Zuxing New Materials experienced a 2.53% increase in revenue but a 32.3% decrease in net profit, indicating a phenomenon of revenue growth without profit increase [4] - The company's net profit for the years 2022, 2023, and 2024 was reported as 51.78 million, 86.74 million, and 58.72 million respectively, with a significant drop in 2024 [3][4] - Operating cash flow has been consistently negative, totaling -63.11 million over three years, raising concerns about the company's operational sustainability [4] IPO Details - The company plans to raise no more than 258 million yuan through the IPO, with 40 million yuan allocated for working capital [6] - Prior to the IPO, Zuxing New Materials distributed dividends totaling 19.4 million yuan in 2024 and 2025 [5] Supplier and Customer Dynamics - Zuxing New Materials has a high concentration of suppliers, with the top five suppliers accounting for over 85% of total purchases from 2022 to 2024 [7] - There is a notable overlap between suppliers and customers, particularly with Jinma Aluminum, which has been both a major supplier and customer [8] - The company faces questions from the exchange regarding the rationale behind these overlapping relationships and the legitimacy of transactions with newly established customers [8] Regulatory Concerns - The company has faced multiple penalties related to safety and production issues, highlighting potential risks associated with its operations in the hazardous materials sector [8]