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]

Core Viewpoint - Zuxing New Materials Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with West Securities as the sponsor [3] Company Overview - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are part of the non-ferrous metal functional powder materials in the new materials industry [3] - Major clients include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as notable domestic companies [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be CNY 629.41 million, CNY 689.65 million, and CNY 707.09 million respectively [4] - Net profit attributable to the parent company for the same years is expected to be CNY 51.78 million, CNY 86.74 million, and CNY 58.72 million respectively [4] Financial Metrics - Total assets as of December 31 for 2022, 2023, and 2024 are CNY 873.06 million, CNY 939.95 million, and CNY 954.65 million respectively [5] - Shareholder equity has increased from CNY 635.60 million in 2022 to CNY 773.86 million in 2024 [5] - The company's debt-to-asset ratio has improved from 22.01% in 2022 to 9.91% in 2024 [5] - Gross profit margin is projected to be 21.27% in 2024, slightly down from 21.65% in 2023 [5] IPO Fundraising - The IPO aims to raise CNY 258 million for 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 project [6] Shareholder Information - The controlling shareholder and actual controller is Liang Xiaobin, who holds 52.14% of the company's shares [6]