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]

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]