据上交所官网最新信息，振石股份的主板IPO已进入问询阶段，公司上市进程得以进一步推进。不过，作为第二批IPO现场抽查名单中的企业，振石股份 在此次冲击上市的过程中，正面临着不小的财务压力。 数据显示，2024年公司的营业收入和净利润均出现明显下滑；截至2024年末，公司账上的短期借款与长期借款合计超过40亿元，资产负债率较同行业可比 公司的平均值高出约12个百分点。 值得注意的是，在IPO申报获得受理之前，公司曾于2022年、2023年连续进行大手笔现金分红，两年合计分红金额约达11.4亿元。这些情况也引发了较高 的市场关注度。 业绩承压，负债累累 振石股份的核心业务聚焦于清洁能源领域纤维增强材料的研发、生产与销售，其主要产品涵盖清洁能源功能材料及其他纤维增强材料，应用范围涉及风力 发电、光伏发电、新能源汽车、建筑建材、交通运输、电子电气、化工环保等多个行业。 此次冲刺A股上市，振石股份计划募集资金约39.81亿元，在扣除发行费用后，将投入到玻璃纤维制品生产基地建设、复合材料生产基地建设、西班牙生产 建设以及研发中心及信息化建设等项目中。值得注意的是，在此次冲击A股之前，该公司曾借助恒石控股于2015年12月 ...

| 公司全称 | 浙江振石新材料股份有限公司 | | --- | --- | | 公司简称 | 振石股份 | | 审核状态 | 已问询 | 2024年业绩承压 据了解，振石股份主要从事清洁能源领域纤维增强材料的研发、生产及销售，主要产品包括清洁能源功能材料及其他纤维增强材料，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。公司主板IPO于2025年6月25日获得受理，7月19日进入问询阶段。 此次冲击上市，振石股份拟募集资金约39.81亿元，扣除发行费用后，拟投资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 建设项目和研发中心及信息化建设项目。 值得一提的是，本次向A股发起冲击前，振石股份曾通过恒石控股于2015年12月在香港联交所上市，并于2019年7月完成私有化退市。 业绩表现方面，在闯关IPO的关键时期，振石股份2024年营收、净利却出现下滑。财务数据显示，2022—2024年，振石股份实现营业收入分别约为52.67亿 元、51.24亿元、44.39亿元；对应实现归属净利润分别约为7.74亿元、7.9亿元、6.08亿元。 对此，振石股份在招股书 ...

Group 1 - The China Securities Association recently announced the second batch of companies for on-site inspections for IPOs in 2025, including Zhenstone Co., Ltd., which submitted its application materials at the end of June [1] - Zhenstone Co., Ltd. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, but faces significant challenges regarding its independence due to heavy reliance on China Jushi and its controlling shareholder, Zhenstone Group [2][15] - The company's financial performance has shown a downward trend, with revenue and net profit declining over the past three years, and operating cash flow being negative for two of those years [2][9] Group 2 - Zhenstone's production capacity utilization has been low, projected at just over 80% in 2024, while the company plans to raise 3.98 billion yuan for significant capacity expansion despite existing overcapacity in the industry [2][5] - The company has a high level of accounts receivable, with the balance nearing half of its revenue, indicating potential cash flow issues [10][11] - Zhenstone's cash flow has been poor, with negative operating cash flow in two of the last three years, and a high debt-to-asset ratio, raising concerns about its financial stability [11][12] Group 3 - The company has announced a large cash dividend of 1.14 billion yuan prior to its IPO application, which is approximately 73% of its net profit for the same period, raising questions about its financial prudence [12][13] - Zhenstone's reliance on China Jushi for raw material supply is significant, with over 68% of its purchases coming from this single supplier, which poses risks to its operational independence [15][16] - The management team of Zhenstone has strong ties to China Jushi, with many executives having backgrounds in the parent company, further complicating the company's independence [17] Group 4 - The company has faced scrutiny regarding its pre-IPO capital increases, with concerns about the valuation and potential conflicts of interest among management [19][20] - Zhenstone's financial internal control has been questioned due to instances of irregularities, including improper financial practices, although the company claims to have taken corrective actions [23] - The upcoming on-site inspection raises uncertainty about Zhenstone's IPO prospects, given the various issues highlighted [23]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application, highlighting its position as a leading manufacturer of fiber-reinforced materials in the clean energy sector [1][2]. Group 1: Company Overview - Zhenshi New Materials specializes in the research, production, and sales of fiber-reinforced materials for clean energy applications, serving various industries including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1]. - The company has become a global leader in wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024, according to the China Glass Fiber Industry Association [1]. Group 2: Clientele and Market Position - Zhenshi New Materials has a diverse customer base, including major domestic companies such as Mingyang Smart Energy Group, Envision Energy, and China National Materials Group, as well as international clients like Vestas, Siemens Gamesa, and others, covering the top ten wind turbine manufacturers globally [2]. - The company is actively expanding the application of its materials in other clean energy sectors, having developed a photovoltaic frame that received the world's first certification from TÜV Rheinland Group [2]. Group 3: Fundraising and Project Significance - The funds raised from the IPO will be primarily allocated to the construction of fiberglass product production bases, composite material production bases, a facility in Spain, and the establishment of a research and development center [2]. - The implementation of these projects will enhance the company's technological and product advantages in wind turbine blade materials, optimize production capacity, and improve responsiveness to market demands, while also fostering innovation in advanced composite materials for photovoltaic applications [3].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise approximately 3.98 billion yuan, focusing on the clean energy sector and advanced composite materials [1] Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for clean energy applications [1] - The company has become a global leader in manufacturing wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024 [1][2] - Zhenstone has established stable partnerships with renowned clients both domestically and internationally, including Mingyang Smart Energy, Envision Energy, Vestas, and Siemens Gamesa [2] Group 2: Technological Advancements - In 2023, Zhenstone successfully developed high-modulus fiberglass fabric for ultra-long blades used in a domestically developed 16 MW offshore wind turbine [2] - The company has been involved in setting multiple industry standards and has received recognition as a "Little Giant" enterprise in specialized and innovative manufacturing [2] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including the construction of fiberglass product production bases and a composite materials production base, totaling approximately 398.1 million yuan [3][4] Group 4: Financial Performance - Zhenstone's projected revenues for 2022, 2023, and 2024 are approximately 5.27 billion yuan, 5.12 billion yuan, and 4.44 billion yuan, respectively, with net profits of about 781 million yuan, 793 million yuan, and 610 million yuan [4] - As of the end of 2024, the total assets are expected to reach approximately 904.21 million yuan, with a debt-to-asset ratio of 67.75% [5]