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].

在光伏发电应用领域，公司自主研发的光伏边框获得TÜV检测机构莱茵公司颁发的全球首张证书，通过了莱 茵公司2PfG2923标准认证，在耐老化测试、阻燃性能、力学性能等方面均表现优异。与此同时，公司参与制 定了多项行业标准，获得第三批制造业单项冠军示范企业称号，子公司振石华美为国家专精特新"小巨人"企 业。 智通财经APP获悉，6月25日，浙江振石新材料股份有限公司(简称：振石股份)上交所主板IPO已受理。中国 国际金融股份有限公司为其保荐机构，拟募资39.81亿元。 据招股书，振石股份是一家主要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。 经过二十余年的发展，公司已成为全球领先的风电叶片材料专业制造商。根据中国玻璃纤维工业协会统计， 2024年公司风电玻纤织物的全球市场份额超过35%，产销规模全球领先;公司在国内率先规模化生产了风电叶 片主梁用高模玻纤拉挤型材和碳玻混合拉挤型材，为产业进步和行业发展提供系列化解 ...

（原标题：上市公司动态 | 振石股份、林平发展IPO获受理，长川科技披露上半年业绩预告净利同比增 67.54%-95.46%） IPO发行动态 振石股份主板IPO获受理 上交所官网显示，浙江振石新材料股份有限公司主板IPO获受理。根据披露，公司是一家主要从事清洁 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。2022至2024年，公司分别实现营业收 入526,743.69 万元、512,395.29 万元、443,879.18 万元，经营规模较大；实现扣除非经常性损益后归属 于母公司所有者的净利润分别为 57,904.19 万元、70,370.41 万元、59,959.91 万元。此次融资金额39.81 亿元，保荐机构为中国国际金融股份有限公司。 林平发展主板IPO获受理 上交所官网显示，安徽林平循环发展股份有限公司主板IPO获受理。根据披露，公司主要从事包装用瓦 楞纸、箱板纸产品的研发、生产和销售，2022 年度-2024 年度，公司营业收入分别为28.79亿元、28亿 元、248,509.78 万元，净利润分别为15,447.07 万元、21,158.56 万元、1.53亿元，扣除非经常性损益 ...

风电叶片材料专业制造商振石股份冲刺IPO。 6月25日上交所公告，浙江振石新材料股份有限公司(简称"振石股份")沪主板IPO获受理，公司拟募资39.81亿元。 招股书显示，振石股份是一家主要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。振石股份自成立以来，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。 经过二十余年的发展，振石股份已成为全球领先的风电叶片材料专业制造商。根据中国玻璃纤维工业协会统计，2024年振石股份风电玻纤织物的全球市场份 额超过35%，产销规模全球领先；振石股份在国内率先规模化生产了风电叶片主梁用高模玻纤拉挤型材和碳玻混合拉挤型材，为产业进步和行业发展提供系 列化解决方案，推动了风电叶片大型化、轻量化升级和海上风电叶片的发展。 在光伏发电应用领域，振石股份自主研发的光伏边框获得T V检测机构莱茵公司颁发的全球首张证书，通过了莱茵公司2PfG2923标准认证，在耐老化测试、 阻燃性能、力学性能等方面均表现优异。与此同时，振石股份参与制定了多项行业标准，获 ...