证 券 研 究 报 告 战配家数和比例放宽，下调全年发行数量预测 ——2025年北交所新股申购4月报 研究支持： 吕靖华 A0230124070002 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 2025.05.08 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 4月无新股上市，1-4月无新股首日破发。 (2) 2024年北交所新股申购累计收益率+3.99%（发行新股23只），25年1-4月 新股申购累计收益率+0.32%（仅考虑中签率和涨幅，不考虑产品现金冗余）。 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年4月北交所发行新股1只，募资金额2.36亿；2025年1-4月累计发行新股3只，合计募资金额15.34亿。 (2) 4月4家企业上会通过，环比+3家；3家企业终止，环比-1家；新增受理3家企业。 (3）截止至4月末，已过会未注册企业10家，拟募资20.43亿元；暂无已注册未发行企业。 (1) 4月共1只直接定价新股申购。首发PEttm中值15x，环比上月+113.99%； ...

Core Viewpoint - Zuxing New Materials Co., Ltd. has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 258 million yuan for various projects, despite concerns about the necessity of the funds given its low debt ratio and increasing cash reserves [1][3]. Financial Performance - The company reported revenues of 629 million yuan, 690 million yuan, and 707 million yuan from 2022 to 2024, with net profits of 51.78 million yuan, 86.74 million yuan, and 58.72 million yuan, indicating a decline in net profit by over 30% in 2024 despite revenue growth [3]. - Operating cash flow has been consistently negative during the reporting period, with net cash flows of -9.78 million yuan, -52.47 million yuan, and -0.86 million yuan, attributed to differences in settlement cycles with major clients and suppliers, as well as increased inventory and accounts receivable [2][3]. Research and Development - The company has a low focus on R&D, with R&D expenses as a percentage of revenue at 2.51%, 2.47%, and 2.30%, which is below the average of comparable companies [5]. - In contrast, sales expenses have been increasing, with rates of 3.15%, 3.30%, and 3.77%, also exceeding the average of comparable companies [5]. Employee Structure - A significant portion of the workforce has lower educational qualifications, with 87.74% holding a diploma or below, and only 0.17% having a doctoral degree [6]. - The company employs 579 people, with 16.58% in sales, 50.43% in production, and 14.68% in R&D [6]. Pricing Trends - The average selling prices of the company's main products have been declining, with aluminum pigment prices at 53,300 yuan/ton, 52,000 yuan/ton, and 50,100 yuan/ton from 2022 to 2024 [8][10]. - The selling prices of fine spherical aluminum powder also showed a downward trend, priced at 20,700 yuan/ton, 19,600 yuan/ton, and 20,300 yuan/ton during the same period [8][10]. Regulatory Issues - The company has faced regulatory penalties in the past, including a reprimand from the National Equities Exchange and Quotations for failing to properly disclose significant information during its previous IPO attempt [12][13]. - It has also received minor administrative penalties from local health and safety authorities, which, while not significantly impacting operations, have affected the company's reputation [14].