山东东岳未来氢能材料股份有限公司（下称"未来材料"）的科创板IPO申请，正在进入监管层对治理结构、财务质量、关联依赖和技术自 立的实质审视阶段。 2025年6月，未来材料拟募资24.46亿元的IPO计划申报获上交所受理，并于10月披露首轮问询回复。随着问询推进，这些问题并不只关系 到IPO进程的推进节奏，也将被带入后续持续信息披露与市场检验之中。 在"硬科技"与氢能概念并行的背景下，公司一方面具备全氟质子交换膜等核心材料的技术积累，在多项内部及客户验证中对标国际主流厂 商技术指标，招股材料中亦将戈尔等国际企业作为对标对象，技术水平国内领先；另一方面，其业绩波动、关联依存与扩产节奏，也逐步 成为审核关注的集中落点。 这种"未来材料有实控人，东岳集团无实控人"的认定，实质上构建了一道防火墙。如果承认张建宏同时控制东岳集团，那么未来材料与东 岳集团旗下众多氟化工子公司的同业竞争问题将变得无法回避，且关联交易的公允性将受到更严格的穿透式监管。如果二者不存在法律上 的控制链条，发行人就可以在享受东岳集团产业链红利的同时，不受上市审核中关于独立性的硬性门槛约束。 有分析师指出，这种架构使得未来材料在名义上独立，但实际上极 ...

曾几何时，淄博以"鲁C"的荣耀，稳坐山东经济第三把交椅。上世纪90年代其GDP一度跻身全国前30。 然而，随着时代的发展，经济发展的赛道已然切换。 当山东"十五五"规划擘画青岛迈向两万亿、潍坊冲刺万亿、临沂与济宁加速向万亿级城市迈进的全新蓝 图时，淄博，这位昔日的工业强市，却在这份蓝图的关键位置悄然缺席。 淄博日报 2018年成为淄博经济的分水岭，因统计口径调整和落后产能淘汰，其GDP一夜之间骤降近1500亿元。在 山东省内的排名下滑至第7位。 近年来，淄博经济增长面临一定压力。2023年与2024年，全市GDP虽分别实现4561.79亿元和4884.08亿 元，但其增速连续两年低于山东省平均水平。不过，2025年前三季度，GDP达3902.42亿元，增速实现 反超。 相比之下，临沂今年前三季度GDP已达5150.06亿元，济宁4711.6亿元，过去两年间，两市的增速也均稳 定达到或高于全省平均水平，相较淄博领先优势持续扩大。更令人警醒的是，曾经差距明显的菏泽，如 今与淄博的差距已缩至仅103.51亿元，紧追不舍的态势十分明显，淄博传统产业占比偏高的结构性矛盾 日益凸显。 图 黄金时代 淄博的工业基因深植于其 ...

数智赋能绘就乡村振兴新图景 转自：新华网 2025年，山东省地区生产总值即将跨上10万亿大台阶，在"经济大省挑大梁"的征程中写下浓重一笔。从 车间里的智能机械臂到田野间的智慧农业云平台，从黄海之滨的深水良港到内陆腹地的开放枢纽，山东 省扛起稳增长、促转型、惠全局的重任，展现出厚积薄发的战略定力与创新活力。 制造业从"硬核智造"到全球价值链攀升 山东省的工业筋骨，在转型淬炼中愈发强健。面对曾占工业总量70%的传统产业，山东省以"链式思 维"推动技改与创新双轮驱动，全年实施500万元以上技改项目1.2万个，让老树发新枝。在潍柴动力潍 坊总部，氢燃料电池生产线为欧洲重卡注入"绿色动力"，企业海外营收占比稳步提升；淄博东岳集团攻 克全氟质子交换膜技术，成为全球燃料电池产业链关键一环。 "单项冠军"已成为"山东制造"的国际名片。235家国家级制造业"单项冠军"企业产品远销190多个国家， 济南二机床被誉为"世界三大数控冲压装备制造商"之一，烟台万华化学高端MDI产能居世界前列。低空 经济、航空航天产业等新赛道同样蹄疾步稳：日照市低空经济发展依托华东最大低空空域资源(2.3万平 方公里)，形成了以空域资源驱动为核心、无人 ...

Core Viewpoint - The company Future Materials is making its third attempt to list on the STAR Market, aiming to become the third listed company under the "Dongyue System," led by Zhang Jianhong, despite facing significant challenges in the process [1][2]. Group 1: IPO Attempts and Challenges - Future Materials initiated its IPO process in October 2020 but faced interruptions due to the debt issues of its former controlling shareholder, leading to a change in actual control and a halt in the listing plan [2]. - After changing its actual controller to Dongyue Group in September 2023, Future Materials resumed its IPO efforts but faced setbacks due to incomplete application materials and regulatory misunderstandings, resulting in a second withdrawal of its application [2]. - The company submitted its prospectus to the Shanghai Stock Exchange in June 2023 and is currently undergoing the inquiry phase, but it has been included in the 2025 second batch of IPO on-site inspections by the China Securities Association [2][3]. Group 2: Financial Performance and Operational Issues - Future Materials reported a revenue of 640 million yuan in 2024, a decline of 11.23% year-on-year, and a net profit of 165 million yuan, down 28.26%, primarily due to a downturn in the chemical materials industry and increased market competition [5]. - The company's production capacity utilization rates are notably low, with the utilization rate for perfluorinated proton exchange membranes at 45.25% and other key materials at 35.44%, raising questions about the rationale behind its planned fundraising of 2.446 billion yuan for capacity expansion [5]. - The company has also faced challenges in product quality and customer relationship management, with the return and exchange rate of products increasing from 1.41% of revenue in 2022 to 6.18% in 2024, attributed to ongoing product development and quality standard issues [6]. Group 3: Dongyue System Influence - Zhang Jianhong, the founder of Future Materials, is a key figure in the "Dongyue System," which includes Dongyue Group, listed in Hong Kong, and Dongyue Silicon Materials, listed in A-shares, indicating a strong capital network [8]. - The company has a complex ownership structure with Zhang controlling 35.50% of the voting rights through various partnerships, despite a relatively low direct shareholding, which poses risks of diluted control [8]. - Future Materials has significant transactions with related parties, with procurement from Dongyue Group companies accounting for over 65% of its operating costs in recent years, raising concerns about the authenticity of its financial performance and potential conflicts of interest [9].

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has been selected for an IPO site inspection, which is considered one of the strictest IPO reviews, raising concerns about its IPO prospects [1][2]. Group 1: IPO Process and Challenges - Future Materials' IPO application was accepted on June 27, 2023, and it was selected for the second batch of IPO site inspections in 2025 [1]. - The new regulations state that even if a company selected for site inspection withdraws its application, the inspection will still proceed, and regulatory penalties may apply for any issues found [2]. - As of July 18, 2023, Future Materials' IPO review status was updated to "inquiry," indicating that the process is ongoing despite the site inspection [2]. Group 2: Company Performance and Financials - Future Materials has shown overall revenue growth during the reporting period, but 2024 is projected to see a decline in both revenue and net profit compared to 2023 [3]. - Revenue figures for 2022, 2023, and 2024 are 524 million, 721 million, and 640 million respectively, with a year-on-year growth of 37.60% in 2023, but a decline of 11.23% in 2024 [3]. - Net profit for the same years is 143 million, 230 million, and 165 million, with a growth of 60.84% in 2023 and a decline of 28.26% in 2024 [3]. Group 3: Production Capacity and Utilization - The company faces challenges with low capacity utilization rates for its main products, which are critical for its IPO success [6]. - For example, the capacity utilization rates for perfluorinated proton exchange membranes were 9.00%, 10.29%, and 45.25% for 2022, 2023, and 2024 respectively [6]. - Other products also show low utilization rates, such as perfluorinated ion exchange resins at 42.00%, 71.72%, and 53.11% [6]. Group 4: Fundraising and Investment Plans - Future Materials plans to raise 2.446 billion for various projects, including a 3 million m²/a perfluorinated proton membrane project and a 5,000 t/a melt-processable polytetrafluoroethylene (PFA) project [10][12]. - The company aims to significantly increase the production capacity of its high-performance fluorinated functional membranes to meet growing market demand [10]. - However, the necessity of expanding capacity is questioned due to the current low utilization rates of existing production [10][13].

Core Insights - The hydrogen energy industry is gaining significant attention in China, with the Wujiang Economic and Technological Development Zone hosting a meeting to foster collaboration among 28 hydrogen enterprises from Suzhou, Shanghai, and Jiaxing, indicating a strategic focus on the hydrogen sector [1][2] - Hydrogen energy has been legally recognized in China as a key component of the energy transition strategy, with local government plans emphasizing its development as a priority area [1][2] - Wujiang Development Zone is positioned as a crucial growth hub for the hydrogen industry, housing nearly 100 hydrogen-related enterprises and achieving an industry scale close to 10 billion yuan [2][3] Industry Development - The hydrogen energy industry in Wujiang is characterized by a complete supply chain, from production to application, with significant advancements in technology and product offerings [3][4] - Companies like Suzhou Qingqi Technology are leading in catalyst production and have developed high-efficiency alkaline electrolyzers, showcasing the region's technological capabilities [3] - The integration of various hydrogen applications, such as hydrogen-powered bicycles and energy storage systems, is being facilitated through collaboration among local enterprises [4][5] Government Support and Policies - The Wujiang Development Zone has established a 2 billion yuan new energy fund to support the growth of hydrogen enterprises, with a focus on early-stage investments and technological innovation [5] - Talent attraction initiatives include financial support for startups and research facilities, demonstrating the local government's commitment to fostering the hydrogen industry [5] - The development of the hydrogen industry is seen as a strategic choice for Wujiang to enhance its production capabilities and secure a competitive edge in future markets [2][5]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].