招股书显示，公司本次募投核心项目萧政工出（2023）82号再生环保毛型色纺面料一体化项目、高档环 保再生材料研究院及绿色智造项目拟分别投入募集资金8.00亿元、4.50亿元，合计募资12.50亿元。萧政 工出（2023）82号再生环保毛型色纺面料一体化项目建设期为两年，达产后将形成7500万米/年色素面 料、500万米/年素色面料以及7200吨色纺纱产能。项目通过引入融合传感技术、多电动传动及变频调速 等技术的现代化生产设备，实现生产工艺参数的在线监测与智能调控，全面提升自动化与智能制造水 平，有效降低人工依赖并优化产品质量与生产效率。项目顺应市场对绿色再生及功能性面料需求攀升的 趋势，依托再生纤维、原液着色等技术突破，进一步深化环保工艺在纺织服装领域的应用。作为国内较 早布局再生纤维与色纺纱线的企业，福恩股份将通过项目实施扩大再生面料产能与业务承载能力，巩固 先发优势并提升市场占有率；同步向上游色纺纱线领域延伸，以自主配色能力灵活响应市场趋势，通过 色彩配置、纺纱工艺的动态调整为面料注入差异化价值，进一步公司加强市场开拓能力。 6月24日，杭州福恩股份有限公司（以下简称：福恩股份）深市主板IPO获受理。作为 ...

Core Viewpoint - The IPO application of Hangzhou Fu'en Co., Ltd. has been accepted by the Shenzhen Stock Exchange, with CITIC Securities as the sole sponsor, marking a significant event in the textile industry after a two-year hiatus in A-share IPO projects [1][3]. Group 1: Company Overview - Fu'en Co., Ltd. specializes in eco-friendly fabrics, primarily focusing on recycled materials, and has established itself as a leading player in the domestic market for recycled fabrics, collaborating with major brands like H&M, Uniqlo, and Zara [1][5]. - The company has a comprehensive business model that includes fabric design, research and development, spinning, weaving, dyeing, finishing, and sales [5]. Group 2: Financial Performance - Fu'en's revenue for the years 2022, 2023, and 2024 was reported at 1.764 billion, 1.517 billion, and 1.813 billion yuan respectively, indicating a 14% decline in 2023 followed by a 19.51% recovery in 2024 [5][6]. - The company's net profit for the same years was 277 million, 229 million, and 275 million yuan, showing a similar trend of decline and recovery [9]. Group 3: Market Position and Risks - Fu'en holds a significant market share in the recycled polyester-cotton blended fabric sector, but its revenue is heavily reliant on a few major clients, with approximately 70% of total revenue coming from the top five brands, indicating a concentration risk [11][21]. - The company has faced challenges due to the reduction of physical stores by major fast fashion brands, which may impact future sales [11]. Group 4: Dividend Policy and Ownership Structure - Fu'en's dividend policy has raised concerns, as it distributed 381 million yuan in dividends in 2022, exceeding its net profit for that year, leading to questions about the necessity of its IPO fundraising [12][19]. - The ownership structure is heavily concentrated, with the Wang family controlling approximately 83.89% of the voting rights, raising potential governance issues [19][21]. Group 5: Future Prospects - The company plans to raise 1.25 billion yuan through the IPO, with significant investments earmarked for projects related to recycled fabric production and high-end eco-friendly material research [20][21]. - Fu'en aims to enhance its position in the sustainable fabric market, aligning with global trends towards low-carbon and eco-friendly development [21].