现金不多，负债不少。 作者 | 白猫 编辑 | 小白 聊起玻纤行业，中国巨石（600176.SH）的名声可谓响当当，这是全球产能最大的玻纤供应商。有人 说，全球每三块风电叶片里，就有一块用它的玻璃纤维。 目前，中国巨石有一家"兄弟"企业正在谋求A股上市，叫振石股份。它的前身是恒石有限，曾于2015 年12月通过恒石控股实现联交所上市，后于2019年7月私有化退市。 2025年6月，振石股份的沪市主板IPO申请获受理，目前处于问询阶段，保荐人为中金公司。 与中国巨石"一家亲"，七成以上原材料依赖 振石股份成立于2000年，主要从事纤维增强材料的研产销。增强材料，可简单理解为可以增加刚性和 强度的材料。 公司主要产品为清洁能源功能材料和其他纤维增强材料。其中清洁能源功能材料收入占总营收比重超 过80%，根据下游应用领域分类包括风电叶片材料和光伏材料等。 风电叶片材料主要有纤维织物以及拉挤型材，它们在壳体、主梁、叶根以及预埋件腹板等风电叶片主 要承力结构的关键区域被大量使用。 | 产品名称 | 产品图示 | 产品介绍 | | --- | --- | --- | | 纤维织物 | | 纤维织物是由纤维纱线经过缝编工艺 ...

Core Viewpoint - The article highlights the significant investment and expansion of Zhejiang Wanli Carbon Fiber Intelligent Equipment Co., Ltd. in the carbon fiber industry, particularly through a new project in Altay, Xinjiang, with a total investment of 5 billion yuan [1][2]. Group 1: Project Overview - The new carbon fiber project in Altay, Xinjiang, will cover an area of 1,500 acres and include a factory space of 360,000 square meters, aiming for an annual production capacity of 60,000 tons of precursor and 30,000 tons of carbon fiber [2]. - The project is expected to be fully operational within three years, with some production lines set to start outputting carbon fiber by the end of this year [2]. Group 2: Previous Projects - Zhejiang Wanli Carbon Fiber has previously established projects in Zhejiang, Liaoning, and Inner Mongolia, including: - A joint venture in Tongxiang, Zhejiang, with an investment of 1.08 billion yuan, targeting an annual output of 10 million square meters of carbon fiber woven fabric and 6,000 tons of pultruded profiles [3]. - A project in Fuxin, Liaoning, with an investment of 2.78 billion yuan, focusing on carbon fiber fabrics and composite materials [3]. - An ongoing project in Wuhai, Inner Mongolia, with a total investment of 4 billion yuan, aiming for an annual production of 28,000 tons of carbon fiber [3]. Group 3: Market Dynamics - The carbon fiber market has shifted from a supply-demand imbalance to a focus on sales capabilities, indicating a need for new project operators to manage investment and production pacing effectively [4]. - There is a notable supply-demand gap in large tow and T300 products, while high-performance carbon fibers like T700 remain in short supply [4].