Core Insights - The company is actively collaborating with leading clients in the robotics sector for material development and cooperation [1] - The company has already achieved bulk supply of modified engineering plastics and specialty engineering plastics to robotics companies [1] - The supplied materials are primarily used in the limbs, masks, radar, and battery pack housings of robots and robotic dogs [1]

Core Viewpoint - Zhongsu Co., Ltd. is undergoing an IPO process on the ChiNext board, aiming to raise 645 million yuan for capacity expansion and liquidity support, despite declining capacity utilization and concerns over the sustainability of its financial performance [2][6]. Company Overview - Zhongsu Co., Ltd. specializes in modified engineering plastics, supplying materials to notable companies such as Huawei and BYD [2]. - The company has undergone two changes in its proposed listing board within a year, initially planning to list on the Beijing Stock Exchange before switching to the ChiNext board [3][5]. Financial Performance - Revenue and net profit have shown growth from 2022 to 2025, with figures of 493 million yuan, 537 million yuan, 700 million yuan, and 337 million yuan in revenue, and net profits of approximately 52 million yuan, 79 million yuan, 100 million yuan, and 59 million yuan respectively [4]. - Despite this growth, the average selling price of its core products has been declining, raising concerns about future profitability [7]. Capacity Utilization and Inventory - The company's capacity utilization rates have consistently been below 85%, with figures of 72.42%, 76.18%, 84.1%, and 68.37% from 2022 to the first quarter of 2025 [6]. - Inventory levels have increased during the same period, with balances of 54.22 million yuan, 78.99 million yuan, 85.53 million yuan, and 80.45 million yuan, leading to lower inventory turnover rates compared to industry averages [6][8]. Fundraising and Investment Concerns - The planned fundraising of 645 million yuan includes 458 million yuan allocated for expanding production capacity, which is questioned due to the company's underutilized capacity and rising inventory levels [6][7]. - The price of high-performance engineering materials, which contribute over 70% to the company's revenue, has decreased significantly, impacting overall profitability [7][8]. Governance and Management Structure - Zhongsu Co., Ltd. exhibits a family-run management structure, with the controlling shareholders being Zhu Huaicai and his wife, holding over 73% of the company [9][11]. - The company has engaged in several capital operations and share transfers, raising concerns about governance and potential risks associated with family control [10][11].

Core Viewpoint - Nanjing Julong's stock price has shown significant volatility, with a year-to-date increase of 67.30% and recent fluctuations in trading volume and net capital flow [2][3]. Group 1: Stock Performance - As of October 30, Nanjing Julong's stock price decreased by 2.01% to 36.16 CNY per share, with a trading volume of 1.54 billion CNY and a turnover rate of 4.75%, resulting in a total market capitalization of 4.001 billion CNY [1]. - The stock has increased by 11.12% over the last five trading days, 1.15% over the last 20 days, and 10.08% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Nanjing Julong reported a revenue of 1.996 billion CNY, representing a year-on-year growth of 23.78%, and a net profit attributable to shareholders of 101 million CNY, reflecting a 79.46% increase [3]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Nanjing Julong was 20,100, a decrease of 0.61% from the previous period, with an average of 4,397 circulating shares per shareholder, which increased by 0.61% [3]. - The company has distributed a total of 152 million CNY in dividends since its A-share listing, with 69.84 million CNY distributed over the past three years [4]. Group 4: Business Overview - Nanjing Julong, established on April 27, 1999, and listed on February 6, 2018, specializes in the research, production, and sales of polymer new materials and their composites [2]. - The company's main business revenue composition includes modified engineering plastics (45.34%), modified general plastics (35.59%), long glass fiber reinforced materials (8.40%), and other materials [2].

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has applied for listing on the Shenzhen Stock Exchange's ChiNext board, with a fundraising target of 645.49 million yuan, and is currently in the "inquired" review status [1] Group 1: Company Overview - Zhongsu Co. specializes in the research, production, and sales of modified engineering plastics, recognized as a high-tech enterprise and a national-level "little giant" enterprise [1] - The company focuses on high-performance engineering materials and special functional materials, catering to industries such as consumer electronics, energy storage, automotive, and home appliances [1] Group 2: Business Strategy - Zhongsu Co. employs a differentiated product strategy to develop high-value-added modified engineering plastics, addressing the personalized material needs of downstream products [1] - The company aims to leverage its extensive experience in the modified plastics industry to explore innovative application fields, including robotics and low-altitude economy [1] Group 3: Financial Performance - The company has shown continuous growth in revenue and net profit, with projected revenues of 493 million yuan in 2022, 537 million yuan in 2023, 670 million yuan in 2024, and 152 million yuan in the first quarter of 2025 [2] - Net profits are expected to reach 51.71 million yuan in 2022, 78.99 million yuan in 2023, 100 million yuan in 2024, and 25.70 million yuan in the first quarter of 2025 [2] Group 4: Financial Metrics - As of March 31, 2025, total assets are projected to be 713.42 million yuan, with equity attributable to the parent company at 485.67 million yuan [3] - The company's asset-liability ratio has improved significantly, decreasing from 41.82% in 2022 to 17.72% in March 2025 for the parent company [3] - The research and development expenditure as a percentage of revenue has increased from 3.12% in 2022 to 3.88% in the first quarter of 2025, indicating a commitment to innovation [3]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu) has faced a tumultuous path in its IPO journey, with its application for the ChiNext board accepted on September 26, 2023, aiming to raise approximately 645 million yuan [1][3]. Group 1: Business Risks - Zhongsu specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [4]. - Despite being recognized as a "national-level specialized and innovative small giant enterprise," Zhongsu has repeatedly violated environmental regulations, including unauthorized construction and operation [6][7]. - The company has acknowledged issues with temporary structures lacking proper planning permissions, indicating systemic compliance risks [6][9]. Group 2: IPO Path and Strategy - Zhongsu's capital operation has been marked by frequent changes, initially applying for the ChiNext board in October 2023, then switching to the Beijing Stock Exchange in February 2025, before returning to ChiNext [10][12]. - The company attributes these strategic shifts to various factors, including market conditions and development strategies, raising concerns about management decision-making stability [15]. Group 3: Financial Analysis - Zhongsu's revenue growth has been inconsistent, with a compound annual growth rate of 19.11%, below the 30% growth threshold [19]. - The company's accounts receivable to revenue ratio for 2024 is 28.97%, exceeding the industry average of 24.29%, indicating potential issues with cash collection [20]. - Despite a gross margin of 30.63% in 2024, the accounts receivable turnover ratio is only 3.03, below the industry average of 4.11, suggesting aggressive sales strategies that may compromise credit policies [21]. Group 4: Fundraising Intentions - Zhongsu plans to raise approximately 645 million yuan, with 103 million yuan allocated for working capital, which constitutes 15.96% of the total fundraising amount, a notably high percentage for an IPO [22]. - The company has seen a significant increase in construction projects, with a 2890.61% rise in construction in progress, raising questions about potential profit manipulation [24]. Group 5: Tax and Dividend Concerns - Prior to the IPO, Zhongsu's actual controller made a notable move to pay back taxes related to historical stock transfers, highlighting potential tax compliance issues [25]. - The company has not issued cash dividends for seven consecutive years, raising concerns about its financial management and cash flow allocation [26]. Group 6: R&D Investment - Zhongsu's R&D expenditure is only 3.62% of its revenue for 2024, lower than its sales expenses, indicating a lack of commitment to innovation [27]. - The company's revenue growth has slowed significantly in the first half of 2025, with only a 2.93% increase compared to the previous year, suggesting potential growth challenges [29]. Group 7: Shareholding Structure - The shareholding structure shows that the actual controllers, Zhu Huaicai and Deng Lianfang, hold a combined 73.2551% of the shares, leading to concerns about governance risks due to concentrated control [30][32].

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has received approval for its IPO on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics, with applications in various industries including consumer electronics, energy storage, automotive, and home appliances [1][2]. Financial Performance - In 2024, Zhongsu Co. achieved a revenue of 700 million yuan and a net profit of 92.57 million yuan after deducting non-recurring gains and losses [1][2]. - The company's revenue for the years 2022 to 2024 was 493 million yuan, 537 million yuan, and 700 million yuan, with a compound annual growth rate (CAGR) of 19.11% and 37.79% for net profit during the same period [2]. Gross Margin - Zhongsu Co.'s gross margin for its main business was 31.03% in 2024, significantly higher than the industry average of 21.42%, representing a difference of 9.61 percentage points [1][2][3]. - The gross margins for the years 2022 to 2024 were 26%, 31.97%, and 31.03%, respectively, compared to industry averages of 21.15%, 24.31%, and 21.42% [2]. Research and Development - The R&D expense ratios for Zhongsu Co. from 2022 to 2024 were 3.12%, 2.93%, and 3.62%, which were below the industry averages of 4.40%, 4.71%, and 3.92% for the same periods [4]. - As of March 31, 2025, the company had 66 R&D personnel, with 56.06% holding a diploma or lower [4]. Funding and Projects - Zhongsu Co. plans to raise approximately 645.49 million yuan through its IPO to fund projects including the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1].

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising [1] Company Overview - Zhongsu New Materials specializes in the research, production, and sales of modified engineering plastics [1] - The company's main products are utilized in various industries, including consumer electronics, energy storage, automotive, and home appliances [1] - End products include mobile phones, smart wearable devices, tablets, laptops, Bluetooth speakers, energy storage power supplies, new energy vehicles, and home appliances [1] Fundraising and Investment Plans - The company aims to raise approximately 645 million yuan through the IPO [1] - After deducting issuance costs, the funds will be allocated to the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1]

Core Viewpoint - Nanjing Julong Technology Co., Ltd. has shown significant stock price fluctuations and financial performance, with a notable increase in revenue and net profit year-on-year, indicating potential growth opportunities in the polymer materials sector [1][2]. Financial Performance - As of September 19, 2023, Nanjing Julong achieved a revenue of 1.257 billion yuan for the first half of 2025, representing a year-on-year growth of 25.75% [2]. - The company's net profit attributable to shareholders reached 57.3644 million yuan, marking a year-on-year increase of 40.73% [2]. - Cumulatively, the company has distributed 152 million yuan in dividends since its A-share listing, with 69.8396 million yuan distributed over the past three years [3]. Stock Market Activity - On September 23, 2023, Nanjing Julong's stock price decreased by 2.01%, trading at 35.61 yuan per share, with a total market capitalization of 3.916 billion yuan [1]. - The stock has increased by 64.75% year-to-date, but has seen a decline of 4.38% over the last five trading days and 6.80% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 38.8372 million yuan on July 17, 2023 [1]. Business Overview - Nanjing Julong, established on April 27, 1999, specializes in the research, production, and sales of polymer materials and composite materials [2]. - The main revenue sources include modified engineering plastics (45.34%), modified general plastics (35.59%), and other materials [2]. - The company operates within the basic chemical industry, specifically in the plastic and modified plastic sectors, and is involved in various concept sectors such as railway infrastructure and aerospace [2]. Shareholder Information - As of September 19, 2023, the number of shareholders increased to 22,200, with an average of 3,953 circulating shares per person, a decrease of 3.62% from the previous period [2].

Group 1 - The core point of the article is that Guangdong Zhongsu New Materials Co., Ltd. has completed its IPO counseling report and plans to apply for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] - Zhongsu specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1] - The company reported a revenue of 337 million yuan in the first half of 2025, representing a year-on-year growth of 2.93%, and a net profit attributable to shareholders of 59.14 million yuan, up 3.04% year-on-year [1][2] Group 2 - The gross profit margin for the current period is 33.67%, compared to 31% in the same period last year [2] - The weighted average return on equity based on net profit attributable to shareholders is 12.04%, down from 14% in the previous year [2] - The basic earnings per share for the company is reported at 1.60 [2] Group 3 - Liu Xiaoli resigned as the company's board secretary on April 18, 2025, but continues to hold other important management positions [2] - Jin Weina was appointed as the new board secretary on May 9, 2025, after approval from the company's board of directors [2] - Jin Weina has a background in investment banking, having worked at China Investment Securities and China International Capital Corporation before joining Zhongsu [3]