浙江振石新材料股份有限公司(以下简称"振石股份")主要从事清洁能源领域纤维增强材料的研发、生产 及销售，主要产品包括清洁能源功能材料及其他纤维增强材料，覆盖风力发电、光伏发电、新能源汽 车、建筑建材、交通运输、电子电气及化工环保等行业。 上交所官网显示，振石股份主板IPO的申请将于11月18日接受发审委的首发审核，不过，这已经不是振 石股份第一次登陆资本市场，此次，是继2019年其从港股完成私有化退市后再次重回资本市场，只不 过，此次的上市地点变成了上交所主板。 自振石股份主板IPO于2025年6月25日获得受理，在经历短短两轮问询之后，便迎来了首发审核，然 而，作为挺过了第二批IPO现场抽查的企业，振石股份却仍有不少问题有待解决。 "振石股份对中国巨石采购玻璃纤维等的金额远超30%的警戒线，另外，振石股份与中国巨石之间还存 在采购电力、关联销售、关联租赁，振石股份的经营独立性实际上已经面临着很大的考验。" 与中国巨石纠缠不清，大量管理人员混同经营独立性待考验 首当其冲的，关联交易成为了振石股份此次备受关注的焦点问题。 报告期各期，振石股份向关联方购买商品、接受劳务发生的经常性关联交易金额分别为281085. ...

Core Viewpoint - The article discusses the financial challenges and market position of Zhenshi Co., a major player in the fiberglass industry, highlighting its reliance on a single supplier, China Jushi, and the implications of its upcoming IPO amidst declining revenues and high debt levels [3][4][23][36]. Group 1: Company Overview - Zhenshi Co. is primarily engaged in the production and sales of fiber-reinforced materials, with over 80% of its revenue coming from clean energy functional materials, including wind power blade materials and photovoltaic materials [5][9]. - The company has a significant dependency on China Jushi for raw materials, with over 76.5% of its procurement coming from this supplier in 2024 [9][10]. - The fiberglass industry is characterized by high concentration, with the top three companies in China, including China Jushi, accounting for approximately 63% of the total production capacity [11]. Group 2: Financial Performance - Zhenshi Co. has experienced a decline in revenue, with a projected decrease of 2.7% in 2023 and 13.4% in 2024, resulting in total revenue of 4.44 billion [23][26]. - The average selling price of clean energy functional materials has dropped by 10.9% in 2023 and 17.8% in 2024, contributing to the revenue decline [26][28]. - The company has reported a significant increase in its debt levels, with interest-bearing liabilities rising to 51.8% of total assets in 2023 [36][37]. Group 3: Market Position and Risks - Despite the challenges, Zhenshi Co. holds a leading position in the global wind power fiberglass fabric market, with a market share exceeding 35% [19]. - The company faces risks related to high levels of related-party transactions, which could potentially harm the interests of minority shareholders if internal controls are ineffective [21]. - The company has a history of high accounts receivable, with over 50% of its revenue tied up in receivables, indicating cash flow challenges [39]. Group 4: Future Outlook - Zhenshi Co. plans to raise approximately 4 billion for expansion projects, including a fiberglass product production base and a composite materials production base, despite existing capacity underutilization [33][34]. - The company has distributed significant cash dividends, totaling 11.4 billion in 2022 and 2023, which raises concerns about its financial sustainability and ability to reinvest in growth [34][35]. - The overall financial health of the company is under scrutiny, with a notable cash flow deficit and increasing reliance on external financing [40][41].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) is attempting to re-enter the capital market after a six-year hiatus following its privatization in 2019, facing significant financial pressures and high debt levels during its IPO process [2][3][4]. Financial Performance - Zhenstone's core business focuses on the research, production, and sales of fiber-reinforced materials for clean energy, with revenue and net profit declining significantly in 2024 [3][4]. - The company's revenue figures from 2022 to 2024 were approximately 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, respectively, while net profits were about 774 million yuan, 790 million yuan, and 608 million yuan [3][4]. Debt Levels - As of the end of 2024, Zhenstone's total short-term and long-term borrowings exceeded 4 billion yuan, with an asset-liability ratio consistently higher than the industry average by about 12 percentage points [2][4]. - The asset-liability ratios for the respective years were 71.53%, 71.3%, and 67.75%, compared to industry averages of 58.11%, 52.6%, and 55.7% [4]. Dividend Payments - Prior to the IPO application, Zhenstone distributed substantial cash dividends totaling approximately 1.14 billion yuan over two years, raising concerns about its financial management amid rising debt [5][6]. - The cash dividends for 2022 and 2023 were approximately 540 million yuan and 600 million yuan, representing 69.77% and 75.95% of the respective net profits [6]. Related Party Transactions - Zhenstone's supply chain exhibits a high concentration of related party transactions, with over 68% of its operating costs linked to purchases from related parties, particularly China Jushi [8][10]. - The company purchased goods and services from related parties amounting to 2.643 billion yuan, 2.185 billion yuan, and 2.235 billion yuan from 2022 to 2024, with respective proportions of 66.29%, 57.95%, and 68.59% of operating costs [10]. Governance and Control - The actual controllers of Zhenstone, Zhang Yuqiang and Zhang Jiankang, hold a combined 96.51% stake in the company, raising questions about governance and potential conflicts of interest [5][6].

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. (Zhenshi) is attempting to re-enter the capital market after a six-year hiatus following its privatization in 2019, but faces significant financial pressures with declining revenues and high debt levels as it seeks to raise approximately 39.81 billion yuan through its IPO [1][4][5]. Financial Performance - Zhenshi's revenue and net profit have shown a downward trend from 2022 to 2024, with revenues of approximately 52.67 billion yuan, 51.24 billion yuan, and 44.39 billion yuan, and net profits of about 7.74 billion yuan, 7.9 billion yuan, and 6.08 billion yuan respectively [4][5]. - The company's asset-liability ratio has remained high, with figures of 71.53%, 71.3%, and 67.75% over the same period, significantly above the industry average by approximately 12 percentage points [5][6]. Debt Situation - As of the end of 2024, Zhenshi's total short-term and long-term borrowings exceeded 40 billion yuan, with short-term borrowings around 15.87 billion yuan and long-term borrowings approximately 24.33 billion yuan [5][6]. Dividend Policy - Despite high debt levels, Zhenshi has distributed substantial cash dividends totaling about 11.4 billion yuan over the past two years, with 2022 and 2023 dividends of approximately 5.4 billion yuan and 6 billion yuan, representing 69.77% and 75.95% of the respective net profits [7][8]. Related Party Transactions - Zhenshi has engaged in significant related party transactions, with amounts of 28.11 billion yuan, 22.79 billion yuan, and 22.56 billion yuan over the reporting periods, constituting 70.49%, 60.42%, and 69.22% of the operating costs [9][10]. - A notable portion of these transactions involves China Jushi, Zhenshi's main supplier of glass fiber, with procurement amounts of approximately 21.12 billion yuan, 18.95 billion yuan, and 20.35 billion yuan, making up 52.98%, 50.24%, and 62.43% of operating costs respectively [10].