在此之前，A股纺织业IPO一直处在沉寂期。上一家登陆A股的纺织企业还是2023年3月上市的彩蝶实业；同年6月，北江纺织、中鼎纺织主动撤回IPO申请 后，A股纺织业板块一直未有企业申报IPO。 智通财经记者 | 朱咏玲 智通财经编辑 | 楼婍沁 时隔近三年，A股终于打破纺织业企业上市"冰封期"。12月26日，主营环保再生面料的福恩股份在深交所过会，这意味着该公司冲击IPO再近一步。 艾媒咨询CEO兼首席分析师张毅对智通财经表示，纺织业本身周期性强，经过改革开放后几十年的发展，行业整体供应量已经充足；且该行业附加值相对 低，也受下游需求疲软影响，客户集中度风险较高，导致业绩波动明显。 "这也是为何资本较少流向该行业，比起IPO融资，如银行信贷、产业基金等传统金融工具更适合纺织企业的需求。"张毅表示。 他还提到，当下政策对纺织业也无明显倾向，加上IPO审核整体趋严，更聚焦那些具备持续盈利能力、合规性较强的企业，例如高速成长的硬科技赛道。 这些背景都决定了，纺织企业要获得资本市场的认可，不能仅靠传统的OEM和ODM业务模式，还需要构建一个更具吸引力的增长叙事。 "政策契合度上，需要向绿色低碳、循环经济等政策鼓励的方向 ...

Core Viewpoint - Fuen Co., Ltd. has submitted an application for listing on the Shenzhen Stock Exchange, aiming to enter the A-share market, focusing on the production of environmentally friendly recycled fabrics [1] Group 1: Company Overview - Fuen Co., Ltd. originated from a small weaving factory in Jinjiang, Fujian, and has transformed into a comprehensive enterprise involved in fabric design, spinning, weaving, dyeing, finishing, and sales over several decades [1] - The company has successfully penetrated the supply chains of international brands such as H&M, Uniqlo, and ZARA by leveraging its recycled fabrics made from waste clothing and plastic bottles, which are low-carbon and skin-friendly [1] Group 2: Financial Performance - Fuen Co., Ltd. has shown strong financial performance, with revenue projected to grow from 1.764 billion yuan in 2022 to 1.813 billion yuan in 2024, while maintaining net profits above 200 million yuan [3][4] - The company's revenue from recycled fabrics reached approximately 1.5 billion yuan in 2024, accounting for 83.20% of total revenue, with a notable growth rate of 83.20% compared to the previous year [2] Group 3: Challenges - The company faces increasing accounts receivable, with significant debts from major clients such as Huacheng Group and Chenfeng Group, which could impact cash flow and financial stability [4][5] - Rising inventory levels pose a risk of impairment due to market trends and fluctuations in raw material prices, potentially affecting profitability [5] Group 4: Ownership Structure - The ownership structure of Fuen Co., Ltd. is characterized by family control, with over 80% of shares held by Wang Enwei, Wang Neili, and their son-in-law Wang Xuelin [5] - Wang Enwei, the founder, leads the company despite having only a middle school education, while Wang Neili and Wang Xuelin bring international experience and advanced education to their roles [5] Group 5: Market Impact - The listing of Fuen Co., Ltd. may provide consumers with more choices and better quality products, as the company transforms discarded materials into comfortable recycled fabrics [7] - The story of Fuen Co., Ltd. highlights the intersection of fashion and environmental progress, prompting consumers to consider the suppliers behind their clothing [7]