Group 1 - Chongqing International Composite Materials Co., Ltd. has established production bases globally, with an annual production capacity of over 1.2 million tons of fiberglass new materials, widely used in renewable energy, construction, and transportation sectors [1] - Top Automotive Chassis Systems (Chongqing) Co., Ltd. focuses on lightweight chassis systems for new energy vehicles, providing support for local manufacturers in the southwest region [1] - Since the 14th Five-Year Plan, Chongqing has accelerated its green transformation, aiming to build a modern industrial system centered on advanced manufacturing, while promoting carbon reduction and pollution control [1] Group 2 - Chongqing Smart Industry Park, a national-level green industrial park, hosts over 900 enterprises and has formed multiple green industry clusters, including new displays and intelligent equipment manufacturing [2] - The park achieved an industrial output value of 18.69 billion yuan in the first half of the year, with strategic emerging industries accounting for over 70% of this value [2] - The park is focused on creating a complete new display industry chain, from liquid crystal materials to finished products, and has introduced several key projects and research platforms [2] Group 3 - Chongqing is developing a modern manufacturing cluster system, emphasizing smart connected new energy vehicles and advanced materials, with strategic emerging industries accounting for 36.1% of the industrial added value [3] - The Longshou Economic and Technological Development Zone is a pilot for "near-zero carbon parks," with companies implementing CO2 capture systems and achieving significant reductions in emissions and economic benefits [3] - Chongqing has established 51 green factories, with their output value accounting for 46.2% of the industrial output value [3] Group 4 - Since the 14th Five-Year Plan, Chongqing has built a gradient cultivation system for green factories, with 170 national-level green factories and 16 green industrial parks established [4] - National-level green factories contribute 29.5% to the city's industrial output value, while the city has implemented over 6,000 industrial transformation projects [4] - Energy consumption per unit of industrial added value has decreased by 12.3% over the first four years of the 14th Five-Year Plan, with a year-on-year decrease of 4.5% in the first half of 2025 [4]

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. (Zhenshi Shares) is making a high-profile return to the A-share market after a six-year privatization, aiming to raise 3.981 billion yuan despite concerns over its declining revenue and strong ties with China Jushi and Zhenshi Group [1][2][24]. Group 1: Company Background and History - Zhenshi Shares, originally established as Hengshi Limited in September 2000, faced losses from 2000 to 2003 before restructuring and forming a partnership with Zhenshi Group in 2004 [5][6]. - The company successfully listed on the Hong Kong Stock Exchange in December 2015, but struggled with revenue stagnation and liquidity issues, leading to its privatization in 2019 [7][9][10]. Group 2: Financial Performance - Zhenshi Shares reported revenues of 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan for 2022, 2023, and 2024 respectively, indicating a continuous decline in revenue [16][19]. - The company’s net profit for the same period was 781 million yuan, 793 million yuan, and 610 million yuan, with a notable 23.11% decrease in 2024 [20][23]. Group 3: Debt and Cash Flow - The company has seen a significant increase in accounts receivable, with 2024 figures showing that nearly half of its revenue was on credit, leading to cash flow challenges [2][21]. - Zhenshi Shares adjusted its debt structure, reducing short-term debt while increasing long-term loans by 13.18 billion yuan, a growth of 118.19% [3][22]. Group 4: Dividend Distribution - Prior to the IPO, Zhenshi Shares distributed approximately 1.14 billion yuan in dividends over 2022 and 2023, with a significant portion benefiting the controlling shareholders [4][21]. Group 5: Related Party Transactions - The company has a high dependency on related party transactions, with over 60% of its procurement costs linked to China Jushi and Zhenshi Group, raising concerns about its independence [24][25].