走进重庆国际复合材料股份有限公司的玻璃纤维制品车间，4条智能化生产线正高速运转，一卷卷雪白 的玻璃纤维织物源源不断走下生产线。"公司在全球多个国家和地区建立了生产基地，玻璃纤维新材料 年产能超过120万吨，产品广泛运用于新能源、建筑、交通等领域。"重庆国际复合材料股份有限公司副 总经理刘伟廷说。 几公里外，拓普汽车底盘系统（重庆）有限公司同样是一派忙碌景象。自动化机械手臂正在流水线上抓 取全铝底盘零部件进行操作，一块块新能源汽车轻量化底盘整齐排列。该公司底盘车间总经理赵万岗 说，公司研发生产的轻量化底盘系统模块产品，为西南地区新能源汽车企业提供配套支持。 追新逐绿，重庆制造业高质量发展动能澎湃。"十四五"以来，重庆加快经济社会发展全面绿色转型，着 力构建以先进制造业为骨干的现代化产业体系，协同推进降碳减污、扩绿增长，持续擦亮新型工业化绿 色底色，国家重要先进制造业中心建设不断迈出新步伐。 重庆数智产业园是国家级绿色工业园区，集聚企业900多家，形成了新型显示、新型光电子、智能装备 制造、消费品工业等多个绿色产业集群。记者在园区内的重庆惠科金渝光电科技有限公司采访时看到， 各类智能显示屏产品科技感十足。惠科金渝 ...

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].