Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (hereinafter referred to as "Zhenstone") has completed its IPO counseling filing report with the Zhejiang Securities Regulatory Bureau, with CICC as the counseling institution [2] Group 1: Company Overview - Zhenstone was established in September 2000 and specializes in the research, production, and sales of fiberglass fabrics, primarily used in the wind power sector [2] - The major shareholder, Tongxiang Huajia Enterprise Management Co., Ltd., holds a 56.27% stake, while Zhenstone Holding Group Co., Ltd. owns 39.4% [2] - The company operates seven production bases located in Zhejiang Tongxiang, Henan Xinyang, Egypt Suez, and Turkey Taekildar, exporting products to over 30 countries and regions globally [2] - Zhenstone has established strong business relationships with numerous well-known wind turbine blade manufacturers worldwide [2] Group 2: Financial Control and Compliance - During the reporting period, Zhenstone faced issues related to financial internal control, including fund occupation by related parties and issuance of commercial bills without real transaction backgrounds [4] - By the end of 2023, Zhenstone had rectified these issues through loan repayments, fund recoveries, and correction of improper behaviors, with no new occurrences of financial internal control issues reported thereafter [4] - The company did not face administrative penalties for the aforementioned financial internal control issues and received confirmation letters from various regulatory bodies [4] - Zhenstone has established and effectively implemented internal control systems to prevent financial internal control irregularities and has maintained effective financial reporting internal controls in all significant aspects [4] Group 3: Related Party Transactions - The company engaged in significant related party procurement and was previously managed by Zhenstone Group, which included purchasing fiberglass raw materials from China Jushi and logistics services from Yushi Logistics [5] - Zhenstone has cleaned up unnecessary related transactions before the reporting benchmark date and established an independent business system, strictly controlling related party transactions based on necessity [5]