截至招股说明书签署日，巨化集团有限公司(以下简称"巨化集团")直接持有锦华新材80,837,240股股 份，持股比例为82.49%，为锦华新材控股股东。 浙江省人民政府国有资产监督管理委员会(以下简称"浙江省国资委")直接持有巨化集团76.49%股份，通 过杭州钢铁集团有限公司间接持有巨化集团13.51%股权，共计持有巨化集团90.00%股权。浙江省国资 委为浙江省人民政府直属正厅级特设机构，省政府授权省国资委代表省政府履行国有资产出资人职责， 监管省属经营性国有资产。因此，锦华新材的实际控制人为浙江省国资委。 中国经济网北京7月5日讯北京证券交易所上市委员会2025年第13次审议会议于昨日上午召开，审议结果 显示，浙江锦华新材料股份有限公司(以下简称"锦华新材")符合发行条件、上市条件和信息披露要求。 这是今年过会的第31家企业(其中，上交所和深交所一共过会19家，北交所过会12家)。 锦华新材的保荐人、主承销商为浙商证券（601878）股份有限公司，签字保荐代表人为苗淼、廖来泉。 这是浙商证券今年保荐成功的第1单IPO项目。 锦华新材主要从事酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联剂、羟 ...

锦华新材 主要从事酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联剂、羟胺盐、甲氧胺盐酸盐、乙醛肟等。公司控股股东为巨化集团有限公 司，直接持股82.49%；公司实际控制人为浙江省国资委，实际控制人直接持有公司控股股东巨化集团76.49%股份，通过杭州钢铁集团有限公司间接持有巨化集团 13.51%股权，共计持有巨化集团90.00%股权。报告期内，公司营业收入分别为99,397.38万元、111,450.92万元和123,948.15万元，扣非归母净利润分别为7,841.75万 元、17,280.81万元和20,583.24万元。 一、基本信息 文/梧桐数据中心 7月4日，浙江锦华新材料股份有限公司IPO申请获得北交所上市委审核通过。 单位：万元 | 北交所 | | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 酮厉系列精细化学品的 学新材 酮肪5系列精细化学品的 | | 123,948.15 | 20,583.24 | 通过 | 浙商证券/上 ...

精细化工产品也称为"精细化学品",是在基础化学品上进行深加工而制取的具有特定功能、特定用途的化工产品，其直接服务于国民经济的诸多行业和高 新技术产业的各个领域，是当今化学工业中最具活力的新兴领域之一。 向北交所发起冲击的浙江锦华新材料股份有限公司（以下简称"锦华新材"）主要从事酮肟系列精细化学品的研发、生产和销售，产品涵盖硅烷交联剂、羟 胺盐、乙醛肟等。公开信息显示，公司将于7月4日登陆北交所上市委审议会议，接受上市委员们的裁决。 倘若只看最近三年的业绩——锦华新材营收持续增长、利润翻倍，但若将2021年纳入观察时段便能发现，彼时的经营状况才是其巅峰，转折点发生在2022 年，不仅营收下探至10亿元以下，毛利率更是接近砍半。虽然公司2024年营业收入已赶超2021年水平，毛利率也进一步回升，但净利润规模仍不及2021 年，最近两年的高速增长更像是2022年"滑铁卢"所营造的假象。 此外，锦华新材还长期维系着诸多关联采购，因为部分原材料采购价格与市场价及同行采购价存在较大偏差，关联采购公允性屡遭问询。而2024年采用承 兑汇票进行结算收款的比例大幅增加，甚至较2023年提高了23.59个点，更是将公司业绩的真实 ...

精细化工产品也称为"精细化学品"，其产品种类多、附加值高、用途广、产业关联度大，直接服务于国民经济的诸多行业和高 新技术产业的各个领域，是当今化学工业中最具活力的新兴领域之一。 7月4日，浙江锦华新材料股份有限公司（下称"锦华新材"）将在北交所上会。 本次IPO，公司计划募集募投项目包括60kt/a 高端偶联剂项目、500 吨/年JH-2中试项目、酮肟产业链智能工厂建设项目、酮肟 硅新材料重点企业研究院建设项目、营销网络建设项目，投资总额合计77841.03 万元。 IPO日报记者发现，锦华新材是国内硅烷交联剂领域的主要企业，在2022年业绩出现波动后明显提升。此外，公司背靠巨化集 团，实控人是浙江省国资委。 AI制图 市场龙头 公司主要从事酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联剂、羟胺盐、甲氧胺盐酸盐、乙醛肟等。公 司为国内硅烷交联剂、羟胺盐细分领域的龙头企业。 招股书显示，2021年—2024年，公司硅烷交联剂的国内市场占有率分别为 28.30%、32.29%、37.34%。 公司硅烷交联剂产品主要作为关键原料用于生产有机硅密封胶和胶粘剂，终端产品广泛应用于建筑建材、光伏和风电等能源 ...

Core Viewpoint - The article discusses the upcoming IPO of Zhejiang Jinhua New Materials Co., Ltd., highlighting its position in the fine chemical products industry and its growth potential backed by strong market demand and strategic partnerships [2][4][8]. Group 1: Company Overview - Zhejiang Jinhua New Materials Co., Ltd. focuses on the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4]. - The company is a leading player in the domestic silane crosslinking agent and hydroxylamine salt segments, with market shares projected to grow from 28.30% in 2021 to 37.34% in 2024 for silane crosslinking agents [4][6]. Group 2: Financial Performance - The company experienced revenue and profit fluctuations in recent years, with revenues of 1153.26 million yuan in 2021, dropping to 993.97 million yuan in 2022, and then recovering to 1239.48 million yuan in 2024 [6]. - Net profits after excluding non-recurring gains and losses were 244.65 million yuan in 2021, falling to 78.42 million yuan in 2022, and expected to rise to 205.83 million yuan in 2024 [6]. - The gross profit margin showed volatility, with figures of 34.12% in 2021, dropping to 17.72% in 2022, and recovering to 27.94% in 2024 [6]. Group 3: Market Demand and Growth Drivers - The increase in production capacity for silane crosslinking agents and the growing market demand for end products like organic silicone sealants and adhesives in sectors such as construction, photovoltaic, wind power, electronics, and new energy vehicles are key growth drivers [6]. - The company benefits from reduced raw material and energy costs, along with improved production processes, leading to a significant decrease in unit costs and an increase in gross profit margins [6]. Group 4: Strategic Relationships - The company is closely linked to its controlling shareholder, Juhua Group, which holds 82.49% of its shares, and is ultimately controlled by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [8][10]. - The company has significant business interactions with Juhua Group, with related party procurement amounts reaching 305.50 million yuan in 2021, accounting for 37.26% of total procurement [10].

7月4日，浙江锦华新材料股份有限公司（锦华新材）北交所上市将迎来上会，保荐机构是浙商证券。 锦华新材主要从事酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联剂、羟胺盐、甲氧胺盐酸盐、乙醛肟等，是国内硅烷交联剂、羟胺盐细 分领域的龙头企业，前者主要作为关键原料用于生产有机硅密封胶和胶粘剂，后者主要用于生产广谱高效低毒农药和抗菌药物、高效环保金属萃取剂、新型 离子交换树脂和绿色环保型染料。 梳理来看，浙江国资委是实际控制人；从民企变更为国企；洪根曾任董事，其哥哥控制的企业是最大单一客户；募集资金缩水1.75亿元；募资项目遭问询； 曾分红1.47亿元；业绩波动大，今年上半年预计录得双降；前五大客户收入占比过半，单一大客户是关联方；控股股东是第一大供应商；研发费用率低于行 业均值，处在中游水平。 国资委控制。锦华新材实际控制人是浙江省人民政府国有资产监督管理委员会，通过巨化集团持有76.49%股权，通过杭州钢铁集团有限公司间接持有巨化 集团13.51%股权，合计持有巨化集团90%股权，属于典型国有企业。 民企转变为国企。事实上，锦华新材此前并非国企，在2009年4月，第一大股东是衢州联创投资有限公司（后更名 ...

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") is facing scrutiny regarding its financial performance and operational independence as it prepares for its IPO on the Beijing Stock Exchange, with concerns about the sustainability of its earnings and the nature of its related party transactions [2][12]. Financial Performance - Jinhua New Materials reported fluctuating revenues from 2021 to 2024, with revenues of 11.53 billion, 9.94 billion, 11.15 billion, and 12.39 billion respectively, and net profits of 2.45 billion, 0.78 billion, 1.73 billion, and 2.06 billion, indicating a significant drop in 2022 [3][4]. - The company's core products, silane crosslinking agents and hydroxylamine salts, accounted for over 80% of its main business revenue during this period, with silane crosslinking agents alone contributing more than 50% each year [3][4]. - In 2022, the sales price of silane crosslinking agents dropped by 35.41% to 19,700 yuan per ton, leading to a 32.47% decline in sales revenue despite a 4.29% increase in sales volume [6][7]. Market Dynamics - The silane crosslinking agent market is characterized by cyclical demand, heavily influenced by the construction and building materials sector, which is currently experiencing low demand [11]. - The gross profit margin for silane crosslinking agents has shown significant volatility, with margins of 16.21%, 28.45%, and 22.77% from 2022 to 2024, raising concerns about the company's future profitability [7][11]. Related Party Transactions - Jinhua New Materials' largest supplier is Juhua Group, which holds 82.49% of its shares, leading to significant related party transactions that raise questions about the fairness and independence of these dealings [14][15]. - The company has been criticized for purchasing raw materials at prices significantly lower than market rates, suggesting potential preferential treatment that could distort financial performance [15][16]. - The largest customer, Qizhou Silica Chemical Co., Ltd., is also linked to the company's shareholders, further complicating the independence of Jinhua New Materials' operations and raising concerns about the authenticity of its financial results [19][20].