长江商报消息 ●长江商报记者 徐佳 功能粉体材料行业公司长沙族兴新材料股份有限公司（以下简称"族兴新材"）第三次向A股发起冲刺。 日前，北交所对族兴新材发出首轮审核问询函。这是公司第三次冲刺A股IPO，此前的2016年和2020 年，族兴新材曾两次计划在创业板上市。 长江商报记者注意到，三冲IPO，族兴新材业绩波动、突击分红、客户与供应商身份重叠等问题，备受 监管关注。 自2007年成立以来，族兴新材一直致力于铝颜料和微细球形铝粉的应用研究和产品开发，相关产品属于 新材料产业中的有色金属功能粉体材料。 长江商报记者注意到，三冲IPO，族兴新材首先面临业绩波动、现金流问题。招股书显示，2022年至 2024年，族兴新材分别实现营业收入6.29亿元、6.9亿元、7.07亿元，归属于母公司股东的净利润（下 称"净利润"）5177.89万元、8673.94万元、5871.77万元，扣除非经常性损益后的净利润（下称"扣非净 利润"）4298.04万元、6481.95万元、5586.34万元。 其中，2024年，族兴新材的营业收入、净利润和扣非净利润同比分别变动2.53%、-32.3%、-13.8%，出 现增收不增利的现 ...

Group 1 - Company "Zuxing New Materials Co., Ltd." has submitted its prospectus for an IPO on the Beijing Stock Exchange, with West Securities as the sponsor [1][2] - The company is based in Changsha, Hunan Province, and focuses on the research and development of aluminum pigments and fine spherical aluminum powder [1][5] - As of May 9, 2025, there are 146 A-share listed companies registered in Hunan, with 86 of them located in Changsha, significantly higher than other cities in the province [1] Group 2 - Zuxing New Materials was established in 1998 and has evolved from its predecessor, Shenzhen Zuxing, which was one of the first companies in China to enter the aluminum pigment industry [5][6] - The company has 579 employees as of the end of 2024, with approximately 50% in production roles [5] - The company plans to raise approximately 258 million yuan through the IPO to fund projects for high-purity fine spherical aluminum powder and high-performance aluminum pigments [8] Group 3 - The main products of Zuxing New Materials include aluminum pigments and fine spherical aluminum powder, with revenue contributions of 47.65% and 52.35% respectively in 2024 [10][11] - The company's revenue has shown growth over the past few years, with figures of approximately 629 million yuan, 690 million yuan, and 707 million yuan for 2022, 2023, and 2024 respectively [11] - The net profit for the same years was approximately 51.78 million yuan, 86.74 million yuan, and 58.72 million yuan, indicating fluctuations in profitability [11] Group 4 - Zuxing New Materials has a competitive edge in the high-end aluminum pigment market, with a gross margin of 39.95% for aluminum pigments in 2024, compared to a lower margin of 4.07% for fine spherical aluminum powder [11][15] - The company faces competition from both domestic and international players in the aluminum pigment and fine spherical aluminum powder markets [11][15] - In 2022, China's aluminum pigment production reached approximately 53,200 tons, making it the largest producer globally [15][16] Group 5 - The company relies heavily on a few suppliers, with over 76% of its procurement coming from Yunnan Aluminum Co., Ltd., indicating a risk of supplier concentration [18][19] - Zuxing New Materials has established a diverse customer base, including major multinational companies in the coatings industry [21] - The company has experienced negative cash flow from operating activities over the past three years, primarily due to increasing accounts receivable and inventory levels [21]

铝颜料，也称为铝粉颜料，特指一类具备耀眼金属光泽及独特的片状颗粒构造的金属铝粉末（铝银粉）或铝粉浆（铝银浆）。铝颜料按其表面 改性剂的不同分为漂浮型铝颜料、非浮型铝颜料、水性铝颜料、树脂包覆型铝颜料四大类；按其粒径大小分为细白银、细闪银和粗闪银；按其 存在状态分为铝银粉（又称为片状铝粉）、铝银浆（铝膏）、真空镀铝悬浮液和条状铝颜料；按铝粒子的形状分为不规则形状的"玉米片型"和 规则形状的"银元型"。 | ■ 华经情报网 | | #标题带进一分 | | --- | --- | --- | | | 铝颜料分类 | | | 分类 分类依据 | | 摘述 | | 漂浮型铝颜料 | | 是指铝颜料粒子在载体内漂浮,载体成膜后浮在膜层表面。 | | 非浮型铝颜料 | | 是指铝颜料粒子在载体内无漂浮性,载体成膜后悬浮和沉积于胰层 中间或底部。 | | 按其表面 | | | | 改性剂的 水件铝颜色 | | 是指铝颜料粒子能够均匀的分散于水性涂料体系中,且具有一定耐 | | 不同 | | 腐蚀性能,在水性涂料体系中不易发生"涨气"现象。 | | 树脂与要到切好好。正语后刻社会2014年次的方形成的除言例已覆在片征花树子表团 ...

瑞财经 吴文婷 近日，长沙族兴新材料股份有限公司（以下简称"族兴新材"）北交所IPO申请获受理，保荐机构为西部证券，保荐代表人为贺斯、李艳军。 族兴新材自2007年设立以来，一直致力于铝颜料和微细球形铝粉的应用研究和产品开发，相关产品属于新材料产业中的有色金属功能粉体材料。 目前，公司的主要知名客户包括阿克苏诺贝尔(AKZA.AS)、PPG (PNG.N)、立邦(4612.T)、贝格集团、太阳化学、关西涂料、巴斯夫和盛威科等跨国涂料巨 头，以及华辉涂料、松井股份(688157.SH)、飞鹿股份(300665.SZ)、湘江涂料、 邦弗特等知名企业。 2016年4月，族兴新材首次向证监会递交创业板上市申请材料，原计划于2017年5月5日上会，却在上会前一日主动撤回申请，首次冲刺戛然而止。 时隔四年，2020年7月2日，公司创业板IPO申请获深交所受理，然而短短89天后，公司再次主动撤回申报材料，深交所于9月29日正式终止其首发上市审 核，第二次冲击亦以遗憾收场。 | 项目基本信息 | | | --- | --- | | 公司全称 | 长沙族兴新材料股份有限公司 | | 受理目期 | 2020-07-02 | | ...

Core Viewpoint - Zuxing New Materials Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with West Securities as the sponsor [3] Company Overview - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are part of the non-ferrous metal functional powder materials in the new materials industry [3] - Major clients include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as notable domestic companies [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be CNY 629.41 million, CNY 689.65 million, and CNY 707.09 million respectively [4] - Net profit attributable to the parent company for the same years is expected to be CNY 51.78 million, CNY 86.74 million, and CNY 58.72 million respectively [4] Financial Metrics - Total assets as of December 31 for 2022, 2023, and 2024 are CNY 873.06 million, CNY 939.95 million, and CNY 954.65 million respectively [5] - Shareholder equity has increased from CNY 635.60 million in 2022 to CNY 773.86 million in 2024 [5] - The company's debt-to-asset ratio has improved from 22.01% in 2022 to 9.91% in 2024 [5] - Gross profit margin is projected to be 21.27% in 2024, slightly down from 21.65% in 2023 [5] IPO Fundraising - The IPO aims to raise CNY 258 million for projects including the construction of a 5,000-ton high-purity fine spherical aluminum powder production facility and a 1,000-ton high-performance aluminum pigment project [6] Shareholder Information - The controlling shareholder and actual controller is Liang Xiaobin, who holds 52.14% of the company's shares [6]

Core Viewpoint - Zuxing New Materials Co., Ltd. has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 258 million yuan for various projects, despite concerns about the necessity of the funds given its low debt ratio and increasing cash reserves [1][3]. Financial Performance - The company reported revenues of 629 million yuan, 690 million yuan, and 707 million yuan from 2022 to 2024, with net profits of 51.78 million yuan, 86.74 million yuan, and 58.72 million yuan, indicating a decline in net profit by over 30% in 2024 despite revenue growth [3]. - Operating cash flow has been consistently negative during the reporting period, with net cash flows of -9.78 million yuan, -52.47 million yuan, and -0.86 million yuan, attributed to differences in settlement cycles with major clients and suppliers, as well as increased inventory and accounts receivable [2][3]. Research and Development - The company has a low focus on R&D, with R&D expenses as a percentage of revenue at 2.51%, 2.47%, and 2.30%, which is below the average of comparable companies [5]. - In contrast, sales expenses have been increasing, with rates of 3.15%, 3.30%, and 3.77%, also exceeding the average of comparable companies [5]. Employee Structure - A significant portion of the workforce has lower educational qualifications, with 87.74% holding a diploma or below, and only 0.17% having a doctoral degree [6]. - The company employs 579 people, with 16.58% in sales, 50.43% in production, and 14.68% in R&D [6]. Pricing Trends - The average selling prices of the company's main products have been declining, with aluminum pigment prices at 53,300 yuan/ton, 52,000 yuan/ton, and 50,100 yuan/ton from 2022 to 2024 [8][10]. - The selling prices of fine spherical aluminum powder also showed a downward trend, priced at 20,700 yuan/ton, 19,600 yuan/ton, and 20,300 yuan/ton during the same period [8][10]. Regulatory Issues - The company has faced regulatory penalties in the past, including a reprimand from the National Equities Exchange and Quotations for failing to properly disclose significant information during its previous IPO attempt [12][13]. - It has also received minor administrative penalties from local health and safety authorities, which, while not significantly impacting operations, have affected the company's reputation [14].

（1）微细球形铝粉行业发展历程 铝粉最初采用捣冲法进行生产，将铝碎屑加工成细小的片状铝粉用于生产铝颜料，此后发明了球磨法生产片状 铝粉，生产效率和安全性大大提高。20 世纪初期，由于武器弹药的大量使用，球形铝粉需求量迅速增长，促进 了铝粉生产工艺的不断改进。雾化铝粉生产工艺的出现，不仅有效满足了市场对微细球形铝粉的需求，同时为 球磨法生产铝颜料提供了优质的原材料。 20 世纪 50 年代，我国从前苏联引进了空气雾化铝粉生产技术，开始了球形铝粉的研究、生产和应用，并在此 基础上相继开发了双流雾化法、离心雾化法、真空雾化法、氮气雾化法等多种生产工艺。自上世纪 90 年代中 科院力学所氮气雾化法微细球形铝粉生产技术实现产业化以来，我国铝粉行业的生产技术得到飞速的发展，经 过 20多年的不断改进完善，目前，我国微细球形铝粉生产以生产工艺相对成熟的氮气雾化法为主，技术水平和 产能产量位居世界前列。 2、行业发展现状及技术水平 （1）行业下游应用市场及供需情况 微细球形铝粉的上游主要为金属铝的采选及冶炼，而我国是全球电解铝第一大生产国，2024 年我国电解铝产量 为 4,400.5 万吨，同比增长 4.6%。 微细球形铝 ...