Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its prospectus for an IPO on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for clean energy material production capacity expansion [2] Company Overview - Zhenstone specializes in clean energy fiber-reinforced materials, with its core product, wind power glass fiber fabric, expected to capture over 35% of the global market share in 2024, maintaining its industry leadership [2] - The company serves major clients including Vestas, Siemens Gamesa, and domestic leaders like Mingyang Smart Energy [2] Financial Performance - Zhenstone's revenue has shown a declining trend over the past three years, with reported revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and a projected 4.439 billion yuan in 2024 [2] - The sales revenue from clean energy functional materials is expected to decrease by 14.25% in 2024, primarily due to falling sales prices and the strategic decision to forgo low-profit orders in response to fierce competition [2] Cash Flow Analysis - There is a significant divergence between operating cash flow and net profit, with net profits of 0.781 billion yuan in 2022 and 0.793 billion yuan in 2023, while operating cash flows were -0.208 billion yuan and -0.409 billion yuan respectively [2] - In 2024, net profit is projected to decline to 0.610 billion yuan (a 23.11% decrease), while operating cash flow is expected to increase to 0.103 billion yuan [2] IPO Utilization - The funds raised from the IPO will primarily be used for the construction of clean energy material production capacity [2]