作为全球风电复合材料解决方案领军者，多年来，振石股份深度参与全球风电产业演进，通过成熟的技术生产工艺与研发能力、丰富的产品开发经验和 完善的客户服务体系，从材料端为下游应用持续提供高品质、创新性的解决方案，并成为推动行业持续创新升级、高质量发展的重要力量。 在风电叶片材料领域龙头地位夯实后，振石股份开始围绕增强材料向着更广阔的领域开拓，其光伏发电、新能源汽车等领域的前沿产品相继完成开发并 逐步打造新的收入曲线，形成了系列化产品和多应用领域的覆盖，为公司业务持续高质量增长奠定了坚固的基石。 日前，浙江振石新材料股份有限公司（简称："振石股份"）以2024年全球风电玻纤织物领域的市场份额超过35%，市占率全球第一、产销规模全球领先； 风电拉挤型材销量国内排名前列的硬核实力，正式向上交所主板发起冲击。 通过本次上市融资，振石股份不仅可以增强自身在行业内的技术优势，持续发挥在风电叶片材料领域积累的技术及产品优势，巩固自身风电材料领先地 位，打造成为全球风电材料解决方案的引领者，还可以加速其纤维增强材料在其它清洁能源甚至更广领域的应用，进一步扩大公司的业务规模和市场影 响力。 风电玻纤织物市占率全球第一 风电拉挤型材销 ...

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (Zhenstone) has submitted its IPO prospectus to list on the Shanghai Stock Exchange, highlighting its leading position in the global wind power fiberglass fabric market with over 35% market share [1][3]. Company Overview - Zhenstone specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, providing innovative solutions across various industries including wind power, photovoltaics, and new energy vehicles [3]. - The company has become a global leader in wind turbine blade materials after over 20 years of development, with its fiberglass fabric holding the largest market share worldwide [3]. Financial Performance - Zhenstone's revenue has shown a declining trend, with reported revenues of 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan for the years 2022 to 2024, respectively [11]. - The company's net profit for the same period was 774 million yuan, 790 million yuan, and 608 million yuan, indicating a 23% year-on-year decline in 2024 [11][12]. Accounts Receivable - The accounts receivable balance at the end of each reporting period was 2.248 billion yuan, 1.92 billion yuan, and 2.108 billion yuan, representing 42.67%, 37.47%, and 47.48% of total revenue, respectively [13][15]. - High accounts receivable levels indicate potential cash flow issues, as nearly half of the revenue has not been converted into cash [15]. Supply Chain and Related Party Transactions - Zhenstone's procurement is heavily reliant on a few suppliers, with over 83% of raw materials sourced from five suppliers, including China Glass Fiber, which is also controlled by the company's actual controller [17][19]. - The company has a high level of related party transactions, with nearly 70% of its costs associated with related parties, raising concerns about potential conflicts of interest and lack of pricing fairness [20]. IPO Fund Utilization - The IPO aims to raise 3.981 billion yuan, with approximately 85% allocated to capacity expansion projects, including the construction of fiberglass and composite material production bases [20][21]. - The company’s focus on expanding production capacity amid industry concerns about oversupply and price wars raises questions about the sustainability of its growth strategy [22]. Industry Context - The wind power materials market is currently facing challenges such as overcapacity and price competition, which could impact Zhenstone's future profitability [22]. - The company's low investment in research and development, accounting for only about 3% of revenue, may hinder its long-term competitiveness in a rapidly evolving industry [22].

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has received approval for its IPO application, highlighting its position as a leading manufacturer of fiber-reinforced materials in the clean energy sector [1][2]. Group 1: Company Overview - Zhenshi New Materials specializes in the research, production, and sales of fiber-reinforced materials for clean energy applications, serving various industries including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [1]. - The company has become a global leader in wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024, according to the China Glass Fiber Industry Association [1]. Group 2: Clientele and Market Position - Zhenshi New Materials has a diverse customer base, including major domestic companies such as Mingyang Smart Energy Group, Envision Energy, and China National Materials Group, as well as international clients like Vestas, Siemens Gamesa, and others, covering the top ten wind turbine manufacturers globally [2]. - The company is actively expanding the application of its materials in other clean energy sectors, having developed a photovoltaic frame that received the world's first certification from TÜV Rheinland Group [2]. Group 3: Fundraising and Project Significance - The funds raised from the IPO will be primarily allocated to the construction of fiberglass product production bases, composite material production bases, a facility in Spain, and the establishment of a research and development center [2]. - The implementation of these projects will enhance the company's technological and product advantages in wind turbine blade materials, optimize production capacity, and improve responsiveness to market demands, while also fostering innovation in advanced composite materials for photovoltaic applications [3].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, aiming to raise approximately 3.98 billion yuan, focusing on the clean energy sector and advanced composite materials [1] Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials for clean energy applications [1] - The company has become a global leader in manufacturing wind turbine blade materials, holding over 35% of the global market share for wind power fiberglass fabric as of 2024 [1][2] - Zhenstone has established stable partnerships with renowned clients both domestically and internationally, including Mingyang Smart Energy, Envision Energy, Vestas, and Siemens Gamesa [2] Group 2: Technological Advancements - In 2023, Zhenstone successfully developed high-modulus fiberglass fabric for ultra-long blades used in a domestically developed 16 MW offshore wind turbine [2] - The company has been involved in setting multiple industry standards and has received recognition as a "Little Giant" enterprise in specialized and innovative manufacturing [2] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several projects, including the construction of fiberglass product production bases and a composite materials production base, totaling approximately 398.1 million yuan [3][4] Group 4: Financial Performance - Zhenstone's projected revenues for 2022, 2023, and 2024 are approximately 5.27 billion yuan, 5.12 billion yuan, and 4.44 billion yuan, respectively, with net profits of about 781 million yuan, 793 million yuan, and 610 million yuan [4] - As of the end of 2024, the total assets are expected to reach approximately 904.21 million yuan, with a debt-to-asset ratio of 67.75% [5]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. (referred to as "Zhenstone") is pursuing an IPO on the Shanghai Stock Exchange, aiming to raise 3.981 billion yuan for various projects related to clean energy materials [1][4]. Group 1: Company Overview - Zhenstone is a national high-tech enterprise primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector [3]. - The company has become a global leader in the manufacturing of wind turbine blade materials, holding over 35% of the global market share for wind fiberglass fabric as of 2024 [3][4]. - Zhenstone has pioneered the large-scale production of high-modulus fiberglass pultruded profiles and carbon-glass hybrid pultruded profiles for wind turbine blades, contributing to advancements in the industry [3]. Group 2: Product Development and Innovation - In the photovoltaic sector, Zhenstone's self-developed solar frame has received the world's first certification from the Rhine Group, demonstrating superior performance in aging resistance, flame retardancy, and mechanical properties [3]. - The company has established multiple production bases globally and has developed high-modulus fiberglass fabric for the world's first 16-megawatt offshore wind turbine, showcasing its commitment to technological breakthroughs [4]. Group 3: Financial Performance - Zhenstone's revenue for the years 2022 to 2024 is reported as 5.267 billion yuan, 5.124 billion yuan, and 4.439 billion yuan, respectively, with net profits of 774 million yuan, 790 million yuan, and 608 million yuan [4]. Group 4: Future Plans and Market Strategy - The funds raised from the IPO will be allocated to the construction of production bases for fiberglass products and composite materials, as well as a research center and information technology projects [4]. - Zhenstone aims to leverage its core technologies in clean energy materials to expand production capacity and solidify its market leadership, while also enhancing its global competitiveness through investments in overseas bases [5].