振石股份回复，2024年度向中国巨石采购E6、E7玻璃纤维合同价格与中国巨石对全部客户同类产品平 均销售价格不存在重大异常；E8玻璃纤维的合同价格与E7玻璃纤维价格呈同向变动，不存在明显异 常。2025年1-6月向国际复材采购E8玻璃纤维价格与国际复材对应价格基本相当，向中国巨石采购E7玻 璃纤维价格相比国际复材对应价格略有差异，向中国巨石采购E6玻璃纤维价格相比国际复材对应价格 较低。差异原因包括采购价格结构存在差异，发行人向中国巨石境内采购的合同价格系出厂价（不含运 费价格），而向国际复材采购的合同价格包含运费；合同磋商时点存在差异，发行人与中国巨石的2025 年度采购合同系于2024年第四季度以当季度玻纤纱市场价格为基础进行价格磋商，而与国际复材的采购 合同系于2025年3月进行价格磋商；采购规模效应差异，发行人2025年玻璃纤维采购需求主要向中国巨 石采购，向国际复材的预计采购量占发行人玻璃纤维采购总量的比例不到10%；不同型号的议价策略有 所不同，对于E7、E8主要型号的价格差异相对较小，而E6主要型号的价格差异相对较大。 南方财经11月10日电，振石股份近日公告，上海证券交易所于2025年10月2 ...

Core Viewpoint - After being privatized and delisted from the Hong Kong stock market in 2019, Zhenstone Co., Ltd. is re-entering the capital market after six years, with significant revenue growth and a stable outlook for its performance despite some risks of revenue decline in the coming years [1]. Financial Performance - In the first three quarters of this year, the company achieved operating revenue of 5.397 billion yuan, an annualized increase of 62.13% compared to 2024 [1]. - The net profit after deducting non-recurring gains and losses was 567 million yuan, with an annualized increase of 26.62% compared to 2024 [1]. - The company reported a total asset value of 10.941 billion yuan as of June 30, 2025, up from 9.039 billion yuan at the end of 2024 [2]. - The total liabilities to assets ratio was 69.27% as of June 30, 2025, compared to 67.77% at the end of 2024 [2]. Revenue and Profit Trends - The company anticipates a decline in operating revenue from 2022 to 2024, primarily due to falling sales prices of its main products, but expects a recovery in revenue in the first half of 2025 as prices stabilize [1]. - The operating revenue for 2025 is projected to be 3.275 billion yuan for the first half, down from 4.438 billion yuan in 2024 [2]. Related Party Transactions - Zhenstone Co., Ltd. has significant related party transactions with China Jushi, with the amount of transactions constituting a high percentage of the company's operating costs, ranging from 60.42% to 70.49% over the reporting periods [3]. - The company has begun engaging third-party suppliers for glass fiber procurement, with plans for large-scale purchases from international suppliers starting in 2025 [4]. Bad Debt Provisions - The company has adjusted its bad debt provisions for accounts receivable from Zhongke YN, increasing the provision from 5% to 80% after the client was listed as a dishonest executor [5][10]. - The accounts receivable balance as of June 30, 2025, was 358.185 million yuan, with a bad debt provision of 286.548 million yuan at an 80% provision rate [7]. IPO and Fundraising - Zhenstone Co., Ltd. plans to raise approximately 3.981 billion yuan through its IPO, which will be allocated to various projects including the construction of glass fiber product production bases and a research and development center [10]. Dividend History - Prior to the IPO application, the company distributed significant cash dividends totaling approximately 1.14 billion yuan in 2022 and 2023 [11].