招股书显示，中塑股份主营业务为改性工程塑料的研发、生产和销售。公司主要产品应用于消费电子、储能、汽车、家居家电等 行业，终端产品包括手机、智能穿戴设备、平板电脑及笔记本电脑、蓝牙音箱、储能电源、新能源汽车及家电等各类产品。公司 结合消费电子等行业产品快速迭代以及对高品质的要求，以产品差异化战略为指导，重点开发高附加值的改性工程塑料产品，以 满足下游产品对材料的个性化需求。 智通财经APP获悉，12月31日，广东中塑新材料股份有限公司(简称：中塑股份)IPO状态变更为"中止"。中塑股份IPO申请文件中 记录的财务资料已过有效期，需要补充提交。 公司坚持自主研发并持续丰富产品系列，核心产品包括改性 PC、PC/ABS、PA、PPA、PBT、PET 等高性能工程材料，并针对客 户产品对电气互联、低介电、耐高温、防水散热性等特定需求，开发了可激光直接成型(LDS)材料、纳米注塑(NMT)专用工程材 料、超耐高温特种尼龙材料等特种功能材料。 公司主营业务产品具体介绍如下表所示： | 产品类别 | 技术水平 及附加值 | 产品系列 性能特征及主要应用领域 | | --- | --- | --- | | 高性能工 | 较高 ...

报告期内，公司业绩呈现稳步增长态势。招股书数据显示，2022年至2024年，公司分别实现营业收入4.93亿元、5.37亿元、7亿元，扣除非经常性 损益后归属于母公司股东的净利润分别为4875.55万元、8084.74万元、9256.66万元，最近三年营收和扣非净利润复合增长率分别为19.11%和 37.79%；2025年一季度，公司实现营业收入1.52亿元，扣非后净利润2423.73万元。 （图片来源：视觉中国） 蓝鲸新闻12月31日讯 近日，深圳证券交易所官网显示，广东中塑新材料股份有限公司（以下简称"中塑股份"）递交招股书，拟在创业板挂牌上 市。 中塑股份的主营业务为改性工程塑料的研发、生产和销售，核心产品涵盖改性PC、PC/ABS、PA、PPA、PBT、PET等高性能工程材料，同时针对 下游行业特定需求，开发了可激光直接成型（LDS）材料、纳米注塑（NMT）专用工程材料等特种功能材料。 这些产品广泛应用于消费电子、储能、汽车、家居家电等领域，终端覆盖手机、智能穿戴设备、新能源汽车、储能电源等各类产品。凭借产品差 异化战略，公司重点布局高附加值产品，以满足下游客户对材料的个性化需求，目前已获得国内外诸多知 ...

来源：市场资讯 （来源：链塑网） 据招股书披露，中塑股份本次拟募资的6.45亿元，拟用于"高性能工程材料智能化生产基地建设项目""江西中塑生产基地扩建项目""新材料工程技术研究中 心建设项目"等项目。 项目建成后将开展前瞻创新性项目的研发，包括生物基长碳链尼龙、无卤阻燃特种高温尼龙、6G介电材料、高性能透明硅共聚PC 材料、高性能PC合金及 复合材料、低介电低损耗高分子树脂、吸波工程塑料合金、生物基耐高温聚酰胺 PA10T/X 产业化关键技术及应用等前沿研发项目的攻关研制工作。 近日，国家高新技术企业、专精特新 "小巨人" 广东中塑新材料股份有限公司（下称 "中塑股份"）创业板IPO项目迎来关键节点——已进入交易所问询阶 段，标志着这家改性塑料领域企业的上市冲刺迈入实质性审核环节。 得益于中国改性塑料行业的增长红利，中塑股份近年业绩表现亮眼。数据显示，2023年、2024年公司业绩同比增幅分别达52.63%和26.27%，这一成绩背 后是全球改性塑料产业的稳步扩张与国内市场的强劲需求。据统计，2016-2023年我国改性塑料产量从1563万吨攀升至2735万吨，年复合增长率8.32%，作 为全球最大塑料材料消 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 3.409 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.96%. The net profit attributable to shareholders was 136 million yuan, up 44.01% year-on-year [4] - The company continues to increase investment in its own brands, with a focus on high-end beauty products, which is expected to drive revenue growth [8] - The gross margin for the first three quarters of 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net margin was 3.99%, up 0.77 percentage points year-on-year [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.409 billion yuan, with a net profit of 136 million yuan and a non-recurring net profit of 131 million yuan [4] - In Q3 2025, the company reported a revenue of 909 million yuan, a year-on-year increase of 20.92%, and a net profit of 13 million yuan, up 210.00% year-on-year [4] - The company’s revenue projections for 2025-2027 are 4.690 billion yuan, 5.220 billion yuan, and 5.850 billion yuan, respectively, with year-on-year growth rates of 10.67%, 11.32%, and 12.06% [8] Brand and Market Positioning - The company is focusing on enhancing its high-end brand positioning, with significant growth in its EDB and RV brands in the North American market [8] - The self-owned brand revenue proportion reached 43.97% in Q3, with a gross margin of 82% for these brands [8] - The company is expected to launch more PDRN-related products next year, indicating ongoing innovation and product development [8]

Core Viewpoint - The company reported a revenue of 395 million yuan in Q3 2025, showing a year-on-year decline of 12.82% but a quarter-on-quarter increase of 21.68%. The net profit attributable to the parent company was 13 million yuan, down 86.36% year-on-year, with a net profit margin of 3.20%, a decrease of 17.26 percentage points year-on-year. Despite the challenges, the company maintains a strong position in the sunscreen market and has the potential for profit recovery if market conditions improve [1][4]. Revenue Performance - The revenue decline has narrowed in Q3 2025, attributed to changes in global sunscreen supply and demand dynamics. The year-on-year revenue growth rates for Q1, Q2, and Q3 2025 were -44.29%, -53.16%, and -12.82%, respectively. The significant drop in Q2 was due to a high base from the previous year, while Q3 showed a clear marginal improvement in the decline [2][4]. Product Development and Capacity Expansion - The company is expanding its product categories beyond sunscreen, including amino acid surfactants and new chemical sunscreen agents. It is also progressing with the construction of new production lines, including a high-end personal care project in Anqing and a 10,000-ton sunscreen production facility in Malaysia, expected to launch products in the second half of 2025 [3][4]. Profitability and Cost Management - The company's gross margin in Q3 2025 was 25.26%, down 12.11 percentage points year-on-year, while the net margin was 2.67%, down 17.76 percentage points year-on-year. The decline in margins was influenced by a decrease in sunscreen market prices, prompting the company to lower some product prices. The company is focused on cost control and efficiency improvements, with sales and R&D expenses being effectively managed [4][5]. Profit Forecast and Valuation - Due to ongoing inventory digestion by downstream customers, the company has revised its net profit forecasts for 2025 and 2026 to 87 million yuan and 164 million yuan, respectively, reflecting declines of 90.1% and 85.1%. However, there is potential for recovery in volume and price starting in 2026, with a target price of 15.60 yuan for 2027, based on a 30x PE ratio [5].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit, indicating a positive trend in its operations and market positioning [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.41 billion yuan, representing a year-on-year increase of 12% [1]. - The net profit attributable to shareholders reached 140 million yuan, up 44% year-on-year, while the net profit excluding non-recurring items was 130 million yuan, reflecting a 21.6% increase [1]. - The basic earnings per share (EPS) stood at 0.35 yuan [1]. Quarterly Breakdown - The quarterly revenue for Q1 to Q3 of 2025 was 1.09 billion yuan, 1.41 billion yuan, and 0.91 billion yuan, with year-on-year growth rates of +5.2%, +12.2%, and +20.9% respectively [1]. - The net profit for the same quarters was 40 million yuan, 80 million yuan, and 10 million yuan, with year-on-year growth rates of +4.7%, +23.8%, and a turnaround from loss to profit [1]. Profitability Metrics - The gross margin for the first three quarters of 2025 increased by 2.9 percentage points to 66% [2]. - The quarterly gross margins for Q1 to Q3 were 63.8%, 65.3%, and 69.8%, showing a consistent upward trend [2]. - The operating expense ratio increased by 2.3 percentage points to 60%, with specific rates for sales, management, R&D, and financial expenses being 50.5%, 5.6%, 2.2%, and 1.7% respectively [2]. Inventory and Receivables - As of September 2025, inventory decreased by 4.2% year-on-year to 880 million yuan, with a 6.3% increase compared to the beginning of the year [3]. - Accounts receivable also saw a year-on-year decrease of 6.4% to 410 million yuan, with a 19.4% increase from the start of the year [3]. - The inventory turnover days were 199 days, a reduction of 7 days year-on-year, while accounts receivable turnover days were 30 days, also down by 7 days [3]. Cash Flow and Future Outlook - The operating net cash flow for the first three quarters was 190 million yuan, indicating a positive shift to net inflow [3]. - The company is positioned as a high-end beauty group, with strong brand contributions and a dual-channel strategy driving quality growth [3]. - The profit forecasts for 2025 to 2027 have been adjusted to 240 million yuan, 320 million yuan, and 410 million yuan respectively, with corresponding price-to-earnings ratios of 32 and 24 for 2025 and 2026 [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.409 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 11.96%, and a net profit attributable to shareholders of 136 million yuan, up 44.01% year-on-year [2] - In Q3 2025 alone, the company achieved a revenue of 909 million yuan, a year-on-year increase of 20.92%, with a net profit of 13 million yuan, reflecting a significant year-on-year growth of 210% [2] - The company’s operating cash flow increased by 324.74% year-on-year to 189 million yuan, primarily due to increased cash receipts from sales of goods and services [2] Revenue Analysis - The company experienced steady revenue growth driven by high-end brands, with notable performance from brands like Yifidan and PA, which are expected to maintain high growth rates due to low base effects [3] - The light luxury brand HB is also showing good growth, while the mass-market brand Yuni has begun to recover following a brand upgrade [3] Profitability Analysis - The gross margin for Q1-Q3 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 3.99%, up 0.89 percentage points year-on-year [4] - In Q3 2025, the gross margin reached 69.82%, reflecting a year-on-year increase of 1.83 percentage points and a quarter-on-quarter increase of 4.55 percentage points [4] - The company’s net profit margin for Q3 2025 was 1.38%, showing a year-on-year increase of 2.91 percentage points but a quarter-on-quarter decline of 4.37 percentage points, attributed to increased marketing expenses [4] Expense Analysis - The company’s expense ratio for Q1-Q3 2025 was 60.04%, an increase of 2.31 percentage points year-on-year, with sales expenses, management expenses, R&D expenses, and financial expenses showing respective increases [5] - In Q3 2025, the expense ratio was 67.04%, a decrease of 1.15 percentage points year-on-year, indicating a strategic focus on long-term brand building despite a slight increase in marketing efforts [5] Investment Recommendations - The company is positioned as the only domestic group operating multiple high-end beauty brands, with expectations for continued revenue and profit growth as brand strength and customer reputation improve [6] - Revenue forecasts for 2025-2027 are adjusted to 4.566 billion, 4.920 billion, and 5.315 billion yuan respectively, with net profits projected at 204 million, 288 million, and 375 million yuan [6] - The corresponding earnings per share (EPS) are expected to be 0.52, 0.74, and 0.96 yuan, with price-to-earnings (PE) ratios of 42, 30, and 23 times [6]

Core Viewpoint - Water Sheep Co. reported a steady revenue growth and significant profit increase in the first three quarters of 2025, driven by strong performance in high-end and light luxury brands [1][2]. Revenue Summary - For Q1-Q3 2025, the company achieved revenue of 3.409 billion yuan, a year-on-year increase of 11.96% - In Q3 2025 alone, revenue reached 909 million yuan, up 20.92% year-on-year - High-end brands like Ifidan and PA showed rapid growth, while light luxury brands like HB and VAA also performed well [1][2]. Profit Summary - The gross profit margin for Q1-Q3 2025 was 66.00%, an increase of 2.91 percentage points year-on-year - The net profit margin for Q1-Q3 2025 was 3.99%, up 0.89 percentage points year-on-year - In Q3 2025, the gross profit margin was 69.82%, a year-on-year increase of 1.83 percentage points, while the net profit margin was 1.38%, showing a year-on-year increase of 2.91 percentage points but a quarter-on-quarter decrease of 4.37 percentage points [3][4]. Expense Summary - The expense ratio for Q1-Q3 2025 was 60.04%, an increase of 2.31 percentage points year-on-year - In Q3 2025, the expense ratio was 67.04%, a decrease of 1.15 percentage points year-on-year - The sales expense ratio decreased year-on-year, while the company increased marketing efforts, leading to a higher quarter-on-quarter sales expense ratio [4]. Investment Outlook - As the only domestic group operating multiple high-end beauty brands, Water Sheep Co. is expected to see continued revenue and profit growth due to the strengthening brand power and customer reputation of its proprietary brands - Revenue forecasts for 2025-2027 are adjusted to 4.566 billion, 4.920 billion, and 5.315 billion yuan, with net profits of 204 million, 288 million, and 375 million yuan respectively [5].

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has officially announced its IPO project on the ChiNext board, aiming to raise 645 million yuan for various high-performance engineering materials projects and R&D initiatives [2][3]. Group 1: IPO and Fundraising - The company plans to use the raised funds for the construction of a smart production base for high-performance engineering materials, expansion of the Jiangxi production base, and establishment of a new materials engineering technology research center [2][3]. - The total investment for these projects is approximately 698.11 million yuan, with 645.49 million yuan coming from the IPO proceeds [3]. Group 2: Business Overview - Established in September 2009, Zhongsu specializes in modified engineering plastics, recognized as a national-level "little giant" enterprise, focusing on R&D, production, and sales [3]. - The company's core products include modified PC, PC/ABS, PA, PPA, PBT, and PET, catering to specific customer needs in various industries such as consumer electronics, energy storage, and automotive [4][5]. Group 3: Financial Performance - From 2022 to Q1 2025, the company's main business revenue showed a steady increase, with figures of 493 million yuan in 2022, 528 million yuan in 2023, 689 million yuan in 2024, and 151 million yuan in Q1 2025 [5][6]. - Net profit grew from 51.71 million yuan in 2022 to 100 million yuan in 2024, indicating strong profitability and growth potential [5][6]. Group 4: Product and Market Dynamics - The gross margin for high-performance engineering materials was 27% in 2024, while for specialty functional materials, it reached 45.54%, highlighting the latter's increasing importance in the product mix [7]. - The company has established partnerships with major clients in the consumer electronics sector, with over 70% of its revenue coming from this segment, including companies like BYD, Huawei, and Xiaomi [5][6]. Group 5: Industry Trends - The modified plastics industry is experiencing growth, with over 25 listed companies in the A-share market as of May 2025, driven by rising demand in automotive and other sectors [7]. - The industry is undergoing a transformation, with leading companies focusing on R&D investment, capacity expansion, and vertical integration to build competitive advantages [7][8].

Core Viewpoint - Zhongsu Co., Ltd. has initiated its IPO process on the ChiNext board, aiming to raise 645 million yuan for various projects and working capital [1][2]. Group 1: Company Overview - Zhongsu Co., Ltd. specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1][2]. - The company’s core products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET, developed to meet specific customer needs [1][2]. Group 2: Financial Performance - From 2022 to Q1 2025, Zhongsu Co., Ltd. reported revenues of 493 million yuan, 537 million yuan, 700 million yuan, and 152 million yuan, with net profits of 48.76 million yuan, 79.24 million yuan, 92.57 million yuan, and 24.24 million yuan respectively [2]. - The company has achieved a compound annual growth rate of 19.11% in revenue and 37.79% in net profit over the last three years [2]. Group 3: IPO Fund Utilization - The IPO proceeds will be allocated to the construction of a smart production base for high-performance engineering materials, expansion of the Jiangxi production base, and establishment of a new materials engineering research center [2][3]. - The smart production base aims to enhance market responsiveness and strengthen the company's competitive position [3]. - The expansion of the Jiangxi production base will significantly increase production capacity and improve supply capabilities in the East China region [3].