According to the Zhixin Securities (603091.SH) IPO prospectus, on September 6th, the stock opened for subscription with an issue price of 26.50 yuan per share and a subscription limit of 0.008 million shares, with a PE ratio of 11.86 times. It is listed on the Shanghai Stock Exchange, with CITIC Securities as the sponsor and lead underwriter.

According to the prospectus, Zhongxin Stock's main business is the research and development, production, and sales of biodegradable plant fiber molded products. It mainly uses natural plant fiber materials such as bagasse pulp and bamboo pulp to shape and mold through molds, achieving the molding effects of vacuum forming and injection molding processes. It is a good alternative to plastic products and is widely used in dining, fast-moving consumer goods, medical, and industrial fields. The company's main products are tableware and high-quality industrial packaging. Tableware is used for dining or similar purposes, including lunch boxes, plates, dishes, knives, forks, chopsticks, bowls, cups, etc.

Zhongxin Stock sells its products through direct sales mode, with customers mainly consisting of brand customers and trading customers. They are generally the same in terms of product pricing, sales management, and credit policies. During the reporting period, the company's products were mainly exported, while domestic sales showed a rapid growth trend. In terms of exports, the company's products are mainly sold to North America, Europe, and other countries and regions, with export customers mainly being large-scale catering and food packaging product manufacturers, such as AmerCare Royal, Huhtamaki, Sabert, World Centric, Eco-Products, Berk Enterprises, Clark Associate, etc. In terms of domestic sales, domestic customers are mainly trading companies, and end customers include large chain supermarkets and well-known chain catering enterprises such as Sam's Club, Hema Fresh, Guangzhou Restaurant Group, and Juwei Duck Neck.

The pulp molding industry has developed rapidly under the promotion of plastic bans and other policies, but the market size is still relatively small, and the industry concentration is low, with small and medium-sized enterprises being the main players. Against the background of global plastic limitations, plastic bans, and the continuous development of the "double carbon" strategy, Zhongxin Stock has seized the opportunity for the development of green and environmentally friendly tableware. With its advantages in biodegradable materials, automation equipment, and molding processes, the company has achieved rapid development and has become a large-scale manufacturer of biodegradable pulp molded tableware. According to Grand View Research data for 2022, the company's market share in the global pulp molded tableware field is approximately 16%. According to data from the China Pulp and Paper Research Institute, the company's output accounts for 20% of the national pulp molded tableware production.

In terms of finance, Zhongxin Stock achieved operating revenues of approximately RMB 0.578 billion, 0.91 billion, 1.316 billion, and 0.605 billion in 2020, 2021, 2022, and January-June 2023, respectively. Net profits for the same periods were approximately 0.138 billion, 0.119 billion, 0.19 billion, and 98.6332 million yuan.

It should be noted that Zhongxin shares stated in the prospectus that there is a risk of customer concentration.

During the reporting period, the total sales amount of the company's top five customers accounted for 50.92%, 50.55%, 39.34%, and 37.61% of the revenue for the same period, indicating relatively concentrated customer base. If there are conflicts with the main customers in the future or significant fluctuations in their production and operation, it may have a negative impact on the company's operations.