Zhenshi Co., Ltd.'s IPO on the Shanghai Stock Exchange main board has been accepted. The global market share of wind power fiberglass fabrics exceeds 35%?

On June 25, Zhejiang Zhenshi New Materials Co., Ltd. (abbreviated as Zhenshi Co., Ltd.) has accepted the IPO of the Shanghai Stock Exchange Main Board. China International Capital Corporation Limited is its sponsor and plans to raise 3.981 billion yuan.
According to the prospectus, Zhenshi Co., Ltd. is a national high-tech enterprise mainly engaged in the research and development, production and sales of fiber-reinforced materials in the field of clean energy. Since its establishment, the company has focused on cutting-edge applications in the field of clean energy and continued to provide high-quality and innovative solutions for downstream applications from the material end, covering wind power generation, photovoltaic power generation, new energy vehicles, construction and building materials, transportation, electronics and electrical, and chemical environmental protection industries.
After more than 20 years of development, Zhenshi has become the world's leading professional manufacturer of wind turbine blade materials. According to statistics from the China Fiberglass Industry Association, the company's global market share of wind power fiberglass fabrics will exceed 35% in 2024, and its production and sales scale will lead the world; Zhenshi is the first in China to mass-produce high-modulus fiberglass pultruded profiles and carbon-glass mixed pultruded profiles for wind turbine blade main beams, providing a series of solutions for industrial progress and industry development, and promoting the large-scale and lightweight upgrade of wind turbine blades and the development of offshore wind turbine blades.
In the field of photovoltaic power generation applications, the photovoltaic frame independently developed by Zhenshi has obtained the world's first certificate issued by TÜV Rheinland, a testing agency, and has passed the 2PfG2923 standard certification of Rheinland, and has performed well in aging resistance tests, flame retardancy, mechanical properties, etc. At the same time, the company participated in the formulation of a number of industry standards and won the title of the third batch of single champion demonstration enterprises in the manufacturing industry. Its subsidiary Zhenshi Huamei is a national specialized and new "little giant" enterprise.
Zhenshi has established a stable cooperative relationship with well-known customers around the world and has become the main supplier of major leading companies. Domestic customers include Mingyang Smart Energy, Envision Energy, Sinoma Technology, Times New Materials, Ailang Technology, Sany Heavy Energy, etc., and international customers include Vestas, Siemens Gamesa, TPI, Nordex, etc.
In terms of technological breakthroughs, in 2023, Zhenshi successfully developed and applied high-modulus fiberglass fabrics for ultra-long blade substrates for the world's first ultra-large capacity 16 MW offshore wind turbine independently developed by my country. The company has established multiple production bases around the world. In the field of wind power fiber fabrics, in 2024, Zhenshi wind power glass fiber fabrics will have a global market share of more than 35%, and its production and sales scale will lead the world; in the field of wind power pultruded profiles, Zhenshi wind power pultruded profiles sales rank among the top in the country, forming a dual growth pole of coordinated development of fiber fabrics and structural materials, and continuously consolidating its position as a core supplier in the global wind power industry chain.