Wuxing New Materials' IPO on the Shenzhen Stock Exchange main board has been accepted, focusing on the deep cultivation of fine structure and isostatic high-purity graphite materials.

On March 27th, Henan Wuxing New Materials Technology Co., Ltd. (hereinafter referred to as Wuxing New Materials) has had its IPO on the Shenzhen Stock Exchange main board accepted. Soochow is its sponsoring institution, with plans to raise 712.8 million yuan. The prospectus shows that Wuxing New Materials' main business is the research, production, and sale of fine-structured isostatic high-purity graphite materials and products in special graphite. Since its establishment in 2007, the company has been dedicated to the research and technological innovation of high-purity special graphite materials, with integrated production capabilities covering processes such as grinding, mixing, pressing, baking, impregnation, graphitization, and deep processing. The company's main products are fine-structured isostatic high-purity graphite materials and high-purity graphite products, mainly used as consumables or components in the production processes of downstream industries. They are widely used in industries such as semiconductors, EDM processing, photovoltaics, hydrogen fuel cells, 3D hot bending glass, optical fibers, metal continuous casting, special thermal equipment, lithium batteries, synthetic diamonds, aerospace, defense, and nuclear industries. According to data from the China Carbon Industry Association, the total output of above-scale special graphite producers in China is expected to be 125,400 tons, 134,100 tons, and 121,300 tons respectively from 2022 to 2024. Among them, the total output of fine-structured graphite producers is expected to be 108,300 tons, 123,100 tons, and 111,600 tons. From 2022 to 2024, the production of special graphite by Wuxing New Materials will all be fine-structured graphite, with annual production of 32,000 tons, 40,700 tons, and 38,400 tons respectively. This accounts for 29.55%, 33.06%, and 34.41% of the total production of fine-structured graphite from above-scale producers, making them the largest producer and seller in the fine-structured graphite and special graphite sectors. Based on the different types of customers, the company's sales model can be divided into direct sales and indirect sales, with direct sales being the main focus and indirect sales as supplementary. Direct sales customers include graphite product processors and industry end customers, such as Nanjing Renhou Technology Co., Ltd. and Inner Mongolia Jinghang Special Carbon Technology Co., Ltd. Indirect sales customers are traders, such as Taizhou Maoda Graphite Co., Ltd., SEIL CARBON CO., LTD., and Xinxiang Tongzheng New Materials Co., Ltd. The net proceeds from this offering, after deducting issuance expenses, will be used entirely for construction projects related to the main business, upgrading of R&D centers, and providing working capital needed for the development of the main business. Financially, the company achieved operating revenue of approximately 1.271 billion yuan, 1.768 billion yuan, 1.283 billion yuan, and 791 million yuan in 2022, 2023, 2024, and January-September 2025, respectively. During the same period, the company's net profits were approximately 457 million yuan, 714 million yuan, 422 million yuan, and 179 million yuan respectively.