Ngomhla ziyi-22 kuZibandlela, i-Good Electric Materials System (Suzhou) Co., Ltd. (lapha sizobiza ngokuthi "Good Electric Materials") yathumela ngokusemthethweni isicelo sayo sokubhaliswa, ne-Soochow Securities njengomxhaso ophakeme kuphela. Kwathathe inkampani izinyanga eziyisithupha kuphela ukuze ithuthuke ukusuka ekuthumeleni i-prospectus ku-Market ye-Growth Enterprise (GEM) ye-Shenzhen Stock Exchange iye esigabeni sokubhaliswa, okukhombisa inqubo ye-IPO esheshayo.

Kubhalwe phansi, ngaphambi kwalolu suku olubalulekile lokuphuthuma ukuze kubhaliswe, umphakathi wezabelo we-Good Electric Materials ugcwele abangane nemindeni yomlawuli ophakathi kukaZhu Guolai—umkakhe, umzalwane, ozakwabo bangaphambili, nabanye bonke baye baba ngabaphethe izabelo. Uma inkampani iphumelele ukubhaliswa emakethe yezimali, le "ndlu yokudla kwezimali" izokwabelwana nguZhu Guolai kanye nabangane nemindeni yakhe.

Uma kuqhathaniswa ne-Good Electric Materials uqobo, uhlu lwamakhasimende lwayo luhamba phambili, kuhlanganisa nezinkampani ezihamba phambili embonini ezifana ne-CATL, Geely Auto, General Motors, kanye ne-Xpeng Motors. Ekubambisaneni kwezohwebo, indima eyinhloko ye-Good Electric Materials ukuhlinzeka ngama-componethi wokuvikela ukushisa kwezimoto zamandla amasha kumakhasimende la, ibopha kakhulu kwi-core links ye-chain yezimoto zamandla amasha.

Nakuba iChina isiqinile ngokwakha indawo yayo njengemakethe enkulu kakhulu yomhlaba yezimoto ezintsha zamandla, ukuhlela kwebhizinisi le-Good Electric Materials kukhombisa umkhuba ohlukanisayo "wokuhamba emhlabeni", ngokuncika kwayo ekuthumeleni ngaphandle kukhula unyaka nonyaka. Nokho, izinguquko kumigomo yokuthenga emhlabeni jikelele zibe nomthelela ebhizinisini lenkampani elizweni, okuholele ngqo ekwehleni kwesikali sokuthenga kumakhasimende anemali yangaphandle. Ngokuthatha iGeneral Motors njengomfanekiso, ezinyangeni eziyisi-9 zonyaka, ivolumu yayo yokuthenga kwi-Good Electric Materials yehlile ngaphezulu kwesigamu uma iqhathaniswa nesikhathi esifanayo sonyaka odlule.

Ngasikhathi sinye, umfanekiso wokuncintisana emakethe yasekhaya ubeke nengcindezi ku-Good Electric Materials. Le nkampani inamandla aphansi okubeka amanani emakethe yasekhaya, amanani emikhiqizo ehlala ezingeni eliphansi isikhathi eside, futhi umholo omkhulu wezohwebo wayo usuncipha eminyakeni eminingi elandelanayo. Njengoba iziteshi zokuthumela ziphumelele ngakolunye uhlangothi kanti imikhawulo yokwenza inzuzo yasekhaya iqhubeka icindezelwa ngakolunye, indlela ye-Good Electric Materials yokweqa lesi simo igcwele ukungaqiniseki.

Uma ubheka emuva emlandweni yayo yokuthuthukiswa, i-Good Electric Materials ayizange iqale emkhakheni wezimoto zamandla amasha kodwa emkhakheni wamandla. Ngo-April 2008, uShi Huirong noZhu Xingquan bahlanganyela bafaka imali engu-1 million yuan ukuze basungule i-Good Electric Co., Ltd. (okuzobizwa ngokuthi "Good Electric"), eyayiyisizukulwane se-Good Electric Materials, uShi Huirong ephethe u-60% wezabelo noZhu Xingquan u-40%.

Eminyakeni yokuqala yokwakhiwa kwayo, i-Good Electric igxile emathubeni ezinto zokuhlukanisa ugesi, ngokubeka izinhlelo ezibalulekile emakethe ezikhethekile ezifana nezizinda zamagenerator aphezulu kanye nokudlulisela nokusabalalisa ugesi kwe-UHV. Iphendukela ekubekeni kahle emakethe, le nkampani yavula isimo ngokushesha: ngo-2009, yangena ekubambisaneni kwezinhlelo ne-Firo yaseFrance kanye ne-Hexion yase-United States; ngo-2010, yafinyelela ngempumelelo emakethe ye-adhesive ye-blade ye-turbine yomoya, futhi ibhizinisi layo laqala ukuthola indlela.

Ngokungazelelwe, njengoba ibhizinisi belikhombisa umoya omuhle wokuthuthukiswa, ab founders ababili bakhetha ukuhamba ngomunye nomunye. NgoMashi 2011, uShi Huirong wathumela u-9% wezimali zokubhaliswa zebhizinisi eziphethwe ngu yena kuZhu Guolai ngentengo engu-2.7 million yuan; ngesikhathi esifanayo, uZhu Xingquan wathumela u-20% wezimali zokubhaliswa kuZhu Guolai noZhu Haofeng ngokulandelana, ngenani eliphelele lokudluliselwa elingu-12 million yuan. Ulwazi lomphakathi lukhombisa ukuthi uZhu Guolai noZhu Haofeng babengabalingani bangaphambili.

Ngemuva kokuphothulwa kwalolu shintsho lwezabelo, uZhu Xingquan uthathe ngokuphelele emkhakheni wezabelo, kanti uZhu Guolai noZhu Haofeng banama-29% kanye nama-20% ezabelo zenkampani ngokulandelana. NgoNovemba walesi sikhathi, uShi Huirong waphinda wathumela izabelo ezisele, wathumela ama-41% wempahla ebhalisiwe kuZhu Guolai kanye nama-10% kuSuzhou Guohao (inkampani ephethwe uZhu Guolai), ngaleyo ndlela ephuma ngokuphelele enkampanini. Ngemuva kwalokhu kushintsha kwezabelo okubili, iphesenti lokubamba izabelo likaZhu Guolai lanyukela ku-70%, ngokusemthethweni laba umnikazi ophakeme wenkampani.

Kufanele kuqashelwe ukuthi kulezi ziqephu ezimbili zokudluliswa kwezimali, intengo yeqoqo edlulisiwe nguShi Huirong noZhu Xingquan yayingu-1 yuan ngalinye lempahla ebhalisiwe. Kubalulekile ukuthi, uShi Huirong ungubaba kaZhu Guolai. Ngemuva kwalokhu kuhamba kwezimali, kusekhona imibuzo eminingi okufanele iphendulwe: Ingabe inkampani yayihola inzuzo ngesikhathi sokudluliswa kwezimali? Kungani abaqalayo bakhetha ukudlulisa izimali zabo ngentengo efanayo bese behamba? Ingabe kukhona ubudlelwano obungavulwanga phakathi kukaZhu Xingquan, Zhu Guolai, noZhu Haofeng? Ingabe kukhona okungahambisani nemithetho njengokubamba izabelo ngempela kwabanye noma ukudluliswa kwezithakazelo ngesikhathi sokudluliswa kwezimali?

Ngemva kokuthatha ngokuphelele ukulawula inkampani, uZhu Guolai uqale uguquko lwezohwebo nokwandiswa. Ngo-2016, inkampani yafinyelela empumelelweni ebalulekile ocwaningweni lokuvikela ukushisa okungapheli kumakhenikhali wamandla amasha; ngo-2018, yaqhubeka nokusheshisa ukuhlela ibhizinisi lamakhenikhali wamandla amasha ngokuthenga iMica Electric, inkampani yokukhiqiza i-mica. Okwamanje, imikhiqizo yenkampani ifaka zonke izigaba zezingxenye zokuvikela ukushisa okungapheli ezifana nezicell zebhethri, amamojula, kanye nezikhwama zebhethri, ingena ngempumelelo kwi-supply chain eyinhloko yamakhenikhali wamandla amasha.

Ukusebenzisa ukuthuthuka okusheshayo komkhakha wezimoto ezintsha zamandla eChina, i-Good Electric Materials iphumelele ukuba umphakeli kubakhiqizi bebhatyi abahamba phambili kanye nabakhiqizi bezimoto abafana ne-CATL, i-Tesla, i-Geely Auto, kanye ne-General Motors, ngokukhula okuphakathi kokuthola imali kanye nezinga lempumelelo. Idatha yezezimali ikhombisa ukuthi kusukela ngo-2022 kuya engxenyeni yokuqala ka-2025, le nkampani yafinyelela imali yokusebenza engu-475 million yuan, 651 million yuan, 908 million yuan, kanye no-458 million yuan ngokulandelana, kanye nenzuzo ye-net ethathwa kubanikazi bebhizinisi abakhulu engu-64.0586 million yuan, 100 million yuan, 172 million yuan, kanye no-81.1605 million yuan ngokulandelana, ikhombisa umkhuba omuhle wokukhula kabili kokuthola imali kanye nenzuzo.

Ukwaneliseka ekukhuleni okuqhubekayo kokusebenza, inqubo ye-IPO ye-Good Electric Materials ihambe kahle. Kusukela ekuthumeleni iprospectus ngoJuni 2025 kuze kube sekudluliseni ukuhlolwa ngempumelelo ngoDisemba 19 kanye nokuthumela ukubhaliswa ngoDisemba 22, inqubo yonke ithathe kuphela unyaka owodwa. Nokho, ukuthi leli phuzu lokusebenza elihloniphekile lingawina yini ukuqashelwa kwemakethe ye-capital kuze kube sekubhekeni isikhathi.

Namuhla, ibhizinisi elihlobene nezimoto ezintsha zamandla selibe yinsika eyinhloko ye-Good Electric Materials. Kuze kube sekupheleni kukaJuni 2025, izingxenye zokuvikela ukushisa zamabhethri wamandla ezimoto ezintsha (ezizobizwa ngokuthi "izingxenye zamabhethri wamandla") zibe nomthelela ophakeme ku-67.3% wemali engenayo yebhizinisi eliyinhloko lenkampani, okwenza kube umthombo ophakeme kakhulu wemali engenayo.

Eminyakeni edlule, imakethe yezimoto ezintsha zamandla eChina iqhubekile nokwandisa, hhayi kuphela ikha izinkampani ezihamba phambili zendawo ezifana neBYD, NIO, Li Auto, kanye neGeely, kodwa futhi iqoqe izinkampani zamabhethri ezihamba phambili emhlabeni ezimele iCATL, enendawo enkulu yemakethe. Nokho, kulokhu, iGood Electric Materials ikhethe ukwandisa ukuhlela kwayo emakethe yangaphandle, kanti isilinganiso sokuthumela ngaphandle siqhubeka sikhula.

Idatha yezezimali ikhombisa ukuthi kusukela ngo-2022 kuya ku-2024, ivolumu yokuthumela ngaphandle yenkampani ibingu-73.0453 million yuan, 186 million yuan, kanye no-397 million yuan ngokulandelana, ibamba u-15.50%, u-28.82%, kanye no-44.29% wemali engenayo yebhizinisi elikhulu, ifinyelela ekukhuleni kabili eminyakeni emithathu. Mayelana nokwanda kwesabelo sokuthumela ngaphandle, i-Good Electric Materials ichaze empendulweni yayo ezicelweni zokulawula ukuthi imakethe yezimoto ezintsha zamandla angaphandle ibuswa ngamabhethri e-lithium amathathu, anesidingo esiphuthumayo sokuvikelwa kokushisa okuphakeme, futhi amakhasimende enkampani angaphandle ayinhloko abenzi bezimoto, enza kube namandla amaningi okubiza.

Ngokuphambene kakhulu nemakethe yangaphandle, imakethe yamabhethri kagesi yasekhaya igxile kakhulu, lapho abakhiqizi ababambisene kakhulu bamabhethri njenge-CATL ne-BYD bethola isikhundla esihamba phambili futhi benamandla amakhulu okukhuluma. I-Good Electric Materials iphinde yavuma encwadini yayo yokubhalisela ukuhweba ukuthi endaweni yokuncintisana eqinile emakethe yasekhaya, amandla enkampani okub pricing awanawo amandla amakhulu.

Le nkinga ibonakala ngqo ekubizeni kwemikhiqizo nasekutholeni inzuzo. Kusukela ngo-2022 kuya esikhathini sokuqala sika-2025, intengo yokuthengisa yeziqu zamabhethri kagesi eGood Electric Materials (ngaphandle kwemigqa) yakhuphuka ukusuka ku-50,400 yuan/ton iye ku-139,200 yuan/ton, kanti umkhawulo wenzuzo ophakeme wakhuphuka ukusuka ku-33.43% waya ku-40.53% ngesikhathi esifanayo; ngesikhathi esifanayo, intengo yokuthengisa yasekhaya yahlala iphakathi kuka-50,000 yuan/ton, kanti umkhawulo wenzuzo ophakeme wehla ukusuka ku-32.53% waya ku-25.63%, okukhombisa ukuhamba phambili okuqhubekayo kokuncipha kwesikhala senzuzo yasekhaya.

Ngokujulile, ubungozi bokusebenza emakethe yangaphandle buvele kancane kancane. Imakethe eyinhloko ye-Good Electric Materials yangaphandle yi-United States, kodwa ukulungiswa okuvamile kwemigomo ye-tariff yase-U.S. eminyakeni edlule kube nomthelela omkhulu ebhizinisini lokuthumela ngaphandle lenkampani. Ezinyangeni eziyi-9 zokuqala zika-2025, ukuthengiswa kwenkampani ku-General Motors kube yi-75.6963 million yuan, kwehla kakhulu ngonyaka ngo-50.36%; ngaphezu kwalokho, ukuthengiswa kwenkampani T (Tesla) kanye ne-Volkswagen kwehla ngo-0.55% no-33.90% ngonyaka ngokulandelana.

Mayelana nokwehla okukhulu kokuthengiswa kweGeneral Motors, iGood Electric Materials ichaze ukuthi lokhu kwathonywa kakhulu yizinto ezimbili: okokuqala, izinguquko kumigomo yokuthenga ye-United States engxenyeni yokuqala ka-2025 zabangela iGeneral Motors ukuthi ilungise izindawo zokungenisa zezinye izingxenye, okuholele ekubambezelekeni kokuthunyelwa engxenyeni yesibili, okwehlisa ngqo imali engenayo ezinyangeni ezintathu zokuqala; okwesibili, iGeneral Motors yayinokulindela okungaphezu kokujwayelekile ukukhula kwemakethe yemoto ye-energi entsha ngaphambili, futhi isitoko somugqa wokuhlinzeka saph surpassa amandla okudlula emakethe, okuholele ekwehleni kwesikhashana emgqeni wokuthenga wombono wokuhlinzeka.

Ukuze kubhekwe umthelela wezinhlelo zamathikithi, i-Good Electric Materials iqale ukulungisa ukuhlela kwayo kwamanye amazwe. NgoJuni 2023, le nkampani yasungula i-subsidiary eMexico, igxile ekukhiqizeni nasekuprocessing kwezinto zokuvikela ezishisayo zemoto ye-energi entsha; ngoNovemba 2023, kwasungulwa i-subsidiary eMelika; ngoMeyi 2025, kwasungulwa i-subsidiary yaseJalimane, egxile ekwakheni inethiwekhi yokumaketha kwamanye amazwe ukuze ibhekele ukwandiswa kwemakethe yaseNyakatho Melika naseYurophu kanye nokuphathwa kobudlelwano bamakhasimende.

Nokho, ukuthi le nhlangano yezinguquko kumkhakha wezokuhweba yangaphandle ingakwazi yini ukuvikela kahle umthelela wezintela nokuthola ama-oda amaningi aphesheya kuyasala kungaqinisekisiwe. Ngokombono wezomnotho, ukuhlela kwekhamphani aphesheya kubonakala njengokuphendula "okuphathekayo"—imakethe yemoto ye-energi entsha yasekhaya ibhujiswe kakhulu, isikhala sokwenza inzuzo sekucindezelwe kakhulu, futhi kunzima ukuthola ingxenye yemakethe. Isibonelo esijwayelekile kakhulu ukuthi i-CATL yayisengumthengi omkhulu we-Good Electric Materials ngo-2022, yehla yaba yindawo yesithathu ngo-2023, futhi yahlala ikhululekile ohlwini lwabathengi abahlanu abaphezulu ngo-2024 nangesigaba sokuqala sika-2025.

Mayelana nokuhlelwa kwemakethe yasekhaya, kusekhona imibuzo eminingi okufanele icaciswe ye-Good Electric Materials: Ingabe ivolumu yokuthengisa ye-CATL iqhubekile nokwehla? Ingabe le nkampani ihlela ukwandisa amakhasimende asekhaya ukuze ithuthukise isakhiwo sayo samakhasimende? Kungani kukhona umehluko omkhulu phakathi kwezindleko zemikhiqizo yasekhaya nezangaphandle? Kanjani ukuhlela ukuhamba kokuthuthukiswa kwemakethe yasekhaya nezangaphandle ukuze kuncishiswe ubungozi bokusebenza?

Namuhla, uZhu Guolai usaqinile ukulawula amandla okwenza izinqumo zokusebenza kweGood Electric Materials. Ngaphambi kokufaka isicelo se-IPO, uZhu Guolai ubambe ngqo u-46.76% wezabelo zenkampani, futhi ubambe ngokuqondile u-2.09% wezabelo ngezimboni ezimbili, iSuzhou Guohao neSuzhou Guofeng, enesamba sokubamba u-48.85%. Okwamanje, uZhu Guolai usebenza njengoSihlalo wenkampani kanye noMphathi Jikelele, futhi ungumthengisi ophakeme wenkampani kanye nomlawuli wangempela.

Ngaphandle kukaZhu Guolai uqobo, amalungu akhe omndeni kanye nozakwabo bangaphambili nabo babambe iqhaza elikhulu esakhiweni sezakhiwo zenkampani nasekuphathweni kwayo. Phakathi kwabo, uZhu Ying, umkakhe uZhu Guolai, ubambe ngqo u-1.12% wezabelo; uZhu Min, umfowabo omdala kaZhu Ying, ubambe izabelo eziyi-401,500 zenkampani; uZhu Haofeng, umnikazi wesabelo sesibili esikhulu senkampani, ubambe u-10.65% wezabelo, kanti umkakhe uQian Yuping ubambe u-1.52% wezabelo. Ulwazi lomphakathi lukhombisa ukuthi uZhu Guolai noZhu Haofeng babe sebenza ndawonye eWujiang Taihu Insulation Materials Factory kweminyaka eminingi.

Ngokubalulekile, ngoMashi 2023, iGood Electric Materials idlulisele u-5% wezabelo zayo kumphakathi Good瑞德 (Good瑞德) kuZhu Jianfeng ngentengo engu-0 yuan. Idatha ikhombisa ukuthi iGood瑞德 yasungulwa ngoJuni 2022, futhi ibhizinisi layo eliyinhloko liyizinto zokwakha ezihlanganisa insimbi ne-aluminium. Iyi-platform eyinhloko yeGood Electric Materials yokwandisa emkhakheni wezinto ezintsha, futhi umugqa wayo wokukhiqiza uqedwa kancane kancane futhi waqala ukusebenza ngo-2023. Kubikwa ukuthi uZhu Jianfeng noZhu Guolai bahlangane ngokuhlanganyela kwabo kwasekhaya, futhi ukuhweba kwalesi sabelo esingu-0 yuan kuphinde kwavusa ukukhathazeka kwemakethe.

Ezingeni lokuphathwa kokusebenza, amalungu omndeni nawo anomthelela omkhulu: uZhu Ying usebenza njengoMphathi Wokutshalwa Kwezimali wenkampani, uZhu Haofeng njengoMphathi kanye noMphathi Omkhulu, uQian Yuping usebenza eMnyangweni Wezokuphatha Nezabasebenzi, kanti uZhu Xingzhu, umama kaZhu Guolai, wayesebenza eMnyangweni Wokukhiqiza wenkampani. Ngaphezu kwalokho, inkampani inikeze izikweletu kuShi Huirong (ubaba kaZhu Guolai), uZhu Xingzhu (umama kaZhu Guolai), kanye nephezu uZhu Haofeng noQian Yuping ezinsukwini zokuqala, nezimali zezikweletu zafika ku-350,000 yuan kuya ku-2.4 million yuan.

Uma i-Good Electric Materials iphumelele ukufakwa ohlwini, lezi zihlobo zizohlanganyela ndawonye emalini yokwabelana yokukhula kwemali. Empeleni, ngaphambi kokuthi inkampani iqale ukushesha ukuze ifake isicelo sokuhweba, uZhu Guolai wayesevele uthole inzuzo enkulu ngama-dividends emali. Kusukela ngo-2022 kuya ku-2024, i-Good Electric Materials yaphumeza ama-dividends emali angama-28.185 million yuan, ama-15.525 million yuan, kanye nama-31.05 million yuan ngokulandelana, inani eliphelele lama-dividends lingama-74.76 million yuan eminyakeni emithathu. Ngokubala okungaphezulu kweqiniso kwenani eliphelele lokubambisana kukaZhu Guolai elingu-48.85%, angathola ngaphezu kwama-35 million yuan kuma-dividends eminyakeni emithathu.

Ngokudideka, emva kweminyaka emithathu elandelanayo yokwabelana ngemali, i-Good Electric Materials ihlela ukuhweba inani elikhulu lemali ukuze ithuthukise imali yokusebenza kule IPO. Iprospectus ikhombisa ukuthi le nkampani ihlela ukuhweba u-1.176 billion yuan kulokhu, okudlula ngisho nezinhlaka zempahla zenkampani okwamanje. Kuze kube sekupheleni kukaJuni 2025, impahla ephelele ye-Good Electric Materials ibingu-1.13 billion yuan, lapho imali engama-271 million yuan, futhi bekungekho izikweletu zesikhashana, kukhombisa ikhono elithile lokuphenduka kwemali.

Le miphumela yezezimali ibangele imibuzo eminingi: Uma inkampani inezidingo zezimali zokwandisa ibhizinisi, kungani isaqhubeka nokwenza izinzuzo zemali? Njengoba ubuningi bokubambisana bomphakathi bokulawula bufinyelela cishe ku-50%, ingabe ukusabalalisa izinzuzo okuqhubekayo kunokungabaza kokudlulisela izinzuzo kumphakathi ophakathi? Ingabe usayizi walolu hlelo lokuqoqwa kwemali udlula impahla ephelele yenkampani? Ingabe ukusebenza kokusabalalisa izinzuzo ngenkathi kuqoqwa imali yokwengeza imali yokusebenza kuyafaneleka? Ingabe kunenjongo yokuthi "kuqoqwe" emakethe yezezimali?