2026 年 3 月 18 日，长沙族兴新材料股份有限公司（证券代码 920078.BJ）正式登陆北交所，成为今年行业相关业务率先在北交所上市的企业，也为湖南本年度北交所上市打响头炮。作为中涂协粉末涂料涂装分会副理事长单位，族兴新材是国内铝颜料行业的 “隐形冠军”，1998 年创立以来便率先打破国外企业在中高端铝颜料市场的垄断，1999 年成功产出银元状铝颜料填补国内空白。
公司核心竞争力突出，手握 90 项授权专利含 49 项发明专利，主导国内行业标准、深度参与国际标准制定，凭借 7 大核心技术构建起 “原料 — 中间品 — 终端产品” 全链条布局，旗下四家子公司分工协同，实现微细球形铝粉自主生产，原料纯度达 99.85% 以上，全球每 7 吨微细球形铝粉就有 1 吨产自该公司，其高性能铝粉颜料产销量全球第三、全国第一，产品获阿克苏诺贝尔、巴斯夫等国际巨头认可。
财务层面，公司发展韧性强劲，2022-2024 年营收稳步增长至 7.07 亿元，2025 年营收同比增 12.61% 至 7.96 亿元，归母净利润同比大涨 39.36% 达 8182.9 万元，近十年产能与资产规模也实现大幅扩张。上市首日，公司股价表现亮眼，开盘 33 元 / 股、收盘 35.30 元 / 股，较 6.98 元发行价分别上涨 372.78%、405.73%，总市值突破 40 亿元，网上申购倍数超 4700 倍，市场认可度颇高。
此次上市公司募集资金净额 1.36 亿元，重点投向高纯微细球形铝粉、粉末涂料用高性能铝颜料建设及铝银浆技术改造三大项目，建设期均为 2 年。依托募投项目，公司将弥补国内高纯微细球形铝粉市场缺口，进一步切入电容器电极箔、半导体封装用氮化铝等高附加值领域。
随着新能源汽车、光伏、航空航天等产业发展，高性能铝颜料需求持续攀升。以上市为新起点，这家深耕行业近 30 年的 “小巨人” 企业，将凭借全产业链优势与技术积淀，持续巩固中高端市场领先地位，向全球领先的有色金属功能粉体材料供应商迈进，继续重塑全球铝颜料市场竞争格局。
On March 18, 2026, Changsha Zuxing New Materials Co., Ltd. (stock code 920078. BJ) officially landed on the Beijing Stock Exchange, becoming the first company in the industry to be listed on the Beijing Stock Exchange this year, and also launching the first shot for Hunan's listing on the Beijing Stock Exchange this year. As the vice chairman unit of the Powder Coating and Coating Branch of the China National Coatings Association, Zuxing New Materials is the "hidden champion" of the domestic aluminum pigment industry. Since its establishment in 1998, it has been the first to break the monopoly of foreign enterprises in the mid to high end aluminum pigment market. In 1999, it successfully produced silver dollar shaped aluminum pigments to fill the domestic gap.
The company has outstanding core competitiveness, holding 90 authorized patents including 49 invention patents, leading domestic industry standards, and deeply participating in international standard setting. With 7 core technologies, it has built a full chain layout of "raw materials intermediate products terminal products". Its four subsidiaries work together to achieve independent production of fine spherical aluminum powder, with a raw material purity of over 99.85%. One ton of every 7 tons of fine spherical aluminum powder in the world is produced by the company, and its high-performance aluminum powder pigment production and sales volume ranks third in the world and first in the country. Its products have been recognized by international giants such as AkzoNobel and BASF.
On the financial level, the company has strong development resilience, with steady revenue growth to 707 million yuan from 2022 to 2024, and a year-on-year increase of 12.61% to 796 million yuan in 2025. The net profit attributable to the parent company has increased by 39.36% year-on-year to 81.829 million yuan, and the production capacity and asset scale have also achieved significant expansion in the past decade. On the first day of listing, the company's stock price performed outstandingly, opening at 33 yuan/share and closing at 35.30 yuan/share, up 372.78% and 405.73% respectively from the issuance price of 6.98 yuan. The total market value exceeded 4 billion yuan, and the online subscription multiple exceeded 4700 times, with high market recognition.
The net amount raised by the listed company this time is 136 million yuan, with a focus on investing in three major projects: high-purity fine spherical aluminum powder, high-performance aluminum pigment construction for powder coatings, and aluminum silver paste technology transformation, all with a construction period of 2 years. Based on the fundraising project, the company will fill the gap in the domestic high-purity fine spherical aluminum powder market and further enter high value-added fields such as capacitor electrode foils and aluminum nitride for semiconductor packaging.
With the development of industries such as new energy vehicles, photovoltaics, and aerospace, the demand for high-performance aluminum pigments continues to rise. Taking listing as a new starting point, this "little giant" enterprise, which has been deeply rooted in the industry for nearly 30 years, will continue to consolidate its leading position in the mid to high end market with the advantages of the entire industry chain and technological accumulation, move towards becoming a global leading supplier of non-ferrous metal functional powder materials, and continue to reshape the competitive landscape of the global aluminum pigment market.
