贝特利IPO，一场浙大校友的狂欢？

Core Viewpoint - The IPO application of Suzhou Beteli Polymer Materials Co., Ltd. has entered the "inquiry" stage, aiming to raise 793 million yuan for capacity expansion, R&D, marketing center construction, and working capital supplementation [4][5]. Group 1: Company Overview - Beteli specializes in electronic materials and new chemical materials, with products including conductive materials, organic silicon materials, and coating materials [9]. - The company has a diverse client base, including photovoltaic companies like Shanghai Silver Paste and Dike Co., as well as consumer electronics brands such as Huawei and Xiaomi [9]. Group 2: Financial Performance - Beteli's revenue increased significantly from 622 million yuan to 2.518 billion yuan from 2022 to 2024, driven by a surge in sales of silver powder, which rose from 60 million yuan to 1.682 billion yuan [9][10]. - Despite the revenue growth, the company has faced negative operating cash flow, with net cash flow of -375 million yuan and -1.64 billion yuan in the last two years of the reporting period [12]. Group 3: IPO Fund Utilization - The IPO proceeds of 793 million yuan will be allocated as follows: 510 million yuan for expanding operational scale, 183 million yuan for the construction of a R&D and marketing center in Wuxi, and 100 million yuan for working capital [11]. - The necessity for fundraising is underscored by the company's cash flow challenges, with a significant portion of funds tied up in accounts receivable and concentrated supplier relationships [12][13]. Group 4: Market Challenges - Beteli's silver powder business faces pressure from technological iterations in the photovoltaic industry, as companies explore silver reduction techniques [10]. - The gross margin for silver powder is low, with a revenue of 1.682 billion yuan but a gross profit of only 30.6 million yuan, resulting in a gross margin of 1.8% [10].