IPO雷达｜有研复材回复二轮问询，上半年扣非“跳水”35%，应收回款率骤降

Core Viewpoint - The company, Youyan Metal Composite Materials (Beijing) Co., Ltd. (referred to as "Youyan"), is facing significant operational challenges, including a decline in revenue and a sharp drop in net profit, which has attracted regulatory scrutiny [1][4]. Financial Performance - In the first half of 2025, Youyan reported a revenue of 2.40 billion, a decrease of 1.86% compared to the previous year, and a net profit of 1440.66 million, down 35.67% year-on-year [4][6]. - The company's total assets as of June 30, 2025, were 99.59 billion, with a debt-to-asset ratio of 18.30% [5]. Profitability - The gross profit margin for the main business has been declining, recorded at 24.93% for the first half of 2025, down from 27.45% in 2024 [8][10]. - The company attributes the decline in gross margins to various factors, including market competition, product price fluctuations, and changes in downstream demand [10]. Accounts Receivable - The accounts receivable turnover rate has significantly decreased, with a collection rate of only 42.77% as of June 30, 2025 [12]. - The company has a substantial amount of overdue receivables, with 270 million from sales through China Research remaining uncollected as of October 2025 [15]. Customer Base - Youyan's major clients include state-owned enterprises and well-known private companies, indicating a relatively stable customer base [13]. - The company is actively working on collection strategies for overdue accounts, particularly with a subsidiary of the Aviation Industry Corporation of China [15].