北京一家企业IPO募投新增产能消化存疑，毛利率下跌趋势或将持续

Core Viewpoint - The company, Beijing Youyan Metal Composite Materials Co., Ltd. (Youyan Composites), is set to undergo an IPO review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 900 million yuan, but faces scrutiny over its patent ownership, R&D capabilities, and financial reliance on government subsidies [2][4][13]. Group 1: Patent and Technology Concerns - Youyan Composites holds 145 domestic invention patents, most of which are inherited from its parent company, raising questions about its independent R&D capabilities and the fairness of patent ownership transfers [2][5][6]. - The company has a small R&D team of 56 personnel, which may not be sufficient to support its innovation needs, especially given that many patents are over 10 years old [2][5][6]. - The company claims to have accumulated 10 core technologies through over 30 years of research, but it has not adequately addressed concerns regarding the advanced nature of its older patents [6][10]. Group 2: Financial Performance and Subsidy Dependency - Youyan Composites' net profit has been significantly supported by government subsidies, with these subsidies accounting for over 20% of net profits in some periods, raising concerns about the sustainability of its financial performance [4][13][14]. - The company reported revenues of 414.35 million yuan, 497.97 million yuan, 609.64 million yuan, and 240.10 million yuan over the reporting periods, with a notable decline in net profit in the first half of 2025 [13][14]. - The company asserts that its reliance on government subsidies is decreasing, with a lower proportion of profits coming from these sources in recent years [14]. Group 3: Production Capacity and Profit Margins - The company plans to use 644 million yuan of the raised funds for capacity expansion, but there are concerns about the ability to absorb this new capacity given the current market demand and existing production capabilities [3][9][10]. - Youyan Composites' gross margins have been declining and are below the industry average, particularly in its civilian products, which could impact its competitiveness [3][11][12]. - The company has reported gross margins of 29.81%, 28.50%, and 27.74%, which are lower than the industry average of 31.27%, 29.76%, and 30.71% during the same periods [11][12].