数据差一倍，回款说不清，研发掺水分！雅图高新“带病”三闯IPO

Core Viewpoint - Yatu High-Tech's financial data, particularly regarding its overseas income from the Russian market, has raised significant concerns due to discrepancies exceeding 100% compared to official statistics, leading to questions about the authenticity of its revenue and overall financial health [3][4][11] Financial Discrepancies - Yatu High-Tech's revenue from 2022 to 2024 is projected to grow from 554 million to 741 million yuan, with overseas sales consistently accounting for over 50% of total revenue, primarily driven by high-margin sales in Russia [3] - The reported income from the Russian market shows a staggering difference of 101.66% compared to data from the Russian tax authority, indicating potential issues with revenue recognition or data accuracy [4][5] Concerns Over Revenue Authenticity - A financial expert highlighted that the significant discrepancies in both revenue and asset data (with a 51.74% difference in asset totals) suggest deeper financial issues, such as asset inflation or improper cost accounting [4] - Yatu High-Tech's explanation for the discrepancies, attributing part of the revenue to direct exports rather than local subsidiaries, has not alleviated external concerns regarding the validity of its income [4][11] Third-Party Payment Anomalies - The company has reported a high proportion of third-party payments, peaking at 38% of total revenue, which is notably higher than industry peers, raising alarms about potential irregularities in financial practices [7][8] - The increase in third-party payments from overseas clients, particularly in Russia, has been attributed to foreign exchange controls, but the lack of proper documentation for these transactions has intensified scrutiny [7][8] R&D Expense Controversies - Yatu High-Tech's accounting treatment of R&D expenses has come under fire, particularly for including finished products in the "material consumption" category, which is atypical and raises questions about the legitimacy of reported R&D expenditures [9][10] - The significant fluctuations in the amounts reported for finished products versus raw materials over the years suggest possible manipulation of financial data to meet listing requirements [10] Regulatory Scrutiny - The North Exchange has expressed concerns about the authenticity of Yatu High-Tech's overseas revenue and has mandated a broader investigation into the company's financial flows, reflecting heightened regulatory vigilance [11] - As Yatu High-Tech progresses in its IPO journey, it faces not only regulatory inquiries but also the need to address investor skepticism regarding its financial integrity and governance practices [11]