有研复材IPO，重要子公司的少数股东是一位个人，还显得挺神秘

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. is applying for an IPO, with CITIC Securities as the sponsor. The company is a leading player in the metal composite materials industry, but its financial performance has shown mixed results, raising questions about its ability to convert its industry position into profitability and growth [1][6]. Financial Performance - In 2023, Youyan Composite reported a revenue increase of 20.18% year-on-year, but its net profit declined by 7.59%. For 2024, both revenue and net profit are expected to grow, although the first three quarters of 2024 showed a slight revenue decrease of 1.83% and a significant net profit drop of 15.48%. The full-year forecast indicates a potential change in revenue between -3.89% and 0.69% [1][6]. Subsidiary Overview - A notable subsidiary, Youyan Metal Composite Materials (Dongguan) Co., Ltd., has a net asset of 20.55 million yuan, generating revenue of 40.29 million yuan and a net profit of 3.01 million yuan in 2024, achieving a return on equity (ROE) of 15%, which is higher than the overall ROE of Youyan Composite at 11.44% [2][7]. Operational Insights - The operations in the smart terminal sector are managed jointly by Langfang Composite and Dongguan Composite. Dongguan Composite has completed the construction of a stamping production line and plans to add three hot isostatic pressing devices for smart terminal product production [2][8]. Ownership Structure - Dongguan Composite is a holding subsidiary, not a wholly-owned one, with Youyan Composite holding 75% and an individual named Jiang Xinghui holding 25%. This arrangement raises questions about the rationale behind granting significant equity to a personal shareholder [2][9]. Key Individual - Jiang Xinghui, the minority shareholder, has been noted for his contributions to cost control discussions within the company, indicating his importance despite the lack of detailed information about him in the IPO documentation [5][11].