雅图高新闯关北交所 过会之后仍有谜题待解

Core Viewpoint - Yatu High-Tech Materials Co., Ltd. has faced scrutiny regarding the authenticity of its financial performance and the sustainability of its revenue growth during its IPO process on the Beijing Stock Exchange, despite reporting significant revenue increases in recent years [1][2][3]. Group 1: Company Overview - Yatu High-Tech was established in April 1995 and specializes in the research, production, and sales of high-performance industrial coatings [2]. - The company reported main business revenues of 554 million, 635 million, and 741 million yuan for the years 2022, 2023, and 2024, respectively [2]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 75.46 million, 116 million, and 145 million yuan for the same years [2]. Group 2: IPO Process and Challenges - Yatu High-Tech's IPO application was accepted on September 30, 2024, and it entered the inquiry phase on November 1, 2024 [3]. - The company has faced multiple inquiries from the Beijing Stock Exchange regarding the sustainability of its revenue growth and the authenticity of its sales figures [3][4]. - The company has changed its IPO path multiple times, initially aiming for the ChiNext board, then the Shenzhen main board, and finally applying to the Beijing Stock Exchange [2]. Group 3: Revenue Composition and Concerns - A significant portion of Yatu High-Tech's revenue comes from overseas sales, with overseas sales accounting for 50.28%, 55.10%, and 54.75% of total revenue from 2022 to 2024 [4]. - The revenue from overseas distribution centers has been a major contributor, reaching 112 million, 154 million, and 201 million yuan for the same years, with contributions to revenue growth of 51.54% and 45.05% in 2023 and 2024, respectively [4][5]. - The company has been questioned about the high gross margin of its overseas distribution centers, which reached 53.97% in 2024, and the overall gross margin increased from 31.79% in 2021 to 44.54% in the first quarter of 2024 [5]. Group 4: Third-Party Payment Issues - Yatu High-Tech has raised concerns regarding its reliance on third-party payments from overseas customers, which accounted for 10.19%, 10.76%, and 8.60% of total revenue from 2022 to 2024 [6]. - The company has faced scrutiny over the identity of third-party payment clients, with reports indicating that some clients have no registered capital or employees, raising questions about their legitimacy [7][8]. - The increase in third-party payments has led to regulatory concerns, particularly regarding the potential for financial misrepresentation [7].