IPO雷达｜控制权稳定性？毛利率真实合理性？收入确认单据不完整？永超新材回复北交所二轮问询

Core Viewpoint - Shanghai Yongchao New Materials Technology Co., Ltd. (Yongchao New Materials) has responded to the second round of inquiries from the Beijing Stock Exchange regarding issues such as control stability, gross margin authenticity, sustainable performance growth, and the necessity and rationality of fundraising projects [1][2]. Group 1: Control Stability - The top two shareholders, Hong Xiaodong and Hong Xiaosheng, hold 29% and 16.57% of the shares respectively, indicating no controlling shareholder [4]. - An action agreement was signed among Hong Xiaodong, Hong Xiaosheng, and Li Yumin, who holds 13.02% of the shares, ensuring control stability for at least 36 months post-listing [5]. Group 2: Gross Margin Authenticity - The company's gross margin for the reporting period was 34.24%, 34.64%, 33.86%, and 35.19%, significantly higher than the industry average [7]. - The higher gross margin of VCM functional films compared to similar products is attributed to differences in product types and customer structures, as well as more complex manufacturing processes [7][8]. Group 3: Revenue Recognition - The percentage of revenue recognition documents with signatures was 0.22%, 19.15%, 68.85%, and 72.00% over the reporting periods, indicating improvements in documentation practices [10]. - The company has taken steps to enhance internal controls to ensure the authenticity of revenue recognition, with a noticeable decline in issues related to incomplete documentation [10]. Group 4: Sustainable Performance Growth - Among the top five customers, three experienced a decline in sales amounts, with decreases of 6.49%, 4.06%, and 22.17% [12]. - The company maintains a stable relationship with major clients, with a significant portion of orders coming from clients with long-term partnerships, indicating low risk of being replaced by competitors [13]. Group 5: Necessity and Rationality of Fundraising Projects - Post-implementation of fundraising projects, the company's capacity will increase to 1.68 times for VCM functional films and 2 times for automotive films [15]. - The market penetration rate for VCM boards in China is expected to rise due to various consumer trends and policies, suggesting a growing demand for the company's products [17].