Core Viewpoint - The China-based company, Youyan Metal Composite Materials (Beijing) Co., Ltd., has received approval for its initial public offering (IPO) on the Sci-Tech Innovation Board, indicating a significant step in its growth and potential in the metal composite materials industry [1]. Company Overview - Youyan Metal Composite Materials specializes in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products, with applications in aerospace, military electronics, smart terminals, and home appliances [3]. - The company has developed advanced aluminum-based composite material technologies, addressing critical issues in aerospace applications and achieving import substitution in key components [3]. Industry Insights - The global market for metal matrix composites is expanding rapidly, with China's market expected to reach 110.5 billion RMB in 2024 and surpass 475 billion RMB in 2025, driven by policy support and market demand [4]. - The industry is transitioning from traditional trial-and-error research methods to high-throughput computing and material gene engineering, aiming to reduce research and development costs and time [4]. Challenges in the Industry - The industry faces significant challenges, including core bottlenecks in basic research and preparation processes, high costs of advanced materials, and an incomplete application ecosystem and standard system [5]. - Ensuring uniform dispersion of reinforcement materials and stable interface bonding with metal matrices remains a global challenge, impacting performance [5]. Competitive Landscape - China's position in the global metal matrix composite industry is characterized as "system catch-up" and "local breakthrough," with established companies in the U.S. and U.K. still leading in high-end markets [6]. - However, China has made notable progress in certain sectors, achieving significant domestic market shares and breaking into international markets, particularly in high-speed rail and new energy applications [6]. Future Outlook - The Chinese metal matrix composite industry is at a crossroads, transitioning from scale to strength, with future competition focusing on original technological capabilities, depth of industry chain collaboration, and the construction of high-end application ecosystems [6].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Youyan Metal Composite Materials (Beijing) Co., Ltd., which plans to raise 900 million yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][3] Company Overview - Youyan Composite Materials is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and products, as well as special non-ferrous metal alloy products [3] - The company's business is divided into two segments: metal composite materials and products, and special non-ferrous metal alloy products [3] - Key products include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and household appliances [3] Product Application - The main product line of the company includes aluminum-based composite materials, with aviation forgings being applied in helicopters and fixed-wing aircraft, marking the first application of critical components in China's aviation sector and achieving import substitution [3] - The company has become the sole domestic supplier of such products, highlighting its unique position in the market [3]

Group 1 - The core viewpoint of the article is that Youyan Metal Composite Materials (Beijing) Co., Ltd. and Anhui Linping Circular Development Co., Ltd. have submitted their IPO applications for review, with the status changed to "submitted for registration" [1] - Youyan Metal Composite Materials aims to raise 900 million yuan through its IPO, focusing on the research, production, and sales of metal composite materials and special non-ferrous metal alloy products [1] - The main products of Youyan include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and home appliances [1] Group 2 - Anhui Linping primarily engages in the research, production, and sales of corrugated paper and boxboard products, evolving into a resource comprehensive utilization enterprise [1] - The company implements various processes for resource recycling and sustainable development, including waste paper utilization, wastewater treatment, and green manufacturing [1] - Linping's main products, corrugated paper and boxboard, are widely used in logistics transportation and packaging for industrial and consumer goods [1]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved the initial public offering (IPO) of Youyan Metal Composite Materials (Beijing) Co., Ltd. (referred to as "Youyan Composite"), marking it as the 90th company to pass the review this year [1]. Group 1: Company Overview - Youyan Composite is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products. Its business is divided into two segments: metal composite materials and special non-ferrous metal alloy products [3]. - The main products include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and household appliances [3]. Group 2: Shareholding Structure - As of the signing date of the prospectus, China Youyan Technology Group Co., Ltd. holds 50.85% of Youyan Composite's shares directly, and through its subsidiary, Youyan Engineering Technology Research Institute Co., Ltd., it indirectly holds 19.81%. Additionally, through its wholly-owned subsidiary, Youyan Dingsheng Investment Development Co., Ltd., it indirectly holds 1.39%, totaling a control of 72.06% of Youyan Composite's shares [3][4]. - China Youyan is a state-owned enterprise fully funded by the State-owned Assets Supervision and Administration Commission of the State Council, making it the actual controller of Youyan Composite [4]. Group 3: IPO Details - Youyan Composite plans to issue no more than 159,102,201 shares (excluding any shares issued under the over-allotment option), which will account for no less than 10% and no more than 30% of the total share capital after the issuance. The company aims to raise 900 million yuan for the second phase of the advanced metal matrix composite material industrialization project, a research and development center project, and to supplement working capital [4]. - The company is sponsored by CITIC Securities Co., Ltd., with representatives Wu Yulu and Li Qinpei, marking the 11th IPO project successfully sponsored by CITIC Securities this year [2].

Core Viewpoint - Youyan Metal Composite Materials (Beijing) Co., Ltd. has successfully passed the listing review for its IPO on the Sci-Tech Innovation Board, with a fundraising target of 900 million yuan for various projects [1] Group 1: IPO and Fundraising - The company plans to issue up to 159 million shares and raise 900 million yuan, which will be allocated to the second phase of the advanced metal matrix composite materials industrialization project, a research and development center, and to supplement working capital [1] - The specific allocation of the raised funds includes 644 million yuan for the industrialization project, 130 million yuan for the R&D center, and 126 million yuan for working capital [2] Group 2: Production Capacity and Utilization - The second phase of the advanced metal matrix composite materials industrialization project aims to add production capacity of 5.1 million functional composite materials and devices, and 12.5 million structural composite materials and devices [2] - Current production capacity for battery compartments and mobile phone frames is set to expand by 5 million and 6 million units respectively, which represents an increase of 1.13 times and 5.66 times over existing capacities [3] - As of June, the company had orders amounting to approximately 165.89 million yuan related to the products of the fundraising projects, with capacity utilization rates for metal matrix composites and mobile phone frames at 99.3% and 99.29% respectively, although there was a noticeable decline in the first half of the year [3][4] Group 3: Financial Performance and R&D - The company reported a significant drop in asset-liability ratio from 39.35% to 24.11%, with cash reserves of 62 million yuan sufficient to cover short-term debts [7] - R&D expenses fluctuated significantly, with rates exceeding industry averages, indicating a strong commitment to innovation [8][9] - The company has a stable increase in R&D personnel, with over 10% of employees engaged in R&D, and a high proportion of patents being acquired through inheritance rather than original creation [10][11]

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. plans to raise 900 million RMB through the Science and Technology Innovation Board, with CITIC Securities as the sponsor, focusing on the development and production of metal composite materials and special non-ferrous metal alloy products [1] Group 1: Business Overview - Youyan Composite Materials is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products [1] - The company's main products include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and home appliances [1] - The company has developed innovative products such as ultra-thin mobile phone battery compartments using aluminum matrix composites, achieving large-scale applications in smartphones [1] Group 2: Financial Performance - The company's revenue from metal composite materials and products was approximately 4.03 billion RMB in 2022, 4.98 billion RMB in 2023, and is projected to reach 6.1 billion RMB in 2024, with 2.4 billion RMB reported for the first half of 2025 [4] - The net profit for the same periods was approximately 751.06 million RMB in 2022, 619.14 million RMB in 2023, 684.39 million RMB in 2024, and 141.64 million RMB in the first half of 2025 [4] - The total assets of the company as of June 30, 2025, were approximately 9.96 billion RMB, with a debt-to-asset ratio of 18.30% for the parent company [5] Group 3: Market Position and Clients - The company holds a leading position in the domestic market for smart meters and has established itself as a supplier for major clients in the aerospace and military electronics sectors, including subsidiaries of China Aviation Industry Corporation and China Electronics Technology Group [3]

| | 科创板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 有研复材 | 金属复合材料及制品、特种有色金 属合金制品的研发、生产和销售 | 60,963.98 | 5,536.12 | 通过 | 中信证券/北京德恒/信永中和 | | | 创业板 | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 宏明电子 | 以阻容元器件为主的新型电子元器 件的研发、生产和销售 | 249,382.90 | 25,191.14 | 通讨 | 国信证券/北京中伦/天健 | | | 北交所 | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 美亚科技 | 泛商旅综合解决方案提供商 | 40,094.90 | 7.502.48 | 通过 | 广发证券/北京中伦/广东司农 | | 原力数字 | 3D数字内容制 ...

Core Viewpoint - The company, Youyan Metal Composite Materials (Beijing) Co., Ltd., is set to undergo an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to enhance the domestic production of high-end metal materials in China [1]. Financial Performance - Revenue is projected to grow from 414 million yuan in 2022 to 610 million yuan in 2024, with corresponding net profits (excluding non-recurring items) increasing from 24 million yuan to 55 million yuan [1]. - In the first half of 2025, the company achieved revenue of 240 million yuan and a net profit of 12 million yuan, showing a slight year-on-year decline [1]. Fundraising and Investment Plans - The company plans to raise 900 million yuan, with allocations of 644 million yuan for the second phase of the advanced metal matrix composite industrialization project, 130 million yuan for a research and development center, and 126 million yuan for working capital [1]. Order Backlog - The company currently has an order backlog amounting to 335 million yuan, providing solid support for future performance [2].

文/Ronald 有研金属复合材料（北京）股份公司申报科创板IPO于2025年6月30日获得受理，现已完成两轮问询。公司本次IPO拟募资9亿元。 公司是国务院国资委直属央企中国有研科技集团有限公司所属二级产业化公司，目前注册资本37,123.8468万元。公司专注于金属复 合材料及制品、特种有色金属合金制品研发、生产和销售，是国企改革"双百行动"企业、国家高新技术企业、北京市"专精特新"企 业。公司核心产品包括金属基复合材料及制品、双金属复合材料及制品、特种铝合金和特种铜合金制品等。报告期内，公司主营业 务收入构成情况如下： 一、2025年上半年扣非净利润同比下降35.67%，2024年及2025年上半年经营活动产生的现金流量净额为负 2022年、2023年、2024年及2025年1-6月，公司实现营业收入分别为 41435万元、49797万元、60964万元及24010万元，扣非归母净 利润分别为 2365万元、4506万元、5536万元、1168万元。 | | | | | 年11: / | | --- | --- | --- | --- | --- | | 项目 | | 2025年6月30 2024年12 ...

IPO Summary - Three companies are scheduled for IPO review from December 8 to December 12, aiming to raise a total of 5.928 billion yuan [1] - The companies include: - Huigu New Materials, seeking to raise 900 million yuan, specializes in chemical raw materials and chemical products manufacturing [2] - Linping Development, aiming for 1.2 billion yuan, operates in the paper and paper products industry [2] - Yuelong Technology, targeting 289 million yuan, focuses on rubber and plastic products [2] Company Details Huigu New Materials - Established on October 11, 1999, with a registered capital of 47.3373 million yuan [4] - The company focuses on high polymer materials and aims to become a global leader in functional material technology innovation [4][5] - Recent financial performance includes: - Total assets of 1.366 billion yuan as of June 30, 2025 [5] - Net profit of 107.0735 million yuan for the first half of 2025 [7] Linping Development - Founded on January 24, 2002, with a registered capital of 56.5611 million yuan [8] - The company specializes in the research, production, and sales of corrugated paper and boxboard products [9] - Recent financial performance includes: - Total assets of 2.548 billion yuan as of June 30, 2025 [9] - Net profit of 91.419 million yuan for the first half of 2025 [9] Yuelong Technology - Established on March 18, 2009, with a registered capital of 61 million yuan [11] - The company focuses on the research, production, and sales of flexible pipelines for fluid transportation [11] - Recent financial performance includes: - Total assets of 586.369 million yuan as of June 30, 2025 [14] - Net profit of 5.302 million yuan for the first half of 2025 [14] Fundraising Plans - Huigu New Materials plans to invest in projects including an annual production expansion of environmentally friendly coatings and resins, with a total investment of 919.2431 million yuan [8] - Linping Development aims to utilize the raised funds for expanding production capacity and enhancing operational efficiency [9] - Yuelong Technology's fundraising will support the development of high-performance rubber hoses and production facility upgrades [16] Additional Information - Meiya Technology has reduced its fundraising target from 360 million yuan to 200 million yuan, eliminating certain projects from its plan [2][3] - Two refinancing companies are also scheduled for review, aiming to raise a total of 999.5 million yuan [4]