《投资者网》张伟 据深交所官网信息，光伏导电材料生产商——苏州市贝特利高分子材料股份有限公司（下称"贝特利"或"公司"）的上市（IPO）申请目前进入"已问询"阶 段。 据了解，贝特利本次IPO拟募资7.93亿元，主要用于扩大产能、无锡研发及营销中心建设、补充流动资金。 毛利率不高。 《招股书》显示，贝特利存在主营产品面临技术迭代、经营现金流持续为负等风险。公司最终能否通过上市募资扩大产能及提升现金流动性，还有待观察。 浙大校友共享资本盛宴 贝特利的发展，始于两位"化工人"的共同经历。 据《东莞时间网》报道，贝特利创始人之一的王全，从浙江大学化学专业毕业后，于1983年进入原化工部星火化工厂工作。1990年，贝特利另一位创始人欧 阳旭频也来到该工厂工作。 1996年，王全、欧阳旭频双双从星火化工厂离职，一起南下，到东莞大洋硅胶制品有限公司上班。2000年，二人筹备广州贝特利，并在2008年联手成立贝特 利。 今年4月，王全接受《东莞时间网》采访时表示，"二十多年前，我来到广东，东莞为我提供了平台，让我能充分发挥干事创业的积极性和创造性，为城市经 济产业发展贡献智慧和力量。" 不过，贝特利成立时只有东莞贝特利、王 ...

Core Viewpoint - Beteli's IPO application has been accepted, aiming to raise 793 million yuan for special conductive materials and expansion projects, despite significant growth in revenue and net profit, underlying risks remain unrecognized by the market [1][2]. Financial Performance - Revenue increased from 635 million yuan in 2022 to 2.521 billion yuan in 2024, while net profit rose from 16.53 million yuan to 97.50 million yuan [1][2]. - Silver powder business saw revenue surge from 60 million yuan in 2022 to 1.682 billion yuan in 2024, constituting 66.79% of main business income [2][4]. Business Structure and Risks - The company's reliance on silver powder has increased significantly, with low gross margins of 1.75% and 1.82% in 2023 and 2024 respectively, indicating vulnerability [4][5]. - The share of high-margin organic silicon materials has decreased from 57.86% to 19.68%, leading to a halving of overall gross margin from 20.32% to 10.92% [4][6]. Customer and Supplier Concentration - Customer concentration risk is notable, with the top five customers accounting for 72.25% and 68.32% of sales in 2023 and 2024, respectively [7][8]. - Major customers are also competitors in the conductive paste market, creating potential instability in long-term partnerships [9]. - Supplier concentration is high, with over 93% of purchases from the top five precious metal suppliers, limiting bargaining power [9][11]. Cash Flow Issues - Despite profit growth, operating cash flow has deteriorated, with net cash outflows of 37.51 million yuan in 2023 and 164 million yuan in 2024 [12][14]. - Accounts receivable and inventory have risen significantly, indicating potential liquidity issues [14][15]. Technological Risks - The silver powder business faces risks from technological advancements in the photovoltaic industry, particularly the shift towards copper plating processes that may replace silver [18][26]. - Sales volume of silver powder decreased by 11.99% in 2024, contrasting with competitors' growth [18][19]. Governance and Human Resources - The ownership structure raises concerns, with the controlling shareholder holding 37.26% and a special agreement affecting decision-making [20][22]. - Employee education levels are low, with 58.29% holding only a diploma or lower, which may impact innovation capabilities [23][24]. Regulatory Scrutiny - Regulatory inquiries focus on industry growth potential, competitive landscape, and the company's ability to sustain profitability, indicating concerns about future performance [27][28].

Core Viewpoint - The company, Suzhou Beteli High Polymer Materials Co., Ltd., has officially submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise funds for strategic projects and enhance its market position in the electronic materials and chemical new materials sectors [1][4]. Group 1: Company Overview - Beteli is a customer-oriented new materials enterprise focused on innovative research and development, specializing in electronic materials and chemical new materials [1]. - The company's product range includes conductive materials, silicone materials, and coating materials, with applications in photovoltaic, 3C electronics, silicone deep processing, electronic packaging, medical, and new energy vehicle sectors [1]. - Major clients in the 3C electronics sector include Lenovo, Huawei, and Xiaomi, while in the electronic packaging sector, key customers include Mulinsen and Zhaochi [1]. Group 2: Financial Performance - For the years 2022 to 2024, Beteli's projected revenues are approximately 635 million yuan, 2.273 billion yuan, and 2.521 billion yuan, with corresponding net profits of about 16.53 million yuan, 85.63 million yuan, and 97.50 million yuan [1]. - In 2023, the company's net profit attributable to shareholders increased significantly by 71.22 million yuan, a growth rate of 547.13%, primarily driven by a gross profit increase of 104.62 million yuan [2]. - The revenue growth in 2023 was led by the conductive materials segment, which saw a revenue surge of 1.536 billion yuan, while silicone materials grew by 88.92 million yuan [2]. Group 3: IPO and Fund Utilization - Beteli plans to raise 792 million yuan through its IPO to invest in projects including the annual production of 500 tons of special conductive materials, expansion of its Dongguan facility, and the establishment of a research and marketing center in Wuxi [3][4]. - The investment projects are closely aligned with the company's core business and aim to enhance technological advantages and industry upgrades, focusing on innovation in electronic materials and chemical new materials [4]. - The special conductive materials project aims to expand into low-temperature photovoltaic slurry production, while the Dongguan expansion will focus on high-end silicone product development [4].

据第一财经6月18日报道，铂金价格近期不断上涨，单月上涨超过60元/克，涨幅接近30%。商家反馈， 目前水贝市场的铂金板料十分紧缺，拿货需要支付每克10元左右的溢价，加钱拿货还要靠抢。 *风险提示：股市有风险，入市需谨慎 世界铂金投资协会发布数据显示，2025年第一季度，全球铂金总供应量同比下降10%，为45.3吨；需求 端同比增长10%，为70.7吨。在需求方面，全球铂金首饰和投资需求显著增长。 浙商银行FICC表示，随着美国关税政策影响的消退和铂金供需缺口的进一步拉大，尤其是进入到6月份 以后，铂金掉期迅速走低，进一步刺激了多头力量的加入，铂金价格大幅超预期上涨。 产业链上，铂金上游环节主要包括铂金矿的勘探、开采和初步加工。铂金矿主要集中在南非、俄罗斯、 津巴布韦等地，其中南非的布什维尔德杂岩体是世界上最大的铂金矿床。上游环节的主要任务是从铂金 矿石中提取出铂金及其伴生的其他贵金属。 铂金中游环节涉及铂金的精炼和加工，将上游提取的粗铂金进一步提纯并制成各种工业和商业用途的铂 金产品。主要包括铂金催化剂、铂金化合物、铂金电极、铂金板料等。 公司方面，东兴证券表示主要包括贵研铂业、白银有色、紫金矿业。 *免责 ...