雅图高新距离登陆北交所的上市目标原本已近在咫尺。 然而，随着时间的推移，这家在去年9月通过北交所层面审核的公司成功上市的希望变得愈发渺茫。 雅图高新主营为高性能工业涂料业务。此前，这家公司已经两度转移上市目的地。对这家公司而言，此 次冲刺北交所可谓背水一战。2024年，这家公司年收入达7.42亿元，归母净利润提升至1.49亿元。但频 繁转道与这份冲刺答卷遭遇了市场和监管的诸多质疑。高速增长的俄罗斯收入、特殊的回款方式与研发 费用疑问是质疑的核心。 在质疑之下，雅图高新的IPO进度已经明显落后同期企业。 然而值得注意的是，雅图高新披露的俄罗斯市场收入，与俄罗斯税务局官网公示数据存在巨大差异。差 额最高达到101.66%。除收入外，据计算，2022年，雅图高新俄罗斯子公司的资产总额与俄官方数据差 异率达51.74%。 面对如此数据差异，公司以"部分收入为直接出口而非本地子公司实现"为解释，难以打消外界疑虑。 雅图高新的境外收入除境外子公司外，还包括直接出口至境外经销商的收入。高新雅图在监管问询函回 复中，披露包括俄罗斯OOO ZVEZDA EM、俄罗斯OOO"PRIMO KOLOR"在内的部分品牌商数据。 根据1 ...

成立30多年来，雅图高新始终专注于汽车修补涂料赛道，致力于打造民族品牌，与外资品牌同台竞技并 不断发展壮大。日前，雅图高新董事长冯兆均在接受中国证券报记者专访时表示，未来公司将坚持自主 创新，加速推进全球化战略，打造全球知名品牌，为我国工业涂料行业高质量发展贡献更多力量。 打造工业涂料知名品牌 随着不断发展，雅图高新在国内市场的地位稳步提升，实现了"领航中国"的目标。在国内市场站稳脚跟 后，公司将目光瞄准国际市场。冯兆均表示，公司2006年进入国际市场，先后成立美国、俄罗斯、印度 和墨西哥等子公司，采用本土化经营策略，形成了较为完整的国际运营体系。 进入国际市场之后，雅图高新直面挑战。凭借过硬的产品品质，公司牢牢占据市场一席之地并不断"攻 城略地"。近年来，雅图高新海外市场销售收入连续保持两位数以上的增长速度，占据公司整体收入 的"半壁江山"。截至目前，公司已建立较为成熟的全球销售网络，覆盖90多个国家和地区。在高端市 场，公司部分核心产品的技术水平已达到甚至超过外资品牌的同类产品。 为加快全球化步伐，公司计划通过在全球各大洲核心国家搭建示范店，完善营销服务体系建设，提升公 司品牌宣传效应，进一步深化全球布局 ...

● 本报记者 武卫红 成立30多年来，雅图高新始终专注于汽车修补涂料赛道，致力于打造民族品牌，与外资品牌同台竞技并 不断发展壮大。日前，雅图高新董事长冯兆均在接受中国证券报记者专访时表示，未来公司将坚持自主 创新，加速推进全球化战略，打造全球知名品牌，为我国工业涂料行业高质量发展贡献更多力量。 打造工业涂料知名品牌 2025年9月12日，北交所上市委员会审议会议结果公布，雅图高新符合发行条件、上市条件和信息披露 要求，成功过会。据招股书披露，雅图高新成立于1995年，已发展成为国内汽车修补涂料行业的领先企 业之一。公司专注于高性能工业涂料的研发、生产与销售，产品覆盖汽车修补、汽车内外饰件、新能源 商用车、轨道交通等领域。 随着不断发展，雅图高新在国内市场的地位稳步提升，实现了"领航中国"的目标。在国内市场站稳脚跟 后，公司将目光瞄准国际市场。冯兆均表示，公司2006年进入国际市场，先后成立美国、俄罗斯、印度 和墨西哥等子公司，采用本土化经营策略，形成了较为完整的国际运营体系。 进入国际市场之后，雅图高新直面挑战。凭借过硬的产品品质，公司牢牢占据市场一席之地并不断"攻 城略地"。近年来，雅图高新海外市场销售收入 ...

Core Viewpoint - Yatu High-tech Materials Co., Ltd. has faced significant delays in its IPO process, with 114 days since its approval without entering the "registration submission" phase, raising concerns about its financial integrity and operational transparency [1][2]. Financial Performance - Yatu High-tech's revenue is projected to grow from 557 million yuan in 2022 to 742 million yuan in 2024, with net profit increasing from 78 million yuan to 149 million yuan during the same period [1][2]. - The company's overseas revenue has consistently exceeded 50% of its total revenue, indicating its reliance on international markets for growth [2]. Revenue Discrepancies - There is a significant discrepancy between Yatu High-tech's reported revenue from the Russian market and the data from its local subsidiary, with differences reaching as high as 101.88% [2][3]. - The reported revenue figures for Yatu High-tech in Russia were 42.38 million yuan, 67.65 million yuan, and 96.73 million yuan for 2022, 2023, and 2024, respectively, while the official figures from the Russian tax authority were significantly lower [3]. Third-party Payment Concerns - A substantial portion of Yatu High-tech's overseas sales involves third-party payments, with amounts increasing by 109.5% over two years, raising questions about the authenticity of these transactions [4]. - The company has acknowledged that some transactions lack verifiable payment records, which has drawn scrutiny from the Beijing Stock Exchange [4]. R&D Investment and Corporate Governance - Yatu High-tech's R&D expenses are low compared to industry standards, with ratios of 3.06%, 3.63%, and 3.30% of revenue from 2022 to 2024, which barely meets the minimum requirement for high-tech enterprises [5]. - The company has a highly concentrated ownership structure, with the founding family controlling 96.5% of the shares, leading to potential governance issues [6]. Cash Dividend and Fundraising Strategy - In June 2024, Yatu High-tech distributed a cash dividend of 33.68 million yuan just before its IPO, raising questions about its need to raise an additional 35 million yuan for liquidity [6]. - Despite having sufficient cash reserves, the company claims that the fundraising is part of a long-term strategy for business expansion, indicating a potential disconnect between its financial health and its fundraising rationale [6].

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].

Group 1: New IPOs - This week, there are three new stocks available for subscription: one on the Shanghai Main Board, one on the ChiNext, and one on the Beijing Stock Exchange [1] - The Beijing Stock Exchange new stock, Shichang Co., has an issue price of 10.9 yuan and a price-to-earnings ratio of 10.74, compared to the industry average dynamic P/E ratio of 28.04 over the past month [2] - The ChiNext new stock, Haocreat Technology, focuses on smart distribution equipment and digital solutions for distribution networks, with projected revenues of 6.72 million yuan, 8.67 million yuan, and 4.51 million yuan for 2023 to the first half of 2025, and net profits of 0.87 million yuan, 1.11 million yuan, and 0.62 million yuan respectively [2] Group 2: Company Profiles - YouSheng Co., launching on the Shanghai Main Board, specializes in aluminum alloy automotive components, particularly in the lightweight automotive parts sector, with a focus on new energy vehicles [3] - YouSheng Co. has projected revenues of approximately 23.50 billion yuan, 29.05 billion yuan, and 39.50 billion yuan from 2022 to 2024, with net profits of 2.33 billion yuan, 3.21 billion yuan, and 4.05 billion yuan respectively [3] - Yatu High-tech and Weite Environment are set to present their IPOs on the Beijing Stock Exchange, with Yatu focusing on high-performance industrial coatings and Weite specializing in water resource pipeline leakage control technology [4]

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

Group 1: IPO Approvals - The Beijing Stock Exchange's listing committee approved the IPO applications of Weite Environment and Yatu High-tech, both recognized as national-level specialized and innovative "little giant" enterprises [1] - The approval will help these companies expand their financing channels and promote project construction [1] Group 2: Yatu High-tech Overview - Yatu High-tech is a high-tech enterprise engaged in the R&D, production, and sales of high-performance industrial coatings, with applications in automotive repair, new energy commercial vehicles, rail transportation, and special vehicles [2] - From 2022 to 2024, Yatu High-tech's revenue is projected to grow from 606 million to 769 million yuan, with growth rates decreasing from 18.68% in 2023 to 6.95% in 2024; net profit growth is expected to decline from 47.48% to 8.33% [2] - The company's gross profit margins for its main business are expected to rise from 35.39% in 2022 to 44% in 2024 [2] Group 3: Yatu High-tech Fundraising Plans - Yatu High-tech plans to raise a net amount of 431 million yuan through its IPO, which will be used for the construction of a water-based coating intelligent production line, R&D center upgrades, digital integration center construction, global marketing network demonstration stores, and to supplement working capital [2] Group 4: Weite Environment Overview - Weite Environment is also recognized as a national-level specialized and innovative "little giant" enterprise, providing services such as drainage network detection, assessment, design, and smart operation using advanced technologies [4] - The company collaborates with major state-owned enterprises and operates mainly in the Pearl River, Yangtze River, and Yellow River basins, focusing on water environment governance and urban flood control [4] - Weite Environment's revenue for 2024 is expected to be 329 million yuan, with a net profit of 53.24 million yuan, and a non-recurring net profit exceeding 51 million yuan [4] Group 5: Weite Environment Fundraising Plans - Weite Environment aims to raise approximately 169 million yuan through its IPO, which will be allocated to regional operation center construction, technology R&D center projects, and to supplement working capital [4] Group 6: Regulatory Inquiries - The Beijing Stock Exchange raised inquiries regarding the authenticity and sustainability of Yatu High-tech's revenue, particularly concerning its overseas business and the operational scale of some downstream clients [3][5] - For Weite Environment, the exchange inquired about the core competitiveness of its technologies and the sustainability of its performance growth, requesting comparisons with domestic and international competitors [5]

Group 1 - The Beijing Stock Exchange's listing committee approved the IPO applications of Weite Environment and Yatu High-tech, both recognized as national-level specialized "little giant" enterprises focusing on industrial coatings and drainage network operation services [1] - Yatu High-tech's revenue is projected to grow from 606 million yuan in 2022 to 769 million yuan in 2024, with a decreasing growth rate from 18.68% in 2023 to 6.95% in 2024, while net profit growth is expected to decline from 47.48% to 8.33% during the same period [1] - The company plans to raise 431 million yuan through its IPO to fund the construction of a water-based coating intelligent production line, R&D center upgrades, digital integration center, global marketing network demonstration stores, and to supplement working capital [2] Group 2 - Weite Environment is also recognized as a national-level specialized "little giant" enterprise, providing advanced services in drainage network detection, assessment, design, and smart operation using proprietary technologies [2] - The company has established partnerships with major state-owned enterprises and operates primarily in the Pearl River, Yangtze River, and Yellow River basins, focusing on water environment governance and urban flood management [2] - Weite Environment's revenue for 2024 is projected to be 329 million yuan, with a net profit of 53.24 million yuan, and the company plans to raise approximately 169 million yuan for regional operation center construction and technology R&D [3]

Group 1 - The Beijing Stock Exchange's listing committee approved Yatu High-tech Materials Co., Ltd. for IPO, marking the 50th company approved this year [1] - Yatu High-tech is a high-tech enterprise engaged in the R&D, production, and sales of high-performance industrial coatings [1] - The company is controlled by He Li Investment, which holds 43.02% of the shares, with two brothers, Feng Zhaojun and Feng Zhaohua, collectively controlling 96.50% of the shares [1] Group 2 - Yatu High-tech plans to publicly issue up to 26,592,798 shares, with a potential additional 15% through an over-allotment option, totaling a maximum of 30,581,717 shares [2] - The company aims to raise 431 million yuan for projects including the construction of a water-based paint intelligent production line and the upgrade of its R&D center [2] Group 3 - The review meeting raised inquiries regarding the authenticity of revenue and sustainability of performance growth, particularly concerning overseas business income and the operational scale of certain downstream customers [4] - The underwriters are required to expand the verification scope of important sales personnel's financial transactions to ensure there are no unusual fund flows with clients and suppliers [3]