Hz info:September 12, 2025 - The Listing Committee of the Beijing Stock Exchange has approved the IPO application of Yatu High-Tech Materials Co., Ltd., marking that this national-level "Little Giant" enterprise specializing in niche sectors is about to become the first company listed on the Beijing Stock Exchange in Jiangmen City.

Boasting strong strength, Yatu High-Tech is a high-tech enterprise integrating R&D, production, sales and professional technical services of high-performance industrial coatings. It holds a number of qualifications and honors, including being a national key "Little Giant" enterprise for specialized and sophisticated products in niche sectors and a single-item champion enterprise in Guangdong's manufacturing industry. Its products are widely used in numerous industrial fields such as automotive refinishing, new energy commercial vehicles and rail transit. As of December 31, 2024, the company had 123 patents, including 81 invention patents, and had also participated in the formulation of a number of industry standards.

During the IPO preparation process, Yatu High-Tech changed its listing track twice in accordance with industry trends and its own business layout. The company first launched its IPO plan in 2021, initially choosing the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange as its target sector. In March 2023, based on changes in its business structure, the company switched to the Main Board of the Shenzhen Stock Exchange. It was not until April 2024 that, with the increasingly clear positioning of the Beijing Stock Exchange to serve innovative small and medium-sized enterprises, the company finally decided to adjust its listing path and select the Beijing Stock Exchange, which is more suitable for its current development stage.

According to the prospectus released on September 6, Yatu High-Tech intends to publicly issue no more than 26,592,798 shares, with the number of shares issued using the over-allotment option not exceeding 3,988,919 shares. The total number of shares issued this time will not exceed 30,581,717 shares. This issuance consists entirely of new shares, with a par value of 1.00 yuan per share. The company plans to raise a net amount of 431 million yuan, which will be used for projects such as the construction of an intelligent production line for water-based coatings and the upgrading and construction of a R&D center. The fund-raising projects are necessary: for instance, the water-based coating production line can address the issue of insufficient existing production capacity, and digitalization projects can help narrow the gap with foreign-funded brands.

In recent years, Yatu High-Tech has shown a strong growth momentum. From 2022 to 2024, the company's operating income increased from 557 million yuan to 742 million yuan, with a compound annual growth rate (CAGR) of 15.42%; its net profit rose from 78.2616 million yuan to 149 million yuan, achieving a remarkable CAGR of 37.80%.

Notably, the company has achieved remarkable results in its international layout. From 2022 to 2024, overseas sales accounted for 50.28%, 55.10% and 54.66% of the company's main business income respectively. Among them, overseas sales grew by 25.48% year-on-year in 2023 and 15.72% year-on-year in 2024. The number of overseas mixing center customers of the company increased from 244 in 2022 to 353 in 2024, and the sales volume per mixing center rose from 458,300 yuan in 2022 to 570,400 yuan. The company has established sales networks in regions including the Americas, Europe, Asia and Africa, and achieved rapid growth in the Russian market. However, this also brings corresponding risks. The company admits that if some overseas countries implement unfavorable trade policies, it may affect the high-speed growth of its overseas sales.

In the first half of 2025, the company continued to maintain a sound development momentum, achieving an operating income of 371 million yuan, a year-on-year increase of 13.90%. The company's business growth is attributed to its active expansion of domestic and overseas markets. According to data, from January to June, China's automobile production and sales reached 15.621 million units and 15.653 million units respectively, with year-on-year growth of 12.5% and 11.4% respectively. Driven by the continuous implementation of the "trade-in" policy and the rapid development of new energy vehicles, the number of cars in ownership has continued to rise, bringing stable demand to the automotive coating industry and further consolidating the growth prospects of the market where Yatu High-Tech operates.

In terms of subsidiary layout, the company has established 6 holding subsidiaries at home and abroad. Among them, Yatu USA, Yatu Russia, Yatu India and Yatu Mexico mainly serve as sales platforms and do not have independent production capabilities; Yatu Technology focuses on technical training business, with a net profit of -690,500 yuan in 2024, but it is of strategic significance for enhancing customer stickiness and brand professionalism. This clear business layout not only ensures the rapid expansion of overseas markets, but also enhances the company's comprehensive competitiveness through the synergy of technical services.

In June 2024, the company distributed a dividend of 33.6842 million yuan for the 2023 fiscal year, accounting for 22.67% of the net profit in the same period. The company has committed that after listing, under the condition of meeting the cash dividend requirements, it will distribute cash dividends of no less than 20% of its distributable profits each year, demonstrating its emphasis on shareholder returns.