Yanfu Materials Science and Technology Innovation Board IPO "has been queried" with a high proportion of overseas sales revenue.

On July 21, Yueyan Metal Composite Materials (Beijing) Co., Ltd. (referred to as Yueyan Composite Materials) applied for a change in the status of the Shanghai Stock Exchange Science and Technology Innovation Board listing review to "inquiry completed", with CITIC SEC as its sponsor institution, planning to raise 900 million yuan. The prospectus shows that Yueyan Composite Materials is a high-tech enterprise mainly engaged in the research, development, production, and sales of metal composite materials and products, special non-ferrous metal alloy products. Its business is divided into two sectors: metal composite materials and products, and special non-ferrous metal alloy products. The company's products include metal-based composite materials and products, bimetal composite materials and products, special aluminum alloy products, and special copper alloy products, widely used in aerospace, military electronics, smart terminals, household appliances, and other fields. The company's downstream customers are mainly well-known customers in the aerospace, military electronics, and smart terminals sectors, including subsidiaries of China Aviation Industry Corporation Ltd., China Electronics Technology Group Corporation, BYD Company Limited, among others. In terms of the company's main business income composition, in year 2024, the proportion of metal composite materials and products and special non-ferrous metal alloy products were 72.8% and 27.2% respectively. Furthermore, the prospectus also indicates that the company has a relatively high proportion of overseas sales revenue, which may pose risks related to international trade frictions. During the reporting period, the company's overseas sales revenue was 144 million yuan, 135 million yuan, and 120 million yuan, accounting for 37.42%, 27.99%, and 21.52% of the company's main business income respectively. The funds raised in this offering will be invested in the following projects: In terms of finances, in the years 2022, 2023, and 2024, Yueyan Composite Materials' operating income was approximately 414 million yuan, 498 million yuan, and 610 million yuan respectively; during the same period, the company achieved net profits of approximately 75.1059 million yuan, 61.9144 million yuan, and 68.4385 million yuan respectively.