A-share IPO | Yoyanfu Materials (688811.SH) opens for subscription, mainly engaged in the research and development of metal-based composite materials

On March 30, Yoyan Composite Materials (688811.SH) started its subscription, with an issue price of 6.41 yuan per share, a subscription limit of 18,000 shares, a P/E ratio of 58.09 times, listed on the Shanghai Stock Exchange, with CITIC SEC as its sponsor agency. According to the prospectus, Yoyan Composite Materials is a high-tech enterprise mainly engaged in the research and development, production, and sales of metal composite materials and products, special non-ferrous metal alloy products. The business is divided into metal composite materials and products, and special non-ferrous metal alloy product segments. Main products include metal-based composite materials and products, bimetallic composite materials and products, special aluminum alloy products, special copper alloy products, etc. The company's products are widely used in aerospace, military electronics, smart terminals, household appliances, and other fields. The company was founded in 1992 as the National Composite Materials Engineering Center and is one of the earliest units in China engaged in the research and development of metal-based composite materials. After more than 30 years of development, the company has achieved independent breakthroughs in key technologies for various types of metal-based composite materials, mastered core technologies for the preparation and processing of various metal-based composite materials, and established the first domestically produced 400-ton aluminum-based composite material powder metallurgy production line. The company is the first enterprise in China to achieve large-scale engineering applications of metal-based composite materials, with its main products applied to key sectors such as aerospace, military electronics, and smart terminals. For example, the company was the first to break through the industrialization technology of high-performance aluminum-based composite material powder metallurgy, developed high-strength, tough, and fatigue-resistant aluminum-based composite material forgings that meet the most stringent aviation conditions, becoming a new type of composite material first batch applied in the aviation field in China, realizing import substitution. Based on a profound understanding of the designability of composite materials, the company innovatively developed a series of materials and products such as high thermal conductivity aluminum-based composite materials, low expansion aluminum-based composite materials, which are widely used in the military electronics field. The company successfully introduced aluminum-based composite materials into the smart terminal field, with multiple products widely used in high-end mobile phone products. As a leading unit in the industrialization of metal-based composite materials, the company has constructed a complete industrial layout covering structural composite materials, functional composite materials, military and civilian products, enriching the variety of metal-based composite materials and products, and promoting the strong chain and supplementary chain work of the metal-based composite material industry chain. In terms of finance, in the financial year 2022, 2023, 2024, and January-June 2025, the company achieved operating income of approximately 414 million yuan, 498 million yuan, 610 million yuan, and 240 million yuan respectively. During the same period, net profits were recorded as 75.1059 million yuan, 61.9144 million yuan, 68.4385 million yuan, and 14.1639 million yuan respectively.