Yagang Composite Materials prepares for listing on the Beijing Stock Exchange after two years of profit reversal; Chairman Wu Xuecen holds 45% stake

Rui Finance Yan Minghui Recently, Jiaxing Yagang Composite Materials Co., Ltd. (hereinafter referred to as: Yagang Composite) completed IPO guidance filing with the Zhejiang Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange, with guidance provided by GF Securities.

Yagang Composite was established in 2013, with a registered capital of 83.09M yuan. Its main business involves the research and development, production, and sales of composite materials such as aramid honeycomb core materials. Its products are widely used in aerospace, rail transit, ships and vessels, and other fields. The company is already listed on the New Third Board.

Wu Xuecen, chairman and general manager of Yagang Composite, is the company’s actual controller. Wu Xuecen directly holds 40.22% of Yagang Composite’s shares, and through Yagang Partnership(, holds 54.97% of the shares), and indirectly holds 2.38% of the shares, totaling a 42.60% stake, controlling 44.55% of the voting rights.

Wu Xuecen, born in 1977, holds a bachelor’s degree, is the director and general manager of Entropy Core Technology, and has previously served as a structural system engineer at Shandong Airlines Co., Ltd., a supplier manager at AVIC Commercial Aircraft Co., Ltd., deputy general manager of Yachi( Shanghai) Aerospace Materials Co., Ltd., and chairman and general manager of Yagang( Jiaxing) Composite Materials Co., Ltd.

Director, deputy general manager, financial officer, and board secretary Lu Jianxiang holds a 0.72% stake.

In terms of performance, from 2023 to 2024 and Q1 2025, the company’s revenue was 59.8089 million yuan, 165 million yuan, and 73.1194 million yuan, respectively; net profit was -9.91M yuan, 41.4489 million yuan, and 23.3809 million yuan. The company turned profitable in 2024.

The combined sales proportion of the company’s top five customers was 61.52%, 75.34%, and 91.10% in each period, indicating a high customer concentration.

At the end of each reporting period, the company’s accounts receivable book values were 27.6891 million yuan, 86.9487 million yuan, and 134.3365 million yuan, accounting for 30.98%, 50.17%, and 70.65% of current assets at each period’s end, respectively.