In this IPO, Zhang Xiaoquan plans to raise RMB 455 million. Except for 40.95 million yuan and 60 million yuan respectively used for enterprise management information transformation project and supplementary working capital, the remaining 354 million yuan was invested in Zhang Xiaoquan Yangjiang Intelligent Manufacturing Center for Knives and Scissors (hereinafter referred to as "Yangjiang Intelligent Manufacturing Center"), and the investment in expanding production accounted for nearly 80% of the raised funds.
Before 20021Spring Festival, Zhang Xiaoquan successfully passed the listing examination of GEM. According to Zhang Xiaoquan official website, Zhang Xiaoquan brand was founded in the first year of Chongzhen in Ming Dynasty (A.D. 1628) and has a history of nearly 400 years.
According to legend, Zhang Xiaoquan was born in the Chongzhen period of the Ming Dynasty (1628). Under the guidance of his father, he developed a good skill in making scissors. At the end of the Ming Dynasty, Zhang Xiaoquan and his son went to Hangzhou and started to do scissors business. In the second year of Kangxi, they renamed the original store name "Zhang Dalong" as "Zhang Xiaoquan".
After Zhang Xiaoquan's death, his son Zhang inherited his father's business and added the word "Jin Ji" to the name of "Zhang Xiaoquan" to highlight the authenticity; During the Qianlong period, scissors were listed as a tribute in Zhang Xiaoquan Modern Records. 19 15, Zhang Xiaoquan won the second prize at the Panama World Expo and won the first place in three national competitions in New China.
1997, Zhang Xiaoquan was awarded the well-known trademark of China; In 2000, Zhang Xiaoquan successfully passed the system transformation, and Hangzhou Zhang Xiaoquan Group Co., Ltd. was declared and obtained the protection of origin registration; In 2006, "Zhang Xiaoquan" was recognized as the first batch of Chinese time-honored brands by the Ministry of Commerce.
However, at first, Zhang Xiaoquan Group was affiliated to Hangzhou SASAC. Although there are brand advantages of old brands, the company's operation is not good. In 2007, Fuchun Holding Group signed an agreement with Zhang Xiaoquan Group to acquire 73.5% of the shares of Zhang Xiaoquan Group by way of capital increase first and then equity transfer.
As a result, the control right of Zhang Xiaoquan Group was changed from Hangzhou SASAC to Fuchun Holdings.
But the "Zhang Xiaoquan" dispute is not over.
Although Fuchun Holdings acquired the control of Zhang Xiaoquan Group, it is not the sole owner of Zhang Xiaoquan brand. In 2007, "Hangzhou Zhang Xiaoquan" and "Shanghai Zhang Xiaoquan" went to court on the disputed brand ownership. The final solution is that Fuquan Investment (a wholly-owned subsidiary of Fuchun Holdings) will be strategic acquisitions, Shanghai and Zhang Xiaoquan.
20 12, Fuquan Investment completed the holding of "Shanghai Zhang Xiaoquan"; On 20 15, Shanghai Zhang Xiaoquan completed industrial and commercial registration and acquired all its shares. So far, the controlling shareholder of Zhang Xiaoquan is Zhang Xiaoquan Group, and the actual controllers are Guobiao Zhang, Zhang and Steven Zhang (Guobiao Zhang and Zhang are brothers, Guobiao Zhang and Steven Zhang are father and son). The three people hold 7 1.83% of the company's shares through Fuchun Holdings, Rongquan Investment and Zhenquan Investment. Among them, holding 565,438+0.96%, Zhang holding 0.65,438+03% indirectly through Rongquan Investment and 65,438+02.99% indirectly through the Group. Steven Zhang indirectly holds 6.36% of the shares through Rongquan Investment and 0.39% through Zhenquan Investment.
It is worth noting that the top ten shareholders in Zhang Xiaoquan are related to a number of Zhejiang enterprises. In addition to Junyao Group and Shi Hang Group, the actual controller of Feng Wan Jinyuan is Xinchang celebrity Chen, Yadong Beichen is a wholly-owned subsidiary of Fosun International, and Yu Buxiao, chairman and controlling shareholder of natural person shareholder Dong Shentong Express, Zhejiang Leikeao Investment Co., Ltd.
According to the prospectus, Zhang Xiaoquan has developed into a modern household hardware manufacturing enterprise integrating design, research and development, production, sales and service. Its main products include scissors, knives, sets of knives and scissors and other household items.
Taking 2020 as an example, the scissors difference income is 654.38+65 billion yuan, accounting for 29.09% of the total income; The income of knife and scissors combination and knife and scissors set was 65.438+0.42 billion yuan and 65.438+0.5 billion yuan respectively, accounting for 25.08% and 26.43% respectively, and the total income of the three businesses accounted for 80.6%.
The data shows that from 20 18 to 2020, the company's operating income is 4 10094200 yuan, 4840 14900 yuan and 572256600 yuan respectively, with a compound annual growth rate of1813%. The net profit was 43,808,500 yuan, 72,300,700 yuan and 77,265,438+0,600 yuan respectively, with an average compound annual growth rate of 32.76%.
In addition, according to the company's forecast, the operating income in the first half of this year was 365,438+0-340 million yuan, up by 23.6% and 35.6% year-on-year, and the net profit was 44-48 million yuan, up by 346,5438+0% and 46.3% year-on-year.
Although the revenue is not bad, the store expansion plan in Zhang Xiaoquan has always been a "floating cloud".
According to the public information released by Hangwang 20 10 on July 30th, Zhang Xiaoquan Group plans to open 100 stores in China within three years. Ten years later, the number of stores in Zhang Xiaoquan may be far less than the original target.
Zhang Xiaoquan official website shows that Zhang Xiaoquan's retail outlets are located in Shanghai, Beijing, Tianjin, Jiangsu, Zhejiang, Guizhou and Chongqing, with 7 stores, 1 store, 5 stores, 8 stores, 1 store, 1 store, a total of 24 stores.
According to the prospectus, in first-and second-tier cities, Zhang Xiaoquan mainly lays out offline retail stores that meet the needs of middle and high-end consumers for product quality and differentiation. Zhang Xiaoquan has launched many high-end products to counter international famous brands. In 2020, the proportion of products with unit price exceeding that of 300 yuan in current sales will be 6.7 1%.
In addition, more than 70% of the total output of main products in Zhang Xiaoquan are low-end products produced by OEM.
According to the prospectus, OEM refers to OEM. Zhang Xiaoquan's product structure has gradually turned to self-produced products, mainly high-end products, and some low-end products are purchased through OEM.
According to the prospectus, in 2018, in 2020, the self-produced output of main products in Zhang Xiaoquan was 9.3314,000 pieces/set, 9.8483 million pieces/set and 9.7776 million pieces/set respectively, and the OEM output was 30.3922 million pieces/set and 2,000 pieces respectively.
2018 in 2020, the proportion of OEM production of main products in Zhang Xiaoquan will be 76.5 1%, 75. 17% and 77. 15% respectively.
It can be seen that in recent years, Zhang Xiaoquan's OEM production accounts for more than 70% of the total output, while Zhang Xiaoquan's low-end products may continue to become its mainstream products.
The other side of OEM is the weakness of patent research and development.
According to the prospectus of Zhang Xiaoquan, the comparable listed companies in Zhang Xiaoquan are Asda Co., Ltd. (hereinafter referred to as "Asda"), Zhejiang hals Vacuum Ware Co., Ltd. (hereinafter referred to as "hals") and Zhejiang Supor Co., Ltd. (hereinafter referred to as "Supor").
Compared with comparable peers, the total number of patents in Zhang Xiaoquan is less than half of that in the past.
According to China National Intellectual Property Administration data, as of June 20021,18, the total number of patents in Zhang Xiaoquan was 14 1, including invention patents, utility model patents and design patents.
In the same period, the total number of patents of ASD was 30 1, that of hals was 46 1 and that of Supor was 43 1.
In addition, the R&D expenditure rate of Zhang Xiaoquan in recent three years has never exceeded the average level of comparable peers.
According to the data of Oriental Fortune Choice, in 20 18 and 2020, the R&D expenditure rate in Zhang Xiaoquan will be 2. 14%, 3.47% and 3.5 1% respectively.
In the same period, the R&D expense rates of Axalta were 4.56%, 4.89% and 5.87% respectively, hals was 3.48%, 3.76% and 5.44%, and Supor was 2.26%, 2.28% and 2.38%.
From 20 18 to 2020, the average R&D expense ratio of comparable peers in Zhang Xiaoquan will be 3.43%, 3.64% and 4.56% respectively.
As the media said, today's Zhang Xiaoquan is just a knife and scissors trading company in Zhang Xiaoquan's coat.
Author/Bird
Editor/Zhou Zhou