440 million yuan
Zhang Helu indirectly holds 98.075% of the shares of the company and is the actual controller of the company. Almost all the cash dividends of 440 million yuan fell into the pockets of the actual controllers and couples.
DR diamond ring featuring "a man can only customize one in his life" will be on the market soon.
Recently, the IPO application of Dia Co., Ltd. (hereinafter referred to as "Dia Shares") has been accepted, and it is planned to issue no more than 80 million shares.
With its unique sales model, DR brand has opened up the market for young people, and the number of stores has rapidly expanded to 300. However, while expanding, Dia shares also have some problems, such as increasing revenue without increasing profits and decreasing product sales.
Increasing income will not increase profits.
It is reported that Dia is mainly engaged in brand operation, customized sales, R&D and design of jewelry, and diamond inlay such as customized marriage proposal diamond ring for married people. It owns its own brands such as DR, StoryMark and MostMe.
Among them, DR brand has opened up the youth market with its unique sales model of "a man can only customize one piece in his life".
During the reporting period, the daily operating income of Dia in 20 17 -20 19 and the first half of 2020 (hereinafter referred to as the "reporting period") was1170,000 yuan, 150,000 yuan and15 yuan respectively.
It can be seen that the company's 20 19 revenue growth rate dropped significantly.
In this regard, the company explained that in 20 18, with the rapid increase in the number of offline stores in the company, the main business income increased rapidly; In 20 19, the company actively controlled the opening scale of stores, focused on optimizing the operation of existing stores, and the growth rate of main business income slowed down.
In terms of the number of stores, at the end of each reporting period, the number of stores operated by the company was 130, 250, 302 and 298 respectively, and a sales network of a certain scale has been formed nationwide.
However, in addition to the slowdown in the growth rate of operating income, the growth rate of net profit of Dia shares is much lower than the growth rate of income, and even has declined.
20 17 -20 19 and the first half of 2020, the net profit of Dia Tiantian was 250 million yuan, 273 million yuan, 264 million yuan, 1.5 1 100 million yuan, 20 18 and 20/respectively.
During the reporting period, the company's sales expenses were 314,974,200 yuan, 499,808,600 yuan, 67,433/kloc-0,700 yuan and 300,074,000 yuan, accounting for 28 19%, 33.32% and 405,438+0, respectively.
Gross profit margin 70%
In terms of products, Dia's products include marriage proposal diamond ring, wedding ring and other accessories. Among them, the company's income mainly comes from the diamond ring for marriage proposal, and the diamond ring income from 20 17 to 20 19 accounts for more than 83%.
During the reporting period, the unit prices of diamond rings sold by DIA were 65,438+0.01.000 yuan/piece, 65,438+0.600 yuan/piece, 65,438+0.1.500 yuan/piece and 65,438+0.20 respectively.
Surprisingly, the diamond ring with a unit price of over 1 10,000 yuan has a gross profit margin of over 70%.
According to the prospectus, the gross profit margin of the company's proposal diamond ring was 69.92%, 70. 14%, 7 1.40% and 7 1.68%, respectively, showing an upward trend, mainly because the company had a certain price increase during the reporting period. In addition, the gross profit margin of the company's marriage is not inferior, which are 67.96%, 70.37%, 69.02% and 66.24% respectively.
This also makes the gross profit margin of Dia shares always ahead of comparable companies in the same industry.
During the reporting period, the gross profit margin of the company was 69.7 1%, 69.82%, 70.2 1% and 69.7 1% respectively, and the average gross profit margin of comparable companies in the same industry was 44.66%, 44.75%, 46.88% and 52.44% respectively.
In this regard, the company explained that in this industry, the gross profit margin of inlaid jewelry under the self-operated mode is usually about 30 percentage points higher than that under the franchise mode, and the sales mode has a great influence on the gross profit margin. However, the company adopts a completely self-operated sales model for the DR brand, so the gross profit margin level is relatively high.
According to the data, Dia shares adopt a fully self-operated model for DR brand, all stores are managed and operated by the company, and all offline stores of DR brand are self-operated, including direct stores and joint stores, and online and offline goods are uniformly priced.
By the end of June 2020, the company's online stores mainly included official website, Tmall flagship store and JD.COM flagship store. Offline stores include 27 1 direct stores and 27 franchise stores, covering all provinces, autonomous regions and municipalities in Chinese mainland except Xizang Autonomous Region, as well as China, Hongkong and Paris.
Dividend 440 million
In this IPO, Dia intends to raise 65.438+0.284 billion yuan for channel network construction, information system construction, diamond jewelry R&D creative design center construction and supplementary liquidity related to its main business.
Among them, the company is expected to invest 739 million yuan in channel network construction projects, supplemented by 380 million yuan of working capital, accounting for 57.59% and 29.6% of the total investment of raised funds respectively, which is the two largest projects raised by the company.
Regarding the channel network construction project, the company said that it will open flagship stores and standard stores in several first-tier cities, quasi-first-tier cities, second-tier cities and third-tier cities in the future.
However, in the past two years, the company's opening speed has obviously slowed down. At the end of each reporting period, the number of stores operated by the company was 130, 250, 302 and 298 respectively, and the number of stores at the end of June 2020 was even less than that at the end of 20 19.
In addition, even if the number of stores increased, the sales of rings did not increase correspondingly, and even declined. During the reporting period, the company sold 94,000 marriage proposal diamond rings,120,500,191000 and 50,400, and the sales of wedding engagement rings were 38,700, 47,900 and 61respectively.
It is worth noting that Zhang Helu indirectly holds 98.075% of the shares of the company and is the actual controller of the company. This means that almost all the cash dividends of 440 million yuan fell into the pockets of the actual controllers and couples.