On the evening of July 21st, the CSRC issued a document saying that Zhang Xiaoquan Co., Ltd. (hereinafter referred to as "Zhang Xiaoquan") was approved to be registered and listed on the Growth Enterprise Market, and A shares would be the "first share".
in this IPO, Zhang Xiaoquan plans to raise 455 million yuan, of which 4.95 million yuan and 6 million yuan will be used for enterprise management information transformation projects and supplementary working capital respectively, and the remaining 354 million yuan will be invested in Yangjiang Knife and Shears Intelligent Manufacturing Center in Zhang Xiaoquan (hereinafter referred to as Yangjiang Intelligent Manufacturing Center), of which the investment in expanding production accounts for nearly 8% of the raised funds.
Before the Spring Festival in p>221, Zhang Xiaoquan successfully passed the GEM listing review. According to Zhang Xiaoquan official website, Zhang Xiaoquan brand was founded in the first year of Chongzhen in Ming Dynasty (AD 1628) and has a history of nearly 4 years.
It is said that Zhang Xiaoquan was born in yi county, Anhui Province in 1628. During the Chongzhen period of the Ming Dynasty, under the guidance of his father, he learned a good pair of scissors. At the end of the Ming Dynasty, Zhang Xiaoquan and his son went to Hangzhou and started the 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 "Jinji" 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. In 1915, Zhang Xiaoquan won the second prize in the Panama World Expo and the first prize in three national competitions in New China.
in p>1997, Zhang Xiaoquan was awarded the well-known trademark of China; In 2, Zhang Xiaoquan was successfully transformed, and Hangzhou Zhang Xiaoquan Group Co., Ltd. was established and obtained the protection of origin registration; In 26, "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 SASAC. Although it has the advantages of the old brand, the company's operation is not good. In 27, Fuchun Holding Group signed an agreement with Zhang Xiaoquan Group to acquire 73.5% equity of Zhang Xiaoquan Group by way of capital increase first and equity transfer later.
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 right of Hangzhou Zhang Xiaoquan Group, it is not the sole owner of Zhang Xiaoquan brand. In 27, "Hangzhou Zhang Xiaoquan" and "Shanghai Zhang Xiaoquan" went to court for a trademark ownership dispute. The final solution is that Fuquan Investment (a wholly-owned subsidiary of Fuchun Holdings) will conduct strategic acquisitions in Zhang Xiaoquan.
In p>212, Fuquan Investment completed the holding of Shanghai Zhang Xiaoquan; In 215, Zhang Xiaoquan completed industrial and commercial registration and acquired all its shares. Up to now, the controlling shareholder of Zhang Xiaoquan is Zhang Xiaoquan Group, and the actual controllers are Guobiao Zhang, Zhang Zhangsheng and Steven Zhang (Guobiao Zhang and Zhang Zhangsheng are brothers, and Guobiao Zhang and Zhang Xin are father and son). The three people hold 71.83% of the shares of the company through Fuchun Holdings, Rongquan Investment and Zhenquan Investment. Among them, holding 51.96%, Zhang indirectly holding .13% through Rongquan Investment, and indirectly holding 12.99% through the group; Steven Zhang indirectly holds 6.36% of the shares through Rongquan Investment and .39% through Zhenquan Investment.
It is worth noting that the top ten shareholders of Zhang Xiaoquan are related to many 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, the chairman of natural person shareholder Dong Shentong Express, and the controlling shareholder of Zhejiang Leikeao Investment Co., Ltd. Yu Buxiao
According to the prospectus, Zhang Xiaoquan has developed into a design, R&: D, production, sales and service as one of the modern daily hardware manufacturing enterprises. Its main products include scissors, knives, sets of knives and scissors and other household items.
Taking 22 as an example, the scissors difference income is 165 million yuan, accounting for 29.9% of the total income; The combined income of knives and knives and scissors was 142 million yuan and 15 million yuan respectively, accounting for 25.8% and 26.43% respectively, and the total income of the three businesses accounted for 8.6%.
data show that from 218 to 22, the company's operating income was 41,94,2 yuan, 484,14,9 yuan and 572,256,6 yuan respectively, with a compound annual growth rate of 18.13%; The net profit was 43,88,5 yuan, 72,3,7 yuan and 77,216,6 yuan respectively, with a compound annual growth rate of 32.76%.
in addition, according to the company's forecast, in the first half of this year, the operating income was 31-34 million yuan, up by 23.6% and 35.6% year-on-year, and the net profit was 44-48 million yuan, up by 34.1% 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 Hangzhou.com on July 3th, 21, Zhang Xiaoquan Group plans to open 1 stores in China within three years. Ten years later, the number of shops in Zhang Xiaoquan lags far behind the original goal.
official website shows that Zhang Xiaoquan's retail outlets in Zhang Xiaoquan are located in Shanghai, Beijing, Tianjin, Jiangsu, Zhejiang, Guizhou and Chongqing, and the corresponding number of stores is 7, 1, 1, 5, 8, 1, 1, ***24 stores and 7 provinces.
according to the prospectus, in first-and second-tier cities, Zhang Xiaoquan mainly lays out offline retail stores that meet the needs of mid-to high-end consumers for product quality and differentiation. Zhang Xiaoquan has launched a number of high-end products against internationally renowned brands. In 22, the products whose unit price exceeds that of 3 yuan account for 6.71% of the current sales.
in addition, more than 7% 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, from 218 to 22, the self-produced output of main products in Zhang Xiaoquan was 9,331,4 units/piece, 9,848,3 units/piece and 9,777,6 units/piece respectively, and the OEM output was 3,392,2 units/piece and 29,87,8 units/piece respectively.
in p>218-22, the proportion of OEM production of main products in Zhang Xiaoquan was 76.51%, 75.17% and 77.15% respectively.
It can be seen that in recent years, the proportion of OEM production in Zhang Xiaoquan has continuously exceeded 7%, while the low-end products in Zhang Xiaoquan may still be 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 at the bottom, less than half of that in the previous session.
according to the data of China National Intellectual Property Administration, as of June 18th, 221, there were 141 patents in Zhang Xiaoquan, including invention patents, utility model patents and design patents.
in the same period, the total number of patents of AStar was 31, that of hals was 461 and that of supor was 431.
in addition, Zhang Xiaoquan's R& D the expense ratio has never exceeded the average level of comparable peers.
According to the data of Oriental Fortune Choice, in 218 and 22, Zhang Xiaoquan's R&; D The expense rates are 2.14%, 3.47% and 3.51% respectively.
in the R& period, AStar's r&; D expense rates are 4.56%, 4.89% and 5.87% respectively, hals are 3.48%, 3.76% and 5.44% respectively, and Supor is 2.26%, 2.28% and 2.38% respectively.
from p>218 to 22, the average R&D of Zhang Xiaoquan's comparable peers; D The expense rates are 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.