On the evening of July 21, the China Securities Regulatory Commission issued a document stating that it approved the IPO registration of Zhang Xiaoquan Co., Ltd. (hereinafter referred to as "Zhang Xiaoquan") on the GEM, and A-shares will usher in the "first share".
For this IPO, Zhang Xiaoquan plans to raise 455 million yuan. In addition to 40.95 million yuan and 60 million yuan respectively for corporate management information transformation projects and supplementary working capital, the remaining 354 million yuan will be invested in all For the Zhang Xiaoquan Yangjiang Knife and Scissors Intelligent Manufacturing Center project (hereinafter referred to as the "Yangjiang Intelligent Manufacturing Center"), investment in production expansion accounted for nearly 80% of the funds raised.
Before the Spring Festival of 2021, Zhang Xiaoquan successfully passed the GEM listing review. According to Zhang Xiaoquan’s official website, the Zhang Xiaoquan brand was founded in the first year of Chongzhen in the Ming Dynasty (1628 AD) and has a history of nearly 400 years.
According to legend, during the Chongzhen period of the Ming Dynasty, that is, in 1628, Zhang Xiaoquan, who was born in Yixian County, Anhui Province, developed a good craft of making scissors under the guidance of his father. At the end of the Ming Dynasty, Zhang Xiaoquan and his son went to Hangzhou and started a scissors business. In the second year of Kangxi, they changed the original store name "Zhang Dalong" to "Zhang Xiaoquan".
After Zhang Xiaoquan's death, his son Zhang Jingao inherited his father's business and added the word "Jinji" to the name of the "Zhang Xiaoquan" store to highlight its authenticity; during the Qianlong period, "Zhang Xiaoquan" A recent note: "Scissors were listed as tribute. In 1915, Zhang Xiaoquan won the second prize at the Panama International Exposition and won first place in three national competitions in New China.
In 1997, Zhang Xiaoquan was rated as a well-known trademark in China; in 2000, Zhang Xiaoquan successfully passed the restructuring, and Hangzhou Zhang Xiaoquan Group Co., Ltd. was established and obtained registration protection of origin; in 2006, "Zhang Xiaoquan" "Koizumi" was recognized by the Ministry of Commerce as one of the first batch of Chinese time-honored brands.
However, the original Zhang Xiaoquan Group was affiliated to the Hangzhou State-owned Assets Supervision and Administration Commission. Although it had the brand advantage of a time-honored brand, the company's operating conditions were not good. In 2007, Fuchun Holding Group signed an agreement with Zhang Xiaoquan Group and acquired 73.5% of Zhang Xiaoquan Group's shares by first increasing capital and then transferring equity.
As a result, the control of Zhang Xiaoquan Group was changed from Hangzhou State-owned Assets Supervision and Administration Commission to Fuchun Holdings.
But the battle over "Zhang Xiaoquan" is not over yet.
Although Fuchun Holdings bought control of Hangzhou Zhang Xiaoquan Group, the company is not the sole owner of the Zhang Xiaoquan brand. In 2007, "Hangzhou Zhang Xiaoquan" and "Shanghai Zhang Xiaoquan" went to court to dispute the ownership of the brand. The final solution was for Fuquan Investment (a wholly-owned subsidiary of Fuchun Holdings) to conduct a strategic acquisition of Shanghai Zhang Xiaoquan.
In 2012, Fuquan Investment completed its controlling stake in "Shanghai Zhang Xiaoquan"; in 2015, Shanghai Zhang Xiaoquan completed its industrial and commercial registration and acquired all its shares. At this point, Zhang Xiaoquan’s controlling shareholder is Zhang Xiaoquan Group, and the actual controllers are Zhang Guobiao, Zhang Zhangsheng and Zhang Xincheng (Zhang Guobiao and Zhang Zhangsheng are brothers, and Zhang Guobiao and Zhang Xincheng are father and son). The three of them have passed through Fuchun Holdings, Rongquan Investment and Zhenquan Investment *** holds 71.83% of the company's shares. Among them, Zhang Guobiao holds 51.96 shares, Zhang Zhangsheng holds 0.13 shares indirectly through Rongquan Investment, and 12.99 shares indirectly through Zhang Xiaoquan Group; Zhang Xincheng holds 6.36 shares indirectly through Rongquan Investment, and 0.39 shares indirectly through Zhenquan Investment.
It is worth noting that Zhang Xiaoquan’s top ten shareholders are related to many Zhejiang companies. In addition to Juneyao Group and Hangshi Group, the actual controller of Wanfeng Jinyuan is Xinchang celebrity Chen Ailian, and Yadongbei Chen is A wholly-owned subsidiary of Fosun International, as well as natural person shareholders Chen Dejun, chairman of STO Express, and Yu Buxiao, the controlling shareholder of Zhejiang Leikeyao Investment Co., Ltd.
According to the prospectus, Zhang Xiaoquan has now developed into a modern life hardware manufacturing enterprise integrating design, research and development, production, sales and service. Its main products include scissors, knives, and knife and scissor sets. and other household items.
Taking 2020 as an example, the revenue from scissors was 165 million yuan, accounting for 29.09% of the total revenue; the revenue from knives and knife and scissor sets were 142 million yuan and 150 million yuan respectively. , accounting for 25.08 and 26.43 respectively, and the total revenue proportion of the three businesses is 80.6.
Data shows that from 2018 to 2020, the company's operating income was 410.0942 million yuan, 484.0149 million yuan and 572.2566 million yuan respectively, with an average annual compound growth rate of 18.13; net profits were 43.8085 million yuan and 72.3007 yuan respectively. million and 77.216 million yuan, with an average annual compound growth rate of 32.76.
In addition, according to the company's estimates, the operating income in the first half of this year will be 310 million yuan-340 million yuan, a year-on-year increase of 23.6 and 35.6 yuan, and the net profit will be 44 million yuan-48 million yuan, a year-on-year increase of 34.1 and 46.3 yuan. .
Although the revenue is still good, Zhang Xiaoquan's store expansion plan has become "cloudy".
According to public information released by Hangzhou.com on July 30, 2010, Zhang Xiaoquan Group plans to open 100 specialty stores in China within three years. Ten years have passed, and the number of Zhang Xiaoquan's stores may be far less than the original goal set.
According to Zhang Xiaoquan’s official website, Zhang Xiaoquan’s retail outlets are located in Shanghai, Beijing, Tianjin, Jiangsu, Zhejiang, Guizhou, and Chongqing, with the corresponding number of stores being 7, 1, 1, and 5 respectively. , 8 companies, 1 company, 1 company, the total is 24 companies, and the number of provinces covered is 7.
According to the prospectus, in first- and second-tier cities, Zhang Xiaoquan mainly deploys 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 series products in line with internationally renowned brands. In 2020, products with a unit price of more than 300 yuan accounted for 6.71 of the current sales.
In addition, more than 70% of Zhang Xiaoquan’s total output of major products are mid- to low-end products produced by OEMs.
According to the prospectus, OEM refers to OEM production. Zhang Xiaoquan's product structure has gradually shifted to self-produced products, mainly mid-to-high-end products, and some mid-to-low-end products are purchased through OEM.
According to the prospectus, from 2018 to 2020, the self-produced output of Zhang Xiaoquan’s main products was 9.3314 million units/set/piece, 9.8483 million units/set/piece, and 9.7776 million units/set/piece. OEM The output is respectively 30.3922 million pieces/set/piece, 29.8078 million pieces/set/piece, and 33.0118 million pieces/set/piece.
In 2018 and 2020, the proportions of OEM output of Zhang Xiaoquan's main products in total output were 76.51, 75.17, and 77.15 respectively.
It can be seen that in recent years, Zhang Xiaoquan's OEM output has continued to account for more than 70% of the total output, and Zhang Xiaoquan's mid-to-low-end products may continue to be his mainstream products.
The other side of OEM production is the weakness in patent research and development.
According to Zhang Xiaoquan’s prospectus, Zhang Xiaoquan’s comparable listed companies are Aistar Co., Ltd. (hereinafter referred to as "Aistar") and Zhejiang Hals Vacuum Container Co., Ltd. (hereinafter referred to as "Haier"). "S"), Zhejiang Supor Co., Ltd. (hereinafter referred to as "Supor").
Compared with comparable peers, Zhang Xiaoquan’s total number of patents may be at the bottom, less than half of the number of his predecessor.
According to data from the State Intellectual Property Office, as of June 18, 2021, Zhang Xiaoquan’s total number of patents is 141, including invention patents, utility model patents, and design patents.
During the same period, the total number of ASD patents was 301, Hals’ patents were 461, and Supor’s patents were 431.
In addition, Zhang Xiaoquan’s R&D expense rate in the past three years has never exceeded the average of comparable peers.
According to Oriental Fortune Choice data, Zhang Xiaoquan’s R&D expense rates were 2.14, 3.47, and 3.51 respectively in 2018 and 2020.
During the same period, ASD’s R&D expense rates were 4.56, 4.89, and 5.87 respectively, Hals’s R&D expense rates were 3.48, 3.76, and 5.44 respectively, and Supor’s R&D expense rates were 2.26, 2.28, and 2.38 respectively.
From 2018 to 2020, the average R&D expense ratios of Zhang Xiaoquan’s comparable peers were 3.43, 3.64, and 4.56 respectively.
As the media said, Zhang Xiaoquan today is just a knife and scissors trading company wearing Zhang Xiaoquan’s coat.
Writer/Zhang Yuan
Editor/Zhou Zhou