Famous economist Song Qinghui told a Beijing Business Daily reporter that the gross profit margin level can reflect the competitiveness and profitability of the company's products. If the company's gross profit margin continues to decline, it may have an adverse impact on the company's profitability.
Li Dongsheng and Tongli shares IPO try to expand the capital map of A shares 8
As the founder of TCL, Li Dongsheng's name has long been resounding in the capital market. After taking control of Oma Electric Appliances in 2021, Li Dongsheng made another big move to promote the independent IPO of its subsidiary Tongli Technology Co., Ltd. (hereinafter referred to as "Tongli Shares"). According to the official website of the China Securities Regulatory Commission, the prospectus of Tongli Co., Ltd. has been pre-disclosed, and the company has officially launched an impact on the main board market, intending to raise 1.015 billion yuan in the initial issuance. It is worth mentioning that during the reporting period, the comprehensive gross profit margin of KL shares has been declining year by year, and it is not easy for the company to successfully pass the qualifiers. However, if it can successfully impact A-shares, Li Dongsheng will hold 5 A-share listed companies.
Li Dongsheng and Tongli shares IPO try to expand the capital map of A-shares
intend to go public to raise 1.015 billion yuan
also came to the A-share capital market, intending to raise 1.015 billion yuan in the initial public offering.
prospectus shows that Tongli Co., Ltd. is an ODM platform-based enterprise specializing in the design, research, development, production, manufacturing and sales of acoustic products and intelligent products. It serves world-renowned consumer electronics brand companies and leading Internet companies, such as Harman, Sony, Samsung, Alibaba, Google, Amazon, ByteDance, Lenovo, etc.
In the field of speaker products, Tongli Co., Ltd. has become an important supplier of world-renowned consumer electronic brands. According to data from the China Electronic Audio Association, the company's Bluetooth speaker shipments in 2021 were 8.26 million units, accounting for 14.7% of the global market share; Soundbar shipments were 3.81 million units, accounting for 18.6% of the global market share. The company's Bluetooth speaker and Soundbar product shipments are both the first in the world.
It is worth mentioning that the actual controller behind KCl shares is Li Dongsheng, founder of TCL. As of the date of signing the prospectus, Li Dongsheng controlled a total of 77.46% of the voting rights of Tongli Co., Ltd. It is understood that Tongli Co., Ltd. (the predecessor of Tongli Co., Ltd.) was once a subsidiary controlled by TCL Technology . On March 31, 2019, TCL Technology sold smart terminal businesses including Tongli Co., Ltd. to TCL Holdings and completed asset delivery. Since then, the actual controller of Tongli Co., Ltd. has been changed to Li Dongsheng.
This time, it hit the Shenzhen Stock Exchange main board. Tongli Co., Ltd. plans to raise 1.015 billion yuan in the initial issuance, investing in the precision manufacturing technology transformation and upgrading project of smart products, the headquarters technology innovation R&D center construction project, the production capacity expansion project of electroacoustic products, and supplementary working capital. It plans to invest 404 million yuan, 258 million yuan, 153 million yuan and 200 million yuan respectively.
comprehensive gross profit margin declined
behind the IPO, the comprehensive gross profit margin of KL shares is showing a downward trend.
famous economist Song Qinghui
data shows that from 2019 to 2021 and the first quarter of 2022, the comprehensive gross profit margin of Tongli shares was 14.68%, 13.85%, 13.78% and 13.08%, respectively, and the gross profit margin level was relatively thin. The famous economist Song Qinghui told a reporter from Beijing Business Daily that the gross profit margin level can reflect the competitiveness and profitability of the company's products. If the company's gross profit margin continues to decline, it may have an adverse impact on the company's profitability. Tongli Co., Ltd. also admitted that if market competition intensifies, raw material prices rise or downstream market demand shrinks in the future, the overall gross profit margin of the industry will be squeezed, further affecting the company's gross profit margin and thus leading to fluctuations in operating performance.
Looking at the net profit performance of Tongli shares in recent years, there have been certain fluctuations. During the reporting period, the operating income was approximately RMB 7.608 billion, RMB 8.508 billion, RMB 9.754 billion and RMB 2.249 billion, respectively; the corresponding attributable net profit was approximately RMB 320 million, RMB 347 million, RMB 285 million and RMB 50.0472 million, respectively. Regarding related issues, a Beijing Business Daily reporter sent an interview letter to Tongli Co., Ltd., but as of the time of press time, the other party did not reply.
It is understood that Tongli Co., Ltd.'s products mainly include speaker products, wearable devices, AIoTh products and precision components and accessories. From the perspective of the company's main business revenue, during the reporting period, the speaker products contributed more than half of the company's revenue, achieving sales revenue of approximately RMB 4.118 billion, RMB 4.62 billion, RMB 5.147 billion and RMB 1.162 billion, respectively, accounting for 54.6%, 54.72%, 53.3%, and 52.32%, respectively. The revenue ratio of AIoT products and wearable devices is between 10% and 20%. Judging from the latest year, in 2021, the sales revenue of AIoT products and wearable devices was approximately RMB 1.821 billion and RMB 1.357 billion, respectively, accounting for 18.86% and 14.06% respectively.
precision components and accessories contributed revenues below 10%. During the reporting period, the product achieved operating income of approximately RMB 448 million, RMB 512 million, RMB 652 million and RMB 206 million, respectively, accounting for 5.94%, 6.06%, 6.76%, and 9.27%, respectively.
To expand the capital map of A-shares
As Tongli shares launches its IPO, Li Dongsheng's capital map is also expected to expand.
resume shows that Li Dongsheng was born in 1957 and is the founder of TCL. He is currently the chairman of TCL Holdings, chairman and CEO of TCL Technology.
In 2004 and 2007, TCL Technology and TCL Zhonghuan successively entered the A-share market . As of the end of 2021, Li Dongsheng and Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) became joint actors due to signing the "Consensual Action Agreement", holding a total of 116 million shares of TCL Technology, making it the largest shareholder of the listed company, and have always been regarded as the ultimate controller by the market.
, and TCL Technology is the controlling shareholder of TCL Zhonghuan, directly and indirectly holding a total of 904 million shares, accounting for 27.97% of TCL Zhonghuan's total share capital.
In addition, in 2020, TCL Technology also acquired the A-share company Tianjin Pulin. That year, TCL Technology Group (Tianjin) Co., Ltd. (hereinafter referred to as "TCL Tianjin"), the controlling shareholder of Tianjin Pulin, completed the mixed ownership reform. TCL Technology acquired 51% and 49% of TCL Tianjin's equity held by Tianjin Jinzhi State-owned Capital Investment and Operation Co., Ltd. and Tianjin Bohai State-owned Assets Operation Management Co., Ltd. respectively. TCL Technology thus holds 100% of TCL Tianjin's equity, indirectly controlling Tianjin Pulin.
After only one year, Li Dongsheng won the control of Oma Electric Appliances through TCL Home Appliances in May 2021. However, on August 30 this year, Oma Electric Appliances disclosed that due to TCL Home Appliances suspected of violating securities laws and regulations during the acquisition of the company, the China Securities Regulatory Commission decided to file a case against it. As of now, there is no latest progress in the case.
If Tongli shares successfully IPO, Li Dongsheng is expected to hold 5 A-share companies. Judging from the latest annual performance of the A-share companies, TCL Technology has the strongest profitability, achieving an attributable net profit of approximately 10.057 billion yuan in 2021, and TCL Zhonghuan achieved an attributable net profit of approximately 4.03 billion yuan that year; Tianjin Pulin and Oma Electric Appliances achieved an attributable net profit of approximately 27 million yuan and -80 million yuan respectively.
In addition, according to Beijing Business Daily reporters, in addition to A-share companies, TCL Technology also controls Hanlinhui, a New Third Board company, with a shareholding ratio of 66.46%; and controls , Hong Kong stock company, with a shareholding ratio of 64.21%.
investment and financing expert Xu Xiaoheng told Beijing Business Daily reporters that spin-off and listing of large group enterprises is a trend, and making independent IPOs in the group's asset sectors also help to give full play to the role of the capital market in optimizing resource allocation, broadening corporate financing channels, and enhancing the company's sustainable profitability and core competitiveness. Original title: Li Dongsheng and Tongli shares IPO try to expand the A-share capital map broadcast article
Beijing Business Daily reporter Ma Huanhuang
