China Economic Network Editor's Note: The 18th Issuance Review Committee of the China Securities Regulatory Commission is scheduled to hold the 86th Issuance Review Committee working meeting of 2022 on August 4, 2022, and will review the initial issuance application of Zhejiang Guanghua Technology Co., Ltd. (hereinafter referred to as "Guanghua Shares"). The company plans to list on the main board of the Shenzhen Stock Exchange this time, with no more than 32 million shares issued. The sponsor (lead underwriter) is Dongxing Securities Co., Ltd., and the sponsor representatives are Ding Shuhong and Zeng Guan. Guanghua Co., Ltd. plans to raise 653.2508 million yuan this time, of which 382.4099 million yuan will be used for the construction project of polyester resin for powder coatings per year, 70.8409 million yuan will be used for the construction project of R&D centers, and 200 million yuan will be used for the supplementary working capital.
Guanghua Co., Ltd. has long been focusing on the research, development, production and sales of polyester resins for powder coatings, and is committed to providing customers with more high-quality products to meet customer needs. The company is one of the main suppliers of polyester resins for powder coatings in China.
Guanghua Co., Ltd. disclosed its prospectus on January 6, 2022, showing that the company's controlling shareholder is Sun Jiefeng, and the actual controllers are Sun Jiefeng and Sun Peisong. As of the date of signing the prospectus, Sun Jiefeng directly held 63 million shares of the company, accounting for 65.63% of the company's total share capital, and indirectly controlled 7.29% of the company's voting rights by serving as Fenghua Investment's executive affairs partner, and controlled 72.92% of the company's voting rights in total. Sun Jiefeng's father, Sun Peisong, directly holds 5 million shares of the company, accounting for 5.21% of the company's total share capital. Sun Peisong is the father of Sun Jiefeng, and Sun Jiefeng and Sun Peisong are the actual controllers of the company; Sun Jiefeng's sister, Sun Mengjing, directly holds 2 million shares of the company, accounting for 2.08% of the company's total share capital. Sun Mengjing is Sun Jiefeng's sister, and the daughter of Sun Peisong, and is the joint actor of the actual controller.
Guanghua shares hit the Science and Technology Innovation Board in 2021 and then terminated on January 25, 2021. Guanghua Co., Ltd. originally planned to issue no more than 32 million shares on the Shanghai Stock Exchange Science and Technology Innovation Board (the over-allotment option was not considered), accounting for no less than 25.00% of the total share capital after issuance. The sponsor is Guotai Junan Securities Co., Ltd., and the sponsor representatives are Xu Wei and Liang Changhong. The planned to raise 587 million yuan, of which 426 million yuan is used for the construction project of polyester resin for powder coatings an annual output of 120,000 tons, 70.8409 million yuan is used for the construction project of R&D centers, and 90 million yuan is used for the supplementary working capital.
Guanghua Shares prospectus shows that on September 25, 2019, the company's first extraordinary general meeting of shareholders reviewed and passed the "Proposal on the Implementation Plan for the Company's 2018 Profit Distribution", agreeing to pay a cash dividend of RMB 3.00 (including tax) to all shareholders for every 10 shares based on the company's current total share capital of 87 million shares. Taking into account the company's cash flow situation, this profit distribution is distributed in two phases. 50% of the total dividend distribution in the first phase should be completed before October 31, 2019, and the remaining 50% of the total dividend distribution in the second phase should be completed before December 31, 2019. This dividend distribution has been implemented.
According to calculations, Guanghua Co., Ltd. paid a cash dividend of RMB 3.00 (including tax) to all shareholders for every 10 shares based on the company's current total share capital of 87 million shares, and the total dividend amount was RMB 26.10 million.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s operating income was RMB 684.0035 million, RMB 737.6837 million, RMB 838.7526 million, and RMB 625.2262 million, with net profits of RMB 41.5592 million, RMB 91.7099 million, RMB 107.2592 million, and RMB 90.6329 million, respectively, and net profit attributable to parent company shareholders was RMB 4155, respectively. 92 million yuan, 91.7099 million yuan, 107.2592 million yuan, and 90.6329 million yuan, and the net profit attributable to the parent company shareholders after deducting non-recurring gains and losses were RMB 39.2434 million, RMB 91.4298 million, RMB 106.2382 million, and RMB 89.3922 million, respectively. The net cash flow generated by operating activities was RMB 8.4858 million, RMB 101.5367 million, RMB 54.0499 million and -35.596 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s net cash ratio was 0.20, 1.11, 0.50 and -0.39 respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s main business income was RMB 678.0951 million, RMB 735.6358 million, RMB 817.5115 million, and RMB 600.2138 million, and the cash received from selling goods and providing services was RMB 623.8131 million, RMB 694.9859 million, RMB 720.8835 million, and RMB 434.7604 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s cashier ratios were 0.92, 0.94, 0.88 and 0.72 respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s weighted average return on assets were 18.81%, 32.60%, 25.69%, and 17.55%, respectively, and the non-weighted average return on assets were 17.76%, 32.50%, 25.45%, and 17.31%, respectively.
The prospectus disclosed by Guanghua Co., Ltd. on the main board of the Shenzhen Stock Exchange this time is different from some of the data in the prospectus disclosed by the Shanghai Stock Exchange Science and Technology Innovation Board.
Operating income in 2018 and 2019: The disclosure data of the main board prospectus of the Shenzhen Stock Exchange was RMB 684.0035 million and RMB 737.6837 million, respectively, and the disclosure data of the Shanghai Stock Exchange Science and Technology Innovation Board prospectus of the Shanghai Stock Exchange was RMB 684.4661 million and RMB 737.8861 million, respectively.
Net profit in 2018 and 2019: The data disclosed by the Shenzhen Stock Exchange's main board prospectus was RMB 41.5592 million and RMB 91.7099 million, respectively, and the data disclosed by the Shanghai Stock Exchange's Science and Technology Innovation Board prospectus was RMB 41.6831 million and RMB 91.9194 million, respectively.
Net profit attributable to the parent company owner after deducting non-recurring gains and losses in 2018 and 2019: The data disclosed by the Shenzhen Stock Exchange's main board prospectus was RMB 39.2434 million and RMB 91.4298 million, respectively, and the data disclosed by the Shanghai Stock Exchange's Science and Technology Innovation Board prospectus was RMB 39.3672 million and RMB 91.6394 million, respectively.
From 2018 to January-June 2021, Guanghua Shares' total assets were RMB 669.4635 million, RMB 799.9046 million, RMB 939.8477 million, and RMB 122.5174 million, and the total liabilities were RMB 427.6843 million, RMB 436.0655 million, RMB 468.7495 million, and RMB 659.7863 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s debt-to-asset ratio (parent company) was 63.88%, 54.51%, 49.88%, and 53.51%, respectively, and the debt-to-asset ratio (merger) was 63.88%, 54.51%, 49.88%, and 54.01%, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s current ratios were 1.21 times, 1.44 times, 1.71 times, and 1.61 times, respectively, and the quick ratios were 1.09 times, 1.30 times, 1.51 times, and 1.41 times, respectively.
From 2018 to January-June 2021, Shenjian Co., Ltd.'s debt-to-asset ratio (parent company) of Guanghua Co., Ltd. was 38.71%, 44.03%, 42.89%, and 48.96%, respectively, with current ratio (parent company) being 1.46 times, 1.27 times, 1.18 times, and 1.11 times, respectively, and quick ratio (parent company) being 1.35 times, 1.22 times, 1.12 times, and 1.03 times, respectively.
The gross profit margin of Guanghua Co., Ltd.'s main business exceeds that of its peers. From 2018 to January-June 2021, Guanghua Co., Ltd.'s comprehensive gross profit margin was 16.00%, 25.26%, 23.98%, and 24.00%, respectively, of which the gross profit margin of the main business was 16.18%, 25.46%, 24.45%, and 24.34% respectively; Shenjian Co., Ltd.'s polyester resin business, listed company in the same industry, was 11.88%, 17.80%, 16.68%, and 18.45% respectively; from 2018 to 2020, Guangzhou Qingtian Polyester resin business was 14.13%, 21.80%, and 16.91%, respectively.
From 2018 to January-June 2021, the book value of accounts receivable of Guanghua Shares was RMB 224.8404 million, RMB 226.3961 million, RMB 283.9715 million and RMB 440.3986 million, respectively, accounting for 43.44%, 36.39%, 38.22%, and 44.83% of current assets, respectively, and accounting for 32.87%, 30.69%, 33.86%, and 35.22% of operating income, respectively (annualized).
From 2018 to January-June 2021, the book balances of accounts receivable of Guanghua Co., Ltd. were RMB 240.3903 million, RMB 247.4571 million, RMB 309.5455 million and RMB 472.7332 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s accounts receivable turnover rate was 3.15 times, 3.27 times, 3.29 times and 1.73 times, respectively, and the average value of listed companies in the same industry was 3.44 times, 3.25 times, 3.36 times and 2.11 times, respectively.
From 2018 to January-June 2021, the balance of overdue accounts receivable of Guanghua Co., Ltd. was RMB 93.2352 million, RMB 94.7248 million, RMB 89.9314 million, and RMB 113.847 million, RMB 113.847 million, RMB 87.2676 million, RMB 86.2833 million, RMB 77.7102 million and RMB 81.269 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s notes receivable were RMB 183.17 million, RMB 158.762 million, RMB 200.0793 million and RMB 220.4775 million, respectively, accounting for 35.39%, 25.52%, 26.93%, and 22.44% of current assets, respectively.
From 2019 to January-June 2021, Guanghua Co., Ltd.'s receivable financing was RMB 10.8148 million, RMB 13.593 million and RMB 8.8469 million, respectively.
From 2018 to January-June 2021, the total financing of Guanghua Co., Ltd. notes receivable and accounts receivable were RMB 183.17 million, RMB 169.5768 million, RMB 213.6723 million and RMB 229.3244 million, accounting for 35.39%, 27.26%, 28.76% and 23.34% of current assets, respectively, and accounting for 26.78%, 22.99%, 25.48% and 18.34% of operating income, respectively (annualized).
According to calculations, from 2018 to January to June 2021, the total balance of accounts receivable, notes receivable and receivable financing of Guanghua Co., Ltd. was RMB 423.5603 million, RMB 417.0339 million, RMB 523.2178 million, and RMB 702.0576 million, respectively.
From 2018 to January-June 2021, the unit sales price of Guanghua Co., Ltd. outdoor polyester resin was 11,639.85 yuan/ton, 10,485.07 yuan/ton, 8,563.58 yuan/ton, and 11,529.67 yuan/ton, respectively, and the unit sales price of indoor polyester resin was 10,712.47 yuan/ton, 9,924.21 yuan/ton, 8,106.24 yuan/ton, and 10,138.38 yuan/ton, respectively.
Guanghua Co., Ltd. stated that during the reporting period, the sales price of the company's main products was greatly affected by the prices of major raw materials. From 2018 to 2020, the sales price showed a downward trend due to the decline in the prices of major raw materials. From January to June 2021, the sales price increased significantly.
The data shows that the product sales price of Guanghua Co., Ltd. from January to June 2021 has increased compared with the previous two years, but is still lower than the sales price in 2018.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s R&D expenses were RMB 21.7658 million, RMB 24.3336 million, RMB 29.0791 million and RMB 14.6932 million, respectively, accounting for 3.18%, 3.30%, 3.47%, and 2.35% of the period expenses, respectively.
From 2018 to January-June 2021, the employee salary in Guanghua Co., Ltd.'s R&D expenses were RMB 5.0495 million, RMB 6.256 million, RMB 7.5806 million and RMB 4.2207 million, respectively, accounting for 23.20%, 25.71%, 26.07%, and 28.73% respectively; the direct investment expenses were RMB 15.5382 million, RMB 16.0455 million, RMB 19.9288 million and RMB 9.9147 million, respectively, accounting for 71.39%, 65.94%, 68.53%, and 67.48% respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s R&D expense ratios were 3.18%, 3.30%, 3.47%, and 2.35%, respectively, and the average R&D expense ratios of listed companies in the same industry were 3.82%, 3.19%, 3.64%, and 3.17%, respectively.
As of the date of signing the prospectus, Guanghua Co., Ltd. has 10 invention patents and 7 utility model patents. During the reporting period, the company was recognized as a high-tech enterprise by the Zhejiang Provincial Department of Science and Technology, the Zhejiang Provincial Department of Finance, and the Zhejiang Provincial Taxation Bureau of the State Administration of Taxation.
Domestic polyester resin supplier for powder coatings plans to raise 653 million yuan
Guanghua Co., Ltd. has been focusing on the research, development, production and sales of polyester resins for powder coatings for long-term focus, and is committed to providing customers with more high-quality products to meet customer needs. The company is one of the main suppliers of polyester resins for powder coatings in China.
Guanghua Co., Ltd. disclosed its prospectus on January 6, 2022, showing that the company's controlling shareholder is Sun Jiefeng, and the actual controllers are Sun Jiefeng and Sun Peisong. As of the date of signing the prospectus, Sun Jiefeng directly held 63 million shares of the company, accounting for 65.63% of the company's total share capital, and indirectly controlled 7.29% of the company's voting rights by serving as Fenghua Investment's executive affairs partner, and controlled 72.92% of the company's voting rights in total. Sun Jiefeng's father, Sun Peisong, directly holds 5 million shares of the company, accounting for 5.21% of the company's total share capital. Sun Peisong is the father of Sun Jiefeng, and Sun Jiefeng and Sun Peisong are the actual controllers of the company; Sun Jiefeng's sister, Sun Mengjing, directly holds 2 million shares of the company, accounting for 2.08% of the company's total share capital. Sun Mengjing is Sun Jiefeng's sister, and the daughter of Sun Peisong, and is the joint actor of the actual controller.
Guanghua Co., Ltd. plans to be listed on the main board of the Shenzhen Stock Exchange this time, with no more than 32 million shares issued. The sponsor (lead underwriter) is Dongxing Securities Co., Ltd., and the sponsor representatives are Ding Shuhong and Zeng Guan.Guanghua Co., Ltd. plans to raise 653.2508 million yuan this time, of which 382.4099 million yuan will be used for the construction project of polyester resin for powder coatings per year, 70.8409 million yuan will be used for the construction project of R&D centers, and 200 million yuan will be used for the supplementary working capital.
has planned to IPO on the Science and Technology Innovation Board and plans to raise 587 million yuan
Guanghua shares once hit the Science and Technology Innovation Board in 2021, and then terminated on January 25, 2021.
Guanghua Co., Ltd. originally planned to issue no more than 32 million shares on the Shanghai Stock Exchange Science and Technology Innovation Board (the over-allotment option was not considered), accounting for no less than 25.00% of the total share capital after issuance. The sponsor is Guotai Junan Securities Co., Ltd., and the sponsor representatives are Xu Wei and Liang Changhong. It plans to raise 587 million yuan, of which 426 million yuan is used for the construction project of polyester resin for powder coatings annual production of 120,000 tons, 70.8409 million yuan is used for the construction project of R&D centers, and 90 million yuan is used for the supplementary working capital.
019 dividend of 26.1 million yuan
Guanghua Shares prospectus shows that on September 25, 2019, the company's first extraordinary general meeting of shareholders reviewed and passed the "Proposal on the Implementation Plan for the Company's 2018 Profit Distribution", agreeing to pay a cash dividend of 3.00 yuan (including tax) to all shareholders for every 10 shares based on the company's current total share capital of 87 million shares. Taking into account the company's cash flow situation, this profit distribution is distributed in two phases. 50% of the total dividend distribution in the first phase should be completed before October 31, 2019, and the remaining 50% of the total dividend distribution in the second phase should be completed before December 31, 2019. This dividend distribution has been implemented.
According to calculations, Guanghua Co., Ltd. paid a cash dividend of RMB 3.00 (including tax) to all shareholders for every 10 shares based on the company's current total share capital of 87 million shares, and the total dividend amount was RMB 26.10 million.
Operating income in the first half of 2021 was 625 million yuan. Net profit of 90.6329 million
From 2018 to January-June 2021, Guanghua Co., Ltd.'s operating income was RMB 684.0035 million, RMB 737.6837 million, RMB 838.7526 million and RMB 625.2262 million, respectively, and net profits were RMB 41.5592 million, RMB 91.7099 million, RMB 107.2592 million and RMB 90.6329 million, respectively, and net profit attributable to the parent company shareholders. It is RMB 41.5592 million, RMB 91.7099 million, RMB 107.2592 million and RMB 90.6329 million, respectively. The net profit attributable to the parent company shareholders after deducting non-recurring gains and losses was RMB 39.2434 million, RMB 91.4298 million, RMB 106.2382 million and RMB 89.3922 million, respectively. The net cash flow generated by operating activities was RMB 8.4858 million, RMB 101.5367 million, RMB 54.0499 million and -35.596 million, RMB 8.596 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s net cash ratio was 0.20, 1.11, 0.50 and -0.39 respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s main business income was RMB 678.0951 million, RMB 735.6358 million, RMB 817.5115 million, and RMB 600.2138 million, and the cash received from selling goods and providing services was RMB 623.8131 million, RMB 694.9859 million, RMB 720.8835 million, and RMB 434.7604 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s cashier ratios were 0.92, 0.94, 0.88 and 0.72 respectively.
Weighted average return on equity in the first half of 2021 17.55%
From 2018 to January-June 2021, Guanghua Shares' weighted average return on equity was 18.81%, 32.60%, 25.69%, and 17.55%, respectively, and the non-weighted average return on equity was 17.76%, 32.50%, 25.45%, and 17.31%, respectively.
The two-year data is different from the previous prospectus
The prospectus disclosed by Guanghua Co., Ltd. on the main board of the Shenzhen Stock Exchange this time is different from some of the data disclosed by the Shanghai Stock Exchange Science and Technology Innovation Board.
Operating income in 2018 and 2019: The disclosure data of the main board prospectus of the Shenzhen Stock Exchange was RMB 684.0035 million and RMB 737.6837 million, respectively, and the disclosure data of the Shanghai Stock Exchange Science and Technology Innovation Board prospectus of the Shanghai Stock Exchange was RMB 684.4661 million and RMB 737.8861 million, respectively.
Net profit in 2018 and 2019: The data disclosed by the Shenzhen Stock Exchange's main board prospectus was RMB 41.5592 million and RMB 91.7099 million, respectively, and the data disclosed by the Shanghai Stock Exchange's Science and Technology Innovation Board prospectus was RMB 41.6831 million and RMB 91.9194 million, respectively.
Net profit attributable to the parent company owner after deducting non-recurring gains and losses in 2018 and 2019: The data disclosed by the Shenzhen Stock Exchange's main board prospectus was RMB 39.2434 million and RMB 91.4298 million, respectively, and the data disclosed by the Shanghai Stock Exchange's Science and Technology Innovation Board prospectus was RMB 39.3672 million and RMB 91.6394 million, respectively.
Total assets in the first half of 2021 were 1.222 billion yuan. Total liabilities were 660 million yuan
From 2018 to January-June 2021, Guanghua shares' total assets were 669.4635 million yuan, 79.99.9046 million yuan, 939.8477 million yuan, and 122.5174 million yuan, including 517.6034 million yuan, 622.1582 million yuan, 74.30429 million yuan, and 982.3156 million yuan, and non-current assets were 151.8601 million yuan, 177.7464 million yuan, 196.8048 million yuan, and 239.2018 million yuan, respectively.
From 2018 to January-June 2021, Guanghua Shares' total liabilities were RMB 427.6843 million, RMB 436.0655 million, RMB 468.7495 million, and RMB 659.7863 million, respectively, of which current liabilities were RMB 427.6843 million, RMB 431.8915 million, RMB 434.6377 million, and RMB 608.8324 million, respectively.
021 first half of 2021 debt-to-asset ratio is 54.01%
From 2018 to January-June 2021, Guanghua Co., Ltd.'s debt-to-asset ratio (parent company) was 63.88%, 54.51%, 49.88%, and 53.51%, respectively, and the debt-to-asset ratio (merger) was 63.88%, 54.51%, 49.88%, and 54.01%, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s current ratios were 1.21 times, 1.44 times, 1.71 times, and 1.61 times, respectively, and the quick ratios were 1.09 times, 1.30 times, 1.51 times, and 1.41 times, respectively.
From 2018 to January-June 2021, Shenjian Co., Ltd.'s debt-to-asset ratio (parent company) of Guanghua Co., Ltd. was 38.71%, 44.03%, 42.89%, and 48.96%, respectively, with current ratio (parent company) being 1.46 times, 1.27 times, 1.18 times and 1.11 times, respectively, and the quick ratio (parent company) being 1.35 times, 1.22 times, 1.12 times and 1.03 times, respectively.
021's first half of 2021 gross profit margin was 24.34%
From 2018 to January-June 2021, Guanghua Co., Ltd.'s comprehensive gross profit margin was 16.00%, 25.26%, 23.98%, and 24.00%, respectively, of which the gross profit margins of the main business were 16.18%, 25.46%, 24.45%, and 24.34%, respectively.
From 2018 to January-June 2021, the gross profit margins of outdoor polyester resin of Guanghua Co., Ltd. were 16.86%, 26.60%, 24.69%, and 23.83%, respectively, and the gross profit margins of indoor polyester resins were 14.33%, 21.96%, 23.57%, and 27.83%, respectively.
From 2018 to January-June 2021, the gross profit margin of Shenjian Co., Ltd.'s polyester resin business of Guanghua Co., Ltd. was 11.88%, 17.80%, 16.68%, and 18.45% respectively; from 2018 to 2020, the gross profit margin of Guangzhou Qingtian polyester resin business was 14.13%, 21.80%, and 16.91% respectively.
021 accounts receivable balance was 473 million yuan
From 2018 to January-June 2021, the book value of accounts receivable of Guanghua Shares was 224.8404 million yuan, 226.3961 million yuan, 283.9715 million yuan, and 440.3986 million yuan, respectively, accounting for 43.44%, 36.39%, 38.22%, and 44.83% of current assets, respectively, and accounting for 32.87%, 30.69%, 33.86%, and 35.22% of operating income, respectively (annualized).
From 2018 to January-June 2021, the book balances of accounts receivable of Guanghua Co., Ltd. were RMB 240.3903 million, RMB 247.4571 million, RMB 309.5455 million and RMB 472.7332 million, respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s accounts receivable turnover rate was 3.15 times, 3.27 times, 3.29 times, and 1.73 times, respectively, and the average value of listed companies in the same industry was 3.44 times, 3.25 times, 3.36 times, and 2.11 times, respectively.
From 2018 to January-June 2021, the balance of overdue accounts receivable of Guanghua Co., Ltd. was RMB 93.2352 million, RMB 94.7248 million, RMB 89.9314 million, and RMB 113.847 million, RMB 113.847 million, RMB 87.2676 million, RMB 86.2833 million, RMB 77.7102 million and RMB 81.269 million, respectively.
A total of 229 million yuan in the first half of 2021
From 2018 to January-June 2021, Guanghua Co., Ltd.'s notes receivable were RMB 183.17 million, RMB 158.762 million, RMB 200.0793 million, and RMB 220.4775 million, respectively, accounting for 35.39%, 25.52%, 26.93%, and 22.44% of current assets, respectively.
From 2019 to January-June 2021, Guanghua Co., Ltd.'s receivable financing was RMB 10.8148 million, RMB 13.593 million and RMB 8.8469 million, respectively.
From 2018 to January-June 2021, the total financing of Guanghua Co., Ltd. notes receivable and accounts receivable were RMB 183.17 million, RMB 169.5768 million, RMB 213.6723 million and RMB 229.3244 million, accounting for 35.39%, 27.26%, 28.76% and 23.34% of current assets, respectively, and accounting for 26.78%, 22.99%, 25.48% and 18.34% of operating income, respectively (annualized).
Guanghua Co., Ltd. stated that the company's notes receivable and accounts receivable have a large financing balance. The main reason is that it is more common for downstream powder coating customers to use bank acceptance bills to pay the company's payment. According to the working capital status and specific business needs, the company's use of bank acceptance bills received includes maturity collection, endorsement to suppliers and discounts.
019 and 2020 product sales unit price decreased
From 2018 to January-June 2021, the unit price of outdoor polyester resin in Guanghua Co., Ltd. was 11,639.85 yuan/ton, 10,485.07 yuan/ton, 8,563.58 yuan/ton, and 11,529.67 yuan/ton, respectively, and the unit price of indoor polyester resin was 10,712.47 yuan/ton, 9,924.21 yuan/ton, 8,106.24 yuan/ton, and 10,138.38 yuan/ton, respectively.
Guanghua Co., Ltd. stated that during the reporting period, the sales price of the company's main products was greatly affected by the prices of major raw materials. From 2018 to 2020, the sales price showed a downward trend due to the decline in the prices of major raw materials. From January to June 2021, the sales price increased significantly.
R&D expense rate in the first half of 2021 2.35%
From 2018 to January-June 2021, Guanghua Co., Ltd.'s R&D expenses were RMB 21.7658 million, RMB 24.3336 million, RMB 29.0791 million, and RMB 14.6932 million, respectively, accounting for 3.18%, 3.30%, 3.47%, and 2.35% of the period expenses, respectively.
From 2018 to January-June 2021, the employee salary in Guanghua Co., Ltd.'s R&D expenses were RMB 5.0495 million, RMB 6.256 million, RMB 7.5806 million and RMB 4.2207 million, respectively, accounting for 23.20%, 25.71%, 26.07%, and 28.73% respectively; the direct investment expenses were RMB 15.5382 million, RMB 16.0455 million, RMB 19.9288 million and RMB 9.9147 million, respectively, accounting for 71.39%, 65.94%, 68.53%, and 67.48% respectively.
From 2018 to January-June 2021, Guanghua Co., Ltd.'s R&D expense ratios were 3.18%, 3.30%, 3.47%, and 2.35%, respectively, and the average R&D expense ratios of listed companies in the same industry were 3.82%, 3.19%, 3.64%, and 3.17%, respectively.
As of the date of signing the prospectus, Guanghua Co., Ltd. has 10 invention patents and 7 utility model patents. During the reporting period, the company was recognized as a high-tech enterprise by the Zhejiang Provincial Department of Science and Technology, the Zhejiang Provincial Department of Finance, and the Zhejiang Provincial Taxation Bureau of the State Administration of Taxation.
