Recently, Meixin Technology Co., Ltd. (hereinafter referred to as "Meixin Technology") replied to the second round of inquiries on the GEM IPO on . The company's IPO was accepted in late March this year. Previously, on April 28 and September 4, Meixin Technology received review inquiries from the Shenzhen Stock Exchange.
In this IPO, the company plans to issue no more than 29.7169 million shares of RMB common shares (A shares ), and plans to raise 958 million yuan, which will be used for the "Meinxin Technology New Environmentally friendly Plastic Wood Profile Industrialization Project (Phase I), "R&D Center Construction Project", "Marketing Network Construction Project" and supplementary working capital.
overseas sales account for more than 90%
Public information shows that Meixin Technology's main business is the research, development, production and sales of plastic wood composite materials and its products. The main products are outdoor floor , wall panels, composite floors and other new environmentally friendly plastic wood profiles.
is mainly made of a large number of recycled raw materials, which is in line with the concept of building a resource recycling system and promoting green building materials supported by the state.
prospectus shows that the company's controlling shareholder and actual controller are Lin Dongrong, Lin Dongliang and Lin Dongqi. The three indirectly hold 42803571 shares of the company, accounting for 48.01% of the total capital of before the company's issuance. All three are from Hong Kong, and have permanent residence rights in the United States.
From November 2020 to September 2021, Meixin Technology conducted multiple equity transfers and capital increase, introduced multiple investors, and signed multiple betting agreements .
The latest reply letter shows that the betting agreements involved have been terminated, and there is no current valid betting arrangement. Some shareholders have terms to restore the betting arrangements with the actual controller and controlling shareholders.
From 2019 to 2021 and the first quarter of 2022, Meixin Technology achieved operating income of RMB 350 million, RMB 497 million, RMB 695 million and RMB 193 million respectively; net profits of each period were RMB 20.9422 million, RMB 65.139 million, RMB 93.4888 million and RMB 18.7343 million respectively.
Overall, the performance of Meixin Technology showed a growth trend, but in the first round of inquiries, the GEM Listing Committee required Meixin Technology to further split and analyze in detail the driving factors for turning losses into profits and significant growth in the reporting period, including major financial data such as operating income, gross profit margin, and period expenses.
However, Meixin Technology's sales rely heavily on overseas business, accounting for more than 95% of the total year-on-year. This means that the company is very risky to fluctuate by exchange rate .
During the reporting period, the proportion of overseas sales revenue of Meixin Technology to the main business revenue was 96.72%, 96.17%, 95.55% and 95.58% respectively.
It is worth mentioning that Meixin Technology was punished by the customs five times for violating the " Customs Law of the People's Republic of China". The penalty includes the declaration of polyethylene product number and the actual product number does not match the actual product and the origin does not match the actual product. The maximum penalty amount is 15,000 yuan at one time.
relies on the distribution model, and the core technology of
was questioned by the exchange
Microtechnology relies very much on the distribution model, and the proportion of distribution revenue exceeds 80%. Although the company's revenue scale has increased year by year, the number of its dealers has generally decreased.
2019-2021 and the first quarter of 2022, the number of dealers was 110, 110, 100 and 88 respectively; during the same period, the number of new dealers was 34, 20, 11 and 26 respectively; the number of withdrawn dealers was 25, 30, 21 and 27 respectively.
As domestic and foreign competitors continue to increase their investment in technology, the company needs to make technological upgrades and iterations the top priority to maintain the core competitiveness of enterprises .
prospectus shows that from 2019 to 2021, Meixin Technology's R&D expense investment ratio was 2.84%, 2.74% and 3.15% respectively, and its proportion in R&D investment was not large, and even the proportion of period expenses was relatively low.
prospectus Sino-US New Technology stated, "After years of technical accumulation and independent innovation, (the company) has successfully built a number of technical barriers in formula design, co-extrusion forming, installation technology, etc.."In terms of
patents, as of the end of the reporting period, Meixin Technology owned 144 domestic patents and 12 overseas patents, but there were only 5 invention patents in the domestic patents, 1 of which was subsequently obtained in 2009, and the remaining 4 were originally obtained in 2012, 2013 (2) and 2016, respectively, and the appearance patents reached 98.
Issuance and Review Committee also noticed that the description or disclosure of the advanced nature of the core technology of American New Technology may not be sufficiently disclosed. Some certificates or honors were obtained in a relatively early period, and the time for participating in the formulation of national standards or industry standards was not disclosed. The company was required to explain whether the core technology has core competitiveness.
fundraising and expansion aims at the domestic market
plastic wood material large-scale industrial promotion originated from the United States in the 1990s. Due to its good performance and green and environmentally friendly characteristics, various plastic wood products have formed relatively mature and standardized industries and markets in developed countries such as Europe and the United States, and have been widely used.
Compared with mature European and American markets, plastic wood products still have considerable market growth space in the domestic market, so American New Technology will turn its attention to the domestic market.
In this fundraising plan, Meixin Technology will use 150 million yuan to market network construction projects, including the construction of 72 flagship store exhibition halls. Another 510 million yuan is used to invest in the construction of a new environmentally friendly plastic wood profile industrialization project (Phase I), accounting for 53.23% of the total fundraising. Three years after the funds raised are in place, the company's industrial fundraising and investment projects will gradually reach a design capacity of about 70,000 tons per year.
However, the company's application of plastic wood composite materials in China is still in its infancy and development stage. It is currently mainly used in commercial engineering markets such as shopping malls and parks and municipal garden engineering scenarios. It has not been widely used in home courtyards and balcony decorations and other household scenarios.
data shows that the capacity utilization rate of Meixin Technology in each period was 61.18%, 80.15%, 86.27%, and 78.66%, respectively. When the current capacity utilization rate is not very full, it may be a big problem for American New Technology to raise funds to expand production.
This article is from Mao Finance
