news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

(Original title: IPO Radar | Dapeng Industry rushes to Beijing Stock Exchange: three dividends during the reporting period, overseas business suffered a Waterloo)

Suspended due to overdue financial reportIPOHarbin ShimadaDapengIndustrial Co., Ltd. (hereinafter referred to as: Dapeng Industry, the Company) recently resumed its listing review.

The company was awarded on November 14, 2023Beijing Stock ExchangeAccepted, recently updated the response to the second round of inquiries. This IPO Dapeng Industrial plans to raise 154 million yuan, of which 94.6042 million yuan will be used for the intelligent industrial cleaning equipment production and research and development base project (Phase II), 34.3024 million yuan will be used for the machine vision inspection equipment research and development center project, and 25 million yuan will be used to supplement working capital.

Dapeng Industry is a manufacturer of specialized intelligent equipment in my country's industrial precision cleaning field. Its products and services are mainly used in the precision cleaning of core components such as vehicle powertrains, new energy three-electric systems, etc., to meet the precision manufacturing needs of downstream customers.

Jiemian News noted that Dapeng Industry had threeDividendsThe total amount exceeded 34 million yuan. The performance from January to September last year decreased year-on-year, but the full-year performance was expected to increase. After the company's products were produced, they were not shipped directly to end customers, but were shipped to Japan and then shipped back to China. The commercial rationality of this was questioned. The company may not be able to independently develop overseas business.

Government subsidies account for a high proportion of profits

2020-2023 first half year (reporting period), Dapeng Industry's overall performance showed a trend of first falling and then rising During the reporting period, the company's operating income was RMB 208 million, RMB 168 million, RMB 247 million and RMB 120 million respectively; the net profit was RMB 28.9897 million, RMB 28.2897 million, RMB 39.8870 million and RMB 18.0501 million respectively, and the net profit attributable to the parent company after deducting non-recurring items was RMB 27.5629 million, RMB 11.6056 million, RMB 35.9147 million and RMB 16.6300 million respectively.

Interface News noted that Dapeng Industrial's quarterly revenue is uneven. In 2023, the company will mainly rely on the fourth quarter to drive full-year revenue. In the second round of inquiries, the Beijing Stock Exchange also asked the company to explain the reasons why its performance in the first three quarters of 2023 decreased year-on-year, but its full-year performance in 2023 was expected to increase.

The company's annual operating income in 2023 was 260 million yuan, and its revenue in the fourth quarter alone was 94.4332 million yuan, a huge increase of 127.76% compared with the same period last year. Dapeng Industry explained that from October to December 2023, the company's operating income increased by 127.76% year-on-year, mainly because major customers this year, such as BYD, Weichai Power, Geely Automobile and FAW Group, concentrated on organizing final acceptance in the fourth quarter.

It should also be pointed out that Dapeng Industry's performance in the first quarter of 2024 was under pressure. According to the review report for the first quarter of 2024 disclosed by Dapeng Industry on June 25, the company's revenue in the first quarter of this year was 25.1502 million yuan, a year-on-year decrease of 59.67%; net profit was 2.3882 million yuan, a year-on-year decrease of 70.12%.

From 2020 to 2023, the amount of government subsidies included in Dapeng Industry's current profit and loss was RMB 4.0426 million, RMB 20.3075 million, RMB 7.5275 million and RMB 15.7465 million, respectively, accounting for 11.95%, 64.64%, 16.41% and 28.16% of the total profit, respectively.

According to the prospectus, the company's government subsidies in 2021 were large. The main reason was that as a listed reserve enterprise in Harbin, the company obtained three related government subsidies totaling 15 million yuan from the Heilongjiang Provincial Government, Harbin Municipal Government and Songbei District Government that year, which was an individual matter.

Although Dapeng Industry said The company does not rely on government subsidies to operate, but the proportion of government subsidies in the company's total profits has been increasing in the past two years, exceeding 28 percentage points in 2023.

Stop with Shimada After the family cooperation, will overseas business also be stopped simultaneously?

As of the date of signing of the prospectus, Bode Industrial holds 68.72% of the company'sEquity, is the company's controlling shareholder. Li Pengtang directly holds 25.42% of the company's shares and indirectly holds 56.48% of the company's shares through Bode Industry. In addition, Li Juntang and Li Pengtang are brothers and are acting in concert with Li Pengtang. Li Juntang indirectly holds 12.24% of the company's shares through Bode Industry. In summary, Li Pengtang directly and indirectly holds 25.42% of the company's shares and indirectly holds 56.48% of the company's shares through Bode Industry.ShareholdingTogether, they control 94.13% of the company's total share capital.

During the reporting period, Shimada Chemicals (the original controlling shareholder of Dapeng Industry) was the main distributor of Dapeng Industry's overseas business, and the end users were mainly large automobile groups such as Mitsubishi Motors, Weichai Power, Isuzu and Changan Group. During the period, Shimada Chemicals' commission rate was 2%-8%.

Shimada Chemical was founded in 1963 and is a family business of Kenichi Shimada, with Kenichi Shimada as the actual controller. Kenichi Shimada established the company's predecessor, Dapeng Limited, in 2005, and later transferred the equity of Dapeng Limited to Li Pengtang in 2014-2015. During the reporting period, there were financial transactions between the company and the Shimada family, such as paying sales consultant fees to Kenichi Shimada, paying Kenichi Shimada's wages on his behalf, and exchanging currencies on his behalf.

In March 2019, the company and Shimada Ryojiro (the second son of Shimada Kenichi) jointly established Shimada Chemical Machinery, holding 50.50% of the shares. In November 2022, the company transferred all of its shares in Shimada Chemical Machinery to Shimada Ryojiro.

From 2020 to 2022, the transaction amounts of the top five customers of Shimada Chemicals were RMB 22.3164 million, RMB 21.4617 million, and RMB 20.9128 million respectively, and the sales scale continued to decline. It should be pointed out that Stop with Shimada After the family cooperation, in the first half of 2023, the company's business income from Shimada Chemical was 0 yuan, Expect, Dapeng Industry No overseas business 。

Although Dapeng Industrial claims that the company has independent overseas business development and customer acquisition capabilities, it also reveals the risks of overseas business development. Dapeng Industrial said: "During the reporting period, The company's overseas sales of cleaning equipment are mainly achieved through Shimada Chemical's distribution. The sales amount has been declining year by year. In the latest period, the company was disposed of with Shimada Chemical Machinery and no longer cooperated. As of now, the company has not yet entered the supplier catalog of Japanese automobile manufacturers. The company is currently focusing on the domestic market and has not yet fully deployed its overseas business. The above factors have an adverse impact on the company's continued development of its overseas business."

Commercial rationality questioned, dividends paid three times during the reporting period

Interface News noted that after the production of Dapeng Industrial products was completed, they were not shipped directly to end customers, but were shipped to Japan and then shipped back to China. The commercial rationality of this behavior has also attracted the attention of the Beijing Stock Exchange.

In its response to the second round of inquiries, Dapeng Industrial explained: "In the industrial precision cleaning equipment business, when customers purchase industrial precision cleaning equipment, some customers require pre-acceptance at the equipment supplier's site. After the pre-acceptance is qualified, the equipment supplier will then deliver the product to the end customer's site. This situation is in line with industry practice."

In addition, it should be pointed out that During the reporting period, the company distributed cash dividends 3 times , the dividend amounts were RMB 10 million, RMB 15 million and RMB 9.293 million respectively. The actual controller of the company, Li Pengtang, and his concerted actor, Li Juntang, hold 100% of the shares of the company's controlling shareholder, Bode Industry; Laux, a company controlled by Li Pengtang, was a general partner of Pratt, the company's employee shareholding platform, during the reporting period.

According to what Dapeng Industrial disclosed in its response to inquiries, Li Pengtang's dividend funds are mainly used for family real estate purchase, capital investment, and financial management deposits; Li Juntang's dividend funds are mainly used for continuous investment and financial management, house decoration, and daily family consumption; Bode Industrial's dividend funds are mainly used for dividends to Li Pengtang, dividends to Li Juntang, purchase of financial management, and retained profits; and Laux's dividends are mainly used for retained profits.