პანასია აბაზანა იქნება IPO. ღეროების რიგების ექსპორტი პირველ ადგილზეა მსოფლიოში

ორიგინალური სამზარეულოსა და აბაზანის ინდუსტრია მთავარი მედია სამზარეულო და აბაზანის ინფორმაცია

On June 28, 2021, the official website of the Securities and Futures Commission released the pre-disclosure prospectus (filing draft) of Hangzhou Panasia Sanitary Ware Co. Hangzhou Panasia Sanitary Ware Co., შ.პ.ს. intends to be listed on the main board of Shenzhen City. It made an initial public offering of approximately 31,266,700 აქციები, აღრიცხვა 25% of the total number of shares of the company after the issuance. The underwriter of the public offering of shares is Guoxin Securities Co.

Release Overview

Type of shares issued	Ordinary shares in Renminbi (A K)
Number of shares issued	31,266,667,000 აქციები, representing 25.00% of the total number of shares of the Company after the issue
Par value per share	1.00 იუანი
Issue price per share	【】Yuan
Expected Issue Date	【】Year 【】Month 【】Day
Stock exchange to be listed	Shenzhen Stock Exchange
Total share capital after the issue	12,506.6667 მილიონი აქცია
Restrictions on the circulation of shares held by shareholders before the issue and commitment to voluntarily lock up shares	The controlling shareholder, რ&S Holdings, the shareholder, Pan Asia Juxian, the effective controllers, Zhang Boliang, Ye Rujun, Zhang Ye, Yao Lei, the director, senior management, Jiang Yurong, senior management, Chu Zhongliang, senior management, Mao Lianjuan, senior management, Fang Jianwei, supervisor, Jiang Yanqun, supervisor, He Zhuanwei, undertake not to transfer or entrust others to manage the shares of the issuer held directly or indirectly by me/the partnership prior to the initial public offering of the shares of the issuer, nor to have such shares repurchased by the issuer, for a period of 36 months from the date of listing of the shares of the issuer. Shareholders Shangxian Trade, Guangfeng Investment and Tongjin Investment undertake not to transfer or entrust others to manage the shares of the issuer issued prior to the initial public offering of shares held directly or indirectly by the partnership of the Company for a period of 12 months from the date of listing of the shares of the issuer, and not to have such shares repurchased by the issuer. The controlling shareholder, რ&S Holdings, the shareholder, Pan Asia Juxian, the actual controller, the directors and senior management holding shares of the Company undertake that the price at which I/the Company/the Partnership shall reduce the shares of the Company within two years after the expiry of the above lock-up period shall not be lower than the issue price. If the closing price of the Company’s shares is lower than the issue price for 20 consecutive trading days within 6 months after the listing of the Company (if the issuer’s shares are distributed as dividends, bonus shares, capitalization of capital reserves, და ა.შ. during this period, the issue price shall be adjusted accordingly, the same below), or if the closing price is lower than the issue price at the end of 6 months after the listing (if the day is not a trading day, the first trading day after the day), I/the Company/the Partnership shall The Company/

პროსპექტის მიხედვით, the funds raised are used for the project and the number of funds to be invested in the fund-raising: the construction project of the intelligent manufacturing production base for kitchen and bathroom products is to be invested to raise about 357 მილიონი იუანი. The kitchen and bathroom R & D center and the construction project of information technology will be invested to raise funds of about 105 მილიონი იუანი. The project of intelligent manufacturing and expansion of sanitary products is to invest about 106 მილიონი იუანი. The shares, after the issue, are intended to be listed on the main board of the Shenzhen Stock Exchange.

Before this issue, რ&S Holdings holds 56.29% of the shares owned by the issuer, and is the controlling shareholder of the issuer. The actual controllers are Zhang Boliang, Ye Rujun, Zhang Ye and Yao Lei. Zhang Boliang and Ye Rujun are husband and wife. Zhang Ye is the son of Zhang Boliang and Ye Rujun. Yao Lei is the spouse of Zhang Ye.

 

The annual revenue of the enterprise is 1.1 მილიარდი იუანი, and the row of rods to achieve the first in the world.

According to Panasia, its main business is the research and development, production, and sales of kitchen and bathroom household products. Its main products include bathroom accessories such as rows of rods, ონკანები, elbows and hoses, as well as kitchen cabinets, აბაზანის კარადები, and other kitchen and bathroom furniture products.

According to the kitchen and bathroom information, Panasia’s advantageous products are hardware and cabinet products, and its rows of rods are the first in the world, as well as the invisible champion in the hardware segment.

პროსპექტის მიხედვით, in the reporting period, its operating revenue in 2020, 2019 და 2018 were 1.1 მილიარდი, 808 მილიონი და 740 million respectively. The net profit attributable to shareholders of the parent company is 118 მილიონი იუანი, 66.42 million yuan and 20.17 მილიონი იუანი, შესაბამისად. Მათ შორის, the amount of foreign sales revenue was 380,690,500 იუანი, 443,219,000 Yuan and 73,252,700 Yuan respectively, აღრიცხვა 52.52%, 55.43%, და 67.26% of the main business revenue respectively.

(-) Key figures in the consolidated income statement

ერთეული: მილიონი იუანი

Projects	Year 2020	Year 2019	Year 2018
Operating income	110,202.74	80,884.06	74,325.88
Operating profit	12,694.86	8,470.94	3,581.37
Total profit	13,159.04	8,392.37	3,298.47
Net profit	12,28346	7511.61	2,409.32
Net profit attributable to shareholders of the parent company	11,793.29	6,64267	2,017.48
Net profit after non-recurring gains and losses attributable to shareholders of the parent company	8,772.55	6,237.98	4,706.74

It is reported that Panasia has a total of 9 wholly-owned subsidiaries and 2 branches. They have secured export business to the U.S. by laying out kitchen and bathroom furniture production bases in Vietnam and Thailand in advance. Hangzhou Huijia Kitchen & აბანო, a subsidiary of Panasia Group, invested USD 8 million to set up a wholly-owned subsidiary Huijia (ვიეტნამი) სამზარეულო & Bath International Limited Liability Company in Thuan Dao Industrial Development Zone, Long An Province, ვიეტნამი. It opened on June 18, 2019. the opening ceremony was attended by Panasia’s major customer, BGI Group. The prospectus shows that the company is now in a stable operation stage and is the main body of its kitchen and bathroom furniture production and sales. In FY2019 and FY2020, Vietnam Huijia achieved operating revenue of RMB158,047,200 and RMB467,716,000, შესაბამისად. As of the end of the reporting period, the book value of fixed assets was RMB26,670,000.

Opening of Huijia (ვიეტნამი) სამზარეულო & Bath International Co.

And Panasia, located in Rayong, ტაილანდი, was established in December 2020, according to the prospectus. It mainly produces kitchen cabinets and is currently in the pilot production stage.

 

Panasia’s exports to the U.S. account for 2.22% of the U.S. share of kitchen cabinets imported from China and Vietnam.

The prospectus shows that during the reporting period, Panasia’s sales revenue to its top five customers were RMB573,667,600, RMB620,107,700 and RMB870,561,000, აღრიცხვა 77.17%, 76.65% და 79.68% of the operating revenue for the period, შესაბამისად, with a high degree of customer concentration.

Major customers include Kohler (კოლერი), მოენ (მოენ), დელტა (დელტა), ჰანსგროჰე (ჰანსგროჰე), გროჰე (გროჰე), ამერიკული სტანდარტი (ამერიკული სტანდარტი), ტოტო (ტოტო), როკა (როკა), და ა.შ., including cooperation with Kohler (კოლერი), მოენ (მოენ), დელტა (დელტა), ამერიკული სტანდარტი (ამერიკული სტანდარტი) and other brands for more than 15 წლები.

The prospectus shows that in FY2019, Panasia Kitchen Cabinets’ exports to the U.S. accounted for approximately 2.22% of the market share of U.S. kitchen cabinet imports from China and Vietnam (according to the United Nations Commodity Trade Database).

დან 2011-2019, აშშ. sales of kitchen cabinet products imported from abroad increased significantly from approximately $609 მილიონიდან $1.713 მილიარდი, representing a compound annual growth rate of approximately 13%. Ამავე დროს, the market share of foreign imports also expanded from 4.59% in 2011 რომ 9.57% in 2019, რომელთაგან, China is the number one source of kitchen cabinet products imported from the United States.

Მათ შორის, RTA kitchen cabinets, as one of the RTA furniture segments, continue to grow in the U.S. kitchen cabinet market with the advantages of cheap price, good quality and easy assembly. According to the survey report released by the U.S. International Trade Commission (აშშ. International Trade Commission), RTA kitchen cabinets are the most significant component of U.S. imports of kitchen cabinets and bathroom cabinet products from China. In FY 2016-2018, the import quantity of RTA kitchen cabinets accounted for 68.6%, 69.9%, და 69.8% of the total imports of kitchen cabinets and bathroom cabinets from China, შესაბამისად. In FY2016-2018, the value of U.S. imports of RTA kitchen cabinets from China increased by 43.8%.

Affected by the trade friction between China and the U.S. and the anti-dumping duties and countervailing duties imposed by the U.S. on kitchen and bathroom cabinet products from China, the U.S. kitchen cabinet importing countries show a trend of shifting from China to Vietnam. In FY2019 and FY2020, the total amount of U.S. furniture imports from China decreased by 28% და 25%, შესაბამისად, compared with the same period of the previous year. Total U.S. furniture imports from Vietnam increased by 35% და 31%, შესაბამისად, compared with the same period of the previous year. In 2020, Vietnam overtook China to become the top furniture importer in the United States. According to the General Administration of Vietnam Customs, მაისში, Vietnam’s exports of wood and wood products exceeded US$1.41 billion, a slight increase of 1.2% compared to April, but an increase of more than 82% compared to May 2020.

Vietnam Customs Administration: Exports of wood products in the first five months of 2021 compared to the first five months of 2020

In 2019 და 2020, China’s exports of wood furniture for kitchens to the US amounted to $5.730 billion and $1.301 billion respectively, ქვემოთ 40% და 77% compared to the same period of the previous year. Vietnam’s exports of U.S. wood furniture for kitchens in 2019 ოდენობით $1.547 მილიარდი, ზევით 61% საწყისი 2018. აშშ-ს. kitchen cabinet importers show a trend of shifting from China to Vietnam.

In March 2021, the U.S. Department of Commerce asked more than 60 Vietnamese plywood companies to explain many issues related to the country’s plywood exports. Companies producing kitchen cabinets, bathroom cabinets and furniture in Vietnam may also face the risk of high anti-dumping duties in the U.S. market. (For related links, click to read: Vietnam proposes to review bathroom cabinet import companies in Vietnam)

It is worth noting that BGI Group (აშშ. Cabinet Depot), one of Panasia’s major purchasers of RTA kitchen cabinets for export to the U.S., is being investigated by U.S. Customs and Border Protection. According to the public information on the relevant U.S. website, აშშ. Customs and Border Protection believes that BGI Group has circumvented the regulations in the anti-dumping tariff and countervailing tariff investigations by trans-shipping wooden kitchen cabinets and bathroom cabinets originating from China through Cambodia and not declaring the goods as applicable orders, შესაბამისად. აშშ-ს. Customs and Border Protection conducted relevant investigations against BGI Group in relation to the above matters.

საანგარიშო პერიოდში, Panasia’s operating revenue to BGI Group amounted to RMB123,610,900, RMB164,068,000 and RMB398,790,800 respectively, აღრიცხვა 16.63%, 20.28% და 36.19% of the Company’s operating revenue respectively. As of the end of the reporting period, the Company’s accounts receivable balance from BGI Group was RMB72,934,500, აღრიცხვა 24.29% of the Company’s accounts receivable balance.

Panasia indicated that, as a supplier of BGI Group, it is not a party to the aforementioned investigation matters. The aforementioned investigation matters do not involve the products sold by the Company to BGI Group. The Company’s business with the BGI Group is also not physically affected. As of the end of 2020, the BGI Group was in good operating and financial condition. თუმცა, if the BGI Group is subject to punitive measures such as paying back duties or incurring fines as a result of the aforementioned investigation matters, the BGI Group’s operations and financial condition may be negatively affected. This will in turn affect the business cooperation with the Issuer or affect the recovery of the Issuer’s accounts receivable and adversely affect the production and operation of the Issuer.