Ein Ehepaar aus Shenzhen zieht ein IPO zurück, Jahreseinnahmen über 1 Milliarde Yuan | Spezialbericht

Autor | Zhang Yujie

Redakteur | Peng Xiaoqiu

Hard Kr has learned that recently, Shenzhen Haobo Window Control Technology Co., Ltd. (hereinafter referred to as "Haobo Window Control") withdrew its IPO application for the main board of the Shenzhen Stock Exchange. This IPO took two years and went through two rounds of inquiries. The original plan was to raise 570 million yuan for the construction of an intelligent system industrial park.

Haobo Window Control was founded in 2004 and mainly provides door and window hardware solutions for residents in different regions. Window and door control devices belong to door and window accessories, which control the "opening, closing and stopping" of doors and windows and are mainly composed of hardware components such as hinges, butt hinges and corner drives. Compared with cabinet, bathroom and kitchen hardware, door and window hardware has higher requirements for material durability, strength and design structure.

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The upstream of the door and window hardware industry mainly consists of metal product manufacturers such as zinc alloy, aluminum alloy and stainless steel. The mid - stream enterprises are responsible for product R & D, design, processing and manufacturing. The downstream customers are mainly door and window factories, decoration companies, real estate companies, building materials traders, etc. The products are mainly used for new and existing residential buildings.

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Currently, in the door and window hardware industry, foreign door and window products have a first - mover advantage and occupy a part of the mid - to high - end market share, such as CMECH (USA), hoppe (Germany), GIESSE (Italy), SIEGENIA (Germany); domestic local enterprises are gradually establishing brand advantages through technological innovation, such as Jianlang, Hehe, Xingsanxing, Haobo, etc.; the low - end market includes a large number of enterprises with small production scales and weak brand awareness.

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In terms of performance, from 2021 to 2023, Haobo Window Control achieved operating revenues of 668 million yuan, 800 million yuan and 1.042 billion yuan respectively, with an average annual compound growth rate of 24.9%; the net profit after deducting non - recurring gains and losses was 60.14 million yuan, 85.81 million yuan and 188 million yuan. The performance increased against the trend under the overall downward trend of the real estate industry. The gross profit margin of the main business was about 35%.

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The company's main products include three parts: door and window control devices, intelligent door and window control products and STORO system door and window solutions. Among them, the sales revenue of door and window control devices accounts for 90% of the main business revenue in each period; intelligent door and window control products are the future development direction; the revenue of STORO system door and window solutions accounts for a relatively small proportion.

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Based on factors such as different regional climates, geographical environments and consumer habits in China, Haobo Window Control has developed a variety of product series such as inward - opening and tilting windows, integrated window screens, externally - hung windows and swing doors. It owns brands such as wehag, HOPO, iHandle, HESE, essential.

Lösungen für Produkte in Hochtemperatur - und Hochfeuchtigkeitsgebieten (Quelle der Grafik/Offizielle Website)

From 2021 to 2023, the proportion of the company's overseas revenue was 3.11%, 3.36% and 2.06%. In the first half of 2024, the sales revenue to the top five customers accounted for 45.55% of the operating revenue, and all of them were domestic franchised dealers. This concentrated channel structure may make the company's operation affected by a few dealers.

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As of December 2024, the company had 931 employees, including 263 with a bachelor's degree or above and 668 with an associate degree or below. There were 139 R & D personnel, accounting for 14.93%. From 2021 to the first half of 2024, the proportion of the company's R & D investment in operating revenue was 4.97%, 4.68%, 4.45% and 4.92%.

Sun Zhaoxia and Li Zengbang, a couple, are the actual controllers of the company. Li Zengbang is the chairman of the company and directly holds 4.85% of the shares; Sun Zhaoxia is the director and deputy general manager of the company and directly holds 49.06% of the shares. The two together control 94.58% of the voting rights of the company's shares.

Aktionsstruktur (Quelle der Grafik/Prospekt)

Li Zengbang was born in November 1971 and has a master's degree. From 1996 to 1998, he served as the executive general manager of Jinan Huadu Trading Company; from 1998 to 1999, he served as the marketing manager of Jinan Jinlong Real Estate Development Co., Ltd.; from 1999 to 2007, he served as the regional manager of the southern region and the national key account manager of Jinan G-U Building Hardware Co., Ltd.; from 2010 to 2015, he served as the executive director and general manager of Shenzhen Ruicheng Hardware Co., Ltd.; from 2017 to 2020, he served as the executive director of Haobo Co., Ltd.; since 2020, he has served as the chairman of Haobo Co., Ltd.

Sun Zhaoxia was born in January 1974 and has a bachelor's degree. From 1997 to 2000, she served as a designer at Jinan Yuanshou Knitting Co., Ltd.; from 2000 to 2001, she served as a designer at Shenzhen Nanmeng Garment Co., Ltd.; since 2003, she has served as the executive director and general manager of Haobo Industry.

Haobo Window Control's listing process has encountered in - depth inquiries: The first - round inquiry covered as many as 19 items, including performance stability, business model, distribution revenue, etc. In the second - round inquiry, issues such as performance stability, business model and distribution revenue were mentioned again. Hard Kr will continue to follow up on the subsequent progress of Haobo Window Control.