A company that started from Huaqiang North and mainly sells 3C accessories is going to the market.
Shenzhen Green Link Technology Co., LTD. (hereinafter referred to as "Green Link Technology") has accepted its gem listing prospectus, aiming to raise 1.504 billion yuan.
According to the prospectus, Lvlian technology was founded in 2012, mainly engaged in the research and development, design, production and sales of 3C consumer electronic products, which mainly cover five series of transmission, audio and video, charging, mobile peripheral and storage. From 2019 to 2021, Greenlink's revenue was 2.045 billion yuan, 2.738 billion yuan and 3.446 billion yuan, respectively, with a compound annual growth rate of 29.80%. In the same period, Green Union's net profit was 227 million yuan, 306 million yuan and 305 million yuan, respectively.
Hillhouse swooped in, accounting for nearly 10% of the shares
According to the prospectus data, zhang Qingsen, chairman of Lvlian Technology, is the largest shareholder of the company, directly holding 187,832,050 shares of the company, accounting for 50.3019% of the total share capital of the company, and is the controlling shareholder and actual controller of the company.
In April 2021, Greenlink Technology transferred part of its equity to Hillhouse Xiheng, a subsidiary of Hillhouse Capital. According to the prospectus, Hillhouse Xiheng became a shareholder of Green Link Co., LTD. (" Green Link Technology ") through the transfer of 5.5556% of the equity held by Zhang Qingsen and Chen Junling, and the transaction consideration was 300 million yuan.
In June of the same year, Greenlink Co., Ltd. issued 13.336,064 shares to Hillhouse Xiheng, Shenzhen Shiheng, Broad Strategy and Nuo Core at a price of 224,954 yuan per share. Among them, Hillhouse Xiheng invested 250 million yuan to subscribe for 11,1113,387 new shares of equity, Shenzhen Shiheng, Broad Strategy and Nutty Core respectively invested 20 million yuan, 15 million yuan and 15 million yuan.
Before greenlink's IPO, Hillhouse Xiheng, Shenzhen Shiheng, Broad Strategy and Nuke held 9.37%, 0.33%, 0.25% and 0.25% respectively.
The technological threshold is low, with less than 1% of invention patents
According to the prospectus is introduced, and the green technology is one of the world's consumer electronics science and technology enterprises, mainly engaged in 3 c consumer electronics product development, design, production and sales, is committed to provide users with comprehensive digital solutions, the main products include transmission, audio and video, charging, move around, storage class five series.
In terms of sales channels, Green Link technology mainly focuses on online sales. The company's main online sales platforms include Amazon, JINGdong, Tmall and so on. From 2019 to 2021, the company's revenue from online e-commerce platforms accounted for 82.41%, 82.35% and 78.14% of its main business revenue respectively.
During the reporting period, the r&d investment of Greenlink was 64.8853 million yuan, 95.127 million yuan and 156.6064 million yuan, accounting for 3.17%, 3.47% and 4.54% of the operating revenue, showing an increasing trend year by year. As of the signing date of the prospectus, Lvlian Technology and its subsidiaries have 698 domestic patents (including 11 invention patents) and 506 overseas patents.
It is worth noting that in the total number of patents, greenlink technology's invention patents are only 11, accounting for less than 1%. In addition, according to the data of Zhigongya, There are 693 patent application information of Lvlian Technology, among which 516 are appearance patents and only 30 are invention patents. This also means that the technical threshold of green union technology is relatively low.
Green science and technology also in risk warning said, at present, the company faces increased industry competitors, market competition risk, if the company cannot keep themselves in their own brands, research and development technology, product quality, the development of channels, and the advantage of supply chain management, may cause the company's performance growth, profit margins shrink, competitive advantage.
The proportion of independent production is less than 20%, and over 30% of the revenue depends on "selling data line".
From the perspective of business model, the main competitiveness of Greenlink technology lies in the r&d and design of 3C accessories, and the production of products is mainly entrusted to suppliers.
During the reporting period, the procurement costs of lvlian's outsourcing products accounted for 74.91%, 56.02% and 58.22% of the main business costs, respectively. In 2019, 2020 and 2021, green-Link technology's outsourcing production accounted for 75.78%, 76.10% and 75.62%, respectively.
In the prospectus, Lvlian said that the output, quality and production cycle of products independently developed, designed and sold by the company are still limited to a certain extent by factors such as suppliers' production capacity, product technology, manufacturing cost and operation and management level. If the supplier stops work, or the cooperation between the two parties is terminated in advance due to the friction, and the Company fails to replace the appropriate supplier in time, the product supply may be delayed, which will adversely affect the company's operating performance and financial condition.
At the same time, according to product classification, the revenue of Green Link technology is mainly composed of transmission, audio and video, charging, mobile peripheral and storage, among which transmission products account for the highest proportion, contributing more than 30% of the revenue.
The transmission products of Green Link technology mainly include expansion dock, hub, network card, network data cable, mouse, etc. In addition to transmission products, green Link's audio and video products include HDMI HD cable, video converter, audio cable/color line, etc., and charging products include chargers, charging cables, mobile power supply, etc.
In 2019, 2020 and 2021, the transmission products of Greenlink technology are 736 million yuan, 101 million yuan and 124 million yuan respectively, accounting for 36.05%, 36.79% and 35.93% respectively.(the author | RaoXiangYu, edit | cold spring harbor)