Huijie shares updated the IPO prospectus pre-disclosure document on the official website of the China Securities Regulatory Commission on the evening of April 10th. The company plans to issue no more than 54 million shares on the Shenzhen Stock Exchange. It is worth noting that Huijie has a well-known Manifein underwear brand. If the company successfully issues it, it will become the first A-share underwear brand.
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According to the pre-disclosure, Huijie is a comprehensive underwear company engaged in underwear ergonomics research, process technology research, brand planning and promotion, development and design, manufacturing, and marketing. The company's current main products are the three main brands of "Mannifin", "Ivis", "Landrow Li" bras, underwear, thermal clothing and functional underwear products.
At present, the company has two production bases in Jiangxi and Shantou, with an annual capacity of 13 million pieces of underwear. As of December 31, 2014, the company has opened a total of 1,928 directly-operated counters and 33 directly-operated stores across the country, and has established an extensive sales network.
The previous version of the Prospectus was submitted on April 29, 2014. Compared with the two prospectuses before and after, the main difference is that the financial data for 2014 was updated. The financial data of the old prospectus showed that from 2011 to 2013, the company realized operating income of 1.267 billion yuan, 1.345 billion yuan, and 1.481 billion yuan, and realized net profits of 10.432278 million yuan, 10.05638 million yuan, and 10.87765 million yuan. The new version of the prospectus increased the situation in 2014. The company realized revenue of 1.654 billion yuan and net profit of 132.97676 million yuan.
It is worth mentioning that Manifen brand sales are the company's performance "engine". According to the prospectus disclosure, in 2014, 2013 and 2012, the company's Manifen brand product sales revenue accounted for 63.64%, 61.90% and 61.69% of the main business revenue, respectively, which accounted for a relatively high proportion. Obviously, the sales status of the brand's products has a greater impact on the company's overall operating performance, and the company also believes that the sales of this brand represent a relatively large risk.
The funds raised by Huijie Shares for the current issuance and listing, after deducting issuance costs, will be invested in three projects in order of priority, namely Jiangxi production base construction project, information system construction project, and supplementary working capital.
It should be noted that Huijie's account receivable turnover rate is lower than that of companies in the same industry, reflecting that the company's collection efficiency is not high. According to the disclosure, the company's accounts receivable turnover rate (times / years) were 7.38, 8.53, and 4.66 in 2012, 2013, and the first half of 2014; while the same industry company An Lifang reached 27.99, 26.77, and 13.13 respectively.
In addition, the net receivables of Huijie at the end of 2014, 2013 and 2012 were respectively RMB 186.718 million, RMB 165.8149 million and RMB 183.425 million, which accounted for 18.81%, 18.94% and 20.12% of current assets, respectively. The company stated that if the main debtor's operating and financial conditions deteriorated, and there was a risk that accounts receivable could not be recovered on time or could not be recovered, the company's operations would be adversely affected
From: China Securities Network
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