Every reporter: Every editor of Zhang Yun: Zhang Haini
Daye Industrial Factory District. Photo source: Every reporter Zhang Yun
Today (March 25), Ningbo Daye Garden Industry Co., Ltd. (hereinafter referred to as Daye Industry) was launched, and the garden entrepreneurship of the \”Ye family\” garden entrepreneurship Luzheng faces another round of tests.
After the successor of his brother Ye Xiaobo\’s actual control of Daye (300879, SZ), after the successful listing last year, whether the pouring business led by his brother Ye Xiaodong can successfully break through the IPO.
The Yongjin is here and go.
Judging from the disclosure of the prospectus (declaration draft), Ye Xiaodong has been engaged in the foreign trade industry for more than ten years. In 2001, aiming at the horticultural supplies industry and opened a factory. His father, Ye Dechen, joined the company in the form of holding the company during his tenure in the Yuyao State Taxation Bureau, and served as the chairman. After retirement, Ye Dechen Daxing\’s corporate information management reform in 2009 returned to the second line and paid the real power to Ye Xiaodong.
The younger brother Ye Xiaobo, who resigned from the civil servant of the Finance and Taxation Bureau, returned from Australia. Since 2001, Ye Xiaobo has served as the deputy president of Daye Industry. Since then, the company\’s specific operations have been jointly handled by the brothers. Soon, from the water sprayer to the grass cutting machine, the company\’s \”twin\” out of the main business. In 2006, Ye Xiaobo established its own portal and established Daye shares, and no longer participated in the management of Da Ye Industry. At the end of 2014, the two parties decided to gradually transfer their equity to realize the absolute control of Ye Xiaodong and his wife Qiu Ke. By 2017, Daye Industry officially changed to family businesses co -owned by Ye Xiaodong and Qiu Ke\’s husband and wife.
In early 2020, Ye Xiaodong said at the New Year\’s welcome group. In order to promote the listing, the company conducted asset inventory, share restructuring, and strengthening team management. \”Daily Economic News\” reporter noticed that in November 2019, in order to improve the equity structure, the \”Yongjin Department\” introduced among the four strategic investors introduced by Da Ye Industry.
The prospectus (declaration draft) shows that Xianghe Yongyuan and Yongji Chuangchuang\’s related shareholders, holding a total of 6.36%of the shareholding, in fact, the controller is the current \”Yong Gold System\” helm in the helm of the helm of the \”Yong Gold System\” helmsman. , Capital Big Big Wei Dong widow Chen Jinxia. It is worth noting that the reporting period of the prospectus (declaration draft) as of June 30, 2020, but did not mention the withdrawal of the equity of the previous days.
Qixinbao 2Data on the 14th show that the shareholders of Daye Industry are only investment in Yao Ye and Ye Xiaodong, holding 58.09%and 41.91%respectively.
Picture Source: Qixin Bao
Judging from the equity structure and executives invested by Yaoye Now it has become the \”wholly -owned\” enterprise of Ye Xiaodong\’s family of three. In addition to Ye Xiaodong and Qiu Ke 70%and 30%, his son Ye Yang was displayed as \”manager\” in the company\’s position. According to the prospectus (declaration draft), Yao Ye\’s investment did not conduct business business. The main business was to invest in Da Ye Industry. From 2019 to June 2020, a total of 5.3075 million yuan was included.
In order to understand more situations, the reporter called Qiu Ke, but the other party said that he would not be interviewed at this stage.
In terms of fundamentals, excluding the affected factors affected by the epidemic in 2020, only from 2017 to 2019, the company\’s operating income was 354 million yuan, 359 million yuan, and 372 million yuan, and no significant growth occurred. However, the company\’s non -net profit has increased significantly, and the comprehensive gross profit margin has risen. The company believes that it is mainly due to the decline in the cost of raw material costs and automation transformation.
Picture Source: Fine Prospectus (declaration draft)
The gross profit margin of the spray series has increased year by year. The piece series is relatively stable. In 2019, the spray series contributed more than half of the contribution to revenue, with sales of 26.9724 million (pieces, sets), average price of 7.51 yuan/piece, and each product\’s gross profit of less than 4 yuan. The water pipe series with a high gross profit of the unit has only 1.1869 million (pieces, sets) in 2019, and the proportion is small. It can be seen that product sales mainly depend on profit -making. <<<
At the same time, the company\’s sales model is mainly ODM and OEM. OEM and OEM revenue account for 84.11%and 15.35%, respectively. The dependence of overseas markets is high and lacks the development of the domestic market.
Daye Industrial Factory area. Photo source: Every reporter Zhang Yun
Large technical flow
Daye Industry also recognizes that long -term engaging in brand foundry is only for accumulating experience and experience and experience and experience Customer resources, enterprises should establish their own industrial chain through independent research and development and product innovation. In the prospectus (declaration draft), Daye Industry has always emphasized its own technical attributes. In 2018, it was identified as a high -tech enterprise and enjoyed preferential tax policies. Government subsidies related to income totaled 4.5091 million yuan.
But on the other hand, the annualized salary of the large -leaved industrial technicians during the reporting period is not as good as the sales staff. The company\’s explanation is that in 2018, to optimize products and introduce 17 new employees for research and development projects. Low average salary.
From the perspective of R & D investment, the amount of R & D expenses incurred from 2017 to 2019 was 20.4353 million yuan, 15.427 million yuan, and 16.6315 million yuan, respectively, ranging from 10 to 13 R & D projects each year. As of June 30, 2020, there were 11 R & D projects engaged in the company.
From the perspective of the horticultural supplies industry, its core technology is concentrated in the two aspects of new material application technology and injection molding technology of the product. The former focuses on reducing material consumption and the latter focuses on automated production.
As of June 30, 2020, in the 168 Daeye Industry has obtained a patent, 55 overseas invention patents have been obtained, of which only one new item was added in 2018 and there was no new invention patent in 2019. Essence The appearance design patent accounts for a relatively high patent, with a total of 65 items.
In the first half of 2020, Daye Industry has increased talent introduction, and cost reduction and efficiency in personnel structure. The technical personnel have increased to 96 people, and the management positions have been greatly reduced. During the reporting period, the overall sales positions were stable but there were many newcomers replaced. The production line introduced 106 automated machines and replaced the number of artificial number of 164 people daily.
Daye Industry in the prospectus (declaration draft)It is mentioned that since September 2019, the company has gradually outsourced the packaging and handling of the assembly workshop. On March 10th, a reporter from \”Daily Economic News\” came to the Daye Industrial Factory, located at No. 1 Chaoyang Road, Yuyao City. Some of the dormitory area on the 7th and 8th floors lived in some of the labor services disclosed by the prospectus (declaration draft). Workers of dispatch units.
In 2017, the average number of labor dispatch of the company reached 136, and the average monthly proportion of labor dispatch accounted for 10.06%, which was slightly more than 10%of the 10%of the \”Provisional Regulations on Labor dispatch\”. In this regard, Daye Industry said that it has gradually regulated the form of labor dispatch employment to reduce the proportion of dispatched employees.
Picture Source: Prospectus (Report Draft)
In terms of labor dispatching, in 2017 and 2018, it was slightly lower than lower than that The local non -full -time minimum wage wages have been raised since then.
Picture Source: Prospectus (declaration draft)
Usually, the first and fourth quarters of Daye Industry is the peak production shipping season for two consecutive days. The reporters have witnessed some migrant workers holding their quilts and dragging their luggage into the dormitory area. Ms. Chen from Heilongjiang asked reporters. She claimed to come to the factory on the first day. \”Through the work introduced by the same hometown, I started working on the first day. Tudes.
The screen of the factory\’s door is rolled on the recruitment notice. It is written that the company is now recruiting 30 equipment, 20 injection molding workers, 3 equipment repair 10 members. notT-Origin-Web: GIF.JPEG? _IZ = 58558 & FROM = Article.pc_detail & LK3S = 953192F4 & X-EXPIRES = 1739236561 & Signature = AxzznrrycduRCA0PB99 Jcvfx%2b%2bbi%3d \”/>
People who come to apply. Picture source: Each passage Reporter Zhang Yun
In terms of social security and housing provident funds, the company is facing the risk of replenishment. The proportion of the proportion was 0.47%and 15.18%, of which the retirement returnees accounted for a high proportion. Responsible for related fees
Picture Source: Prospectus (Report Draft)
The first largest supplier involved in Market manipulation is punished, applying for bankruptcy Clearing
Since 2005, the company has implemented ERP management in real time to monitor the quality of product quality in real time. In the second half of the year, the company invested $ 2 million in cooperation with the Australian KSA company to set up a foreign -funded R & D center. It was commissioned by customers to develop a 5 -minute stop and 10 minutes of irrigation watering equipment. Watering equipment of containers. <<
In August 2020, Ye Xiaodong said in an interview with the media: \”The order volume during the epidemic has not reduced the increase, which brought the company to the peak of receiving orders in advance. \”According to him, the new orders of foreign customers have continued to increase, and the order amount has doubled year -on -year. In June of the same year, Qiu Ke said in his visit to the company:\” During the epidemic, the company only was provided by suppliers. Other links are produced and controlled by themselves. The production workshop adopts modern automation equipment, and production has not been greatly affected. \”
Daye Industry mentioned in the prospectus (declaration draft) that the main raw materials required by the company\’s products include zinc alloy, aluminum alloy and other metal raw materials and PP, ABS, PVC and other plastic raw materials, and the company Main business gross profit margin is higher than availableOne of the reasons for company Yilin Technology is that the materials of the company\’s production links are mainly used for self -made items, and purchasing Chinese and foreign purchases accounts for relatively low.
The top five suppliers disclosed from Daye Industry can see that the company\’s raw material supply is mainly selected in the local enterprise in Yuyao, Ningbo, of which three and a half consecutive years have stabilized the largest supplier\’s major petrochemical petrochemicals for three and a half consecutive years. The proportion of its purchases is far ahead, with a minimum of 14.64%.
Picture Source: Prospectus (application draft)
Great Petrochemical mainly supplies plastic raw materials for large leaves. It is worth noting that Yuanda Petrochemical was punished for trial in November 2020 for a cross -market manipulation contract case.
From May to August 2016, far -rectified petrochemical uses the advantages of funds to control 18 futures accounts, and buy a large number of polypropylene futures contract PP1609. Methods to hoard the spot in large quantities, make a strong atmosphere of polypropylene, affect the price of futures contracts, and suspected of manipulating the futures market crime.
On May 8, 2019, the case of the Intermediate People\’s Court of Fushun City, Liaoning Province opened the case. In September 2020, the court sentenced the first instance to the penalty of 740 million yuan. The former chairman Wu Xiangdong was sentenced to 4 years in prison and fined 5 million yuan. Later, due to severe assets and non -debt and unable to settle debts, the Announcement of Greater Holdings announced that Yuan Da Petrochemical intends to apply for bankruptcy liquidation to the people\’s court as a debtor.
There are major risks of suppliers, but the Yaye Industry is still closely tied to it. In the first half of 2020, the company conducted a procurement transaction of 90.465 million yuan to the far petrochemical. \”Daily Economic News\” reporter dialed the industrial and commercial registration telephone number of far petrochemical as a buyer. The other party said: \”The far petrification is gone, and the related business has been transferred to Ningbo.\”
March 25th \”Daily Economic News\” reporters have repeatedly called the Daye Industry Director Office, but no one answered the phone. Later, the reporter sent an interview email.
Daily Economic News
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