Due to the withdrawal of the application for issuance and listing of Huahong Painting Home Furnishing Co., Ltd. *** and its sponsor, the Shanghai Stock Exchange terminated its issuance and listing review. 
Huahong Painting Home Furnishing Co., Ltd. *** Huahong Co., Ltd.).It is a company dedicated to the art of global livingHome accessories ** businessIt is mainly engaged in the research and development, design, production and sales of various home accessories such as decorative paintings, mirrors, photo frames, etc. The company's products are mainly exported, the main markets are the United States and Europe, and the products cover more than 60 countries and regions around the world. In the last three years and the first period, the company's export revenue was 74,663030,000 yuan, 74,272590,000 yuan, 99,357$810,000 and $61,790060,000 yuan, accounting for the proportion of the main business income in the current period. 76% and 9558%。Among them,The revenue realized in Europe and the United States was 66,525450,000 yuan, 66,603010,000 yuan, 85,575$390,000 and $54,856630,000 yuan, accounting for the proportion of the company's main business income. 20% and 8486%
During the reporting period, the company's main business income was classified by product category as follows:
During the reporting period, the company's main business income mainly came from decorative paintings, mirrors and photo frame products. In the last three years and the first period, the total proportion of the three products to the main business income is as follows. 87% and 9904%。Among the company's products, decorative painting products contribute the highest to revenueThe competitiveness and profitability of the products are also strong. At the end of the reporting period, the main revenue of decorative painting products accounted for more than 60%. Mirror products are the second largest contributor to revenue。Photo frame products contributed the least to revenue, and the proportion of photo frame products in the main business revenue showed a gradual downward trend during the reporting period.
Controlling shareholder and actual controllerHua Hong Holdings directly and indirectly controls the issuer 8040% of the shares are the controlling shareholders of the issuer. The actual controllers of the company are Gong Pinzhong and Gong Xinming, and Wang Aixiang and Wang Hexian are acting in concertWang Aixiang and Gong Pinzhong are husband and wife, Wang Hexian and Gong Xinming are husband and wife, and Wang Aixiang and Wang Hexian are Gong Pinzhong and Gong Xinming.
Key financial data and financial indicators
Specific listing criteria selected by the issuer:The net profit in the last 3 years is positive, and the cumulative net profit in the last 3 years is not less than 1500 million yuan, the net profit in the latest year is not less than 60 million yuan, and the cumulative net cash flow generated by operating activities in the last three years is not less than 100 million yuan or the cumulative operating income is not less than 1 billion yuan.
Use of raised fundsThe issuance** does not exceed 28.37 million shares, and the proportion of the number of public shares to the total number of shares after the issuance is not less than 25% after the issuance, and it is planned to raise 86.2 billion yuan, the funds raised in this issuance after deducting the issuance costs for the investment of the project are as follows:
Social insurance and housing provident fund have not been fully paidDuring the reporting period, the social insurance and housing provident fund of the employees of the company and its subsidiaries were not fully paid. During the reporting period, the proportion of social insurance contributions for employees of the company and its subsidiaries was as follows: 72% and 9976%, and the contribution ratio of the housing provident fund is: 33% and 7957%。
The risk of changes in performance due to changes in macroeconomic and market demandThe company's main products are decorative paintings, mirrors, photo frames and home accessories, which are fashion consumer products, which have a strong correlation with factors such as social and economic development level, residents' income level, and home decoration market demand. The company's products are mainly sold to many countries and regions around the world such as Europe and the United States, and are greatly affected by factors such as global macroeconomic development, local residents' income and consumption level。Since 2020, various factors such as the new crown epidemic and geopolitical conflicts have brought uncertainty to the economic development trends of major economies such as the United States and Europe.
Since the first half of 2022, the Russia-Ukraine conflict has triggered an energy crisis, which has soared and pushed up inflation, pushed up food and commodities, and brought a big impact on the European economy and exacerbated inflationary pressures globally. The U.S. economy is also struggling with inflation, with the U.S. Consumer Index (CPI) coming in at 9 year-on-year in June 2022, according to data released by the U.S. Department of Labor1%, the highest level in its 40-year history.
The high inflation level and the uncertainty of the short-term economic outlook in economies such as the United States and Europe may make consumers reduce their consumption of the company's home accessories products, which in turn will lead to a decrease in the company's customer purchasing intentions, and ultimately lead to a decrease in the company's sales revenue, and the company may have the risk of fluctuations or even declines in operating performance