Leju Finance Deng RufeiBeijing Kyushu Fengshen Technology Co., Ltd. *** hereinafter referred to as "Kyushu Fengshen") disclosed the prospectus (declaration draft) on the Beijing Stock Exchange in November.
Leju Finance's "Pre-trial IPO" found that Kyushu Fengshen's operating funds have been quite tight, and during the period from the first listing on December 24, 2018 to the termination of the listing on July 24, 2020, Kyushu Fengshen got 1100 million yuan is used to supplement working capital, mainly used to pay for goods and wages.
In September 2020, 2 months after the termination of the listing, Kyushu Fengshen appeared on the GEM to raise 500 million yuan, saying that because of its own development planning, it did not go well to the Shenzhen Stock Exchange, and it lasted one and a half years and was finally rejected at the last stage.
The Shenzhen Stock Exchange hit a wall, and Kyushu Fengshen made a comeback. On March 1, 2023, the base layer will be listed for the second time. Later, in mid-September, the Beijing Stock Exchange started the listing counseling, and on November 3, it passed the counseling acceptance, with a counseling period of less than two months, breaking the record of the Beijing Stock Exchange's fastest application for listing and being accepted.
However, one of the main reasons for the failure of the IPO of Kyushu Fengshen GEM was that its information disclosure on the growth of export revenue and the reasonableness of raw material procurement costs was insufficient and reasonable, and the internal control system was not effectively implemented. Although the listing review conditions of the Beijing Stock Exchange are relatively relaxed, and for the transfer of companies such as Kyushu Fengshen for the second time, the restrictions on the expiration of the listing period of 12 months have been removed, and Kyushu Fengshen is expected to become the fastest company to apply for listing and be accepted by the Beijing Stock Exchange, but the hidden risks behind the excessive proportion of export revenue still exist, once there are exchange rate fluctuations, tax policy changes, and aggravated friction, etc., it may directly affect the stability of Kyushu Fengshen's operation.
Kyushu Fengshen mentioned that the performance in 2023 will rise sharply, in addition to the rapid growth of demand brought about by the gradual recognition of new products launched in the second half of 2022, and more importantly, international competitors, such as: Owl, Corsair, etc., have reduced the scale of sales to the Russian market, and Kyushu Fengshen has expanded its market share in the Russian-speaking region.
The Russian-speaking area is the largest sales area of Kyushu Fengshen, and the proportion of revenue from the Russian-speaking area to the main business income during the reporting period was respectively. 78%。In addition, there are revenues from Europe, Australia, Asia-Pacific, the Americas, Africa and other countries and regions.
In the first half of 2023, the sales revenue of the top five customers of Kyushu Fengshen will total 31.5 billion yuan, accounting for 4219%, except for customer A unknown, the remaining four major customers are overseas companies, customer B is Russian DNS, and has been the largest customer of Kyushu Fengshen since 2018;Customer D is Russian INLINE. Customer A, who cares about people, will only enter the top five customer list in 2023, and it is also the largest accounts receivable customer.
During the reporting period, the export revenue of Kyushu Fengshen's main business was 62.7 billion yuan, 61.3 billion yuan, 66.7 billion yuan, 66.2 billion yuan, accounting for respectively. 04%。In the first half of 2023, nearly 9% of revenue came from export sales.
The proportion of overseas sales is too large, mainly settled in US dollars, and Kyushu Fengshen must face the risks of exchange rate fluctuations, overseas operations, Sino-US frictions, and changes in export tax rebate policies, and these risks sometimes even directly affect its profits.
In 2021, the amount of overseas income recorded in US dollars by Kyushu Fengshen was 9479US$820,000, an increase of 648%, but the corresponding revenue decreased by 0. year-on-year after conversion into RMB81%。Affected by the exchange rate of the US dollar against the RMB, not only the revenue fluctuated, but the profit structure also changed greatly.
In each period of the reporting period, its foreign exchange income was -3733970,000 yuan, -875880,000 yuan, 3069940,000 yuan, 2084110,000 yuan, accounting for the proportion of the total profit of the current period. 28%, and nearly 6% of the profits in 2022 will come from foreign exchange gains.
In addition, some of its products exported to the United States have been included in the list of relevant additional tariffs, and the tariff rate has been increased from 10% to 25%. During the reporting period, the sales revenue of Kyushu Fengshen exported to the United States (including customers of Amazon and its subsidiaries in the United States) was 9202640,000 yuan, 101 billion yuan, 9727650,000 yuan, 8717630,000 yuan, accounting for the proportion of the main business. 73%。
Kyushu Fengshen said that if the friction between China and the United States is further intensified in the future or other countries or regions adopt restrictive policies on the company's export products, it will affect the export of its products, thereby affecting the operating performance.
During the reporting period, Kyushu Fengshen's products also enjoyed a 13% export tax rebate rate, and a total of 1The export tax rebate amount of 5.8 billion yuan, if the state lowers the export tax rebate rate corresponding to the product or cancels the export tax rebate policy in the future, the actual export tax rebate will be reduced, which will have a certain adverse impact on its net cash flow. Related company: Kyushu Fengshen.