Investment & Finance.
Wen Haiyun. The listing tide of home furnishing companies in 2023 can be described as ups and downs: on September 26, Kefan Home Furnishing was suspended by the Shenzhen Stock Exchange for failing to update its financial data report for the first half of 2023On the eve of the Mid-Autumn Festival, Marco Polo was suspended by the Shenzhen Stock Exchange for the same reasonOn September 30, ushered in the peak period of IPO review that was suspended due to the non-updating of financial information, and five pan-home furnishing companies, including Far Beyond Wisdom, New Pearl, Haobo Window Control, Tute Shares, and Times Decoration, were suspended from IPO review by the Shenzhen Stock Exchange.
According to incomplete statistics, there have been nearly 10 pan-home companies that have withdrawn IPOs so far this year. With a "stroke of the pen", the China Securities Regulatory Commission pointed out that these companies have problems that affect their ability to continue operations, such as insufficient stability of control and declining performance.
Today, we are talking about Shenzhen Haobo Window Control Technology Co., Ltd. *** hereinafter referred to as Haobo Window Control) is also on the "cusp" - because the financial information recorded in the IPO application documents has expired and needs to be supplemented. In accordance with relevant regulations, the Shenzhen Stock Exchange suspended its issuance and listing review.
Who is the good Bo window control?It is a R&D-driven provider of system door and window control devices and overall solutions, and its main business is the research and development, production and sales of system door and window control devices, as well as providing overall solutions for system doors and windows. Since its establishment, it has focused on the technological innovation and market promotion of system door and window control devices.
According to Xiaocai Mier, although it is in a state of suspension, there are actually a lot of aspects worth it for.
Really busy, filing multiple patent lawsuits;What a coincidence, two "hops" who are right and wrong
According to the prospectus, Haobo Window Control has attached great importance to its patent rights in the past two years and has filed a number of lawsuits. For example, on March 23, 2022, Haobo Window Control filed a lawsuit with the Changsha Intermediate People's Court for the dispute over infringement of design patent rights with Haichuan Building Materials Business Department, Yiqiong, and Yaer Hardware Group, Furong District, Changsha City, requesting that Haichuan Building Materials Business Department and Yi Qiong, Furong District, Changsha City, immediately stop infringing on the name "Door and Window Handle (4)" (patent number 201230428230).x) design patent rights, requiring Yaer Hardware Group to immediately stop manufacturing, offering to sell and selling infringing products, and destroy the inventory of infringing products and special production molds for the alleged infringing products, and destroy all publicity materials related to the allegedly infringing products;Yaer Hardware Group was ordered to compensate for its economic losses and reasonable expenses for rights protection totaling RMB 1 million, of which Haichuan Building Materials Business Department and Yi Qiong, Furong District, Changsha City, were jointly and severally liable for 30,000 yuan respectively for their sales of the alleged infringing products.
On the same day, Haobo Window Control filed a lawsuit with the Changsha Intermediate People's Court on the design patent infringement dispute with the defendants Haichuan Building Materials Business Department, Furong District, Changsha City, Yi Qiong and Yaer Hardware Group, requesting that the Haichuan Building Materials Business Department and Yi Qiong of Furong District, Changsha City immediately stop infringing on the company's name "Door and Window Handle (10)" (patent number ZL2013302093242) The design patent right, Yaer Hardware Group immediately ceased to manufacture, offer to sell and sell the infringing products, and destroyed the inventory of the infringing products and the special production molds for the alleged infringing products.
On July 6, 2022, Haobo Window Control filed a lawsuit with Changsha Hehui Composite Materials *** Zhongyu Door and Window Accessories Commercial Bank and CMEC (Guangzhou) Industrial *** with Changsha Hehui Composite Materials *** Zhongyu Door and Window Accessories Commercial Bank and CMEC (Guangzhou) Industrial *** in Changsha City, requesting that Changsha Hehui Composite Materials *** Changsha Furong District Zhongyu Door and Window Accessories Firm and CMEC (Guangzhou) Industrial *** immediately stop infringing on the name they enjoy as "a seatless handle and lock" (patent number zl201710468416.x) Immediately, CMEC (Guangzhou) Industrial shall cease to manufacture, offer to sell and sell the infringing products, destroy the inventory of the infringing products and the special production molds for the alleged infringing products, and destroy all publicity materials related to the allegedly infringing productsChangsha Hehui Composite Materials, Changsha Furong District, Zhongyu Door and Window Accessories Commercial Bank, and CMC (Guangzhou) Industrial Co., Ltd. were ordered to jointly compensate for their economic losses and reasonable expenses for rights protection totaling RMB 1 million.
Judging from these lawsuits, Haobo Window Control is a proper "victim", and what the public sees is "aggrieved" Haobo Window Control and Haobo Window Control that firmly maintains its patent image, but according to Xiaocai Mier, Haobo Window Control has actually been filed as an "infringer" by the German Haobo subsidiary in China.
It turned out that Haobo Window Control applied for the trademark "HOPO" later, and the German Haobo trademark "HOPPE" applied first, and Botian (Shanghai) Hardware, a subsidiary of Germany Haobo, found that Haobo Window Control used the "Haobo Window Control" commercial logo and sold related door and window hardware products in a large area during the industry exhibition, and also misled consumers with the "self-esteem" of a subsidiary of Haobo Group, so it filed an infringement lawsuit against Haobo Window Control.
Although there is no clear conclusion on whether Haobo Window Control infringes the relevant trademarks and enterprise names and other intellectual property rights of the German Haobo subsidiary, according to Xiaocai Mier, there has been confusion among consumers in the market about the "Haobo" products produced by the two companies. Undoubtedly, this "order" was too aggrieved to buy. What's more noteworthy is that there are also many articles on the Internet on how to distinguish the German Haobo and Haobo window control product "strategy", behind this, in fact, permeated with the helplessness and sadness of consumers.
Being strict with oneself and being lenient with others is the spirit of a humble gentleman;But if on the contrary, be strict with others, lenient with yourself, and consider everything based on your own demands, this seems to be a bit of "that". Besides, this is not conducive to the establishment of corporate image and the sustainable development of enterprises.
There is a "cause" must have a "effect", the eyes of consumers are bright, who is really immersed in research and development, hard work, and come up with truly convincing results, who is the winner in the market;If you rely on "shortcuts", it will make people feel at a loss, and it will also put a big question mark on the real strength of the enterprise.
The management expense ratio is higher than that of comparable companies, and the difficulty of lean management is questioned
In each period of the reporting period, the management expenses of Haobo Window Control were 3,301910,000 yuan, 5,909120,000 yuan and 5,920190,000 yuan, the proportion of management expenses in operating income was .84% and 740%, and Xiaocai Mier found that during the reporting period, the management expenses of comparable companies Jianlang Hardware accounted for the proportion of operating income respectively04%, compared with Haobo window control, at a low level.
We know that the high management cost indicates that the enterprise has too many management positions, a lot of management time, and low management efficiency. The increase in wages will lead to an increase in wage expenditure, which will directly affect the increase in welfare expenses and the amount of employee education expenses.
That is to say, in order to improve the level of profitability, Haobo window control urgently needs to strengthen the control of management costs, which can be achieved by optimizing the organizational structure, reducing administrative expenses, streamlining the management level, etc., but for Haobo window control, this is not easy to do well, such as in dealer management, Haobo window control adopts a sales model combining direct sales and distribution, and has signed cooperation agreements with 14 franchised dealers, but franchised dealers are not "10 fingers" How to manage them well with their own not strong size and mechanism is a university question.
In addition, the management of the ** chain is also very difficult. For example, Haobo window control will further disassemble the different types of hardware in the system door and window control device into hardware parts, and hand over the spare parts to the first business for OEM production, which brings high business difficulty and management risks to its first chain management, first business development, product quality control, etc. How to make management lean and more effective is definitely a big question.
The book value of inventory and accounts receivable have both increased
At the end of the reporting period, the carrying value of Haobo Window Control's inventory was 10,141780,000 yuan, 12,146740,000 yuan and 12,841540,000 yuan, which can clearly see the signs of elevation;The inventory turnover ratio during the reporting period was 397 times, 416 times and 441 times, but it is moving forward in fluctuations.
At the end of the reporting period, the total book balance of the raw material inventory of Haobo Window Control was 4,777340,000 yuan, 7,489320,000 yuan and 6,208880,000 yuan, raw material inventory is mainly raw materials. At the end of 2021, the book balance of raw materials was 7,144300,000 yuan, an increase of 60 from the end of the previous year10%, according to analysis, this is mainly because there are more commodities such as stainless steel, zinc alloy, and aluminum alloy in 2021. At the same time, with the growth of business volume, the stock of raw materials such as spare parts has increased correspondingly, resulting in an increase in the book balance of raw materials at the end of 2021.
Xiaocai Mier noticed that while the book value of inventory increased, the accounts receivable of Haobo Window Control also increased year by year, and the book value of its accounts receivable was 3,210150,000 yuan, 5,333640,000 yuan and 5,464810,000 yuan, accounting for the proportion of current assets30% and 1024%, and the accounts receivable turnover ratio in the reporting period was 1739 times, 1564 times and 1482 times, with a slight fluctuation.
It can be said that the changes in accounts receivable and inventory are often inextricably linked with the performance of enterprises, and many IPO companies are in trouble because the changes in these account data cannot be self-consistent, and whether Haobo window control can stand the test is still unknown.
Good Bo, can you win a good review?It's hard to say.