Economic Herald reporter |Duan Haitao Xi Reporter |Li Shunan Joyoung shares (002242SZ) announced on the evening of December 15 that its wholly-owned subsidiary, Hangzhou Joyoung Small Household Appliances, intends to acquire Shenzhen Beetle Intelligent Co., Ltd. (hereinafter referred to as "Shenzhen Beetle") in cash 684,517% of the shares, with a total consideration of 1$2.6 billion. After this transaction, Shenzhen Beetle will become a holding subsidiary of Joyoung Co., Ltd. and be included in the company's consolidated financial statements. "From the perspective of the entire industry, last year's small kitchen appliances both retail sales and retail volume have declined year-on-year, Joyoung to expand to the field of clean small household appliances, but also have the intention of looking for the second growth curve. Lu Qing, a private equity investment manager in Jinan, told the Economic Herald reporter. 01Actively lay out the field of sweeping robots
According to the enterprise investigation, Shenzhen Beetle was founded in January 2021 and is a robot innovation enterprise with a registered capital of 317320,000 yuan, the legal representative is Zheng Quan. Up to now, Shenzhen Beetle has 16 registered trademarks, 2 international patents, 2 software copyrights, and 151 patent information. According to the announcement, the total assets of Shenzhen Beetle in the first quarter of 2022 and 2023 are 6370880,000 yuan and 5750680,000 yuan, and the total liabilities were 1900830,000 yuan and 1797170,000 yuan, operating income was 443490,000 yuan and 2684110,000 yuan, net profit was -7717110,000 yuan and -516540,000 yuan. The previous largest shareholder of Shenzhen Beetle was Zheng Quan, holding 340372%, after the completion of the acquisition, Joyoung Small Household Appliances Co., Ltd. became the company's largest shareholder, Zheng Quan became the second largest shareholder, and the shareholding ratio dropped to 206661%。According to the official website, Shenzhen Beetle has completed two rounds of financing in the year of its establishment, the first round was jointly led by Cathay Capital and Wanwu Capital, and the second round was jointly led by INCE Capital and Maixing Investment, followed by Cathay ** and Wanwu Capital, with an overall financing of more than 100 million yuan. The financing funds are mainly used for team building and the research and development of XWOW Xiaowu automatic floor scrubbing robot products. XWOW Xiaowu automatic floor scrubbing robot is the first household cleaning product developed by the Beetle intelligent team, and the Economic Herald reporter noticed that the number of fans of Xiaowu Electric **Official*** exceeds 130,000, XWOW Xiaowu 6P automatic floor scrubbing robot has been sold 400+. For the necessity and purpose of the acquisition, the Economic Herald reporter contacted Joyoung on December 18, and its staff said that everything is subject to the announcement. According to Joyoung, with the acceleration of residents' work and life rhythm, people's demand for intelligent household cleaning robot products is increasing. At present, sweeping robot products are showing a rapid high-quality development trend in both market supply and demand, and the industry has broad market prospects. Joyoung said that although Shenzhen Beetle is still in the early stage of growth and development, it has a number of core patents in the sweeping robot industry, and has the ability of continuous research and development, intelligent manufacturing, management and operation, etc., which can create synergies with the company's digital chain, omni-channel marketing network and other advantageous resources, which is conducive to promoting the company's high-quality development in the field of domestic clean appliances. 02Look for a second growth curve
According to the data, Joyoung Co., Ltd. was established in 1994 and is a modern enterprise focusing on the research and development, production and sales of healthy diet appliances. In recent years, the company not only focuses on the field of soymilk machine, but also actively explores more fields of small kitchen appliances, becoming a modern enterprise integrating R&D, production and sales, and rapidly developing into a leading brand of quality small household appliances in China. Wind data shows that from 2018 to 2020, Joyoung shares increased revenue and profits, of which the operating income of Joyoung shares in 2020 was 1122.4 billion yuan, which is the first time that its revenue has exceeded 10 billion yuan, a year-on-year increase of 2002%, net profit attributable to the parent company 9400 million yuan, a year-on-year increase of 1407%。Subsequently, Joyoung's revenue began to decline. In 2021 and 2022, Joyoung's performance will continue to decline, with operating income of 105 respectively4 billion yuan, 1017.7 billion yuan, down year-on-year. 45%；The net profit attributable to the parent company was 74.6 billion yuan, 53 billion yuan, a year-on-year decline. 98%。In the third quarter of this year, Joyoung once again handed in an unsatisfactory "report card": the third quarter report of 2023 shows that the company achieved revenue of 67 in the first three quarters8.1 billion yuan, down 208%；Achieved net profit attributable to the parent company of 36.4 billion yuan, down 2796%；Gross margin and net profit margin increased from 28 in the same period last year73% and 719% to 2539% and 538%, reflecting the impact of increased costs and increased market competition. Data shows that from 2017 to 2020, the sales volume of Joyoung soymilk machine increased from 603630,000 units fell to 555130,000 units, sales increased by 224.7 billion yuan fell to 183.4 billion yuan, entering the downward channel. With the decline in sales of soybean milk machines in recent years, Joyoung shares are also in a multi-category layout. In the financial report for the first half of 2022, Joyoung said that the Joyoung brand officially entered the field of clean small household appliances and realized the full category coverage of small household appliances. In September this year, Joyoung introduced the company's cleaning category planning to investors. Joyoung said that in terms of products, the company has plans and layouts for cleaning categories such as vacuum cleaners, sweepers, and floor scrubbers. The newly launched washing and mopping integrated washing robot Z1 is a highly differentiated product, the cleaning effect is close to that of the floor scrubber, and the feedback from consumers is also very good. In the future, the company will continue to launch more serialized, localized and differentiated cleaning electrical products. In the 2023 semi-annual report, Joyoung said that the company currently focuses on the space series 20 products, the blockbuster has launched new products that are differentiated and lead the development direction of the industry, such as 0-coating non-stick rice cookers, quick-tender baking air fryers, and inverter light sound wall breakers. In October this year, Joyoung Co., Ltd. announced that it intends to hold all the shares of Joyoung Bean Industry to the actual controller Wang Xuning's wholly-owned shareholding company, which is expected to bring about 0% pre-tax profit to the company within the year$8.9 billion. **After that, the company will continue to focus on the main business of small household appliances. From the secondary market, Joyoung's share price has fluctuated greatly in the past year, from September last year to mid-January this year, Joyoung's share price has risen all the way, after a month of narrow range, the stock price rose to 20 on February 20$28 shares. In the following 8 months, Joyoung's share price fell to a minimum of 12 on October 24After 58 yuan shares, it began to be slightly **, and it has continued to decline since late November. On December 15, Joyoung shares fell 031% to 1296 yuan, the turnover rate is 030%, down 1 in the past 5 trading days29%, down 2136%, market capitalization 99400 million yuan. 
Copyright |Shandong Financial Report