The rise of the national tide, Zhang Xiaoquan did not catch up with the trip

(Text/Editor of Yin Zhe/Zhou Yuanfang) The rise of the national tide, “Zhang Xiaoquan” did not catch up. On the evening of August 25, the “Sword Cut the First Stock” disclosed the results of the online signing on the Internet, and it was not unexpectedly cold in A shares.

Based on the issue price of 6.90 yuan/share, Zhang Xiaoquan Co., Ltd. (hereinafter referred to as Zhang Xiaoquan) 39 million shares issued by the GEM, the actual fundraising amount is only 269 million yuan, which is only 455 million yuan for the plan to raise 455 million yuan 59%.

Regarding this situation, the prospectus pointed out that if the raised funds cannot meet the capital needs of the proposed investment project, Zhang Xiaoquan will solve it by self -raising funds.

The average unit price of the main product is only 12.88 yuan

Zhang Xiaoquan’s plans to invest more than 350 million yuan to build a knife and cut intelligent manufacturing center located in Yangjiang City, Guangdong Province to form a production capacity of 30.1 million yuan in related products and other related products.

The prospectus pointed out that with the gradual expansion of the market size, the continuous expansion of Zhang Xiaoquan’s marketing network and channels, its existing production lines and personnel can no longer meet the rapid growth of market demand.


Therefore, due to the current production capacity, the company believes that it is necessary to expand the scale of production and enhance product supply capacity.

According to different uses and functions, Zhang Xiaoquan’s products are divided into four categories: scissors, tools, knife cuts, and other home supplies.

Last year, shear income increased by 9.92%, the tools increased by 26.88%, the combination of knife shear increased by 8%, and other household goods increased by 40.52%. In addition to the increase in the growth rate of the knife cutting combination, the growth rate of the remaining three types of products has declined to varying degrees.

In 2020, Zhang Xiaoquan sold a total of 29.31 million sets, 6.21 million sets of knives, 1.72 million sets of cutting knives, and other household goods.

During the reporting period, the average unit price of Zhang Xiaoquan’s main products was 11.81 yuan, 12.55 yuan, and 12.88 yuan, respectively. Generally, it was a fluctuating upward trend.

Among them, in 2020, the sales unit price of shear is 5.63 yuan, the tool is 22.93 yuan, and the combination of knife cutting is 87.11 yuan, which is not close to the people.


During the reporting period, the company’s sales model is mainly distributed, direct sales and agency sales.

From 2018 to 2020, the sales gross profit margin in Zhang Xiaoquan’s distribution model was significantly lower than that of direct sales and agency sales, mainly due to the sales price of the company’s dealers lower than the direct sales and agency sales model.

Last year, the distribution model contributed 67.28%of Zhang Xiaoquan’s income, and the direct sales and agency sales were 29.96%and 2.75%, respectively.

Because there was only a substitute sales to the spot model, at the end of the period, Zhang Xiaoquan’s accounts receivable were only 25.76 million yuan, accounting for 4.5%of the total annual revenue, a decrease of 0.1 percentage points from the end of 2019.

In the end, the gross profit margin of the main business in 2020 was 40.81%, a decrease of 0.44 percentage points from 2019.

In terms of expenditure, including steel, packaging materials, polyvinyl chloride (PVC) products, acryline-butadiene-lyrene cluster (ABS) products, etc., the proportion of main business costs is high, so the price of raw materials fluctuates to Zhang The operating cost of Koizumi has a greater impact.

The prospectus mentioned that in recent years, the prices of raw materials such as steel and baggage have fluctuated significantly.

During the reporting period, Zhang Xiaoquan’s operating income was 410 million yuan, 484 million yuan, and 572 million yuan, respectively, with an average annual compound growth rate of 18%; net profit was 43.808 million yuan, 72.307 million yuan, and 77.216 million yuan, with average annual compound growth growth growth. Rate is close to 33%.

In addition, the Zhang Xiaoquan brand did not give investors too many surprises.

From 2018 to 2020, the company’s sales in the country accumulated 99.65%, 99.31%, and 98.77%of the total business revenue. At the end of the report period, the proportion of overseas revenue accounted for only 1.23%.

It is worth mentioning that in recent years, Zhang Xiaoquan’s expenses in advertising have continued to increase, and the increase in 2020 is close to 80%.

In this regard, Zhang Xiaoquan pointed out that in 2020, its online advertising expenses increased by 98.50%year -on -year, which was mainly affected by the new crown epidemic. The retail customer base tended to consume online, so the promotion efforts were increased accordingly. The change is not big.

Other advertising methods increased by 150.02%year -on -year, mainly due to the growth of offline advertising production costs and exhibition fees.

Only 2 invention patents

Although the operation is normal, the income and net profit are growing steadily, but Zhang Xiaoquan is not surprising when it is cold in the capital market.

In the latest prospectus, Zhang Xiaoquan disclosed 138 patents, but only 2 invention patents and 41 practical new patents. The design patents have the most patents, reaching 95 items.


The only two invention patents are “a method of preparation of a ceramic knife” and “a sharp and strong knife and its manufacturing method.” It really makes people feel bad.

From the perspective of R & D, during the reporting period, Zhang Xiaoquan’s research and development investment was 8.7897 million yuan, 16.778 million yuan, and 200.651 million yuan, respectively, accounting for 2.14%, 3.47%, and 3.51%of the revenue.


On the whole, the company’s R & D investment proportion is slightly lower than the industry average.

Historically, according to the “Selection of Zhejiang Literature and History and Materials” and other related information, the Zhang Xiaoquan brand was originally established by Zhang Xiaoquan (born in 1628, unknown died) in Hangzhou Daihuang Lane, and was later passed down by the family.


After liberation, public -private partnership, Zhang Xiaoquan changed from a family workshop to industrial production; in August 1958, the local state -owned Hangzhou Zhang Xiaoquan scissors factory was established, with 2,600 scissors production technicians. Essence

The follow -up of Hangzhou Zhang Xiaoquan Scissors Factory was restructured. The “Zhang Xiaoquan” trademark was not included in the restructuring assets. Until 2016, Hangshi Group was injected into Zhang Xiaoquan Group by increasing capital.


In November 2017, Zhang Xiaoquan Group was transferred to the former issuer Zhang Xiaoquan Industry.

From the perspective of honor, on November 8, 1995, Hangzhou Zhang Xiaoquan Scissors Factory was certified by the Ministry of Trade of the People’s Republic of China as the time -honored Chinese name; on June 13, 2019, the Ministry of Commerce agreed to give the “Chinese old name” enterprise from Zhang Xiaoquan The group was changed to this issuer.


In addition, in 2006, the “Zhang Xiaoquan scissors forging technology” was identified as the first batch of “national intangible cultural heritage representative projects”, and the protection unit was Zhang Xiaoquan Group.


Analysts focusing on the kitchen appliance industry pointed out to that although Zhang Xiaoquan is a long -established brand, according to its IPO fundraising, the company did not plan to make more explorations on the brand, but concentratedly concentrated Management of production capacity and internal enterprise.

“Compared with the two -year -old shop, Zhang Xiaoquan has not allowed investors to see a positive side in brand building. In terms of brand influence and advertising, it is not as good as Esda, Supor and other major domestic rivals. “He commented.

According to the IPO fundraising plan, in addition to building a knife cutting capacity, Zhang Xiaoquan will also plan to invest 40.95 million yuan for the “enterprise management information transformation project” and supplement 60 million yuan of mobile funds.

From the perspective of advantages, in addition to the long brand history and the “continuously launched innovative product” in the company’s mouth, Zhang Xiaoquan is under the management methods of pilot channels for some provinces or cities with conditions.


According to the introduction, the company actively uses dealers to open up the township market through the combination of “changing the door, the shelves, and the policy”.


During the reporting period, the number of dealers in Zhang Xiaoquan continued to increase, and the coverage capacity of end customers and sales areas continued to increase.

Number of distribution customers nationwide

However, the disadvantage of this company is also very obvious. Not only is it facing strong competitors such as Shuangli, Supor, and Eshida, but also failed to open the situation in the development of high -end supplies.

At the same time, China’s knives and cut hardware products industry has developed rapidly, the number of SMEs in the industry, and the market competition is fierce. It has gradually upgraded from low -level prices to comprehensive capabilities of product brands, marketing networks, product quality, business management and other comprehensive capabilities. compete.

When we think of the phrase “a good start is equal to the half of success”, Zhang Xiaoquan, who has suffered cold in the capital market, is hard to say.


This article is an exclusive manuscript of the Observer Network. It shall not reprint without authorization.

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