悍高集团深主板IPO注册申请获批，然隐忧重重能否“悍”卫未来？

Core Viewpoint - Han Gao Group's IPO registration has been approved by the China Securities Regulatory Commission, allowing it to list on the Shenzhen Stock Exchange, despite facing challenges such as declining outdoor furniture sales and product quality issues [1][3][4]. Group 1: IPO and Financials - Han Gao Group plans to issue no more than 40.01 million shares, accounting for at least 10% of the total share capital, aiming to raise 420 million yuan for various projects including an automated manufacturing base and R&D center [3]. - The company has experienced consistent revenue growth, but its outdoor furniture sales have shown a downward trend, with sales volumes dropping from 300,000 units in 2021 to 173,400 units in 2023 [4]. Group 2: Sales Performance - Outdoor furniture sales revenue decreased from 238 million yuan in 2021 to 188 million yuan in 2023, with year-on-year declines of 8.23% in 2022 and 14.15% in 2023 [4]. - The company's overseas revenue also declined from 373 million yuan in 2021 to 270 million yuan in 2023, indicating a trend of decreasing international sales [5]. Group 3: Product Quality Issues - Han Gao Group has faced scrutiny for product quality, with its "Han Gao" brand smart clothes drying rack being listed among non-compliant products by the Jiangsu Consumer Protection Committee [6]. - The company has previously appeared on China's top ten quality blacklist for home products due to multiple instances of product non-compliance [6]. Group 4: Return and Exchange Trends - The return and exchange amounts for the company's e-commerce model increased from 9.06 million yuan in 2021 to 8.88 million yuan in 2024, primarily due to consumer returns during the no-reason return period [7]. - The total return and exchange amount across all channels was 12.46 million yuan in 2024, down from 16.16 million yuan in 2023 [8]. Group 5: Dealer Management Risks - The company has highlighted risks associated with dealer management, as a significant portion of its domestic revenue comes from offline dealers, which accounted for 49.81% to 57.44% of total revenue from 2022 to 2024 [9][10]. - The number of dealers has fluctuated, with 80 new dealers added in 2022 but 49 exiting, indicating potential instability in dealer relationships [9].