Core Viewpoint - Xiangjiang Electric, a kitchen small appliance manufacturer, officially listed on the Hong Kong Stock Exchange on June 25, 2023, with an initial share price of HKD 2.86, but closed at HKD 2.52, reflecting an 11.89% drop on the first day of trading [1][4]. Company Overview - Founded in 2012, Xiangjiang Electric is headquartered in Qichun County, Hubei, China, and operates primarily as an ODM and OEM, serving clients like Walmart and Philips [4][6]. - The company has grown from a regional player to a leading enterprise in the kitchen appliance industry, with annual revenue exceeding RMB 1.5 billion [4][6]. Financial Performance - Revenue from 2022 to 2024 is projected to be RMB 1.097 billion, RMB 1.188 billion, and RMB 1.502 billion, respectively, with net profits of approximately RMB 80 million, RMB 120 million, and RMB 140 million [6]. - The company’s sales in North America accounted for 71.2%, 83.6%, and 83.7% of total revenue from 2022 to 2024, indicating a strong reliance on this market [6][5]. Fundraising and Investment Plans - Xiangjiang Electric raised approximately HKD 156 million from its IPO, with plans to allocate 41.9% of the funds to establish a factory in Thailand to enhance global operations [4][7]. - The company also intends to invest about 37.3% of the raised funds in a new R&D center in Qichun County, covering an area of approximately 6,000 square meters [7]. Market Strategy - The company aims to expand its overseas market presence, particularly in North America, and has factories in Indonesia and Thailand to mitigate tariff risks expected in 2025 [5][6]. - Xiangjiang Electric plans to maintain and enhance its OBM (Own Brand Manufacturing) business and explore acquisition opportunities for brands in the home goods sector concentrated in the European and American markets [7]. R&D Focus - The company’s future R&D efforts will concentrate on small appliances, with a shift towards smart appliances, including the development of new products like high-power egg beaters and smart electric frying pans [7].
上市首日跌超10%！香江电器67岁董事长潘允携子敲锣，称“研发重点仍在小家电领域”