碎纸机生产商邦泽创科闯关北交所：三年净利增长40倍 存对赌失败与高佣金之困

Core Viewpoint - Guangdong Bangze Chuangke Electric Co., Ltd. (Bangze Chuangke) has submitted its prospectus to the Beijing Stock Exchange, showing significant revenue growth from 2022 to 2024, despite failing to meet performance targets in 2021, which led to the exit of its major investor, Midea Investment [1][5][6]. Financial Performance - Revenue from 2021 to 2024 was reported as follows: 1.169 billion, 1.071 billion, 1.168 billion, and 1.510 billion respectively, while net profit for the same years was 3.62 million, 7.14 million, 108 million, and 148 million [3][5]. - The company experienced continuous revenue and net profit growth from 2022 to 2024, attributed to increased sales of proprietary brand products, normalization of shipping costs, lower raw material prices, and favorable exchange rates [5][6]. Investment and Shareholder Dynamics - Midea Investment entered in early 2021 with an investment of 68.88 million, holding an 8.11% stake, but exited in April 2023 after the company failed to meet a profit target of 80 million for 2021, achieving only 3.62 million [5][6]. - The exit was settled through a combination of directed dividends and capital reduction, with Bangze Chuangke paying Midea Investment a total of approximately 78 million for the buyback [6]. Sales and Marketing Expenses - Sales expenses increased significantly from 1.84 billion in 2022 to 2.95 billion in 2024, with sales expense ratios rising from 17.14% to 19.56%, which is notably higher than the industry average of around 14% [7][8]. - Platform commissions and service fees accounted for a substantial portion of sales expenses, totaling 348 million over three years, exceeding the net profit of 263 million during the same period [7][8]. Research and Development - R&D expenses from 2022 to 2024 were 23.05 million, 27.13 million, and 37.89 million, representing only 2.15%, 2.32%, and 2.51% of revenue, which is significantly lower than the industry average of 3.61% to 4.42% [8]. - The company's focus on sales channels over R&D raises concerns about its long-term innovation capabilities, especially in comparison to competitors [8].