邦泽创科闯关北交所 美的投资“陪跑”两年多后退场

Core Viewpoint - Guangdong Bangze Chuangke Electric Co., Ltd. (Bangze Chuangke) has submitted its prospectus to the Beijing Stock Exchange, despite failing to meet performance targets in 2021, leading to the exit of its major investor, Midea Investment, in April 2023 [1][4]. Financial Performance - Bangze Chuangke's revenue from 2021 to 2024 was 1.169 billion, 1.071 billion, 1.168 billion, and 1.510 billion yuan respectively, with net profits of 3.62 million, 7.14 million, 108 million, and 148 million yuan [4][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 [4][5]. Investment and Shareholder Dynamics - Midea Investment entered in early 2021 with an investment of 68.88 million yuan for an 8.11% stake, but exited after Bangze Chuangke failed to meet a profit target of 80 million yuan for 2021 [4][5]. - The exit was settled through a combination of directed dividends and capital reduction, resulting in Midea Investment receiving approximately 78 million yuan in total [5]. Sales and Marketing Expenses - Sales expense rates have been increasing, reaching 19.56% in 2024, with total sales expenses of 184 million, 222 million, and 295 million yuan from 2022 to 2024 [3][7]. - Platform commissions and service fees accounted for a significant portion of sales expenses, totaling 348 million yuan over three years, exceeding the total net profit of 263 million yuan during the same period [7][8]. Research and Development - Bangze Chuangke's R&D expenses from 2022 to 2024 were 23.05 million, 27.13 million, and 37.89 million yuan, representing 2.15%, 2.32%, and 2.51% of revenue, which is below the industry average [8][9]. - The company focuses its R&D on core products like shredders, but its lower investment in R&D compared to peers raises concerns about its long-term innovation capabilities [8][9].