大行科工二闯港交所：毛利率最低的经销商渠道贡献近七成营收，超65%自行车依赖代工

Core Viewpoint - 大行科工 has refiled its IPO application with the Hong Kong Stock Exchange after its previous submission expired, aiming to raise funds for modernization, operational expansion, and brand development [1] Group 1: Company Overview - 大行科工, founded in 1982 by Dr. Han Dewei, specializes in folding bicycles and has expanded its product range to include road bikes, mountain bikes, children's bikes, and electric bikes, offering over 70 models as of April 30, 2025 [2] - The company holds a market share of 26.3% in retail volume and 36.5% in retail value within the folding bicycle industry in mainland China for 2024 [2] - The majority of revenue comes from the 大行 bicycle line, with revenue contributions of 93.4%, 96.1%, 98.1%, and 98.3% over the past three years and the first four months of 2025 [2] Group 2: Financial Performance - Revenue figures for 大行科工 from 2022 to the first four months of 2025 are approximately CNY 254 million, CNY 300 million, CNY 451 million, and CNY 185 million, respectively [4] - The company’s profit and total comprehensive income for the same periods were CNY 31.43 million, CNY 34.85 million, CNY 52.30 million, and CNY 21.52 million [4] - Sales through domestic distributors accounted for 61.3%, 70.5%, 68.2%, and 69.5% of total revenue from 2022 to the first four months of 2025, indicating a heavy reliance on this channel despite its lower gross margin [4] Group 3: Production and Supply Chain - 大行科工 relies significantly on third-party OEM suppliers, with the number of bicycles produced by these suppliers increasing from 29.5% in 2022 to 65.5% in the first four months of 2025 [6] - Outsourced production costs accounted for nearly 50% of sales costs in recent periods, impacting profit margins [6] - The company’s procurement from its top five suppliers has increased, with the largest supplier's share rising from 15.6% in 2022 to 17.6% in the first four months of 2025 [7] Group 4: Market and Governance Issues - 大行科工 has been expanding into international markets, selling products in 25 countries, but its overseas sales have declined from 22.1% in 2022 to 5.6% in the first four months of 2025 [8] - The founder, Han Dewei, holds 88.56% of the shares directly and controls a total of 90.16% through an employee platform, raising concerns about governance due to the age of board members [8] - The company has a complex history of shareholding arrangements that have drawn regulatory scrutiny, particularly regarding the legality and potential disputes related to these arrangements [9]