Core Viewpoint - Hanhigh Group (001221.SZ) was listed on the Shenzhen Main Board on July 30, primarily engaged in the R&D, design, production, and sales of home hardware and outdoor furniture products [1][4]. Group 1: Company Overview - Hanhigh Group is one of the earliest and fastest-growing companies in the domestic home hardware and outdoor furniture industry, recognized as one of the "Top 10 in China's Home Manufacturing Hardware Industry" [4][6]. - The company has a market capitalization of 6.172 billion yuan, with an issuance price of 15.43 yuan per share and an institutional offering price of 17.32 yuan per share [4]. Group 2: Financial Performance - The company's main business revenue consists of storage hardware, basic hardware, kitchen and bathroom hardware, outdoor furniture, and other products, with storage and basic hardware accounting for over 65% of total revenue [6]. - The domestic furniture hardware market size is projected to grow from 209.36 billion yuan in 2022 to 248.72 billion yuan in 2024, with Hanhigh's market share increasing from 0.57% to 0.94% during the same period [6]. Group 3: Business Strategy - Hanhigh Group enhances brand awareness through participation in various furniture and building material expos, outdoor advertising, celebrity endorsements (notably signing Donnie Yen), product launches, and live streaming sales [6]. - The company operates mainly through self-production, OEM production, and outsourcing, with self-production being the primary mode [6]. Group 4: Sales Channels - The primary sales channel is domestic offline distribution, with a "payment before delivery" policy for distributors, who are prohibited from selling authorized products through e-commerce platforms or outside authorized regions [7]. - The number of distributors exiting the market is projected to increase by 6.12% in 2023 and 36.54% in 2024, reflecting the company's focus on refining its distribution channels and improving distributor quality [7].
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