Core Viewpoint - Dahon Technology (Shenzhen) Co., Ltd. is planning to issue up to 9.1 million shares for overseas listing on the Hong Kong Stock Exchange, with the funds aimed at modernizing production systems, expanding operations, enhancing distribution networks, and strengthening R&D capabilities [1][2]. Financial Performance - Dahon Technology has shown impressive financial growth, with revenues increasing from 254 million yuan in 2022 to an expected 451 million yuan in 2024, representing a compound annual growth rate (CAGR) of 33.1% [3]. - The net profit for the same period is projected to rise from 31.43 million yuan in 2022 to 52.30 million yuan in 2024 [3]. - In the first four months of 2025, the company achieved revenue of 185 million yuan, a year-on-year increase of 46.91%, and a net profit of 21.53 million yuan, up 69.11% [5]. Business Model Concerns - Dahon Technology's sales heavily rely on third-party distributors, contributing 61.3% to 70.5% of total revenue from 2022 to 2025, with a low gross margin of 26.9% in early 2025 [6]. - The company's inventory has been rising, with a balance of 150 million yuan by April 2025, accounting for 40.7% of total assets, indicating significant liquidity strain [6]. - Inventory turnover days were high, averaging around 118 days from 2022 to 2024, compared to competitors like Shanghai Phoenix, which had much lower turnover days [6]. Production Dependency - Dahon Technology primarily relies on OEM suppliers for production, with internal production from its Huizhou factory declining from 70.79% of total sales in 2022 to 37.18% in early 2025 [7]. - The company has increasingly depended on a few major suppliers, with procurement from the top five suppliers rising from 32.7% in 2022 to 52.1% in early 2025 [8]. Governance Issues - The founder, Han Dewei, controls 90.16% of the company, raising concerns about governance and potential conflicts of interest, especially following significant dividend payouts that have largely benefited him [2][11]. - Dahon Technology has faced scrutiny over its high dividend payouts, which have totaled 61.5 million yuan since 2022, with a significant portion going to Han Dewei [13][14]. Market Position - Dahon Technology is a leading player in the folding bicycle market, holding a 26.3% market share by retail volume and a 36.5% share by retail value in mainland China as of 2024 [3].
大行科工港股IPO：生产严重依赖代工质量问题频发 83岁高龄实控人把持九成股权 递表期间突击清仓式分红
Xin Lang Zheng Quan·2025-07-30 09:10