金万众冲刺北交所上市：核心业务收入连降3年，曾因高新企业资质补税超2000万元

Core Viewpoint - The Chinese cutting tool industry, often referred to as the "teeth" of the industrial sector, is facing challenges as domestic brands gain market share, impacting traditional foreign brand dominance [1][5]. Company Overview - Beijing Jinwanzhong Machinery Technology Co., Ltd. (Jinwanzhong) is positioned as a significant player in the cutting tool market, with 87.35% of its total revenue in 2022 coming from third-party brand distribution [2][6]. - The company has seen a decline in revenue from its agency business, leading to a continuous drop in overall revenue for three consecutive years [5][8]. Revenue Composition - Jinwanzhong's main business revenue composition for the reporting period is as follows: - Sales of cutting tools and related products: 87,056.29 million yuan in 2024, down from 90,811.84 million yuan in 2023 and 96,265.71 million yuan in 2022 [3]. - Third-party brand distribution: 72,181.05 million yuan in 2024, 77,528.64 million yuan in 2023, and 86,271.98 million yuan in 2022 [3]. - Own brand sales: 14,875.25 million yuan in 2024, showing growth but still below 20% of total sales [5][10]. Market Dynamics - The domestic cutting tool market is experiencing a shift, with a decrease in reliance on imported tools. The import value of cutting tools in China dropped from 14.8 billion yuan in 2018 to 8.758 billion yuan in 2023 [8]. - Jinwanzhong's third-party brand distribution revenue has seen a year-on-year decline of 10.13% in 2023 and 6.90% in 2024 [8]. Profitability and Challenges - Jinwanzhong's net profit for 2024 is projected to be 86.99 million yuan, a slight recovery but still below the 90 million yuan recorded in 2022 [9]. - The gross margin for the company's own brand products has been declining, with rates of 39.75%, 38.39%, and 33.79% over the reporting period [10][13]. Investment and IPO Plans - Jinwanzhong is planning to raise 328 million yuan through an IPO on the Beijing Stock Exchange, significantly reduced from a previous plan to raise 691 million yuan on the Shanghai Stock Exchange [15]. - The funds will be allocated to projects aimed at enhancing production capacity and service capabilities [16]. Regulatory Scrutiny - The company has faced regulatory inquiries regarding its production capacity and the necessity of its service enhancement projects as it approaches its IPO [17].