金万众冲刺北交所上市 核心业务收入连降3年

Core Viewpoint - The cutting tool industry in China is facing challenges as domestic manufacturers gain market share, impacting the performance of Beijing Jinwanzhong Machinery Technology Co., Ltd. (Jinwanzhong), which has heavily relied on third-party brand distribution for revenue [1][3][5]. Group 1: Company Overview - Jinwanzhong is a major distributor of cutting tools, with 87.35% of its revenue in 2022 coming from third-party brand sales [1][3]. - The company primarily represents Japanese manufacturers, including Sumitomo, Daishowa, Kyocera, OSG, and Mitutoyo, which account for a significant portion of its procurement [4]. Group 2: Financial Performance - Jinwanzhong's revenue has been declining, with figures of 9.88 billion, 9.50 billion, and 9.23 billion for the years 2022, 2023, and 2024 respectively, and a further decline of 4.65% to 2.10 billion in Q1 2025 [5]. - The net profit for 2024 was 86.99 million, slightly recovering from 90.00 million in 2022, indicating ongoing financial pressure [5]. Group 3: Market Dynamics - The domestic cutting tool market is growing, leading to a decrease in reliance on imported tools, with imports dropping from 14.8 billion in 2018 to 8.758 billion in 2023 [5]. - Jinwanzhong's third-party brand distribution revenue is projected to decline by 10.13% and 6.90% in 2023 and 2024 respectively [5]. Group 4: Strategic Initiatives - To counteract declining revenues, Jinwanzhong is focusing on building its own brand, although sales from its proprietary products accounted for less than 20% of total revenue by the end of 2024 [3][7]. - The company has invested in extending its industrial capabilities through investments in Quark Coating Technology and Jiangsu Xige Data Technology, although these investments have not yet yielded positive net profits [8]. Group 5: IPO and Regulatory Challenges - Jinwanzhong is attempting to go public on the Beijing Stock Exchange after previously halting its IPO on the Shanghai Stock Exchange due to regulatory changes [9]. - The company plans to raise 328 million, significantly less than the previous target of 691 million, with funds allocated for production capacity and service capability enhancements [9]. Group 6: Operational Metrics - The utilization rate of Jinwanzhong's self-produced cutting tools was 73.27%, 82.83%, and 95.40% during the reporting period, showing fluctuations compared to previous years [10]. - The company has faced challenges in maintaining its high-tech enterprise status, leading to increased tax liabilities [10].