Core Viewpoint - Hangzhou Tianyuan Pet Products Co., Ltd. is undergoing a share issuance to acquire assets and raise supporting funds, which has attracted market attention. Tianjian Accounting Firm conducted a thorough review of the financial matters related to Guangzhou Taotong Technology Co., Ltd. as part of the Shenzhen Stock Exchange's inquiry into this application [1]. Financial Data Changes - Taotong Technology was listed on the New Third Board on May 20, 2016, and terminated its listing on April 19, 2018. The reporting period for this transaction is for the years 2023 and 2024, which does not overlap with the listing period. The main financial data disclosed in the restructuring plan has not undergone significant changes compared to the period of listing guidance [2]. Business Model - Taotong Technology operates as an e-commerce service provider, primarily collaborating with brands in the leisure food and pet food sectors. Its e-commerce sales services include retail, distribution, and service fee models. Pet food revenue is projected to grow from 285 million to 562 million yuan from 2023 to 2024, increasing its share from 17.74% to 27.88%. - Retail model: Revenue is expected to reach 1.085 billion yuan in 2024, a growth of 47.34%, driven by the retail growth of pet food, with new brands contributing significantly. - Distribution model: Revenue is projected at 810 million yuan in 2024, a growth of 7.36%, benefiting from the growth in the leisure snack industry. - Service fee model: Revenue is anticipated to be 114 million yuan in 2024, a growth of 7.93%, with significant contributions from the pet snack sector [3]. Revenue Sustainability - The revenue from retail, distribution, and service fee models shows strong sustainability, with varying client bases. - Retail model: The top five clients account for only 0.11% of revenue in 2024, indicating a dispersed client base. - Distribution model: The top five clients account for 76.37% of revenue in 2024, with significant contributions from e-commerce platforms. - Service fee model: The top five clients account for 78.13% of revenue in 2024, indicating stable and continuous cooperation with key clients [4]. Third-Party Payments and Returns - The proportion of revenue from third-party payments is less than 15%, primarily involving companies like JD.com, indicating a reasonable commercial background. Return amounts account for about 2%, mainly from e-commerce platform distribution and retail businesses, with a well-established return mechanism [5]. Supplier Situation - Taotong Technology's procurement is highly concentrated, with the top five suppliers accounting for 94.20% and 88.18% of procurement amounts. This concentration is due to long-term partnerships with international fast-moving consumer goods groups, which aligns with industry characteristics and does not adversely affect the company's ongoing operations [6]. Cost and Expenses - The structure of costs and expenses is reasonable and aligns with industry characteristics. The cost of goods sold accounts for over 95% of operating costs, which is expected to increase due to business scale growth. The sales expense ratio is lower than industry peers, and management expenses are also low due to improved operational efficiency [7]. Gross Margin - The comprehensive gross margins are 12.85% and 12.88%, which are lower than comparable companies due to differences in product categories and business structures. The retail model has a lower gross margin due to product category differences, while the service fee model has a higher gross margin due to the absence of product procurement costs [9].
杭州天元宠物用品拟收购淘通科技，多维度剖析标的资产财务状况与业务模式