HNHS(SH:600156) IPO日报·2025-06-18 05:19Core Viewpoint - Hunan Huasheng Co., Ltd. is planning to acquire 100% equity of Shenzhen Yixin Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1][13] Group 1: Company Overview - Huasheng Co. primarily produces ramie yarn, ramie blended yarn, ramie, linen, hemp fabrics, clothing, home textiles, and industrial textiles, and has developed a brand matrix including well-known textile brands such as "Cedar," "Dongting," and "Jinshuang" [3] - The company is controlled by Hunan Provincial State-owned Assets Supervision and Administration Commission through Hunan Xingxiang Investment Holding Group Co., Ltd., which is the only provincial state-owned capital operation platform in Hunan [12] Group 2: Financial Performance - In 2024, Huasheng Co. achieved an operating revenue of 778 million yuan, a year-on-year increase of 34%, but reported a net profit attributable to shareholders of -49.34 million yuan, a decline of 333% [5] - The company's gross profit margin significantly decreased from 10% in 2023 to 4.61% in 2024, indicating a substantial drop [7] - The decline in gross profit margin is attributed to two main factors: increased market competition leading to lower product prices and the acceptance of lower-margin orders to maintain market share [7][8] Group 3: Business Segmentation - The company's main business includes trade, textile production, and other sectors, all of which experienced a decline in gross profit margins in 2024 [8] - The gross profit margins for trade, textile production, and other sectors decreased by 4.95 percentage points, 1.59 percentage points, and 66.26 percentage points, respectively [10] Group 4: Strategic Direction - Huasheng Co. aims to accelerate its transition to a light asset operation model by 2025, focusing on industry chain collaboration [13] - The acquisition of Yixin Technology will allow Huasheng Co. to enter the IDC (Internet Data Center) sector, which is characterized by light assets and high gross margins, with an industry average gross margin of approximately 30% [15]