“杀疯”北美的环球园艺IPO了：老板突击分红1.5亿，却欠缴员工社保

Core Viewpoint - The article highlights the case of "Global Gardening," a company that has achieved significant revenue and profitability in the decorative plastic flower pot industry, primarily serving the U.S. market, while also pointing out the challenges related to customer concentration and internal governance issues [1][2]. Group 1: Company Overview - Global Gardening has reported annual revenues exceeding 400 million HKD, with over 90% of its income derived from the U.S. market [1][2]. - The company is the largest producer in the decorative plastic flower pot industry globally, holding a market share of 4.6% [1]. - The gross profit margin has increased from 50% in 2022 to 60% in the first half of 2025, driven by declining raw material costs [4]. Group 2: Financial Performance - Revenue figures for Global Gardening from 2022 to 2024 are 4.23 billion HKD, 3.58 billion HKD, and 4.75 billion HKD, with net profits of 826 million HKD, 797 million HKD, and 1.26 billion HKD respectively [2][3]. - The revenue from the U.S. market during these years was 3.81 billion HKD, 3.39 billion HKD, and 4.44 billion HKD, accounting for over 90% of total revenue [3]. Group 3: Customer Dependency - The company heavily relies on a few major clients, with revenue from its largest customer amounting to approximately 2.03 billion HKD, 1.86 billion HKD, and 2.67 billion HKD from 2022 to 2025, representing 48.1%, 51.9%, and 56.2% of total revenue respectively [5]. - The top five customers contribute over 90% of total revenue, with this figure reaching 98.1% in the first half of 2025 [5]. Group 4: Governance and Compliance Issues - Prior to its IPO, Global Gardening distributed significant dividends while failing to fully comply with employee social security and housing fund contributions, raising concerns about internal governance [9][11]. - The founder, holding 78.2% of the shares, received substantial dividends, totaling around 3 billion HKD over recent years [9]. Group 5: Geopolitical and Operational Challenges - The company benefits from specific tariff exemptions for its products exported to the U.S., but these regulations may change, posing risks to its competitive pricing [7]. - Global Gardening is establishing a new production facility in Cambodia, set to begin operations in 2026, but faces potential risks from geopolitical tensions in the region [7].