主要为日本厂商代理 金万众主营业务包括"刀具及配套产品销售""刀具应用延伸服务""涂层设备制造、销售"。其中，第三方品牌分销是公司主要收入来 源。报告期内，公司来自"第三方品牌刀具及配套产品相关业务"收入分别占总收入的87.35%、81.68%、78.23%。 金万众主要为住友、大昭和、京瓷、欧士机、三丰等日本厂商代理，这五家企业也是公司的前五大供应商。报告期内，金万众向前五 大供应商分别采购6.93亿元、6.01亿元和5.43亿元，分别占采购总额的90.89%、88.48%和86.25%。 对于供应商高度集中带来的潜在风险，金万众在招股书（申报稿，下同）中坦言，若出现双方代理关系提前终止、到期不能延续等不 利变化，公司经营稳定性将受到较大不利影响。此外，金万众还就"供应商价格波动风险"提示，如公司不能有效地应对行业周期、供 求关系的变化导致的产品价格波动，或不能将相关价格的变化及时传递至下游客户，则可能存在经营业绩波动或下滑的风险。此外， 若未来全球贸易摩擦加剧，境外供应商可能会被限制或禁止向公司供货。 每经记者｜陈晴 每经编辑｜文多 被誉为工业"牙齿"的刀具（又称切削工具），是切削加工的核心载体。我国刀具 ...

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].

终止沪市主板IPO之旅后仅一年，北京金万众机械科技股份有限公司（下称"金万众"）准备北交所IPO。 证监会官网4月15日披露，第一创业证券承销保荐有限责任公司（下称"第一创业"）对辅导金万众挂牌新三板并在北交所上市 进行了备案登记。 IPO日报注意到，此前金万众未能登陆沪市主板是因为上交所提高了财务指标要求，金万众未能达标主动撤回申请。 此外，金万众近九成收入来自代销其他品牌刀具产品，2022年超过78%的收入更是来自日本刀具品牌，此次谋求北交所，能否 卖刀具成功卖出一个IPO？ 制图：佘诗婕 曾沪市主板IPO未果 金万众成立于2011年6月，是一个刀具一站式综合服务平台。 2024年4月，金万众曾向上交所主动撤回了主板上市申请，同年6月，上交所终止了对金万众的上市审核。 金万众对撤回上市申请的解释是，2024年4月上交所颁布了新的《上海证券交易所股票上市规则》，提升了市值及财务指标要 求。由于公司财务指标未达到上述标准，因此，经慎重考虑，公司主动撤回上市申请。 二是将第二套上市标准中的最近3年累计经营活动产生的现金流量净额指标从1.5亿元提升至2.5亿元。 三是将第三套上市标准中的预计市值指标从80亿元提升 ...