公司拥有覆盖全国、深度渗透的经销网络，同时也通过直销、电商、云商以及出口渠道，持续拓展市场 覆盖面，不断提升悍高品牌的知名度。作为高新技术企业，公司拥有完整的研发体系和专业的研发团 队，并设立了省级工业设计中心，曾参与《家用厨房设备》《家居用功能五金拉篮》《智能净化不锈钢 水槽》等行业标准的制订，也是橱柜行业首套教材参编单位之一。报告期内，公司被评为中国家居业高 质量发展示范企业、佛山制造业100强以及佛山高新区制造业单打冠军企业等，并获得CF设计金奖、德 国IF设计奖、德国红点设计奖、喜马拉雅设计之巅等奖项。 财务方面，于2022年度、2023年度及2024年度，公司实现营业收入分别约为16.20亿元、22.22亿元、 28.57亿元人民币;同期净利润分别约为2.06亿元、3.33亿元、5.31亿元人民币。 | 项目 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | | 营业收入 | 285,677.03 | 222,191.10 | 162,028.69 | | 营业利润 | 59,518.79 | 38,307.85 | 22,864.3 ...

当家居五金行业面临房地产市场持续调整等多重挑战时，悍高 集团却选择"逆势"IPO：这将带来怎样的机遇与挑战，又该如 何"杀"出重围？ 作者：蔡越坤 封图：图虫创意 三年净利润复合增速超60% 公开资料显示，悍高集团主要从事家居五金及户外家具等产品的研发、设计、生产和销售，将多元 化的原创设计与高品质产品有机融合，致力于为客户提供外观精致、用材考究、实用性强的家居收 纳五金、基础五金、厨卫五金以及户外家具等产品。 悍高集团的实际控制人为欧锦锋和欧锦丽，二人为兄妹，直接和间接持有公司83.74%的股份，控 制公司89.76%的表决权。欧锦锋担任公司董事长兼总经理，欧锦丽担任公司董事兼副总经理，长 期负责公司的经营管理工作。 招股书披露，从2004年发展至今，悍高集团已经拥有了建筑面积接近40平方米的生产基地。截至 2024年12月31日，该公司的员工人数为2902人，其中生产人员接近2000人。 家居五金和户外家具行业内的企业众多，大部分企业的规模较小，集中度相对较低，竞争较为激 烈。 家居五金龙头悍高集团股份有限公司(下称"悍高集团")于7月11日披露招股书，拟于近期在深市发 行新股并上市，股票代码为"0012 ...

Investment Rating - The report assigns a rating of "Underperform" to the company based on its AHP score of 1.19, which places it in the 15.7% percentile of the non-innovative system AHP model [4][8]. Core Insights - The company, Hanhigh Group, is a leading player in the home hardware and outdoor furniture industry in China, focusing on its own brand and distribution channels [4][10]. - The company has shown a steady increase in market share in the domestic furniture hardware market, with shares rising from 0.57% in 2022 to 0.94% in 2024 [4][12]. - Hanhigh Group's revenue and net profit have grown significantly from 2022 to 2024, with a compound annual growth rate (CAGR) of 32.78% for revenue and 60.74% for net profit, outperforming comparable companies [4][19]. Summary by Sections AHP Score and Expected Allocation - Hanhigh Group's AHP score, adjusted for liquidity premium factors, is 1.19, indicating a lower performance level in the market [4][8]. - The expected allocation ratios for offline investors are 0.0180% for Class A and 0.0123% for Class B under a neutral scenario [4][9]. Company Highlights and Features - The company has a strong brand presence and is recognized as one of the top ten in the Chinese home manufacturing hardware industry [4][10]. - Hanhigh Group's product lines include storage hardware, kitchen and bathroom hardware, and outdoor furniture, with over 65% of sales coming from storage and basic hardware products [4][10]. - The company has established a robust distribution network, with a significant focus on offline dealers and e-commerce channels, covering over 90 countries [4][14]. Financial Comparison with Peers - Hanhigh Group's revenue for 2022, 2023, and 2024 was 1.62 billion, 2.22 billion, and 2.86 billion CNY, respectively, while net profits were 206 million, 333 million, and 531 million CNY [4][19]. - The company's gross margin for 2022-2024 was 31.67%, 34.43%, and 35.84%, consistently higher than the average of comparable companies [4][22]. - The net profit margin for the same period was 12.69%, 14.97%, and 18.60%, also exceeding the average of comparable firms [4][23]. Fundraising Projects and Development Vision - The company plans to raise funds for the establishment of an automated manufacturing base, a research and development center, and an information technology project [4][32]. - The automated manufacturing base aims to enhance production capacity and efficiency, while the R&D center will focus on improving design capabilities [4][32][33].

Group 1 - Han Gao Group has officially launched its IPO on July 11, aiming to issue up to 40.01 million new shares to raise approximately 420 million yuan, with the goal of overcoming production capacity bottlenecks and enhancing R&D and smart manufacturing capabilities [1] - The company focuses on the R&D, design, production, and sales of home hardware and outdoor furniture products, integrating diverse original design concepts with high-quality manufacturing [1] - Han Gao Group's revenue has shown significant growth, with projected revenue increasing from 1.62 billion yuan in 2022 to 2.86 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 32.78% [2] Group 2 - The home hardware industry in China is experiencing structural opportunities, with the market size expected to grow from 226.11 billion yuan in 2023 to 324.45 billion yuan by 2028, at a CAGR of 7.6% [3] - The company plans to invest the raised funds into three main projects: an automated manufacturing base for smart home hardware (37 million yuan), a R&D center (3 million yuan), and information technology construction (2 million yuan) [3][4] - The implementation of these projects aims to enhance R&D design capabilities, strengthen production automation and intelligence, and ultimately drive the company's operational performance to new heights [4]

悍高集团股份有限公司 审 计 报 告 华兴审字202521005440861 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字202521005440861号 悍高集团股份有限公司全体股东： 一、审计意见 我们审计了悍高集团股份有限公司（以下简称"悍高集团"或"公司"） 财务报表，包括2022年12月31日、2023年12月31日、2024年12月31日的合并 及母公司资产负债表，2022年度、2023年度、2024年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了悍高集团2022年12月31日、2023年12月31日、2024年12月31 日的合并及母公司财务状况以及2022年度、2023年度、2024年度的合并及母 公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于悍高集团，并履行 ...

Core Viewpoint - Hanhigh Group has received approval from the China Securities Regulatory Commission for its initial public offering (IPO), marking a significant step towards its listing [1][3]. Financial Performance - From 2022 to 2024, Hanhigh Group's net profit growth reached 61.83%, with a 40.31% year-on-year increase in net profit for the first quarter of 2025 [1][6]. - The company reported revenues of 1.62 billion yuan, 2.22 billion yuan, and 2.857 billion yuan for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 32.78% [5]. - For Q1 2025, Hanhigh Group achieved revenues of 626 million yuan, a 26.75% increase year-on-year, and a net profit of 116 million yuan, up 40.31% [6]. Sales Model and Concerns - Hanhigh Group employs a multi-channel sales strategy, including distribution, direct sales, and a cloud business model, with significant growth in cloud orders [8]. - However, there are concerns regarding the validity of cloud orders, with a notable percentage lacking essential delivery information, raising suspicions of "ghost orders" [8][9]. - The company has faced scrutiny over its sales model and the high turnover rate of its distributors, with a 36.54% exit rate in 2024 [10]. Market Position and Competition - Hanhigh Group's performance has been notably strong compared to peers, with competitors experiencing declines in revenue and profit due to a downturn in the real estate market [7]. - The company is positioned to leverage its IPO for channel expansion and product diversification in a fragmented home hardware market [2]. Governance and Management Risks - The company is controlled by siblings who hold 83.74% of the shares, raising concerns about potential conflicts of interest and governance issues [11]. - Hanhigh Group is also bound by agreements that include buyback clauses and anti-dilution provisions, which could impact shareholder interests [12]. Product Quality and Customer Complaints - The company has faced product quality issues, including a recall of its smart clothes drying rack due to safety concerns [12][13]. - There have been a significant number of customer complaints, indicating potential reputational risks that could affect future sales [12].

Core Viewpoint - Han Gao Group's IPO registration has been approved by the China Securities Regulatory Commission, allowing it to list on the Shenzhen Stock Exchange, despite facing challenges such as declining outdoor furniture sales and product quality issues [1][3][4]. Group 1: IPO and Financials - Han Gao Group plans to issue no more than 40.01 million shares, accounting for at least 10% of the total share capital, aiming to raise 420 million yuan for various projects including an automated manufacturing base and R&D center [3]. - The company has experienced consistent revenue growth, but its outdoor furniture sales have shown a downward trend, with sales volumes dropping from 300,000 units in 2021 to 173,400 units in 2023 [4]. Group 2: Sales Performance - Outdoor furniture sales revenue decreased from 238 million yuan in 2021 to 188 million yuan in 2023, with year-on-year declines of 8.23% in 2022 and 14.15% in 2023 [4]. - The company's overseas revenue also declined from 373 million yuan in 2021 to 270 million yuan in 2023, indicating a trend of decreasing international sales [5]. Group 3: Product Quality Issues - Han Gao Group has faced scrutiny for product quality, with its "Han Gao" brand smart clothes drying rack being listed among non-compliant products by the Jiangsu Consumer Protection Committee [6]. - The company has previously appeared on China's top ten quality blacklist for home products due to multiple instances of product non-compliance [6]. Group 4: Return and Exchange Trends - The return and exchange amounts for the company's e-commerce model increased from 9.06 million yuan in 2021 to 8.88 million yuan in 2024, primarily due to consumer returns during the no-reason return period [7]. - The total return and exchange amount across all channels was 12.46 million yuan in 2024, down from 16.16 million yuan in 2023 [8]. Group 5: Dealer Management Risks - The company has highlighted risks associated with dealer management, as a significant portion of its domestic revenue comes from offline dealers, which accounted for 49.81% to 57.44% of total revenue from 2022 to 2024 [9][10]. - The number of dealers has fluctuated, with 80 new dealers added in 2022 but 49 exiting, indicating potential instability in dealer relationships [9].

4月11日，悍高集团股份有限公司（以下简称"悍高集团"）IPO申请获得深交所上市委审核通过。 公开资料显示，悍高集团是国内家居五金行业中的代表性企业，通过提升自主生产比例实现降本增效，公司盈利能力持续提升， 2024年扣非归母净利润达5.20亿元，近三年复合增长率高达61.83%。 主板蓝筹特质鲜明 五金制品可分为工具五金、建筑五金及家居五金三大类，其中家居五金作为建筑装修必需消费品，2022年市场规模已达3,000亿 元。 自2004年成立以来，悍高集团深耕家居五金领域， 据全联家具装饰业商会确认，其2022年收纳五金国内销售额在同类企业中排名 第一，品牌实力位居第一梯队。 近年来悍高集团业绩表现突出， 2022-2024年公司营业收入从16.20亿元增长至28.57亿元，年均复合增速32.78%；扣非归母净利润 由1.99亿元攀升至5.20亿元，年均复合增速达61.83%。 | | | | 年11: /J /J | | --- | --- | --- | --- | | 项目 | 2024 年度 | 2023 年度 | 2022 年度 | | 营业收入 | 285. 677. 03 | 222,191.1 ...

一、岷山环能高科股份公司 1、基本信息 文/梧桐数据中心 4月11日，IPO共审核2家公司（北交所、深主板各1家），2家均获通过。 岷山环能 是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源综合利用企业。何秋安直接持有公司7,292.74万股股份，直接持 股比例为36.73%，为公司控股股东；何秋安、王爱云为夫妻关系，何占源为何秋安与王爱云之子，三人合计控制公司股东大会表决权的比例为59.61%，为公司的 实际控制人。报告期内，公司营业收入分别为259,900.99万元、293,971.77万元和289,502.11万元，扣非归母净利润分别为4,613.12万元、5,973.22万元和6,655.00万 元，但2020年高达9 ,992万元，近5年波动较大；公司主要产品"铅锭-原生铅"属于"高污染、高环境风险"产品，已制定产能压缩计划，因违反限产要求2022年被罚9 万元；报告期员工人数持续下降，未缴纳"五险一金"的员工占比较大。 悍高集团 主要从事家居五金及户外家具等产品的研发、设计、生产和销售。悍高管理持有公司25,851.24万股股份，占公司股本总额的71.81%，为公司控 ...