Core Viewpoint - The company, Hanhigh Group Co., Ltd., is making a significant push for its IPO on the main board, showcasing its differentiated competitiveness in the home hardware sector amidst a focus on financial quality and industrial logic in the registration system review [1] Financial Performance - In 2024, the company achieved a revenue of 2.857 billion yuan, representing a year-on-year increase of 28.57%, with a net profit attributable to the parent company of 520 million yuan and a gross margin improvement to 37.39%. The period expense ratio decreased to 14.52%, indicating strong operational resilience characterized by "high growth, high gross margin, and low expenses" [3] Distribution Network - The company's distribution channels have deepened, with the revenue share from distribution channels increasing from 42.79% in 2021 to 58.20% in 2023. In 2024, the sales structure was optimized with the addition of 89 new distributors and the exit of 71, leading to improved sales capabilities and a reduction in the sales expense ratio by 1.79 percentage points. The expansion of e-commerce platform coverage has also contributed to rapid market penetration [4] Production and Strategic Focus - The company plans to raise 420 million yuan through its IPO to invest in an automated manufacturing base, R&D center, and information platform, improving capacity utilization and marginal efficiency. Additionally, the company is enhancing its product mix by replacing low-margin products with high-margin items in the outdoor furniture sector, demonstrating effective product portfolio management [5] Brand Strategy and Globalization - The company has a clear strategy for its own brand, moving away from reliance on major clients for private label products. Although the share of overseas revenue decreased from 25.64% in 2021 to 13.70% in 2023, overseas sales increased from 270 million yuan to 352.3 million yuan between 2023 and 2024. This growth is attributed to efforts in brand building through original design and marketing events, while exploring independent brand pathways in overseas markets. The strategic direction aligns with the industry's shift from "manufacturing" to "branding," laying a foundation for long-term globalization [7] Overall Assessment - The company's growth logic is based on channel penetration, product design premium, and cost control. Its financial performance and operational efficiency demonstrate strong adaptability within the industry cycle. Overall, Hanhigh Group Co., Ltd. has achieved dual growth in revenue and profit during the industry adjustment period, with significant advantages in channel and product matrix scale, making its IPO process a focal point for market attention [7]