系统门窗控制装置及整体方案

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好博窗控IPO终止,严监管下业绩稳定性、经销商隐患成焦点
Xin Jing Bao· 2025-05-16 03:44
Core Viewpoint - Shenzhen Haobo Window Control Technology Co., Ltd. (referred to as "Haobo Window Control") has withdrawn its application for an initial public offering (IPO) after nearly two years and four audit suspensions, indicating challenges in meeting regulatory scrutiny under the new registration system [1][2]. Company Overview - Haobo Window Control, established in 2013, is a provider of system window control devices and overall solutions. The company initiated its IPO plan in March 2023 and faced multiple rounds of inquiries from the Shenzhen Stock Exchange [2]. Financial Performance - The compound annual growth rate (CAGR) of Haobo Window Control's revenue from 2021 to 2023 was 24.89%, with revenues of 668 million, 800 million, and 1.042 billion yuan respectively. However, revenue for the first half of 2024 showed a year-on-year decline of 2.46% [6][7]. - The company's revenue from authorized distributors increased from 378 million yuan in 2021 to 607 million yuan in 2023, with a proportion of total revenue rising from 56.66% to 62.83% [3][6]. Sales Model and Distribution - Haobo Window Control employs a combined direct sales and distribution model, collaborating with 15 authorized distributors. The company has added three new distributors while exiting one during the reporting period [3][4]. - The company faced scrutiny regarding the stability of its revenue and the concentration of its distribution channels, which could impact operational stability [3][4]. Regulatory Scrutiny - The company experienced rigorous scrutiny under the new registration system, with the Shenzhen Stock Exchange requiring detailed verification of distributor data and compliance with financial disclosures [4][5]. - The exchange mandated that the underwriting institution conduct on-site visits to all 15 authorized distributors to ensure data accuracy and authenticity [4]. Industry Context - The building hardware industry in China is characterized by over 4,000 companies, with a low concentration level. The demand for home window hardware primarily stems from new residential construction and renovations [6]. - The overall market for home window hardware has been affected by a downturn in the real estate sector, leading to a decline in new construction and renovation activities [7]. Legal Issues - Haobo Window Control is involved in multiple intellectual property disputes, with 171 ongoing cases, primarily related to design patent infringements. These disputes could potentially hinder the company's brand image and market expansion plans [9][10].