On July 18, the information disclosed by the Shenzhen Stock Exchange showed that it had sent the first round of audit inquiry letters to Guangzhou Zhiyuan Electronics Co., Ltd. (hereinafter referred to as "Zhiyuan Electronics"). According to Bedo Finance, Zhiyuan Electronics submitted a prospectus on the Shenzhen Stock Exchange on June 21, 2023, preparing to be listed on the GEM.
This time, Zhiyuan Electronics plans to raise 800 million yuan in its sprint for listing on the GEM, of which 321 million yuan will be used for the research and development project of the new generation of industrial intelligent IoT products, 146 million yuan will be used for the EsDA platform upgrade research and development project, 116 million yuan will be used for the manufacturing center upgrade project, and another 217 million yuan will be used to supplement working capital.
Tianyancha information shows that Zhiyuan Electronics was established in May 2001. It is an enterprise mainly engaged in the manufacturing of instruments and meters, and has invested in 6 companies. At present, the registered capital of the company is 60 million yuan, the legal representative is Zhou Ligong, and the main shareholders include Guangzhou Ligong Technology Co., Ltd., etc.
According to the prospectus, Zhiyuan Electronics is an enterprise based on Embedded system Design Automation (EsDA, Embedded system Design Automation) technology, which provides industrial intelligent IoT products from data acquisition, communication, computing to cloud services for customers in the fields of new energy vehicles, photovoltaic energy storage, intelligent manufacturing, and medical equipment.
At present, Zhiyuan Electronics has formed three major product lines: intelligent AIoT product line, new energy and automotive communication product line, and test, measurement and analysis instrument product line. Zhiyuan Electronics stated in the prospectus that some of the company's new energy and automotive communication products, test measurement and analysis instrument products have broken foreign monopoly, and gradually realized import substitution for foreign manufacturers.
According to the prospectus, the revenue of Zhiyuan Electronics in 2020, 2021 and 2022 will be 306 million yuan, 415 million yuan and 485 million yuan respectively; the net profit will be 76.53 million yuan, 126 million yuan and 158 million yuan;
During the reporting period, the main business income of Zhiyuan Electronics showed a rapid growth overall, and the compound growth rate of main business income reached 26.17%. Zhiyuan Electronics stated in the prospectus that due to factors such as the demand boom in downstream industries such as new energy vehicles and photovoltaic energy storage, the revenue of new energy and automotive communication product lines, and test, measurement and analysis instrument product lines grew rapidly during the reporting period.
Beido Finance learned that most of Zhiyuan Electronics’ revenue is contributed by the intelligent AIoT product line. During the reporting period, the revenue of Zhiyuan Electronics' intelligent AIoT product line was 170 million yuan, 238 million yuan and 212 million yuan, respectively, accounting for 56.71%, 58.76% and 44.37% of the main business revenue.
In the same period, Zhiyuan Electronics' new energy and automotive communication product lines were 81.3885 million yuan, 107 million yuan, and 162 million yuan, accounting for 27.18%, 26.30% and 34.01% respectively; the revenue of the test measurement and analysis instrument product line was 48.2491 million yuan, 60.5709 million yuan, and 103 million yuan, accounting for 16.11%, 14.94% and 21.62% respectively.
Zhiyuan Electronics stated in the prospectus that the company has adopted a sales model that focuses on direct sales and distribution, supplemented by e-commerce. At present, the company's products have entered the supply chain system of BYD, Ningde Times, Sungrow, Tiandi Technology, Yuyue Medical and other industries, and achieved long-term and good cooperation with downstream customers.
It is worth mentioning that the scale of related party transactions of Zhiyuan Electronics in the early reporting period was relatively large. During the reporting period, the company had related purchases, related sales, and related leases with the related party Ligong Technology and its subsidiaries, as well as a small number of other related parties. Zhiyuan Electronics stated in the prospectus that it was once a wholly-owned subsidiary of Ligong Technology, and the two parties were in the upstream and downstream relationship of the industrial chain.
During the reporting period, Zhiyuan Electronics purchased 28.8343 million yuan, 27.5363 million yuan, and 732,000 yuan from Ligong Technology, accounting for 28.60%, 15.36%, and 0.44% of the total purchases; the sales of Ligong Technology were 63,756,900 yuan, 9,353,500 yuan, and 7,729,000 yuan, accounting for 20.81%, 2.26% and 0.44% of the total revenue respectively. 1.60%.
Before the listing, the controlling shareholders and actual controllers of Zhiyuan Electronics were Zhou Ligong and Chen Zhihong. According to the prospectus, Zhou Ligong and Chen Zhihong have signed the "Action in Concert Agreement". The two parties directly hold 35.81% and 31.84% of Zhiyuan Electronics' equity respectively, and indirectly hold 2.68% and 6.63% of Zhiyuan Electronics' equity through holding Zhiying Investment, Ligong Technology, and Guangzhou Qiuyuan.
Accordingly, Zhou Ligong and Chen Zhihong jointly hold 76.96% of the shares of Zhiyuan Electronics, and they are the controlling shareholders and actual controllers of Zhiyuan Electronics, as well as persons acting in concert with the actual controllers of Zhiying Investment, Ligong Technology, and Guangzhou Qiuyuan. Among them, Zhou Ligong is the chairman and general manager of Zhiyuan Electronics, and Chen Zhihong is the vice chairman of the company.
It is worth mentioning that Zhou Ligong and Chen Zhihong were once husband and wife. According to the prospectus, the two agreed to divorce on March 2, 2022. Zhiyuan Electronics stated in the prospectus that in order to further clarify the joint control of the company and ensure the stability and consistency of the control structure, the two parties signed the "Concert Action Agreement" on December 22, 2021.