On July 17, the Shanghai Stock Exchange issued an inquiry letter to Shanghai Vian Electronics Co., Ltd. (hereinafter referred to as "Vian shares"). According to Bedo Finance, Vian shares submitted a prospectus on June 20, 2023, preparing to be listed on the main board of the Shanghai Stock Exchange.
In this sprint listing, Vian plans to raise 1.53 billion yuan, which will be used for non-semiconductor protection device industry upgrading and expansion projects, semiconductor protection and power device R&D industrialization projects, intelligent protection and power management chip R&D industrialization projects, automotive-grade power devices and module packaging and testing production line construction projects, R&D center construction projects, and supplementary working capital.
Tianyancha information shows that it was established in May 1996, formerly known as Shanghai Wei'an Thermoelectric Materials Co., Ltd. At present, the registered capital of the company is 63.822523 million yuan, the legal representative is Wang Jun, and the shareholders include Shanghai Materials Research Institute Co., Ltd., etc.
According to the prospectus, Vian is a comprehensive solution provider focusing on circuit protection and power control. It is mainly engaged in the research and development, production and sales of electronic components, power semiconductor discrete devices and analog integrated circuits. The main business products are divided into two categories: circuit protection products and power control products, which are the two core functional components of electronic equipment.
In 2020, 2021, and 2022, the revenue of Vian shares will be 784 million yuan, 1.153 billion yuan, and 1.188 billion yuan respectively; the net profits will be 79.1055 million yuan, 126 million yuan, and 127 million yuan, respectively.
It is not difficult to see that the growth rate of Wei'an's performance in 2022 has declined, and the growth rate of revenue is not high compared with 2021, with a year-on-year increase of about 3.08%. In addition, Vian's net profit attributable to owners of the parent company after deducting non-recurring gains and losses in 2022 is slightly lower than that in 2021.
Vian shares stated in the prospectus that the fluctuation of the company's operating performance is affected by multiple factors. Among them, external factors include changes in macroeconomic conditions, fluctuations in downstream market demand, and intensified industry competition; internal factors include product expansion, increased investment in new products and new businesses, etc.
According to Beido Finance, this is also directly related to the decline in the gross profit rate of Vian shares. During the reporting period, the company's main business gross profit margins were 31.50%, 30.33% and 29.66%, respectively. Vian shares said that the gross profit margin of the company's main business is closely related to multiple factors such as its business model, downstream market demand, raw material costs, product structure, and bargaining power.
The prospectus shows that Vian’s revenue mainly comes from circuit protection products and power control products. Among them, the revenue of circuit protection products will decline slightly in 2022, and the proportion of contribution has been declining year after year. During the reporting period, Vian's circuit protection product revenues were 687 million yuan, 870 million yuan and 761 million yuan, accounting for 87.86%, 75.61% and 64.12% respectively.
Before the listing, the Institute of Materials directly held 35.31% of Wei'an shares and was the controlling shareholder of the company. According to the “Agreement of Persons Acting in Concert” jointly signed by the Institute of Materials and Hengqin Caiyi, Ruisenmei No. 1, Ruisenmei No. 2, Hengqin Weiteng, and Hengqin Qionglei, the Institute of Materials controls 24.49% of the voting rights of Wei’an shares through its persons acting in concert.
Therefore, the Material Research Institute controls 59.80% of the voting rights of Wei'an shares in total. According to the prospectus, the full name of the Institute of Materials is Shanghai Institute of Materials Research Co., Ltd., which was established in November 1999 and is 100% owned by the Shanghai Academy of Sciences. It can be seen from the equity penetration that the actual controller of Wei'an shares is the Shanghai Academy of Sciences.
Before the IPO, the Institute of Materials held 35.31% of Vian shares, Hengqin Caiyi 12.10%, Yuanwei Technology 7.96%, Shanghai Science and Technology Investment 7.94%, Hengqin Weiteng 7.12%, Juyuan Juxin 5.28%, Shangchuangke Micro 5.13%, and Internet of Things Fund 4.95%.
At the same time, Shanghai Wuyuefeng and Wuyuefeng Phase II each hold 3.98% of the shares, Hengqin Qionglei holds 2.88%, Ruisenmei No. 1 holds 1.44%, Mao Xiaofeng holds 0.97%, and Ruisenmei No. 2 holds 0.94%. At present, Sun Dan is the chairman of Wei'an Co., Ltd., and Wang Jun is the general manager of the company.
Vian shares stated in the prospectus that the company is committed to becoming a world-leading brand in the field of circuit protection and power control, and continues to develop all categories of circuit protection components and intelligent protection ICs in the field of circuit protection, and continues to develop all categories of power semiconductor discrete devices, power control ICs and power modules in the field of power control.
In the future, on the basis of consolidating non-semiconductor circuit protection products, semiconductor circuit protection products, and power semiconductor discrete devices, Wei'an will actively develop various analog ICs, digital-analog mixed-signal ICs and power module products, and strive to deeply integrate the company's existing circuit protection and power control product lines through IC products and application solutions.