In the past ten years, the domestic diaper production technology and equipment have been rapidly improved, thereby enabling the local brand diaper products to develop strongly. Behind this, a number of well-known and well-known diaper foundries have made major contributions to it. With the improvement of technology, quality and the rise of domestic products, the development of foundries has also been promoted. These foundries have laid out their own brands. On the one hand, they hope to diversify their business. On the other hand, the diaper industry is now in great enthusiasm. Every year, many players enter the game one by one. It is natural to establish your own brand and compete on the diaper track.
Affected by the large consumption upgrade and the second child policy, the mother and infant industry market has continued to grow and promote the capital boom, including diaper companies. It is understood that since this year, two diaper / hygiene OEM companies have successively applied for IPOs, and one of them has so far been the fourth sprint IPO.
Western health giant Chongqing Bai Ya: fourth persistent sprint IPO
On April 26 this year, the CSRC pre-disclosed the prospectus declaration form of Chongqing Baiya Sanitary Products Co., Ltd., and the proposed scale of issuance changed from the original no more than 128.330 million A shares to no more than 52.5 million A shares.
Chongqing Baiya was established on November 19, 2010. It was formerly known as Chongqing Sishuang Sanitary Products Co., Ltd., which was established in 1993. It is mainly engaged in the research, development, production and sales of disposable sanitary products. Sex business. Relying on its own brand, the company mainly adopts independent research and development and production models, with distributors, KA and e-commerce platforms as its main sales channels, mainly covering the fields of sanitary napkins, baby diapers, and adult incontinence products.
At present, Chongqing Baiya owns unique and distinctive brands such as Freedom, Nishuang, Haozhi, and Tannin. Among them, Freedom and Nishuang are sanitary napkin brands, which are positioned in high-end and mass products; It is a baby diaper brand, positioned as a mid- to high-end product; tannin is an adult incontinence product brand, positioned as a mid- to high-end product.
It is understood that this is the fourth time that Chongqing Baiya has submitted a prospectus. As early as 2010, 2016, and 2017, Chongqing Baiya tried to sprint IPOs, but all were "ruthlessly" rejected by the CSRC. It is reported that the biggest reason for the market analysis at that time was its VIE architecture.
According to Nielsen statistics, in the 2015-2017 ranking of the national supermarket sales channels, Chongqing Baiya ’s sanitary napkins market share ranked fourth among local manufacturers for three consecutive years, and baby diaper products ’market share among local manufacturers. Ranked in the top three for three consecutive years.
In addition, Chongqing Baiya's operating income in 2017 was 810.2 million yuan, net profit was 65.58 million yuan, 2018 revenue was 961 million yuan, and net profit was 89.35 million yuan. The net profit attributable to the issuer's shareholders after deducting non-recurring gains and losses in 2017 and 2018 was 63.44 million yuan and 87.54 million yuan respectively, and the company showed a growth trend.
Last year profit 89.35 million yuan
The prospectus application draft shows that Bai Ya shares have brands such as "Freedom Point", "Ni Shuang", "Good of" and "Danning". "Free Point" was recognized as a well-known trademark in China in 2012 and "Free Point" "Ni Shuang" is a sanitary napkin brand, which is positioned in mid-to-high-end products and mass products, "Good" is a baby diaper brand, positioned in mid-to-high-end products, and "Danning" is an adult incontinence brand, positioned in mid-to-high-end products. .
According to Nielsen statistics, in the 2015-2017 ranking of the national supermarket sales channel sales share, the market share of Baiya Sanitary Napkin products ranked fourth among local manufacturers for three consecutive years, and the market share of baby diaper products among local manufacturers. Ranked in the top three for three consecutive years, the company has developed into one of the outstanding corporate representatives in the domestic sanitary napkin and baby diaper market.
Baiya's operating income in 2017 was 810.2 million yuan, with a net profit of 65.58 million yuan, and its 2018 revenue was 961 million yuan, with a net profit of 89.35 million yuan. The net profit attributable to the issuer's shareholders after deducting non-recurring gains and losses in 2017 and 2018 was RMB 63.44 million and RMB 87.54 million, respectively, showing a growth trend.
Feng Yonglin Holdings 54.14%
The total share capital of Bai Ya shares is 385 million, with 10 shareholders, namely the largest shareholder Chongqing Fuyuan Trading Co., Ltd. (holding 17.731 million shares, accounting for 46.05%), and the second shareholder is a foreign-backed Hopewell Investment Co., Ltd. (holding 97.585 million shares, accounting for 25.35%), shareholders holding more than 5% of the shares also include Wen's Investment (holding 25,913,600 shares, accounting for 6.73%), Mingyao Assets (23,692,500 shares, accounting for 6.15%).
The legal representative of Bai Ya shares is Feng Yonglin, which indirectly holds a 46.05% interest in Chongqing Bai Ya through the wholly-owned Fuyuan Commerce, and entrusts the indirect control of 9.09% of the voting rights of the shareholders' meeting of the company through voting rights. Controller.
According to the data, Feng Yonglin is 56 years old, Chinese nationality, college degree. The resume shows that Feng Yonglin has been the director, deputy director of Chongqing Match Factory's Enterprise Management Office, and a director of Qijiang Shunchang Co., Ltd .; from 1995 to 2000, he was the general manager of Chongqing Huasheng Tissue Paper Co., Ltd .; Since 2011, he has been the limited partner of Shenzhen Bohou Fairview Investment Enterprise; since 2010, he has been the executive director of Prozhao Hengyi. Since 2010, he has been the chairman and general manager of Baiya Co., Ltd., and is currently the chairman and general manager of Baiya Co., Ltd.
Reduced number of shares issued
Bai Ya shares are planned to be listed on the small and medium-sized board of the Shenzhen Stock Exchange. The last IPO prospectus application draft was planned to issue no more than 128,330,300 A shares. The fundraising will be invested in the Bai Ya International Industrial Park capacity expansion project, marketing network expansion project, and information system For construction projects, the total investment for the project is 346.9072 million yuan.
This time, there are changes. It is planned to issue no more than 52.5 million A shares. After the issuance, the total share capital will not exceed 437.5 million shares. The funds will be used for Baiya International Industrial Park upgrade construction projects, marketing network construction projects, R & D center construction projects, and information For the system construction project, the total investment of the project is 307.087 billion yuan.
The industry believes that reducing the number of shares issued by Chongqing Baiya Co., Ltd. will help avoid excessive dilution of performance.
Hangzhou Haoyue: Plan to board A shares, raise 1.2 billion to expand production
After Chongqing Baiya restarted its IPO in April, on May 17, Hangzhou Haoyue Care Products Co., Ltd. submitted a prospectus to the Securities and Futures Commission for the first time, and planned to raise 1.549 billion yuan to expand production and return bank loans.
Hangzhou Haoyue is a company focusing on the research, development, manufacturing and sales of new types of polymer composite materials for women, children and adults. At present, Haoyue has introduced fully automatic Japanese Ruiguang 8 baby diapers, 5 pull-up pants and 2 menstrual pants, and has established ODM business cooperation with Fortune 500, Kimberly-Clark, SCA and other global top 500 companies. In the early years, Haoyue mainly focused on OEM. At present, it has its own brands such as Hope Baby, Mamamia, White Cross, and Huiquan. Sunny Baby baby diapers and Comfrey adult diapers are exported to Europe, the Middle East, South Asia, Africa and other markets.
Some reporters found that although Hao Yue created a revenue of 1.4 billion in 2018, the total assets of Hao Yue at the end of 2018 were only 918 million yuan. The current assets of the past three years have been lower than the current liabilities, and many production lines Production capacity is not fully utilized. In addition, according to the prospectus, during the reporting period, Haoyue ’s expanding infant hygiene products not only had a small market share, but also had a lower gross margin than the other two types of products, and the gross margin was still in a downward trend. On the contrary, although the main proportion of feminine hygiene products has been reduced, the market share is still high, and the gross profit margin has always been higher than that of baby hygiene products.
It is understood that nearly 1.2 billion yuan of Hao Yue's IPO fundraising plan of 1.549 billion yuan was used to expand production. Among them, 11 baby sanitary pants production lines and 5 menstrual pants production lines will be newly deployed. The menstrual pants production line costs 165 million yuan, the baby pull-up pants production line costs 290 million yuan. After the completion, it will add 325 million pieces of menstrual pants and 1.255 billion pieces of baby pull-up pants.
Who will be the next listed diaper company?
In addition to the two foundry companies that sprinted for the IPO this year, there are many well-known domestic diaper foundry companies.
Positioned only in the global production and processing of high-end baby diaper brands, Hangzhou Keai is currently only produced for the four brands of Paragon, Luanshi, Aileai and Dodie. Founded by a strong co-founder. KAI currently has a number of high-end fully automated baby diaper production lines in Asia. According to public information, KAI approved the production capacity of 700 million baby diapers in 2017 (619 million baby diapers + 81 million baby pull-ups) At present, the automatic production line with an annual output of 460 million pieces of diapers is being expanded. After the expansion, the total production capacity will be increased to 1.16 billion pieces of baby diapers (988 million baby diapers + 172 million baby pull-ups).
In 20 years, from the 0 to 2.1 billion pieces of diapers, the new retail, e-commerce, OEM production, baby chain and other business lines are on a par with the company. It has celebrities baby, SOLOVE Miffy, Kang Doctors, Dou Wei and other well-known brands, products reach more than 20 series, more than 180 varieties. Among them, Miffy is a well-known baby diaper brand in China. It ranked ninth in the 2018 diaper authority list released by the Mother and Baby Research Institute. . It is reported that Qianzhiya currently produces 2.1 billion pieces of diapers a year, with a sales volume of 3 billion yuan.
From manufacturing to creation, with more than 20 patents, which affects the domestic diaper industry, Guangdong Yusheng is the first company in China to independently produce a core body, the earliest in China to use 3D embossing technology, and the first in the world to develop a high waist elastic waist diaper. enterprise. In mid-June this year, Yusheng announced that the Zhejiang production base will be fully put into operation at the end of June. The project has a total investment of 344 million yuan and covers an area of 54 acres. It plans to start production of 6 fully automatic baby diaper production lines. 4 equipment have been commissioned. . After full production, the annual production capacity of diapers and other products will reach 540 million pieces. Today, Yusheng has three production bases in Guangdong, Zhejiang, and Hunan. Its own brands include DRESS Ji's, Baby's Goods, Shu's Babies, Kentucken, Tiankang, Tianbao, etc., which produces more than 2 billion pieces of diapers every year, and is a leader in China's mid-to-high-end diaper market.
In fact, when it comes to "the first diaper," I have to mention "daddy baby". In December 2015, Daddy Baby officially landed on the New Third Board, and became the "first diaper stock" in the domestic capital market. While making the product seriously, Daddy Baby deeply realized the importance of brand power. There are many diaper manufacturers, but there are not many domestic brands that really make brands. This is why the diaper market was occupied by foreign brands in the past. One of the main reasons. At the same time, Daddy Baby is also a well-known domestic diaper manufacturer. The diaper industry 4.0 smart manufacturing factory that was put into operation last year has realized the upgrade of the entire industrial chain of five major sectors of raw materials, production lines, products, storage and logistics, and at the same time formed Daddy Baby diapers. The core competitive advantage of the market is of great significance to the development of the diaper industry.
Nowadays, domestic diaper brands are rising in an all-round way. Who will become the next listed company or brand? We will wait and see.