The fourth pass through the final meeting capacity, sales area and other tests the first stock of sanitary napkins

The fourth pass through the final meeting capacity, sales area and other tests “the first stock of sanitary napkins”
On March 19, Chongqing Baiya Hygiene Products Co., Ltd. (hereinafter referred to as “Baiya”) IPO application was approved, becoming the first company to pass the meeting in Chongqing in 2020.Baiya shares once hit IPO losses three times in 2010, 2016, and 2017, and came to the front of the capital market for the fourth time. The company is about to land on the A-share market as expected.Baiya, which is expected to become the “first stock of sanitary napkins”, is mainly engaged in the production and sale of sanitary napkins and sanitary pads.In December 2017, Baiya shares had many reasons to break through the border, but at present, problems such as production capacity problems and large customers are deeply involved in MLM questions still exist.The baby diaper production capacity is idle for more than 40%, and raised funds to increase the production capacity of subdivided categories. In 2015, Baiya shares were changed from Baiya Limited.The company’s main business is the research and development, production and sales of disposable sanitary products, each owning “Freedom Point”, “Ni Shuang” and other sanitary napkin brands, and “Good” and other baby diaper brands and “Danning” and other adultsMissing brand.In a prospectus filed in September 2019, Baiya shares stated that the company intends to list on the Shenzhen Stock Exchange with a planned public offering of no more than 52.5 million shares. After the issuance, the total shares will increase to 4.37.5 billion shares, plans to raise funds3.05 billion, of which 1.US $ 3.3 billion was used for the upgrade and construction project of Baiya International Industrial Park, accounting for 43% of the funds raised.6%; marketing network construction project, R & D center construction project and information system construction project plan to raise funds 9976 respectively.800,000 yuan, 4897.09 thousand yuan and 2451.150,000 yuan.Compared with the 2017 rating, the scale of the number of shares issued by Baiya shares has improved.The last draft of the prospectus report shows that Baiya shares plan to issue no more than 12,833.300,000 shares. The raised funds will be invested in the capacity expansion project of Baiya International Industrial Park, the marketing network expansion project, and the information system construction project. The total investment of the project is 3.400 million yuan.Obviously, in the prospectus, Baiya shares disclosed that the company’s sanitary napkin production capacity from 2016 to the first half of 2019 was 18 respectively.1.3 billion pieces, 19.6.5 billion pieces, 22.9.9 billion pieces and 12.4.4 billion tablets, while the company’s output was 17.7.4 billion pieces, 16.60 billion pieces, 18.7.5 billion pieces and 9.4.9 billion pieces, capacity utilization rate reached 97 in 2016 only.68%, and subsequent reports have been plummeting.From 2017 to the first half of 2019, the capacity utilization rate of Baiya shares was 84 respectively.27%, 81.18% and 75.71%.From 2016 to the first half of 2019, the company’s sanitary napkin sales were 17, respectively.1.7 billion pieces, 16.4.3 billion tablets, 17.85 billion pieces and 9.9.7 billion pieces, with a production and sales rate of 96.78%, 99.02%, 95.32% and 105.11%.With the Sanitary Napkin Index, the production capacity of Baiya’s baby diapers is maximized.From 2016 to the first half of 2019, the company’s baby diaper production capacity was 4 respectively.44 billion pieces, 5.07 billion pieces, 4.6.5 billion tablets and 2.5.7 billion pieces, the output was 2.25 billion pieces, 2.8.6 billion tablets, 3.20 billion pieces and 1.5.3 billion pieces, the capacity utilization rate was 49.68%, 54.66%, 64.03% and 59.03%.In other words, in the first half of 2019, more than 40% of the capacity of baby diapers was idle.Baiya shares said in the prospectus that the company urgently needs to improve the production capacity of high-end products in subdivided categories, namely sleep pants, toddler pants, etc. The above-mentioned “Baiya International Industrial Park” construction project is planned to be adjusted in the existing production plantThe production line layout includes a new production line for sleeping pants and a toddler walking line. After the project is successfully implemented, it will reach an annual production scale of about 80 million sleeping pants and about 100 million walking pants.The company’s own product capacity is maximized, the idle capacity space is penetrated, and the sales are subdivided. After the expansion of production, how to achieve effective sales?On March 24, the reporter called Baiya shares, but terminated the press release instead of connecting.The gross profit margin is higher than the average value of the peers. Suzhou Green Leaf, a major customer, has been trapped in the “MLM” questioning the prospectus. From 2016 to the first half of 2019, Baiya shares achieved revenue7.3.9 billion yuan, 8.1 billion, 9.6.1 billion and 5.7.4 billion, with net profit of 7115 respectively.950,000 yuan, 6558.0.90 million yuan, 8935.100 thousand yuan and 6913.860,000 yuan, of which, net profit increased by 80% in 2017, but net profit exceeded growth by 36% in 2018, and net profit changes penetrated.According to the report’s average, the gross profit margin of Baiya shares decreased slightly.From 2016 to 2018, Baiya’s comprehensive gross profit margin was 49.85%, 45.91% and 42.13%.For the reasons for the decline in gross profit margin, Baiya said that it was mainly affected by rising costs such as raw materials, the increase in the proportion of ODM business and discount promotion.In the first half of 2019, the company’s overall gross profit margin rebounded to 46.82%.To proceed, the company explained that the increase in raw material procurement costs slowed down or improved and the result of improved marketing strategies.Although the gross profit margin of Baiya shares fluctuates slightly, it can “respect the leaders” in the industry.At present, there is no listed company in the main industry of sanitary napkins in A shares. In the prospectus, Baiya shares compare Zhongshun Jierou, Vinda International, Hengan International, Jingxing Jianhuo, Haoyue shares as the main peers in the same industry.the company.Wind data shows that from 2016 to 2018, the gross profit margin of comparable companies in the same industry decreased by 37 respectively.97%, 36.01%, 31.75%, of which Hengan International, which mainly operates household tissues, reported a gross profit margin of 48.78%, 46.91%, 38.20%, while the gross profit margin of Baiya shares is almost higher than the gradual 10 replacements in the same industry.Baiya shares stand out in the prospectus. The company continues to expand its R & D efforts and breakthroughs in R & D strength. In August 2013, the company was jointly recognized by the Chongqing Municipal Finance Bureau, Chongqing State Taxation Bureau, Chongqing Local Taxation Bureau and Chongqing Science and Technology Commission.Emerging companies, valid for 3 years, but after 2016, Baiya shares did not make further disclosure.The research and development promotion of Baiya has not increased significantly in recent years.From 2016 to the first half of 2019, the company’s R & D and promotion were 722 respectively.380,000 yuan, 1061.240,000 yuan, 1231.960 thousand yuan and 715.980,000 yuan, accounting for 0% of the current operating income.98%, 1.31%, 1.28% and 1.25%.According to the “Administrative Measures for the Identification of Emerging Enterprises”, for enterprises with sales revenue of more than 200 million yuan in the most recent year, the scale of research and development expenses should not exceed 3% of the sales revenue.In other words, Baiya shares may no longer meet the qualifications for emerging companies.In addition, Suzhou Luye Daily Necessities Co., Ltd., one of the top five clients of Baiya Stock Partnership, was deeply questioned by “MLM”. In January 2019, Suzhou Luye was also reminded by the People’s Daily.Is the company no longer an emerging company?Is there any plan to terminate the cooperation with Suzhou Luye in the future?On March 24, the reporter called Baiya Co., Ltd. on the above-mentioned issues, but terminated the publication and replaced it.Southwest China accounted for about 70% of sales, and e-commerce sales accounted for less than 10%. Although there were no major companies in the sanitary napkin industry before A shares, it does not mean that the industry is not highly competitive.According to the “2019 China Sanitary Napkin Industry Development Trend Analysis Report” released by Zhiyan Consulting, in 2016, the global sanitary napkin sales reached 29.1 billion US dollars, a distance close to 6%.From 2012 to 2016, the world sanitary napkin market grew at an average annual compound rate of 5.9%, its growth mainly comes from emerging markets such as India, Egypt, Africa and so on.Emerging markets are emerging, with the Asian market accounting for the largest share.In recent years, the market for feminine hygiene products in Asia has grown rapidly, with sanitary napkins accounting for 52% of the global market.3%, far surpassing North America (19.6%) and EU countries (18.9%).Three of the world’s top ten women’s sanitary napkin manufacturers have their bases in Asia, namely: Unicharm in Japan, Hengan in China, and KaoCorp in Japan.At present, China’s sanitary napkin market is highly concentrated, and the top ten brands in the industry account for 82%.The top ten companies are Hengan, Younijia, Jingxing, Procter & Gamble, Jie Ling, Kimberly-Clark, Baiya, Kao, Sibao and Besut, of which there are six local companies, namely Fujian Hengan and Jingxing, Guilin Jieling, Chongqing Baiya, Hubei Sibao and Beijing Beishute, of which the only listed company is Fujian Hengan (Hong Kong stock), and its “seven-degree space” is currently the most popular sanitary napkin brand in China.The report shows that in 2016, the penetration rate of the Croatian sanitary napkin market has reached 96.5%, even in third- and fourth-tier cities and rural villages and towns, the use of sanitary napkins and pads has been widely occupied.It may be that the high gross profit margin of Baiya shares may be mainly paid by women in the southwest region.According to the prospectus, from 2016 to the first half of 2019, Baiya shares from Sichuan and Chongqing, Yunguishan and Lianghu regions accounted for 84% of revenue.79%, 77.58%, 67.03% and 72.19%.In other regions than the above-mentioned concentrated sales regions, the proportion of Baiya’s sales and operating income has decreased.In 2018, Baiya shares accounted for 26% of sales revenue in other regions.31%, but 20 in the first half of 2019.2%, more than 6 extras.In December 2018, Beiya announced that it will join Pinduoduo’s “New Brand Plan”, which is geared to 3.8.6 billion consumers practice transparent production and accept one-click supervision.Despite trying to break through the sales area, the share of Baiya’s e-commerce channel revenue has always been the same.In the first half of 2019, the company’s e-commerce sales accounted for only 7.61%, an increase of less than 1 merger from 2018.Sauna, Ye Wang Zhang Zeyan editor Zhao Ze proofreading reporter Li Ming Email: zhangzeyan @