On July 1, Qiaofeng Intelligent Equipment Co., Ltd. (hereinafter referred to as "Qiaofeng Intelligent", SZ: 301603) opened its subscription and will be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. In this listing, the issue price of Qiaofeng Intelligent is 26.50 yuan per share, the number of shares issued is 31.09 million shares, and the total amount of funds raised is expected to be about 800 million yuan, and the net amount of funds raised is about 710 million yuan.
According to Bedo Finance, Qiao Feng Intelligent submitted a prospectus in June 2022 and is preparing to be listed on the GEM. In this sprint listing, Qiao Feng Intelligent originally planned to raise 1.355 billion yuan, which will be used for the construction project of CNC equipment production base, R&D center construction project, and supplementary working capital, with Essence Securities as its sponsor.
From this point of view, the total amount of funds raised by Qiao Feng Intelligence decreased by 555 million yuan, and the net amount of funds raised decreased by about 645 million yuan, accounting for about 48%. Qiao Feng Intelligent said in the prospectus that if the net amount of funds raised is less than the total amount of funds to be invested, the shortfall will be solved by the company with its own funds or other financing methods.
Tianyancha App shows that Qiao Feng Intelligent was established in May 2009, formerly known as Dongguan Qiao Feng Machinery Co., Ltd., located in Dongguan City, Guangdong Province. At present, the registered capital of the company is 90.57 million yuan, the legal representative is Jiang Xiuhua, and the shareholders include Jiang Xiuhua, Wang Haiyan, etc.
According to the prospectus, Qiao Feng Intelligent is a professional enterprise engaged in the research and development, production and sales of CNC machine tools, including vertical machining centers, gantry machining centers, horizontal machining centers, etc., which are used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communications and other industries.
In 2021, 2022 and 2023, Qiaofeng Intelligence's revenue will be about 1.310 billion yuan, 1.548 billion yuan and 1.454 billion yuan respectively, the net profit will be about 235 million yuan, 193 million yuan and 170 million yuan respectively, and the net profit after deducting non-profits will be about 225 million yuan, 185 million yuan and 160 million yuan respectively.
Overall, Qiaofeng Intelligence's revenue maintained a growth trend, with a year-on-year increase of 22.04% in 2022. And in 2023, the company's revenue has decreased slightly. In addition, the company's net profit scale peaked in 2021 and then declined for two consecutive years.
Correspondingly, Qiao Feng's gross profit margin is also continuing to decline. During the reporting period, the gross profit margin of the company's main business was 34.89%, 29.04% and 28.99% respectively. Among them, the decrease in gross profit margin in 2022 compared with 2021 was mainly due to pricing adjustments and the increase in casting procurement prices since the second half of 2021.
According to the previous prospectus, Qiao Feng Intelligence's revenue in 2019 and 2020 will be about 456 million yuan and 767 million yuan respectively, which is also a rapid growth. In the same period, the company's net profit was 59.5473 million yuan and 127 million yuan respectively, and the net profit after deducting non-profits was 53.3441 million yuan and 120 million yuan respectively.
According to the prospectus, Qiaofeng Intelligent's main business income mainly comes from the sales of vertical machining centers, gantry machining centers and horizontal machining centers. From 2021 to 2023, the company's self-supporting machining center revenue will be 1.037 billion yuan, 1.199 billion yuan and 1.138 billion yuan respectively, accounting for 82.95%, 78.55% and 79.96% respectively, which is its core source of income.
In particular, the Listing Committee focused on the financial internal control norms of Qiao Feng Intelligence. According to the application materials, the closing balance of the company's other receivables in 2019 and 2020 was 30.69 million yuan and 17.6398 million yuan respectively, which was formed by the personal card income and expenditure controlled by Wang Haiyan, one of the actual controllers.
In this regard, the Listing Committee asked Qiao Feng to explain the specific reasons for the formation of the above-mentioned matters and whether there is any capital occupation; Explain whether there is a situation where the extracorporeal circulation of funds forms sales receipts and bears costs; Explain whether the relevant internal control system has been improved and effectively implemented.
Previously, the Shenzhen Stock Exchange also paid attention to Qiaofeng Intelligence's dividend and capital flow verification in the first round of inquiry. According to the prospectus, the company will pay cash dividends of 52.5306 million yuan in 2021. In this regard, Qiao Feng Intelligent is required to explain the main flow and purpose of the dividends of the actual controller and major shareholders.
Before this listing, Jiang Xiuhua and Wang Haiyan were the controlling shareholders and actual controllers of Qiaofeng Intelligence. Among them, Jiang Xiuhua and Wang Haiyan directly hold 53.00% and 35.33% of the company's shares respectively, and the two together control 88.33% of the company's share voting rights.
In addition, Jiang Xiuhua indirectly holds 0.04% and 0.04% of the shares of Qiaofeng Intelligent through Nanjing Qiaorong and Nanjing Qiaoze respectively; Wang Haiyan indirectly holds 0.78% and 0.71% of the company's shares through Nanjing Qiaorong and Nanjing Qiaoze, respectively. Among them, Jiang Xiuhua is the chairman and general manager of the company, and Wang Haiyan is the administrative director.
Qiao Feng Intelligence said that Jiang Xiuhua and Wang Haiyan received 27.171 million yuan and 25.3596 million yuan in August and December 2021 respectively, with a total of about 37.97 million yuan after tax, which is mainly used for the purchase of wealth management, insurance, stock investment, transfer of the property share of the employee stock ownership platform held by the departing employees, exchange for their daughter's study abroad, and pay individual income tax.