Was exposed a number of stars 'platform' brand dog electrical appliances to open the IPO IPO journey.However, about 10 days after the release of prospectus, a product because of its 'product structure is irrational' by the AQSIQ judged unqualified Product, or cast a shadow over the dog electrical IPO.
On December 29, 2017, the CSRC disclosed the initial public offering of Puppy Electric prospectus, which it plans to list on the GEM.
January 8 this year, the State Administration of Quality Supervision released the fourth batch of 2017 vacuum cleaner (sweeping robot) product quality supervision and inspection results of the dog, Puppy Electrical Internet Technology (Beijing) Co., Ltd. (hereinafter referred to as 'Puppy Electrical') 2017 The "Vacuum Cleaner Model V-M611 100-240V" manufactured in April was judged to be an unqualified product due to "unreasonable product structure".
This is not the first time the dog electrical quality problems exposed Shanghai Consumer Association has 15 vacuum cleaner products for evaluation and found that the puppy electrical filtration efficiency is the lowest, easy to cause dust leakage during use, resulting in secondary pollution.
Behind this is the proportion of investment in research and development of dog electrical appliances in the past few years than in the past few years .2014 to the first half of 2017, puppy electrical research and development investment accounted for 2.08% of operating income, 1.96%, 1.53% and 1.90%, low In peer companies.
Compared with the proportion of R & D investment is too low, the company advertising, publicity and promotion, it is a generous investment, and increased year by year.From 2014 to the first half of 2017, the company's advertising and promotion, promotion costs were 21,492,900 yuan , 51,201,900 yuan, 111,831,100 yuan and 60,997,700 yuan, a total of 245 million yuan, about four times the same period net profit.
New three-year listing sprint IPO
Public information shows that puppy electrical was established in 2012, but puppy electrical brand can be traced back to 1997. At present, the company's main business is the development and sales of vacuum cleaners, mites and sweeping robots and other household cleaning appliances currently mainly through Third-party e-commerce platform sales Tan Tan total control of the company 21,999,800 shares with voting rights, a total control of Puppy Electric 68.75% of the voting shares of the company's controlling shareholder and actual controller.
Puppy electrical vacuum cleaner products accounted for the absolute dominant position in the company's revenue, from January to June 2017, the vacuum cleaner accounted for 71.48% of the total revenue, while in the past, the company's vacuum cleaner business once accounted for 80% of the company's main business income %the above.
In December 2016, Puppy Electric successfully listed on the new three-board.
After the listing of the new three board, the company founder Tan Chong said in an interview: 'Puppy Electric chose the first three boards, but there are plans behind the new board is only the first step because the financial statements need consistency, the dog It is not until 2017 that electric appliances have the conditions to declare an IPO. It is also good to make a preview first by using the new third board.
Pursuant to the Prospectus of Puppy Electric Appliances, all the products of the company are outsourced and the production of the company's products is completed through OEM suppliers or ODM suppliers. At the beginning of the report period, due to the Company's main focus on brand promotion and sales channel construction, ODM-based procurement model.Since 2015, R & D and design capabilities continue to increase, R & D investment increased year by year, the proportion of OEM model procurement increased year by year.
Data show that from 2014 to the first half of 2017, Puppy Electric OEM model accounted for 32.89%, 54.22%, 72.51% and 76.14% respectively.
Quality problems are frequent
According to the introduction of Puppy Electric, the company has established a research and development team with strong technical strength. As of June 30, 2017, the company has a total of 51 R & D personnel, accounting for more than 16% of the total number of employees. In 2014-2017 In the first half of the year, R & D investment in the company accounted for 2.08%, 1.96%, 1.53% and 1.90% of operating income.
Prospectus shows that currently in the A shares, and more similar to the puppy electrical Lake Electric, whose main products include vacuum cleaners, air cleaners and other clean indoor and electrical appliances, etc. 2014 to the first half of 2017, Lake Electric R & D investment The proportion of operating income was 3.80%, 3.64%, 3.98% and 3.87% respectively.
Many consumers said the biggest advantage of the dog electrical products for affordable, but reporters found that the gross profit margin of its vacuum cleaner products in 2014 - 2016 has been maintained more than 50%, while the consolidated gross profit margin is also much higher than Lake Electric.
R & D investment accounted for less than Lake Electric, gross margins much higher than the Lake Electric puppy electrical repeatedly exposed quality issues.
January 8 this year, the State Administration of Quality Supervision released the first batch of 2017 Vacuum Cleaner (sweeping robot) product quality supervision and inspection of the results of the country, a dog electrical products impressively appear in the list of 'substandard products'.
It is understood that the spot checks, the State Administration of Quality Supervision focused on 19 batches of vacuum cleaner (sweeping robot) products produced by 19 enterprises in Jiangsu, Zhejiang, Hubei, Hunan, Guangdong and other 19 provinces launched a quality checks.
Judging from the results of random inspection, there are 16 enterprises producing products qualified, 3 products failed. Unqualified projects mainly in the structure, continuous harassment of power and so on.Nonqualified samples mainly related to the brand dog electrical appliances, letter more As well as Kejie Da three batches.Among them, Puppy Electric produced in April 2017 model specifications for the 'V-M611 100-240V' smart vacuum cleaner product structure is judged as unqualified products.
January 22, Beijing Quality Supervision Bureau released the news that the dog electrical appliances to the Beijing Bureau of Quality Supervision filed a recall plan, decided to recall 'Puppy' brand intelligent vacuum cleaner (Model V-M611 power adapter 100-240V; production date / lot number : 2017-4-12) Total 3185 item (s) for this product Due to the adapter's protective impedance consisting of only a single element, it does not meet the relevant requirements and is a defective product.
On December 23, 2016, the results of the "15 Domestic Vacuum Cleaner Performance Big Tests" released by the Consumer Protection Committee of Shanghai Municipality, which was forwarded by the China Consumer Association, showed that the puppies with a nominal rated power of 2000W and the actual power Only 167W.
At the time of the experiment, the puppy electric vacuum cleaner (nominal specification model: D-926) claimed that 'the rear exhaust air does not fly ash dust, to avoid secondary pollution of indoor air', the filtration efficiency of 5.7 (the smaller the value the better) , While the best filter efficiency of a product reached 0.15, the difference between the two 38 times Consumers Association said the filter efficiency is not high vacuum cleaner, easy to cause dust leakage during use, resulting in secondary pollution.
'Bought a dog, took less than a month, no suction, severe, ready to throw for a big brand.' 'I bought a father and mother, a year less than the motor burned.' Reimbursement from buying one year, this year may also be about once a month with this frequency, there is no water knock and so on, and then one day normal use, the motor stalls, the suction straight down to the dust suction Can not afford, so happily throwing '... ... Beijing News reporters found that puppies repeatedly criticized electrical products in Baidu Post Bar, Taobao users evaluation and know almost, users' Tucao' puppy electrical quality problem.
Prospectus shows that in March 2016, Sun Jianmin filed a lawsuit with Chanhe District People's Court of Luoyang City on the online shopping contract dispute with Puppy Electric Co., Ltd. On April 7, 2016, both parties signed the "Settlement Agreement", which stipulated that the issuer should submit to Sun Jianmin Replacement of goods, Sun Jianmin withdrawal.
Once a year profit of millions, tens of millions of advertising costs
Prospectus shows that the dog electrical products sales mainly driven by advertising and publicity.In the reporting period dog electrical sales accounted for the proportion of operating income remained at 30% or more, with the same industry companies about 10% higher than several times .
From 2014 to the first half of 2017, the advertising and promotion expenses of the Company were RMB21,492,900, RMB51,201,900, RMB111,831,100 and RMB60,907,700 respectively, amounting to a total of RMB245 million, accounting for the proportion of operating revenue for the reporting period 16.78%, 21.91%, 21.69% and 19.02% respectively.In the report period, the net profit of Puppy Electric Appliances was 5.3766 million yuan, 3.62.29 million yuan, 32.7691 million yuan and 20.2417 million yuan respectively, with a total value of 61.0103 million yuan, And publicity, promotion costs about a quarter.
'The company attaches great importance to branding and marketing efforts, set up brand operations center responsible for brand maintenance and promotion of the' Puppy appliances, the company well versed in the characteristics of Internet users, for different user groups to develop different marketing programs, and through A variety of channels for brand promotion and promotion.
Pursuit of electrical appliances, according to the introduction of the dog, the company brand promotion and promotion, including advertising in the cooperative e-commerce platform, through the e-commerce platform to provide booth resources, search results display and other ways to put precise positioning ads and banner ads for product promotion. Platform through train, diamond booth, Taobao off, consumer goods, as well as Beijing Jingdong platform and Beijing pick-off and so on.
Liu Xiang has been the occasion of marketing, the defendant infringed
In addition to the above means, puppy appliances also pay attention to the occasion of marketing in 2015. When Liu Xiang announced his retirement, the dog electronic official microblogging issued a document, 'how much can withstand the slander, can stand much praise ... Only one-off, To Ning 'net' Zhiyuan. 'The use of Liu Xiang's portrait for their own vacuum cleaner products selling point of sale.
This behavior caused Liu Xiang dissatisfaction.Liu Xiang and then Puppy Electric, Beijing Micron Dream Tech Network Technology Co., Ltd. launched a lawsuit on the portrait rights dispute cases to the Beijing Haidian District People's Court filed a lawsuit claiming about 600000. 2017 March 9, Beijing Haidian District People's Court issued a "civil mediation", Pursuit of electrical appliances to pay legal fees and notarization fees and other litigation costs 40,000 yuan, and issued a letter of apology on the official microblogging Zhiding 15 days.
March 1, 2017, the puppy official announcement of the official electric appliances, the domestic strength of popular idol Yang Yang become a dog electrical brand ambassador for the specific endorsement fee, puppy appliances have not been announced.
Ningbo public coffee suspected 'surprise' shares, many celebrities 'platform'
In the year prior to the company's official IPO, Puppy introduced 10 new shareholders, accounting for 59.2 million shares, accounting for 18.50% of the total. Of the 10 new shareholders, two were natural persons and the others were all private equity funds. Many private equity funds Just established soon.
Among them, the company newly introduced shareholder Ningbo Zhongcao 2% stake.It is understood that Ningbo Zhongcao was established on June 3, 2016, on November 11, 2016 completed the private equity investment fund for the record, the executive partner is Ningbo Meishan Bonded Port Area, Grand Union Investment Management Co., Ltd. and Ningbo Meishan Bonded Port Area Grand Cafe Alliance Investment Management Co., Ltd. agreed to provide fund management services for Ningbo Zhongcao by Beijing Grand Union Alliance Investment Management Partnership (Limited Partnership) Bo, Zhang Ziyi, Li Bingbing, Ren Zhenquan (Ren Quan) all appeared in the Beijing Big Coffee Alliance Investment Management Partnership (Limited Partnership) list of shareholders.
In July 2017, Puppy Electric held the 18th anniversary celebration when Ren Quan and Yang Yang attended the event.
The company exposed quality problems, the company R & D investment accounted for less than the proportion of operating income, future companies have to increase R & D investment plan ... ... With so many doubts, February 2, Beijing News reporter sent a letter to the dog electrical appliances, as of, Press, no reply.