China Industrial Securities Co.Ltd(601377)
about
Aoki Digital Technology Co., Ltd. made an initial public offering and was listed on the gem
of
Listing recommendation
Sponsor (lead underwriter)
January, 2002
Statement
The recommendation institution and the recommendation representative have complied with the company law of the people’s Republic of China (hereinafter referred to as the “company law”), the securities law of the people’s Republic of China (hereinafter referred to as the “Securities Law”) and the measures for the administration of securities issuance and listing recommendation business (hereinafter referred to as the “measures for the administration of recommendation”) The measures for the administration of the registration of initial public offerings on the gem (for Trial Implementation) (hereinafter referred to as the “measures for the administration of registration”), the rules for the listing of shares on the gem of Shenzhen Stock Exchange (hereinafter referred to as the “Listing Rules”) and other relevant laws and administrative regulations, as well as the relevant provisions of the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”) and Shenzhen Stock Exchange, Be honest and trustworthy, be diligent and responsible, issue the listing recommendation letter in strict accordance with the business rules and industry self-discipline norms formulated according to law, and ensure that the documents issued are true, accurate and complete.
1、 Basic information of the issuer (I) basic information of the issuer Chinese name of the issuer: Aoki Digital Technology Co., Ltd
Registered capital: 50 million yuan
Legal representative: Lv Bin
Date of establishment: August 5, 2009
Date of establishment of the joint stock company: January 10, 2017
Address: unit 001, No. 32, Donghai Street South, Fenghe Jiangbei Village, Haizhu District, Guangzhou
Tel: 020-80929898
Fax: 020-80929898
Internet address: https://www.qingmutec.com./
Email: [email protected].
Computer technology development and technical services; Educational advisory services; Technology import and export; Commodity wholesale trade (except for licensed and approved commodities); Software development; Retail trade of commodities (excluding licensed commodities); Information technology consulting services; Enterprise management consulting services; Business scope of commodity information consulting service: business; Marketing planning services; advertising; Research and development of network technology; Information and electronic technology services; Corporate image planning services; Planning creative services; Trade advisory services; Full service agent for packaging, loading and unloading and transportation; Logistics agency services; Warehousing agency services; Import and export of goods (except for goods exclusively controlled by franchises); Value added telecommunications services (the business type shall be subject to the contents specified in the value added telecommunications business operation license)
Type of securities issued this time: IPO and listing on GEM (II) main business of the issuer
The company’s main business is to provide one-stop comprehensive e-commerce services for global well-known brands. With the vision of becoming a “data and technology driven retail service expert”, the company provides single or comprehensive e-commerce services for brands through insight into the changes of the retail market and the empowerment of data and technology, so as to help brands improve their popularity and reputation in the Chinese market and expand their market share. The company’s main business covers three sectors: e-commerce sales services, brand digital marketing, technical solutions and consumer operation services. The specific services include e-commerce agent operation services, channel distribution, e-commerce channel retail, brand digital marketing, technical solutions, consumer operation services, etc. (III) core technology and R & D level of the issuer
With the ultimate goal of empowering e-commerce sales in an all-round way, the company is committed to improving its service ability through technology. The company has independently developed a number of e-commerce technology solutions, which, on the one hand, improves the quality and efficiency of e-commerce sales services
On the other hand, sell mature technical products directly or through the “product + service” mode
Brands provide consumer operation services.
As of the signing date of the listing sponsor, the main core technologies owned by the company are as follows:
Serial number core technology name technology source corresponding patents
1. E-commerce automation product release, product page generation and editing technology, independent research and development of non patented technology
2. Multi channel order management, inventory allocation, store delivery technology, independent research and development of non patented technology
3. Information fusion technology of Omni channel intelligent operation platform independently developed non patented technology
4. Omni channel evaluation of natural language analysis technology and independent research and development of non patented technology
5 combined marketing technology independent research and development of non patented technology
6 Beijing Vastdata Technology Co.Ltd(603138) processing and analysis system independently developed non patented technology
(IV) main financial data and financial indicators of the issuer
Main financial indicators June 30, 2021 December 31, 2020 December 31, 2019 December 31, 2018 / January June 2021 / 2020 / 2019 / 2018
Total assets (10000 yuan) 45814.48 37611.48 21797.15 19000.55
Owner’s equity attributable to the parent company (10000 yuan) 34673.13 27919.33 17401.56 14880.61
Asset liability ratio (parent company standard) 25.63%, 23.42%, 21.95%, 19.88%
Operating income (10000 yuan) 42990.85 64870.20 36121.48 30554.46
Net profit (10000 yuan) 6904.15 12600.53 4515.32 4386.77
The net profit attributable to the owner of the parent company is 6686.55, 12367.13, 4378.47 and 4315.46 million yuan
Net profit attributable to the owner of parent company 6647.57 12283.60 3757.67 3860.06 after deducting non recurring profit and loss (10000 yuan)
Basic earnings per share (yuan) 1.34 2.47 0.88 0.86
Diluted earnings per share of RMB 34.0.2
Weighted average return on net assets 21.37%, 54.98%, 27.42%, 32.83%
The net cash flow from operating activities is 362487.4833.20 290031.715603 yuan
Cash dividend (10000 yuan) – 2000.00 2000.00 3000.00
The proportion of R & D investment in operating income is 4.73%, 6.05%, 6.46% and 4.61%
(V) main risks of the issuer
1. E-commerce platform dependence risk
China’s B2C e-commerce sales are mainly concentrated in tmall, jd.com and other large e-commerce platforms
Daily operation rules are formulated for service providers settled in the platform service market. If the platform rules change and the company
Effective.
At present, the platform provides data and service support for service providers. If the platform’s support for service providers decreases, it will have an adverse impact on the company’s business development.
In addition, as an irreplaceable key link in the value chain, e-commerce platform has strong bargaining power. If the platform improves the charging level of store operation and promotion, or carries out some service provider businesses by itself, it will reduce the company’s business and profit space, resulting in the decline of the company’s profitability.
2. Brand cooperation risk
E-commerce service providers obtain the recognition of the brand and the authorization of the official flagship store of the brand, which is the basis of their business development. If the company fails to meet the expectations of the brand in the future, or the brand adjusts its online sales strategy, resulting in the suspension of cooperation between the brand and the company or the termination of cooperation between some stores, it will have an adverse impact on the company’s business. In addition, the brand and the company usually sign a cooperation agreement on an annual basis. Even if both parties renew the contract, the brand also has the right to adjust the service rate, supply price and credit policy terms, and may make modifications unfavorable to the company. Due to the scale effect of e-commerce agent operation service, the growth rate of cost is smaller than that of sales. Therefore, with the increase of cooperation time between the company and the brand party and the increase of brand sales, both parties may negotiate to reduce the service rate. Whether the company can maintain a long-term and stable cooperative relationship with existing brands and continuously expand new cooperative brands in the future will affect the company’s sustainable profitability.
In the future, if the company ends its cooperation with major brands due to changes in the market environment or brand strategy, it may affect the company’s short-term profit realization. If the company ends its cooperation with the brand due to less than expected market expansion, it may have a certain impact on the company’s operation or reputation.
Solid Gold is one of the main brands of channel distribution and e-commerce channel retail business in 2020. Brand Licensing companies sells SolidGold brand products in Chinese mainland (including Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels and cross-border e-commerce channels), authorized for February 1, 2020 to February 20, 2023. As Jianhe international completed the acquisition of 100% equity of solid gold pet, LLC in December 2020, Jianhe international and the Company re signed a cooperation agreement in 2021, and the cooperation mode, authorization period and authorization scope changed. In August 2021, the company signed a termination agreement with Jianhe international to end all cooperation of solid gold brand. In 2020, the company’s revenue from solid gold was 145.1156 million yuan, accounting for 22.37% of the company’s operating revenue; From January to June 2021, the company’s income from solid gold was 120.058 million yuan, accounting for 27.93% of the company’s current operating income.
In January 2021, compared with 2020, the impact of solid gold business on the company’s e-commerce sales and service revenue was -6968900 yuan, and the impact on the company’s gross profit and net profit attributable to the owner of the parent company were -8136800 yuan and -5640500 yuan respectively, including -714400 yuan and -5012900 yuan on the gross profit of channel distribution business and net profit attributable to the parent company respectively, The impact on the gross profit and net profit attributable to the parent company of e-commerce channel retail business is -992800 yuan and -627600 yuan respectively.
3. Risk of intensified market competition
It is normal for some brands to authorize stores on different platforms or different stores on the same platform to operate with different service providers in the industry. The company has a competitive relationship with the service providers of other stores of the brand (referring to stores not operated by the company) and the service providers of other brands in the same industry (referring to brands not operated by the company). The e-commerce service industry has multiple leading service providers, and the difference in operating capacity does not constitute a significant entry barrier. The assessment cycle of the platform for service providers is relatively short. If the company cannot maintain its existing competitiveness, it may be replaced by competitors.
E-commerce service industry is an open industry, and there is no strict
