Green Lianlian is listed.

Zhang Qingsen, who graduated from college in 2007, should not expect that he would earn more than 100 million yuan by selling data cable 15 years later.

According to Tianyan check data, on June 2, 2022, the GEM IPO of Shenzhen Greenlord Technology has been accepted. Before the listing, Green Liana also received 550 million yuan in Gao Zhe. Because of the investment of Gao Ling, Green Lian's value rose. Under the pride, Green Federation intends to raise 1.504 billion yuan at this IPO.

However, it is worth noting that when Gao Yan invested in the Green Federation for the first time, the funds obtained by the Green Union's equity exchange did not flow to the Green Union, but it was suspected to fall into the founder Zhang Qingsen and co -founder Chen Junling.

On April 29, 2021, Zhang Qingsen transferred 3.7028%of the corresponding shares to Gao Yan at the price of 200 million yuan, and Chen Junling transferred the corresponding stock of 1.8528%to Gao Yan at the price of 100 million yuan. On June 25, 2021, the Green Lianhe conducted another round of financing, of which Gao Yan invested 250 million yuan again. Shenzhen Shiheng, Great Great Strategy, and Nuts Nuclear Power also subscribed to the equivalent stock capital.

Among them, Gao Yan invested 550 million to Green Lianlian in 2021, but according to the prospectus, the amount of cash inflows in the Green Union's funding in 2021 was only 314 million yuan. Based on this, the 300 million yuan of funds generated by Gao Yan's first investment may be the personal cashing behavior of Zhang Qingsen, the founder of Green Union Zhang Qingsen and co -founder Chen Junling.

It is unknown what the main shareholders are before listing.

However, looking at the floating records of Green Lianlian Electronics, from the early beneficiaries of e -commerce dividends to today's high investment in marketing and buying traffic, from digital accessories such as data cables and chargers to now become professional brands with a annual collection of over 100 million.

On the one hand, Green Liantian spent ten years out of Huaqiangbei, and then landed on the capital market. The average growth rate of three years was as high as 29.8%, and the results were good, but on the other hand, the green couplet was deducted from the net profit after the past year. Data front lines such as business profits are down, which has become an indisputable fact.

So, how did Green Lian reach the status in the past ten years? Where will its development path go after listing? Let's look at the disassembly below!

Ten years of success, the counterattack of the foundry

Zhang Qingsen, the founder of Green Lianlian, was a foreign trade salesman. After 2009, he turned to start a business. At this time, the main business of Green Alliance was to help foreign manufacturers to produce data cables.

Green Union is an OEM foundry. You only need to use the device to use the design plan and process of foreign manufacturers to process it. It is similar to the purchase of the processing pens of the processing pens in the early years, and the manufacturer's recycling mode is more similar.

Such foundries generally do not involve the core design part and are only responsible for running water production.

However, the foundry business of Green Lianlian is not easy to do. On the one hand, there are many types of similar enterprises in Huaqiangbei, and the competition is fierce.

In a price war, the Green Lianlian lost, but soon, Zhang Qingsen set up a brand business department to try to make his own brand.

In 2011, the Green Union Ugreen was established.

Earlier, the data cable of its foundry business was cut in to seize the blank area with low quality of domestic products and high prices of foreign products, so it began to build products.

From the TV high -definition line, mobile phone data cable, and later extending to related products such as mobile phone frames, it also launched a variety of long data cables, which opened the market.

In 2011, Taobao was flourishing, and the e -commerce platform became the starting point of domestic traffic dividends. In 2014, JD.com and Alibaba were listed. Green Lianlian is one of the few brands of store operations, customer service services, and traffic in online operations.

On the one hand, cheap, formal and convenient e -commerce experiences have caused the volume of Green Union's orders to rise; on the other hand, Green Union has also accelerated product research and development, and then launched USB socket sockets.

According to data, three months after the opening of Green Lianlian stores, a single -day sales exceeded 10,000, and the single -day online order reached 7,000 orders. The prospectus shows that from 2019 to 2021, the Green Union's revenue was 2.045 billion yuan, 2.738 billion yuan, and 3.446 billion yuan, respectively.

It is worth mentioning that the Green Lianxi not only is smooth in China, but also has a color in the business of going to the sea. As of the end of 2021, the turnover of Greenlord exports in 2021 was as high as 1.5 billion. At present, it has entered more than 100 countries and regions in Japan, South Africa, Europe, and North America. Sales champion.

Green Lian, get up!

2. Basic green coupling, not stable

Looking at the prospectus of the Green Lord, the revenue from 2019-2021 was 45 million, 2.738 billion, and 3.446 billion, respectively. In the past year, revenue increased by 25.88%year-on-year, and the average growth rate of three years was as high as 29.8%.

But under the growth, net profit has a downward trend. According to the prospectus, from 2019 to 2021, the net profit of Green Lianlian was 227 million yuan, 306 million yuan, and 305 million yuan, respectively, with a year-on-year growth rate of 34.8%and -0.3%, respectively.

The reason for the decline in net profit is also obvious.

On the one hand, it comes from Green Lian's own production model.

The Green Federation does not have its own factory, so it can only be produced by foreign cooperation, supplemented by independent production. However, the main productive forces still come from suppliers, even if the supply chain and other supply chains such as mold factories and patch factories are in the Green Lianlian Industrial Zone.

The prospectus shows that from 2019 to 2021, the production proportion of the Green Union Foreign Association was 75.78%, 76.10%, and 75.62%, respectively. Everyone in the industry knows that these suppliers are not directly managed by the Green Union, and the Green Union's own supervision and management degree is not strong. Once the issue of dependence on suppliers is exposed, Green Union's own profitability will inevitably be questioned.

Taking 2021 as an example, the unit price purchased by finished products rose by 21.09%, an average of more than 3 yuan. Coupled with the rise in prices of components such as chips, the Green Union is in profit dilemma.

Secondly, the rise in logistics costs of Green Lianlian also eroded the profit space to a certain extent.

The prospectus shows that from 2019 to 2021, the logistics costs of Green Lianlian were 306 million yuan, 395 million yuan, and 436 million yuan, respectively, accounting for about 20%of the main business cost.

On the other hand, the Green Union's innovation ability is not strong.

According to data, Green Lianhe currently has a total of 698 domestic patents, but the invention patent is only 11.

In contrast, Anke, who is also a competitor, in 2021. In 2021, R & D costs were 778 million yuan, accounting for about 18.9%of the total revenue. Ke Innovation brought 4.1 billion revenue.

As a digital product accessories manufacturer, related products are like the "fast consumer" of the digital industry, which need to be continuously pushed.

R & D personnel of Green Lianhe, less than 600 people, can only rank third in the company's staff category. What is the most manpower? Marketing!

In 2020, Green Lian's brand exposure reached 500 million+. Green Lianlian once launched a 15 -day large -scale launch in Xiaohongshu to promote its own paper -like film products.

But how do other competing products do?

For example, as early as Apple's wireless charging era, various types of chargers of various types of wireless charges of sitting, clamping, and magnetic wireless charges have continued. Since Apple replaced the USB charging head to the Type-C interface, Anke's charging head almost sticks to almost sticking to it. Apple's price is sold.

There is also a high platform service fee.

With the maturity of the e -commerce platform, the advantages of the green assets on the green online line gradually dissipate, and the gap between the cost of opening the store and offline channels is increasingly not obvious, especially the low -cost product such as data cables with weak premium capabilities.

Therefore, it is difficult to enjoy e -commerce dividends. From the prospectus, the proportion of the service fee of the Green Lianlian platform soared from 20.97%in 2019 to 40.09%in 2021, an increase of nearly 100%.

According to the current status of "not paying for money, not paying traffic, no traffic", the cost of Green Union's cost on the platform service fee may not have declined significantly.

On the La Lian's side, the core selling points of the "low -price" and "service" as the core selling point. Now that the electronic products are gradually branding and high -end, the Green Union may be difficult to enter the brand transformation.

On one side, the gross profit margin is squeezed, and the other side is that the product is high -end and it is difficult to increase the scale of revenue. Under the glorious basic disk of the Green Union, the worry has surfaced.

3. How much is the possibility of Green Union to go to sea?

If you have a long market vitality, the brand must have the ability to cross the cycle.

From the stage of recklessness, the concentrated competition period of the explosion to the past year, does the brand truly understand the needs of user needs? Is the product really polished? Do the company have the intention to conduct localized marketing operations? They are the key to determining the success of the brand.

Green Lianxi has not only become famous in the local market, but also "head and face" in overseas markets.

According to the prospectus, from 2019 to 2021, the main business of Green Liana's main business accounted for 43.49%, 47.38%, and 46.09%, respectively, and only half.

The development of the Green Liana in overseas markets is more thanes to the supply chain bonus in China and the outlet of overseas e -commerce.

According to the prospectus, the proportion of Amazon, JD, Tmall, and AliExpress in the Green Lianlian sales channels were 33.41%, 20.11%, 16.01%, and 3.28%, respectively. Amazon is still one of its main channels.

From 2019 to 2021, the revenue from Amazon was 641 million yuan, 978 million yuan, and 1.149 billion yuan, respectively, accounting for 3139%, 35.83%, and 33.41%, respectively.

Regardless of 2013, Amazon's "B2C" strategy of Chinese sellers and "enterprise purchases" services in 2015, Green Lianlian has tasted sweetness.

However, the instability of overseas markets still exists. According to data from the General Administration of Customs, in Q1 in 2022, the total export of cross -border e -commerce in China was 310.4 billion yuan, a year -on -year increase of only 2.6%.

The growth rate of the overseas business of Green League also showed a slowdown. The prospectus showed that from 2019 to 2021, the revenue from overseas from overseas was 888 million yuan, 1.294 billion yuan, and 1.584 billion yuan, and the growth rate decreased from 45.72%. To 22.41%. Considering the impact of the epidemic on important import and export cities such as Shenzhen, Shanghai, the Green Union may have business risks.

In addition to market factors, the main data cable, charger, etc. of the Green Union are affected by consumer electronics shipments such as mobile phones.

Taking the mobile phone market alone as an example, according to data, since the Chinese mobile phone market reached its peak in 2016, shipments have declined for four consecutive years. The difficulty of consumer electronics is that the product and user demand is fast. Many mobile phone and computer manufacturers have new products every six months. How to keep up with the dynamics and trends of the head company, and every need for each user to step on the market team and the supply chain is extremely high.

More than 3c, the life cycle of all products is becoming shorter. Taking the sales of seller sales in the third quarter of Amazon US site as an example, there are more than 1/4 sales, from the new selection of new products innovative in the past 12 months. New selection.

Is it really ready for the brand innovation?

Products such as data cables, chargers, and mobile phone brackets that are mainly based on Green Union need to be attached to mature consumer electronics products. For example, the USB-C multifunctional docks focusing on the Green Union mainly serves products such as laptops and tablets.

But the overall growth rate of consumer electronics in the past few years is not optimistic.

The US e-commerce company's fastest growth and fastest decline in the US e-commerce growth in 2020-2021 released by the US retail investigation company Stackline shows that tablet accessories are the fastest category of decline, a year-on-year decrease of 67%.

According to Canalys data, in the first quarter of this year, the performance of the smartphone market in mainland China continued to lag behind the global market. Only 75.6 million units were shipped, a year -on -year decrease of 18%. According to the report of China Xintong Institute, Chinese smart phones shipped 17.69 million units in April, a year -on -year decrease of 34.4%. Such a fierce data decline has also had a great impact on the Green Union.

In addition to uncertainty, the competitive pressure from competing products is not small. In the ranking of Amazon Seller Rating, UGREEN, the main shop of Green Lianlian Technology, is juxtaposed at each site.

Of course, Anken, who is known for cross -border e -commerce attributes, has been working in overseas markets for a long time, and it was listed in 2020 with a market value of 60 billion.

Green Union went to sea and Anke counterattack, the two major brands will eventually have a battle

Not to mention, there are also Pin Sheng and Jingzheng.

Reference materials:

Data source: Tianyancha, Green Union prospectus

Photo: prospectus, network

Reference article:

Youyuan: Anke Technology Anker's official website ("Hidden Giants" in the mobile phone accessories market: Founded in Changsha and wife in the post -80s, nearly 60 billion)

Sina Securities: Lvlian Technology: The data line is 3.4 billion years old but does not pay the social security provident fund listing on the eve of the listing of social security provident funds

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