Kefan Home Furnishing IPO: Large customers have frequently established a newly established enterprise sales amount far exceeds large customers' annual revenue

In addition to the chairman and senior executive resume letter and public information, there are many inconsistencies, and the big customers of Kefan Home Furnishing are also doubts.

"Volkswagen Securities News" Mingjing Financial Studio discovered that many companies have become the top five customers of Kefan's home soon as soon as many companies have been established. The "High -tech Industrial Development Zone Kefan Furniture Management Department", and the annual transaction amount disclosed by large customers in the prospectus far exceeds the scale of revenue in the annual report of the customer's enterprise.

The top five customers frequently found newly established enterprises

In the analysis of the industry's competitive status, Kefan Home claimed that "the company is one of the earliest companies in China entering the custom home industry" and "the national distributor network system that has established efficient operations after years of strategic layout has been established." However, the reporter sorted out the prospectus and found that many of the top five customers of Kosan were new companies that were established shortly after.

For example, in the top five customers of the company in 2019, the disclosure of the Kafan Home Furnishing Prospectus is the Jiulongpo District Jianjia Furniture Management Department, the Hairui Home Furnishing Department of Rare Earth Development Zone, Si Fan Building Materials Store in Chancheng District, Foshan City, Jinjiang Mo Ji Building Materials Co., Ltd. Juhuang Space Building Materials Co., Ltd. (see Figure 1), four of which are enterprises established after 2018.

Figure 1: The sales of the five major customers in Kewan Home Furniture

In the year of the Hairui Home Furnishing Department of Rare Earth Development Zone, the second largest customer of Chengke Fan Home. According to industrial and commercial information, the Hairui Home Furnishing Department of Rare Earth Development Zone was established on January 14, 2019 (see Figure 2). In the year of its establishment, the sales amount of Kefan Home furnishing reached 5.7175 million yuan, and the transaction amount continued to increase in two years. In 2020 and 2021, the transaction amount of 6.385 million yuan and 7.1097 million yuan stabilized the second largest customer of Kefan Home Homes. Essence

Figure 2: Industrial and Commercial Information of Hairui Home Furnishing Development Department of Rare Earth Development Zone

The third largest client was established on August 21, 2018 (see Figure 3) in Sifan Building Material Store, Foshan City (see Figure 3). Since then, he has been in the largest customers of Kefan Home. In 2020 and 2021, the transaction amount was 7.689 million yuan and 8.449 million yuan.

Figure 3: Industrial and Commercial Information of Si Fan Building Material Store, Chancheng District, Foshan City

Customers with similar situations also have Hubei Juhuang Space Building Materials Co., Ltd., which was established on July 2, 2018 (see Figure 4), and Jinjiang Mozhi Building Materials Co., Ltd. (see Figure 5), established on September 11, 2018, all of which are established. In the following year, he entered the top five customers of Kefan's home, with a transaction amount of over 4 million yuan.

Figure 4: Industrial and Commercial Information of Hubei Juhuang Space Building Materials Co., Ltd.

Figure 5: Industrial and Commercial Information

In addition, Dongguan Tianyi Home Furnishing Co., Ltd., the fourth largest customer in Kavan Home in 2020, is also a company that has not been established. According to industrial and commercial information, Dongguan Tianyi Home Furnishing Co., Ltd. was established on August 30, 2019 (see Figure 6). The following year, Kewan Home Furnishing sales reached 4.6189 million yuan, and in 2021, with a 6.1649 million yuan of 6.1649 million yuan in 2021 The transaction volume continues to be ranked fourth largest customers. Interestingly, as of now, the number of insureds in the company is still 0.

Figure 6: Industrial and Commercial Information of Dongguan Tianyi Home Furnishing Co., Ltd.

So, the question is, why, after many years of strategic layout, the top five customers of the top five customers during the IPO reporting period frequently established?

The sales amount far exceeds the annual revenue of the big customers

In addition to most of the large customers, most of the newly established companies, the amount disclosed by Kanfan Home Furnishing Prospects to the big customers is far exceeding the annual revenue disclosed by the customer's annual report.

As mentioned earlier, the prospectus of Kefan's home prospects disclosed that in 2019, the sales amount to Si Fan Building Materials Store in Chancheng District, Foshan City was as high as 5.1195 million yuan. Figure 1).

However, the reporter's inquiry company found that the 2019 annual report submitted by the Si Fan Building Material Store in Chancheng District, Foshan City showed that the total operating income of 2019 was only 498.536 million yuan (see Figure 7). The total revenue of this year was much lower than the sales of 2019 disclosed by the found prospectus of Kofan's home furnishing, and the difference was as high as 4 million yuan.

Further inquiries found that the telephone number of Si Fan Building Material Stores in Chancheng District, Foshan City is also 13630090266 (see Figure 7, Figure 8), the Sanshui District Cabinet of Foshan City, Foshan Home, Foshan Foshan.

Figure 7: Annual Report of Si Fan Building Material Store, Chancheng District, Foshan City

Figure 8: Sanshui District Cabinet in Foshan City in the core building material store 2020 annual report

According to industrial and commercial information, the business scope of Si Fan Building Materials Store in Chancheng District, Foshan is retail: building materials and furniture. In 2019 and 2020, the number of employees is 6. Foshan Sanshui District Cabinet operates in the core building materials stores in the core building materials store, which is specialized in hardware, furniture and interior decorative materials. In 2021, the number of employees is 7.

In addition, the largest client of Kefan Home in 2019, Jianjia Furniture Business Department of Kowloon Po District, changed its name on August 6, 2021, named "High -tech Industrial Development Zone Kefan Furniture Management Department".

So, why did the company's prospectus disclosure why the sales amount to large customers is higher than 4 million yuan in revenue in the annual revenue of large customers?

In terms of marketing network construction, the dealer running funds are in the marketing network. Kefan Home Furnishing mainly achieves product sales in the distribution model. During the reporting period, the revenue of distribution models accounted for more than 98%. As of December 31, 2021, the company had 943 dealers and 990 stores nationwide, covering more than 300 cities across the country.

In March of this year, the dealers of Kewan Home Furnishing were suspected of illegal attention: "Local media in Puzhou said: Some Ningbo consumers report to the media, the 7th floor of Kofan Home Home Furnishing Store, Ganglong International Home Shopping Plaza, Gongzhou High -tech Zone. After a long -term arrears of orders, it causes life troubles and economic losses to consumers ... The store has stopped business. Some consumers said that they have paid the end in November last year. Later, no goods have been received so far. The person in charge of the merchant claims to be broken and cannot continue to perform the contract on the previous contract, and insists on letting all the uncomfortable customers resolve the dispute through judicial channels. At present Interview. "

It is reported that employees, customers, cargo partys and installedrs who recovered the arrears. According to statistics from a staff member of the store, six employees were owed more than 100,000 yuan. In addition, the cargo was arrears of 30,000 yuan and the installed party was owed more than 100,000 yuan. In addition, according to the incomplete statistics of the WeChat group, more than 50 customers have suffered losses, and the cumulative amount has reached more than 2.6 million yuan, of which a large part of the money is paid but did not receive the goods.

The prospectus of Kanfan Home was disclosed more than one month after the incident, and the above -mentioned distributors were not mentioned in the prospectus. In the prospectus, the "comprehensive operation service advantage" is listed as its competitive advantage: "Since its establishment, the company has always focused on win -win cooperation as the dealer's management concept, and focused on the main work direction and resources of market operations to dealers. Operation support. The company has a leading industry and experienced operation support training team to provide dealers with training in product design, marketing planning, installation and after -sales service, so that the service staff of dealers' outlets can improve their quality and skills Provide customers with excellent quality and thoughtful services, and establish a good reputation for the company. "

In the prospectus, Kefan Home said: "Establish a comprehensive dealer selection and elimination mechanism to ensure that the offline service capabilities of dealers in various places can meet consumers' measurement, design, transportation, and installation. The company has established a high -quality brand image in the consumer group, and the industry's influence continues to expand. "

So, what is the progress of the above dealer's running incident? How does Kanfan Home standardize dealers' operating behavior and reduce consumer disputes?

Regarding the above questions, the reporter from the Public Securities News Daily Mirror Finance Studio once sent a letter to Kewan Home. The company did not explain it. The content of the reply was: "Your email has been received, thank you for your attention to the company. Please check the company's prospectus and public information, thank you. "Reporter Cheng Shu

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