Relying on the net celebrity massage instrument SKG to support the scene!The profit declines, will we have a drama in the future wearing IPO?

During the reporting period, in the future, wearing income income will not increase, and net profit will decline for two consecutive years.

"Investment Times" researcher Liu Bai

The Internet celebrity massage instrument SKG parent company wearable health technology Co., Ltd. (hereinafter referred to as future wearable), recently submitted a prospectus to the Shenzhen Stock Exchange to apply for landing on the GEM.

In this IPO, in the future, we will publicize the issuance of RMB ordinary shares (A shares) to the society with no more than 50 million shares, and about 1.6 billion yuan will be raised. Among them, 720 million yuan was used for "future health digital chemical plant construction projects", 200 million yuan was used to supplement mobile funds, and the remaining funds were planned to be used for research and development, brand construction, IT system construction and design centers.

The prospectus shows that in the future, wearables are a high -tech enterprise focusing on providing intelligent wearable health products for individuals and families. They are specializing in the research and development, design, production and sales of SKG brands wearable health products and portable health products. Wear healthy products and portable health products.

In terms of equity structure, the group holds 72.73%of the future wearables as the company's controlling shareholder. Liu Jie directly holds 11.32%of the future, and indirectly holds 65.89%of the company's equity through future groups, small goose lakes, and small goose ballet, and holds a total of 77.21%of the shares, which is actual controller in the future.

"Investment Times" researcher sorted out the future wearing prospectus noticed that from 2019 to 2021 (hereinafter referred to as the reporting period), the company's income increasing income and the gross profit margin fluctuations declined.

Increasing income and not gaining profit

From the perspective of financial data, during the reporting period, the business income of future wearables was 792 million yuan, 991 million yuan, and 1.06 billion yuan, respectively. The revenue at the end of the reporting period increased by 33.87%compared with the beginning of the period. However, during the period, the company's net profit decreased year by year, with 213 million yuan, 143 million yuan, and 132 million yuan, respectively. The net profit and operating income were reversed.

In comparison, the profitability of Shenzhen Bichang Technology Co., Ltd. (hereinafter referred to as Bo Er) is slightly stronger. During the reporting period, the easy operating income was 694 million yuan, 826 million yuan, and 1.190 billion yuan, respectively. The net profit attributable to shareholders of listed companies was 52.1993 million yuan, 62.739 million yuan, and 76.69 million yuan, respectively. Essence In the same level of revenue and future wearables, the easy net profit performance is better than the future, and the revenue and net profit are growing.

In addition, the gross profit margin of wearables will also decline risk in the future. During the reporting period, the gross profit margin of the main business in the future was 55.81%, 58.31%, and 52.38%, respectively. At the end of the reporting period, it fell 3.43 percentage points compared with the beginning of the period, showing a trend of fluctuations.

From the perspective of products, the gross profit margin of wearable health products and other products has shown a downward trend. Among them, wearable products that account for about 80%of the company's income, the gross profit margin during the reporting period was 62.80%, 60.83%, and 55.08%. As of the end of the reporting period, the gross profit margin of other products decreased by 20.85 percentage points from the beginning of the period. Although as of the end of the reporting period, the gross profit margin of portable health products increased by 11.51 percentage points from the beginning of the period, but the product's income accounted for less than 20 % of future wearing income.

In this regard, wearing in the future explained in the prospectus that the decline in the gross profit margin of the company's main business in 2021 was due to the increase in the proportion of the gross profit margin of wearable health products and the income of portable health products with low gross profit margin. The gross profit margin of wearable health products is due to the increase in the proportion of waist massage instruments with relatively low gross profit margin and the income of eye massage instruments, and the gross profit margin of the cervical vertebral massage instrument has declined.

In the future, the gross profit margin of wearable products

Data source: future wearing prospectus

There are many lawsuits

Researchers in "Investment Times" reviewed the prospectus noticed that in the future, we also bear a number of patent lawsuits. In March 2022, Tengfei Technology Co., Ltd. filed a lawsuit with the future wearables and Shanghai Valley hidden infringement of the invention patent rights to the Shanghai Intellectual Property Court, asking the court to order the future wearing compensation for compensation for economic losses, lawyers' fees and notarization fees. During the reporting period, wearables also involved lawsuits with Green Shicao (Beijing) Biotechnology Co., Ltd. in the future.

According to the public information of the China Magistrate Document Network, Shenzhen Zhicong Technology Development Co., Ltd. in 2019 shall file a lawsuit on the special rights of registered trademarks that infringe on its "knocking" in the future. A total of 60,000 yuan in the reasonable cost of rights protection.

In addition, the Shenzhen Consumer Council has detected the unqualified quality of the products sold in the future. The test results show that in the future, the release of nickel release of the imported mask import instrument will exceed the standard, which does not meet the requirements of the EU Reach regulations, and there is a risk of skin allergies. And the function surface temperature and uniformity test of the mask essence instrument do not meet the requirements of relevant standards, and there is a risk of low temperature burns.

"Investment Times" researcher also noticed that the net profit of future wearables has declined year by year, but the salary paid to employees has increased significantly. In 2021, the pre -tax salary of key managers and other core personnel was 23.9438 million yuan, accounting for 15.40%of the total profit, which was 9.59 percentage last year. Among them, the actual controller Liu Jie's salary was as high as 6.8074 million yuan. In 2020 and 2021, the future wearable cash dividends were 155 million yuan and 160 million yuan, respectively, totaling 315 million yuan, and the net profit of the future wearing a total of 275 million yuan, the amount of cash dividends exceeded the net profit of the same period.

From the perspective of the equity structure, Liu Jie, the actual controller of the future wearable, holds 77.21%of the company's equity, and his spouse Xu Siying holds 15.84%of the company's equity, and the two hold a total of 93.05%of the equity. Most of the huge dividends or all of the huge dividends of the IPO income Liu Jie and Xu Siying's husband and wife. In the past two years, Liu Jie and Xu Siying's salary and cash dividends or more than 300 million yuan.

In addition, at the end of the report period, the total assets wearing in the future were less than 1 billion yuan, revenue of 1.06 billion yuan, and the cash dividend of 315 million yuan on the eve of its IPO, but now it is planned to raise 1.6 billion yuan, of which 200 million yuan is used to supplement the flow of flow Fund, whether such a high amount of fundraising is necessary to pay attention.

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