You may not have thought that a data line can be an IPO.
Recently, Greenlink submitted a prospectus to the Shenzhen Stock Exchange to IPO on the GEM board, and plans to raise 1.504 billion yuan. On the eve of the delivery table, Greenlink technology twice to introduce external capital, of which Gao Tiling Capital invested in two rounds, **** out of 550 million yuan.
The impact of the GEM, I do not know whether it can swim in the 3C consumer electronics market in the sea of new waves? Behind the Greenlink technology, stands a 80 - Zhang Qingsen.
Zhang Qingsen was born in Fujian in 1983, he graduated from university in 2007 to Shenzhen, into a Hong Kong-funded enterprises engaged in foreign trade business. 2009 July, 26-year-old Zhang Qingsen left the company, embarked on the road of entrepreneurship. Green Union is also exactly 2 years later, in Zhang Qingsen's entrepreneurial road was born.
Greenlink technology is a technology consumer electronics brand enterprise, annual revenue of 3.446 billion. It is mainly engaged in the research and development, design, production and sales of 3C consumer electronics products, and is committed to providing users with a full range of digital solutions, the products mainly cover transmission, audio and video, charging, mobile peripheral class, storage class five series.
01
A Fujian man 250,000 startup money
Dry out a listed company
Greenlink technology story, began with 250,000 yuan of entrepreneurial capital. 26-year-old Zhang Qingsen from the company's departure. The 26-year-old Zhang Qingsen left the company, with the natural business intuition of the Fujian people, he took the 250,000 yuan saved up, began his own entrepreneurial road.
Before founding the "Green Union / Ugreen" brand, Zhang Qingsen is mainly to do foreign trade OEM OEM, do OEM, to start with the data line. At that time, the number of such factories in Shenzhen, who can not count. Zhang Qingsen is in such a fiercely competitive environment persisted.
If nothing unexpected, Zhang Qingsen should continue in the OEM foundry this way to go on, but it is a sudden "price reduction event", so that Zhang Qingsen determined to make the transition.
In July 2010, Zhang Qingsen normal for foreign customers to prepare the goods, but received a customer request for a price reduction notice, the reason is that competitors in the use of low-cost products to do malicious competition, the goods have been done, once the order is canceled, which means that all the goods are backlogged in the warehouse, can not be sold, so Zhang Qingsen have no choice but to accept the price reduction.
In fact, the phenomenon of Zhang Qingsen in the foreign trade environment at the time is very common, foreign brands dominated the domestic foundry in the pricing of the basic no say. In addition, there is a common phenomenon in the domestic OEM industry: many products are "public model", resulting in different brands of the product homogenization is very serious, in addition to the LOGO is not the same, the other can not find different places.
Branding, differentiation in Zhang Qingsen seems to be a better way out.
In July 2011, Zhang Qingsen established a three-person branding team, including himself, and launched the Greenlink digital Tmall store, began to force the e-commerce platform. Customer service, operation, warehouse ...... almost the whole process of e-commerce positions Zhang Qingsen have done once.
At that time, the Tmall e-commerce is still in the stage of barbaric growth, most of the Tmall brand stores are not formal companies in the operation, to bring the user's experience is very poor, found this, Zhang Qingsen will be adjusted to the strategy of "five-star hotels to open the strength of the Shaxian snacks," to the high-definition cable for the entry, the rapid expansion of the data line to the majority of categories. Most of the categories, in just three years, Greenlink has been a huge success on Tmall.
In 2014, Zhang Qingsen and cast his eyes overseas, one after another into the Amazon, Sizzler and other overseas e-commerce platforms, began the globalization expansion.
In 2015, Greenlink's revenue exceeded 200 million, and this figure became 3.438 billion in 2021, six years later, more than 17 times.
After 10 years of deep cultivation, the product has expanded from the initial self-developed data cable to cover the mobile office, home life, outdoor travel, car space and other application scenarios such as device accessories.
Looking back on the entrepreneurial journey, Zhang Qingsen has summarized: "From the first day of the company's inception, like human life is destined to die in the end, destined to your company is headed for closure, so always keep a sense of crisis!" Good thing, Greenlink technology persisted, ushered in a company's "Mitzvah", Zhang Qingsen, also ushered in their first IPO.
02
a year into the account of 3.446 billion, Gao Tiling also come to join in
Being in the field of consumer electronics, Greenlink also attaches great importance to R&D investment.
As of the end of 2021, the company has 565 R&D technicians, accounting for 22.57% of the total number of people, and has formed a number of core technologies, such as high-strength wire molding, millimeter-wave audio/video transmission, intelligent multiplier control, intelligent terminal management system, and embedded private cloud storage system.
By the time of listing, the company and its subsidiaries owned 698 domestic patents and 506 foreign patents. Although there are only 11 invention patents in the domestic patents, according to the patent quality assessment standard of "invention, utility model and appearance", the patent content seems to be a little bit insufficient, but it is enough for the relatively low technology content of the digital accessories.
A data line, some 3C digital accessories, supported the IPO of Greenlink.
Prospectus shows that Greenlink technology is a technology consumer electronics brand enterprises, mainly engaged in the research and development of 3C consumer electronic products, design, production and sales, is committed to providing users with a full range of digital solutions.
At present, Greenlink Technology adopts a business model combining online and offline, realizing sales in more than 100 countries and regions around the world such as Europe and the United States, East Asia, and the Middle East, covering domestic and international mainstream e-commerce platforms such as Tmall, Jingdong, Amazon, Sizzle, Shopee, and other major products ranked first in the list of mainstream platforms.
From the prospectus, we can see that in 2019, 2020 and 2021, the operating income of Greenlink Technology is about 2.045 billion yuan, 2.738 billion yuan and 3.446 billion yuan, respectively, corresponding to a gross profit margin of 35.71%, 38.10% and 37.21%. Net profit after deduction was RMB 220 million, RMB 287 million and RMB 276 million respectively. Among them, the revenue share of Greenlink's domestic and overseas markets accounted for about half each.
Although the average annual compound growth rate of Greenlink's revenue reached 29.80%, but in terms of net profit growth Greenlink is not satisfactory. 2020 and 2021, the company's operating income year-on-year growth of 33.85% and 25.88%, respectively, and net profit year-on-year growth of 34.60% and -0.37%.
According to the prospectus disclosure can be seen, in 2021, Greenlink technology outsourcing finished products and the purchase cost of major raw materials are basically faced with more than 15% of the price increase, the cost of individual items is more than 50%. And in the downstream market, Greenlink product sales price increase average is only 2.19%, and this is undoubtedly an important reason why Greenlink profit does not increase but decrease.
In May 2021, founder Zhang Qingsen and co-founder Chen Junling transferred the original 3.7028% shares and 1.8528% shares at 200 million yuan and 100 million yuan, respectively, to Gao Tiles Capital, which valued the round at 5.4 billion yuan.
Gao Tiling Capital made a 300 million yuan stake in Greenlink, and then attracted institutional investors such as Shenzhen Shih Heng, Yuanda Fangliu, and Nutrient Nucleus, which are the only two times that Greenlink has introduced external investment.
After the IPO, Zhang Qingsen's shareholding is 45.27%, Chen Junling's shareholding is 17.36%, the employee shareholding platform Greenlink Consulting's shareholding is 12.82%, Gao Tiling Xieheng's shareholding is 8.44%, and the employee shareholding platform Greenlink Heshun's shareholding is 4.22%. High Tier Capital is the largest external shareholder.
With a data cable, from the "less attention" in the past ten years, to now, become hot, and even listed, Greenlink technology demonstrates the power of heavy vertical, deep plowing niche areas.
Nevertheless, to this day, Greenlink is still developing new products and laying out new channels: from new products such as smart hardware, wearable products, Type C series, video converters, etc., to the KA channel that can help establish a good relationship with industry-related customers....... In 2018, Greenlink accomplished 16 million sales on Tmall's Double 11, demonstrating the strength of Greenlink in the industry. 16 million in sales, reflecting the power of a strong brand.
Although the same belongs to the consumer electronics industry, smart phones, computers, tablets, automotive consumer electronics and other high-value consumer electronics devices occupy a large portion of the market share, data cables, audio cables and so on can only be as a "side material".
Greenlink to sell the image of the data line into the hearts of consumers, so far the data line is still the mainstream of its business. Perhaps, for 3C consumer electronics, Greenlink has taken practical action out of a road of their own.