Mao Geping's listing was terminated: the products relied on OEM, and Mao Geping and Wang Liqun were busy cashing out

Written by | District

Source | Bedo Finance

After a year, Mao Geping Cosmetics Co., Ltd. (hereinafter referred to as "Mao Geping" or "Mao Geping Company") has once again announced its termination in the A-share listing journey.

According to Bedo Finance, Mao Geping Company pre-disclosed the prospectus as early as December 2016 and prepared to be listed on the Shanghai Stock Exchange, originally planning to raise 512 million yuan. After five years of queuing, Mao Geping made his debut on October 21, 2021 and was approved. However, Mao Geping did not go public.

In March 2023, Mao Geping Company submitted a prospectus again and prepared to be listed on the main board of the Shanghai Stock Exchange. In this sprint listing, the company plans to raise 1.121 billion yuan, which will be used for channel construction and brand promotion projects, R&D center construction projects, information system upgrade construction projects and image design training institution construction projects.

However, on January 4, 2024, the information disclosed by the Shanghai Stock Exchange showed that the Shanghai Stock Exchange terminated its issuance and listing review due to Mao Geping's withdrawal of its application for issuance and listing. Beduo Finance found that unlike other companies' reasons for the termination of IPOs, the sponsor of Mao Geping's company did not submit an application for termination of sponsorship.

According to Tianyancha information, the predecessor of Mao Geping Company was Hangzhou Mao Geping Cosmetics Co., Ltd., which was established in July 2000 and renamed Hangzhou Huidu Cosmetics Co., Ltd. in August 2008. In 2015, the company was named after its founder again and changed its name to today's Mao Geping Company, with shareholders including Mao Geping, Wang Liqun, Mao Niping, Mao Huiping, etc.

According to the prospectus, Mao Geping Company is mainly engaged in the research and development, production, sales and makeup skills training of the two major brands of makeup and skin care products of MAOGEPING and Zhiai Lifelong. Among them, the "MAOGEPING" (i.e. "Mao Geping") brand is named after the company's founder, Mao Geping.

It is understood that Mao Geping is the founder, chairman and general manager of Mao Geping Company, and his wife Wang Liqun is the vice chairman of the company. Mao Geping said in the prospectus that the company's brand was named after Mao Geping, and Mao Geping had a greater impact on the company's operation.

In fact, Mao Geping and Wang Liqun are also the controlling shareholders and actual controllers of Mao Geping's company. Before the listing, Mao Geping and Wang Liqun directly held 53.71% of the company's equity, and indirectly held 1.74% of the company's equity through Dijing Investment and Jiachi Investment.

In addition, other shareholders holding more than 5% of Mao Geping's shares include Mao Niping, Pushen Jiuding, Mao Huiping, Wang Lihua and Song Hongga. Among them, Mao Niping, Mao Huiping, Wang Lihua and Song Hongtong respectively hold 11.08%, 9.38%, 5.97% and 5.12% of the company's equity, and Pushen Jiuding holds 10.00% of the company's equity.

In addition, Tianyi Investment holds 3.00% of the shares, Dijing Investment holds 0.97% of the shares, and Jiachi Investment holds 0.77% of the shares. According to the prospectus, Mao Niping is the vice chairman and deputy general manager of Mao Geping Company, Mao Huiping is the director and deputy general manager, Wang Lihua is the director and deputy general manager, and Song Hongge is the director and deputy general manager.

Overall, Mao Geping's performance maintained a growth trend. In 2020, 2021 and 2022, the company's revenue will be about 705 million yuan, 1.117 billion yuan and 1.538 billion yuan respectively, the net profit will be about 198 million yuan, 327 million yuan and 349 million yuan respectively, and the net profit after deducting non-profits will be about 188 million yuan, 316 million yuan and 333 million yuan respectively.

According to previous data, Mao Geping's revenue from 2014 to 2020 was 279 million yuan, 321 million yuan, 343 million yuan, 304 million yuan, 389 million yuan, 556 million yuan and 730 million yuan, and the net profit was 47 million yuan, 55 million yuan, 53 million yuan, 70 million yuan, 82 million yuan, 126 million yuan and 175 million yuan respectively.

It is not difficult to see that Mao Geping's performance declined briefly in 2016 and 2017, of which the net profit in 2016 decreased by 2.39% year-on-year, and the revenue in 2017 decreased by 11.46% year-on-year. In addition, the company's revenue and profit figures in 2020 have been retrospectively adjusted.

According to the prospectus, Mao Geping's revenue is mainly contributed by "MAOGEPING" brand products. From 2020 to 2022, the company's revenue from the "MAOGEPING" brand was about 754 million yuan, 1.278 billion yuan and 1.572 billion yuan respectively, accounting for 87.57%, 90.95% and 95.24% of its main business income, respectively.

It is worth mentioning that Mao Geping's company's beloved lifelong brand, makeup training business and other revenues will decline to a certain extent in 2022. In 2022, the company's revenue from the Zhiai Lifetime brand will be 28.9925 million yuan, compared with 50.4552 million yuan in the same period in 2021, a relative decrease of 42.54%.

In addition, according to Bedo Finance, Mao Geping Company did not build its own production line, but outsourced processing. In other words, the company mainly relies on third-party OEM, which can be described as "OEM production". Mao Geping said in the prospectus that the company did not build its own cosmetics production facilities, and the production of products was mainly carried out through outsourcing processing mode.

Correspondingly, Mao Geping may have the risk of insufficient product supply. In the event of an accident in the production process of the subcontractor or product supplier, or product quality problems, or insufficient product supply, or untimely product supply, it will have an adverse impact on the company's brand image and performance.

The prospectus also shows that Mao Geping's supplier concentration is relatively high. During the reporting period, the company's purchases from the top five consolidated suppliers accounted for 56.93%, 56.55% and 58.26% of the total procurement amount in the current period, respectively, and there was a risk of high supplier concentration.

In addition, Mao Geping's R&D expenses are not high. In 2020, 2021 and 2022, the company's R&D expenses will be 10.6704 million yuan, 13.703 million yuan and 14.562 million yuan respectively, accounting for 1.21%, 0.96% and 0.87% of operating income respectively.

It is not difficult to see that Mao Geping's company has become an existence that focuses on marketing and light on research and development. During the reporting period, the company's sales expenses were 371 million yuan, 602 million yuan and 786 million yuan respectively, accounting for 42.09%, 42.07% and 46.74% of operating income respectively, far exceeding R&D investment.

Mao Geping said that because the cosmetics industry needs to invest a lot of money in publicity and product sales, its sales expense rate is high, which has a greater impact on the company's profits. Whether the scale of sales expenses can be effectively controlled and the role of sales expenses in promoting future sales revenue will have a greater impact on the company's operating performance.

In addition, in the process of sprinting to go public, Mao Geping Company also paid certain cash dividends, of which 50 million yuan and 40 million yuan in 2020 and 2021 respectively, mainly flowed to Mao Geping and Wang Liqun.

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