[Office Partner Information Center] The stationery market with a market size of about 150 billion yuan (data provided by the China Pen Association) is attracting public attention. In the second week of 2017, TISCO Stainless announced to the world that it would "create a ballpoint pen." However, this news has also made the stationery, especially the long-standing "pain point" in the pen industry, public.
Compared with the market scale of 150 billion, the statistics show that there are about 8,000 stationery manufacturing enterprises in China, except for a very small number of enterprises with a scale of 1 billion, most of them have smaller production scale.
The data also shows that most domestic stationery companies are concentrated in the stage of OEM processing. The market entry threshold is low and the competition is fierce. The average gross profit margin of the traditional stationery industry is less than 30%, and there is a long-term dependence on imports of core technology products in the pen industry.
Chenguang purchased 250 million from Swiss pen company in the morning
The Beijing News reporters have reviewed the financial information of listed companies and representative companies in the industry. For a long time, stationery companies, including domestically listed listed companies, have spent a lot of money on the “this little thingâ€.
In 2015, Chenguang Stationery became the first listed company in the stationery industry in the A-share market. In the prospectus issued by the company at the time of listing, as the core component of the pen, in order to meet the requirements of high quality and large-scale supply of products, the company's writings are “based on purchasing from PREMEC in Switzerlandâ€.
According to the prospectus data, for the third consecutive year before the listing, among the top five suppliers of Chenguang Stationery, PREMEC from Switzerland ranked first and second. In 2013, Chenguang Stationery purchased 68.54 million yuan of goods from this Swiss company, accounting for 3.94% of the total purchases in the year; in 2011 and 2012, it purchased 103 million and 77.75 million yuan of goods respectively from the company, accounting for the whole year. The purchase amount is 9.16% and 5.99%. A total of 250 million purchases in three years. It is understood that Swiss PREMEC is the world's largest professional writing supplier. Corresponding to 2011 to 2013, Chenguang Stationery achieved net profit of 128 million, 225 million and 276 million respectively.
Similar to the situation in Chenguang, the true color stationery that once hit the IPO and disclosed the prospectus is also dependent on the imported materials of the pen: The data of the prospectus disclosed in the November 2015 show of the true color stationery shows that although the company's main business includes writing instruments There are many categories such as art materials, office tools and student supplies, but the company's purchases on ballpoint pens have sent its suppliers to the top five positions for years. From 2012 to 2014, the company's purchases from the Swiss branch of Ruimeike Shanghai Branch amounted to 16.88 million, 22.1 million and 15.74 million, respectively, accounting for 2.8% to 3.3% of the total purchase amount for the current period.
In the listing prospectus, Chenguang Stationery said that the company will gradually acquire the independent supply capacity of the pen through the fund-raising investment project. In the 2015 annual report, Chenguang Stationery did not further disclose the latest data on the procurement of imported pens.
On January 14th, Qiu Zhiming, the chairman of the well-known domestic stationery manufacturer Beifa Group, told the Beijing News reporter that the “localization of writing†that the public opinion is concerned about actually refers to the “localization†of stainless steel raw materials and technology required for high-end writing. "The so-called localization of the writing pen has always been solved mainly by the high-end writing process of stainless steel materials."
Does the production of raw materials for the writing of the pens be domestically produced, does it mean that domestic stationery manufacturers can immediately “goodbye to import†in the field of pen making? An industry person who did not want to be named told reporters that technically escaping dependence on imports is not the same as the fact that it is completely "domestic". The "Made in China" written in the paper has yet to be tested by time and market. "In theory, (the manufacturing of the pen) has matured from materials to technology, but in fact, the market's acceptance of domestic pens and customers do not recognize them, these still need a long way to go, most companies will The market is to make its own judgments and decisions.†The source believes that the “import†phenomenon of the stationery industry in the pen-making field will not disappear immediately in the future.
Qiu Zhiming believes that in the short-term, the investment in research and development, domestically produced pens are not necessarily lower than the cost of imported pens. "But in the long run, the domestic pen must have a cost advantage."
High-end ink required for pen writing still needs to be imported
In addition to the pen, the high-end inks required by pen companies are also dependent on imports. "Ordinary inks have already been mass-produced in China." Some industry insiders who do not want to be named told the Beijing News that the "ink" problem faced by current pen-making enterprises mainly exists in the high-end ink field.
The Beijing News reporter saw in the prospectus issued by True Color Stationery in November 2015 that “domestic high-end gel inks still need to be provided by foreign suppliers or their joint ventures in China.†Prospectus Disclosure, True Color Stationery 2014 In the year, the amount of ink purchased from Hangzhou Yashi Ya Trading Co., Ltd. reached 10.5 million yuan. Hangzhou Yashi Ya Trading Co., Ltd. is a foreign-owned legal person.
According to the data of the prospectus published by listed company Chenguang Stationery, in 2013, the purchase amount from Japan Asia Associates was 91.51 million yuan, accounting for 5.26% of the annual purchase amount, which is higher than the proportion of “writing†in the year; The purchase amount from the Japanese company was 88.81 million yuan, accounting for 6.91%; in 2011, the purchase amount from the Japanese company was 79.59 million yuan, accounting for 7.06%. According to public information, Japan Asia Asia is a Mikuni product agent, and Mikuni is a famous Japanese ballpoint pen ink manufacturer with a total purchase of 261 million in three years.
There is a view from the industry that the reason why domestic inks rely on imports is not technically impossible to achieve, but that many companies are “more cost-effective†in terms of R&D costs, inputs, market recognition, etc., and believe that direct imports are “more cost-effective†and “lack of The power of innovation."
According to public information, in 2011, while the ballpoint pen was approved by the Ministry of Science and Technology, ink manufacturing was also used as a technical issue that required a focus on “conqueringâ€. Related topics include "Key Technology Development and Industrialization of Ballpoint Pen Ink", "Evaluation System for Pen and Ink Matching Technology and New Pen Development", and Chenguang Stationery and Zhencai Stationery are involved.
The True Color Stationery Sprint IPO prospectus stated that the company plans to invest in a new pilot plant for the company's “Ink R&D and Industrialization Baseâ€, which will help the company “realize the industrialization of core technologies such as ink as soon as possible and change its dependence on foreign brands. The situation of ink improves the independent production capacity of ink."
Chenguang Stationery disclosed in the 2015 annual report. In 2014, the company completed the national science and technology support project “the evaluation system of pen and ink matching technology and the development of new pens†and successfully passed the project acceptance. The 2014 and 2015 annual reports did not disclose the status of imported ink.
90% of stationery companies have annual sales of less than 10 million
“Small products, big market†is a typical feature of the stationery industry. In this market, there are many people.
A-stock stationery company Chenguang Stationery in the 2015 annual report, quoted the China Pen Association data, the Chinese stationery industry (excluding office equipment and furniture) market size of about 150 billion yuan. Supporting such a huge stationery market is about 300 million students and about 100 million office workers.
The huge market has attracted a large wave of “dividersâ€, most of which are located in the Pearl River Delta and the Yangtze River Delta. According to the data of the China Pen Association, at present, there are about 8,000 enterprises engaged in stationery manufacturing in China, and more than 1,500 stationery manufacturers are listed above the scale.
On January 15th, Zhang Xuelian, director of the president office of the pen-making enterprise Beifa Group, told the Beijing News that China's stationery industry is operating in a family-style workshop. Several people open a small factory to produce parts for large enterprises. This is also a feature of the industry.
Chenguang Stationery pointed out in the annual report that there are very few domestic stationery companies with sales exceeding 1 billion. 90% of stationery manufacturers have annual sales of less than 10 million yuan. Most of the products are single and the competition is concentrated in low-end products.
Previously, the true color stationery prepared for IPO also said in the prospectus that at present, there are a large number of stationery manufacturing enterprises in China, and most of them have a small production scale. The number of brand enterprises with certain popularity and income scale in China is small, and the market concentration is small. low.
According to public disclosure, there are currently only 4 companies with a revenue of 1 billion.
At present, the stationery companies listed on the A-share market include Chenguang Stationery, Qixin Group and Guangbo. The two companies are almost “front and rear†submitting IPO applications, but the road to securitization is quite different: Chenguang Stationery was successfully listed in 2015, and True Color Stationery has terminated IPO in August 2016. Review.
Whether it is a stationery company that has already been listed, or a true-color stationery that is securitized, the revenue scale has reached more than 1 billion.
For example, Chenguang Stationery achieved revenue of 3.749 billion yuan in 2015, a year-on-year increase of 23.19%, and achieved a net profit of 384 million yuan, a year-on-year increase of 24.56%. In the same period, Guangbo shares achieved revenue of 1.457 billion yuan, an increase of 60.58% year-on-year, and achieved a net profit of 82 million yuan, an increase of 786.89%.
In 2015, Qixin Group achieved revenue of 1.582 billion yuan, a year-on-year decrease of 3.11%, and achieved a net profit of 30 million yuan, a year-on-year decrease of 32.21%.
The true color stationery that failed to be listed has exceeded the 1 billion yuan revenue in 2014.
Behind the 1 billion-level revenue is a lower gross margin. Zhigao Wenchuang’s public transfer statement disclosed that the average gross profit margin of the stationery industry was less than 30%.
In 2015, Chenguang Stationery, Qixin Group and Guangbo's stationery business had gross profit margins of 26.55%, 17.04% and 20.44% respectively. The gross profit margin of Chenguang Stationery Writing Tools is 31.71%. Zhang Xuelian believes that this is related to the low gross profit margin of the light industry industry to which the stationery industry belongs.
Judging from the listed stationery companies, most of them belong to the brand manufacturing model. Why do the brand companies have a gross profit margin of less than 30%?
Chenguang Stationery said in the prospectus that at present, more than 90% of the domestic 8,000 stationery manufacturing enterprises are engaged in simple processing and OEM production. In terms of simple processing and OEM production, barriers to entry are not high.
On January 15th, the manager of a Zhejiang pen-making company said, “Why is the world buying stationery in Yiwu, not because it is cheap?â€
Increasing the added value of products has been valued by some stationery companies, from “stationery manufacturing†to “stationery creation†for industrial upgrading.
In the prospectus, Zhencai Station said that the company has cooperated with Walt Disney (Shanghai) Co., Ltd. for many years, and signed a license contract with Mickey, Winnie the Pooh, Snoopy, Pleasant Goat and Big Big Wolf.
Chenguang Stationery also pointed out in the prospectus that stationery with creativity and personality expands the extension of stationery consumption, and brings a good consumer experience to consumers, but also brings upgrades in stationery consumption.
The reporter noted that Zhigao Wenchuang, which is listed on the New Third Board, has a gross profit margin of 33.43%, which is higher than the industry average gross profit margin. In explaining the company's high gross profit margin, Zhigao Wenchuang said that the company's product structure is diversified, and the value-added creative toy products account for an increasing proportion of the income structure. The interest rate is 50.65%, which is much higher than the traditional stationery gross margin.
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