Taiya Shoes Co., Ltd. (002517)

Taiya Shoes Co., Ltd. (002517)

Taiya stock [002517] is a stock issued by Taiya Shoes Co., Ltd. [1]

Key points 1: Fuzhou new area plate, ecological agriculture plate, Fujian plate, textile and clothing plate.

Key 2: the business scope produces various shoes and shoes materials (items that must be approved according to law can be carried out only after being approved by relevant departments).

Key point 3: the sole company of sports shoes with cluster advantages mainly specializes in the research and development, production and sales of sports shoes sole, which is the sole enterprise with the largest scale, the strongest design ability and the highest level of R & D technology in Quanzhou. The main products of the company are EVA sole, pH sole, PU sole and sole accessories. From January to June 2010, the income proportion of EVA sole, pH sole and PU sole products was 64.15%, 27.91% and 7.71% respectively. The production of sports shoes in Quanzhou area accounts for nearly half of the national output, accounting for 1/5 of the global production of sports shoes, among which the market comprehensive share of 5 brands has entered the top ten. Anta is the largest sole supplier of Anta and Tesco, and also the top five sole supplier in 361 degree, hongxingerk and Delphi.

Key point 4: the company will expand the capacity to invest in "annual output of 20million pairs of sports shoes sole project" with raised funds of RMB 131699800, and build an annual output of 20million pairs of eva/ph sole production line, with a construction period of 2 years, and the second year of the project construction period, it will reach 6million pairs of capacity, and the first year after completion, it will reach 12million pairs of capacity, and the design capacity in the second year will reach 20million pairs. According to the sales scale of 20million pairs of sole (EVA sole of 10 million pairs and pH sole of 10million pairs) every year, the sales revenue of normal year is expected to be RMB 29.4 million and the normal annual profit is 33.517 million yuan.

Key point 5: ODM production mode + development partner supplier status company adopts 100% ODM business mode, namely, self-development and design of sneaker sole. After product development, it is available for customers to choose, and the company will make mass production and deliver on time according to the order. Besides the ordinary ODM ordering meeting mode, the company has formed a development partner level supplier with domestic famous brand sports shoes enterprises such as Anta, Tebu, 361du, hongxingerk and Delphi, etc., which is the highest level of suppliers. The development partner level suppliers of each brand enterprise are usually no more than 3. A large number of suppliers outside the development partner level produce specific styles according to the requirements of brand enterprises, and do not have the design and R & D capabilities, and form a complete competitive relationship with each other. The ODM model and the status of development partner level suppliers make the negotiation ability of the company to downstream customers enhanced, and the comprehensive gross profit margin increased from 16.57% in 2007 to 22.86% in the first half of 2010

Key 6: for large orders, the strategy of big customers has more products per type and single code, high efficiency of mold use and high capacity utilization. For small orders, the number of products of single code and mold is less, the mold replacement is frequent, and the capacity utilization rate is relatively low. Therefore, the company has actively adjusted the product and customer structure in recent years, and inclined to high-quality customers, with obvious effect. The proportion of the sales of the top 10 customers in total sales revenue increased from 42.24% in 2007 to 73.72% in 2009. The top five customers are domestic famous brand sports shoes enterprises in Quanzhou. Moreover, the company has established strategic cooperative development relationship with core major customers, and agreed that under the same price conditions, the company will give priority to purchasing company products and strive to purchase the company with an annual average growth rate of no less than 20%, which lays a good market foundation for the company's future capacity expansion.

Key 7: the sole is the most important part of sports shoes. Although the sole cost of sports shoes only accounts for about 25% of the cost of sports shoes, 50% of the appearance effect of sports shoes is determined by the sole style, while the functional of sports shoes is 70% reflected in the sole. International famous brands attach great importance to the research and development of sole technology, such as Nike most patents are focused on sole technology. The company is one of two sports shoe sole enterprises with municipal and provincial enterprise technology center in Fujian Province. It now has 4 utility model patents, 10 invention patents, 2 utility model patents and 5 appearance design patent applications have been accepted. The company has launched more than 100 products' appearance design every year, including "barbaric eight claw" series outdoor shoes, space killer series tennis shoes, and "refreshing to the bottom" series running shoes, etc. with sales life of more than 2 years and sales volume of millions of pairs.

Key 8: the location advantage company of industrial cluster is located in Quanzhou Economic and Technological Development Zone, and its geographical location is adjacent to Anta, Tebu, 361du, hongxingerk, delhui, hedlong, guirenbird and other enterprise headquarters, which is 10 kilometers away from Chendai town and Quanzhou City of Jinjiang City. The company has convenient communication with customers and suppliers, which reduces the cost of searching information, transportation cost and transaction cost. In addition, the sole industry of sports shoes belongs to labor-intensive industry, which requires a large number of skilled workers. After years of development, Quanzhou shoes industry has trained a large number of skilled workers to ensure the quality of products, and sufficient labor resources are conducive to reduce product costs and enhance the market competitiveness of products.

Key point 9: in April 2013, the company received the certificate of high-tech enterprise issued by Fujian Province. Within three years since the recognition, the income tax rate was collected in 15%. In 2012, the company has paid the enterprise income tax at 25% tax rate, and the above preferential tax policies affect the operating performance of RMB 3.25 million in 2012.

Key 10: the land area of the land purchased is about 163 mu (the actual area is subject to the planning red line map), the land nature is industrial land, the land transfer period is 50 years, and the land price is calculated according to the minimum protection price of the industrial land of 270000 yuan / mu, and the total land price is about 44million yuan. The main purpose of this bidding for land purchase of Taifeng is to speed up the implementation of the project, and to reserve necessary land resources for the sustainable development of the company, which is conducive to the long-term planning and development of the company.

Key 11: the company restructures and replaces huanrui century in July 2014, the company intends to replace all assets and liabilities held by it with the equivalent part of 100% equity held by all shareholders of huanrui century. The difference is purchased by the company through non-public issuance of shares and cash payment, and the supporting funds will be raised. After the reorganization, the company's main business will be transformed from the production and sales of sole to the production and distribution and derivative business of film and television series. According to the plan, based on the preliminary estimate, the estimated value of the assets to be set up is 700million yuan on June 30th, 2014 as the benchmark date, and the estimated value of the assets to be injected is 2.738 billion yuan. On the basis of asset replacement, except for the equivalent part of the shares held by zhongjunyan, which is purchased by the company in cash of RMB 220million, the company shall purchase the shares issued by all shareholders in huanrui century according to their respective holding proportion, with the issuing price of RMB 7.95/share, and the expected number of shares issued is 2286792000. In addition, the company intends to raise RMB 220million of supporting funds from the actual controller of the company to issue shares to use for cash payment of the transaction, with the issue price of 7.95 yuan / share, with a total number of 27.673 million shares. In addition, the existing shareholders of the company, linqingbo and Ding Kunming, transfer 30million shares of listed companies to all shareholders of huanruicentury according to their shareholding proportion of huanrui century. The announcement shows that the main business of huanrui century is the investment production and distribution of film and television series, as well as the acting agency and derivative business around the film and television. At present, there are 16 TV series (with copyright) invested in production and license, and have the rights to adapt the major copyright, such as Tomb theft notes, Zhuxian and Kunlun Canghai. It is worth mentioning that ray media and zhangqu technology of A-share listed companies appear in the list of shareholders of huanrui century, and the shares of huanrui century are 4 [1].17% and 4.69%, respectively.

Key 12: the actual controllers of the joint stock company, linxiangwei, Wang Yane and his wife, controlling shareholder Taiya international, shareholder Taya investment and Guangzhou Tianfu promised not to transfer or entrust others to manage the company shares held directly or indirectly within 36 months from the date of listing of the company's shares, nor would the company be required to acquire the shares held by them.

Key 13: Kaiying network, a transformed Internet enterprise, disclosed the restructuring plan on April 16th, 2015, with a price of 6.3 billion loan shell. The company intends to realize the listing of Shanghai Kaiying Network Technology Co., Ltd. by means of a series of transactions of major asset replacement, issue of shares to purchase assets and share transfer. According to the scheme, the 100% equity transaction price of Kaiying network is tentatively set at 6.3 billion yuan. Among them, the company intends to replace assets with all assets and liabilities and the equivalent part of 100% equity of Kaiying network, and the proposed asset price is temporarily RMB 67million. The above difference is that about 5.63 billion yuan is proposed to be issued and acquired by the company to Kaiying network shareholders, with the issue price of RMB 1126 / share, and the number of shares issued is about 500million shares. After the reorganization, the company will become an Internet enterprise with mobile Internet traffic portal, platform operation and product development. The scheme shows that Kaiying network is an Internet enterprise with mobile Internet traffic entrance, integrating platform operation and product development. It has multiple Internet platform products. Its business mainly involves two links: Mobile Internet platform business, network game research and development and operation. If the restructuring cannot be completed in 2015, the performance commitment party agrees to extend the profit compensation period to 2018, and the non net profit deducted in 2018 is not less than 810million yuan.

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