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Guangdong Yihua Wood Industry Co., Ltd. (600978)
Yihua wood industry [600978] is a stock issued by Guangdong Yihua Wood Industry Co., Ltd. [1]
Key point 1: QFII heavy position plate, fund heavy position plate, tengan value plate, China Securities 500 plate, Shanghai Securities 380 plate, Shanghai Stock connect plate, Guangdong plate, wood furniture plate, social security heavy position plate, margin trading plate.
Key point 2: business scope: it is engaged in the purchase and production of logs for its own use, and the management of decorative wood products and wood components and other wood deep-processing products that do not involve the national import and export quota and license management. The company is a leading enterprise in China's furniture manufacturing industry, with a huge furniture export market. Benefiting from the transfer of production base, the global one-way centralization in China will become the mainstream trend, and the dominant enterprises are expected to grow better and win in the industry integration; the domestic furniture consumption growth is accelerating, and the enterprises with better design, processing capacity and scale advantages are expected to grow better.
Key point 3: in 2010, one of the leading companies in the domestic furniture industry, the company produced 443000 sets of furniture, with a year-on-year growth of 28.77%, sold 40.5 sets of furniture, with a year-on-year growth of 20.93%, produced 17300 cubic meters of floor, with a year-on-year growth of 11.55%, and sold 16400 cubic meters of floor, with a year-on-year growth of 29.57%. The company has established a production base of 100000 Mu fast-growing and high-yield forest in Dapu County, and will purchase 200000 Mu commercial forest in Suichuan County, Jiangxi Province. It also has stable raw material supply channels overseas.
Key point 4: raising 110 million yuan to promote the employee stock ownership plan. On January 12, 2015, the company announced that it plans to promote the employee stock ownership plan. The maximum amount of funds raised is 110 million yuan, and the source of funds is the legitimate salary of employees. In addition, the company will terminate the acquisition of henganxing. A total of 120 directors, supervisors, senior managers and employees of the company and its subsidiaries have contributed to participate in the ESOP, including 8 directors, supervisors and senior managers of the company. Based on the upper limit of 330 million shares and the company's closing price of 6.34 yuan on January 6, 2015, the upper limit of the number of underlying shares that can be purchased and held by the collective shareholding plan is about 52.05 million shares, accounting for 3.5% of the company's total share capital.
Key point 5: 570 million M & A of henganxing Jiama's main business. On October 14, 2014, the company issued an asset acquisition plan. The company plans to acquire 100% equity of Shenzhen henganxing hotel supplies Group Co., Ltd. by issuing shares and cash. According to the plan, the appraisal value of henganxing's 100% equity is 571 million yuan, and the value-added rate is 212.25%. The transaction price is 570 million yuan determined by both parties through negotiation. The company plans to pay 342 million yuan in cash and 228 million yuan in share price. According to reports, Heng An Xing is China's leading high-end hotel soft decoration overall solution provider, mainly for high-end hotel rooms, restaurants, lobbies, conference rooms and other space to provide integrated, personalized soft decoration solutions. At present, the company relies on the offline sales mode of boutique soft decoration experience hall, and the online sales mode mainly includes two modes: platform direct sales and platform agent sales.
Key point 6: the company plans to build a raw material forest base in Suichuan County, Jiangxi Province, with a total area of 200000 mu. It will transfer the ownership of forest resources by leasing the right to use forest land. The lease period of woodland is 25 to 38 years. The forest land survey work has been basically completed, and it is estimated that the raw material supply will be formed in 2011. The total volume of the forest land will reach 2 million cubic meters, which will provide 20% of the raw material supply for the company in the future. The company will still make more efforts in the upstream market and gradually form a complete industrial chain of artificial afforestation, woodland cutting (planting) - wood processing - Product R & D - sales network. (Note: Shanghai Securities News, May 10, 2011)
Key point 7: to enter the domestic market, the company fully implements the domestic marketing mode of Direct stores and distributors, and determines to establish a sales network system of benchmark Direct stores - Home Experience Hall in the central city, radiating the surrounding cities' special dealers - franchise stores. Shanghai Securities News disclosed on June 27, 2011 that the company will build 31 home experience pavilions in the next three years, with more than 1000 franchised dealers. After the successful opening of Shantou experience Museum and Guangzhou experience Museum, Beijing experience Museum officially opened on June 25, 2011. In addition, Wuhan experience Museum, Xinjiang experience Museum and Shanghai experience museum have completed the site selection and started to enter the decoration construction stage one after another. They will be open to the public in the second half of 2011. Liu Zhuangqing, general manager, said that three years later, 31 experience museums will bring more than 1 billion yuan of operating revenue, and 1000 franchise stores will bring 500 million yuan of annual revenue. The whole domestic market will reach 1.5 billion yuan in three years.
Key point 8: investment in new project in March 2012, the company plans to invest in the construction of wood production and processing project in Langzhong City, Sichuan Province. The project is implemented by the company's wholly-owned subsidiary in Langzhong City, with a total investment of about 600 million yuan, including land cost, plant and supporting facilities construction, and equipment purchase. Among them, the registered capital is 100 million yuan, and the remaining capital is raised by the subsidiary's loan. The proposed scale of the project is about 500 mu, mainly for wood production and processing. After the completion of the project, the company will further accelerate the pace of expanding the domestic market, build a wood manufacturing base radiating the northern region, and enhance the company's competitive strength.
Key point 9: acquisition of equity of Huajia company and related companies Yiyuan acquired the Gabonese registered and established enterprises directly or indirectly held by China Forestry Group Corporation, natural person Yang Jianxiong, natural person Cai Jiaguo, natural person Wu Liqing and Zhonglin Zhongjin Forest Development Co., Ltd.: 75% equity of Huajia Wood Industry Co., Ltd., 100% equity of forest development and Export Co., Ltd., 100% equity of timber export trading Co., Ltd. and Changshi logging industry Co., Ltd 100% of the company, 87.25% of Gabon Forest Industrial Export Corporation and 75.1% of tropical forest products corporation. After this equity acquisition, the company will hold a total of 350000 hectares of forest land legally owned by Huajia company and related companies, further expand the industrial chain, enrich the company's wood resources, greatly improve the company's wood self-sufficiency rate, reduce manufacturing costs, and enhance the company's overall competitiveness.
Key point 10: in April 2011, the research and innovation company signed a strategic cooperation agreement with the Institute of woodworking of the Academy of Forestry Sciences to build Yihua R & D center, Yihua laboratory and postdoctoral workstation. The two sides jointly strive for relevant national and local science and technology projects (including major or key scientific research and technology projects, industrialization promotion projects) to promote the company's product innovation and technological innovation. The agreement is valid for three years. The Institute of woodworking of the Academy of Forestry Sciences was established on March 14, 1957 as a scientific research institution of the vice Bureau. It is a comprehensive national research institution in the field of wood science and technology in China and a member of the International Union of forestry research organizations.
Key point 11: the 863 plan member enterprises pay attention to scientific and technological innovation, and have won the title of "national high-tech enterprise" and become "863 plan member enterprises". In 2010, we developed more than 60 types of foreign furniture products, 2259 pieces, 70 types of trial production samples, more than 180 pieces, developed more than 510 kinds of new floor products and engineering floor samples, and put more than 50 kinds of products into batch sales. And aiming at the consumption habits of domestic consumers, we have developed new and old product lines such as "Oriental Pearl", "City Wood song", "Jazz new upscale", "elegance garden" and so on.
Key point 12: high growth of sharing industry: China is becoming a big consumer of furniture and flooring in the world. The furniture industry has grown at a rate of 25% for five consecutive years. In 2010, the total output value of furniture in China was nearly 900 billion yuan, becoming the fourth largest consumer goods in China. Under the background of real estate regulation, the growth rate of furniture industry may slow down in the future, but the development momentum will not change. In particular, 36 million affordable housing construction plans will be launched during the 12th Five Year Plan period, which will stimulate the domestic consumer market and ensure the rigid demand of furniture and flooring to a certain extent.
Point 13: non public offering The company issued 148 million shares at 5.7 yuan per share in private to ten specific investors including Zhejiang Shangyu sunshine Venture Capital Co., Ltd., with net fund raised of 822.092 million yuan and fund raised of 705.11 million yuan to invest in the construction of marketing network. It is estimated that the total annual profit will be 272.85 million yuan, with fund raised of 70.09 million yuan and 74.71 million yuan respectively to invest in the construction of R & D design center and information management department The system is upgraded.
Key point 14: to build wechat platform, in October 2013, the company recently established a strategic cooperative relationship with Guangdong Tengnan Network Information Technology Co., Ltd., and the two sides will jointly promote the construction of Yihua home wechat application platform. According to the announcement, the contents of the cooperation between the two sides are as follows: first, we will jointly build the wechat application platform of Yihua home, and Guangdong Tengnan will authorize the professional technical team to formulate the relevant implementation plan for Yihua wood to provide the whole process service; second, we will jointly build the public account and platform system of Yihua home, which is constructed in three stages. In the first stage, we will carry out the basic functions of the wechat public platform In the second stage, we will display the product information, realize the online shopping mall, place an order and realize the payment and daily interactive activities; in the third stage, we will develop Yihua wechat CRM system to realize the in-depth member exchange and customer management on the mobile end. For this cooperation, the company said that wechat application platform helps to build o2o business model, and will effectively integrate the platform data resources of partners and the entity channel resources of the company.
Point 15: the actual controller of Liu Shaoxi company is Liu Shaoxi. Liu Shaoxi holds 81.48% equity of Yihua enterprise (Group) Company and Yihua enterprise (Group) company holds 28.34% equity of the company. According to the 2010 Hurun 100 rich list released in October 2010, Liu Shaoxi and Liu Shaosheng ranked 227th in China's 100 rich list with assets of 5.5 billion yuan.
Key point 16: Incentive of restricted stock in March 2012, the company plans to grant 156.6 million shares of restricted stock to the incentive objects, accounting for 1.36% of the total share capital of the company. The grant price of the restricted stock is 3.6 yuan per share, and the conditions for granting the shares are that the net profit growth rates of 2012-2013 are not less than 15% and 32% respectively based on the net profit of 2011; the net profit of 2012 and 2013 are not lower than the average level of the previous three years, and should not be negative. The incentive targets are directors (excluding independent directors), senior managers, and core technical (business) personnel of the company and its holding subsidiaries, totaling 48.
Key point 17: the controlling shareholder increased its shareholding. On January 31, 2013, Yihua enterprise (Group) Co., Ltd., the controlling shareholder of the company, increased its shareholding by 1 million shares through the Shanghai stock exchange system, accounting for 0.08% of the total share capital of the company. Yihua group plans to continue to increase the company's shares through the secondary market within 12 months from the date of this increase. The increase price shall not exceed 7 yuan / share, and the cumulative increase proportion shall not exceed 2% of the company's total share capital (including the increased shares).
Key point 18: enter the field of e-commerce. In March 2014, the company signed the strategic cooperation framework agreement with meilele Inc. (meilele Co., Ltd.), and the company plans to enter the field of home e-commerce through cooperation express. According to the agreement, the company plans to enter the o2o open platform of "meilele home network" operated by meilele's affiliated enterprises, and build a new e-commerce channel with the help of "meilele home network". Meilele is responsible for formulating relevant implementation plans for the company, providing technical guidance and relevant supporting services. The two sides plan to carry out in-depth cooperation in offline physical channels such as Yihua home experience hall, and cooperate in both product categories and services On the premise of no conflict and overlap of styles, the two sides can share their channels and traffic; the two sides use their own different key resources to cooperate with each other in major media publicity and public relations activities to carry out marketing activities, so as to create competitive advantages and achieve a win-win situation. The company said that through this strategic cooperation with melalec, the company will quickly enter into the field of home e-commerce. In the future, it will promote the effective integration of the company's strong manufacturing advantages and resource advantages with the new channel advantages of melalec's leading home e-commerce platform. At the same time, with the help of melalec's online sales platform, the company will build a "physical store + online store, on-site experience + online display" line The marketing mode of the combination of Internet and Internet can promote the new channel of e-commerce, excavate the huge mainstream resources of Internet consumption, and expand the consumer group.
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