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X.J. Electrics cooks up Hong Kong IPO, hoping to follow Carote’s hot debut
这家生产电热水壶、花园水管和其他厨具的制造商，将利用上市所得资金在泰国和印度尼西亚建生产基地。
厨房用具可能没那么吸引，但可别和投资者这么说。本月早些时候，卡罗特(2549.HK)的锅碗瓢盆令市场惊叹不已，10月2日在香港上市当天，公司股价大涨58%。现在，同为厨房主题的湖北香江电器股份有限公司也希望通过IPO来复制这样的成功。 6park.com 6park.comX.J. Electrics, more commonly known in China as Xiang Jiang, has similar financial metrics to Carote. It earned revenue of 1.19 billion yuan last year, not far behind 1.58 billion yuan for Carote. And X.J. Electrics’ net margin of 10.2% for the year wasn’t much below Carote’s 14.9%. 6park.com香江电器的财务表现与卡罗特类似，去年收入11.9亿元，与卡罗特的15.8亿元相差不远。去年净利润率10.2%，也没比卡罗特的14.9%低多少。 6park.com 6park.comBoth companies navigate a complex global consumer market in an industry that is growing, but not that quickly. X.J. Electrics’ niche for small kitchen appliances like tea kettles and hotplates grew from $63.2 billion in 2019 to $71.6 billion in 2023, and is expected to grow to $87.5 billion by 2028, according to market data in the listing document filed on Sept. 29. That’s certainly not small potatoes. 6park.com两家公司都面临一个复杂的全球消费市场，所处的行业正在增长，但增速不是太快。根据9月29日提交的上市文件中的市场数据，香江电器生产的电热水壶和电烤炉属小厨房电器用具，其规模从2019年的632亿美元增至2023年的716亿美元，预计到2028年将增长到875亿美元。这当然不是小生意。 6park.com 6park.comAs is customary, the company’s listing document doesn’t provide any fundraising targets. But its hiring of the mid-sized Chinese brokerage Sinolink Securities as sole underwriter indicates the listing will probably be small to mid-sized, probably raising $50 million or less. 6park.com按照惯例，公司的上市文件没有提到融资目标。但公司聘请中国中等规模的券商国金证券担任独家承销商，表明此次上市可能为中小规模，筹集的资金可能不超过5,000万美元。 6park.com 6park.comX.J. Electrics’ listing path has gone through quite a few twists and turns. According to Chinese media, the company began planning an IPO on China’s domestic A-share market as early as 2013, and its application was accepted by the Shenzhen Stock Exchange in March last year. But it withdrew that application in April this year and shifted its focus to Hong Kong, saying the city’s status as an international financial hub more closely aligned with its own global business. 6park.com香江电器的上市之路可谓一波三折。据中国媒体报道，公司早在2013年就开始计划在国内A股市场上市，并且去年3月深圳证券交易所接受了它的申请。但公司在今年4月撤回了申请，并将重心转向香港，称香港作为国际金融中心的地位更适合它的全球业务。 6park.com 6park.comLike Carote, X.J. Electrics is an original equipment manufacturer (OEM) and original design manufacturer (ODM) of kitchen and lifestyle items, with a flexible manufacturing system that can produce 2,400 different products at its seven factories. Electric kettles are one of its biggest products, with over 1 million exported last year – around a fifth of China’s total exports of that product. Such kettles fall under the company’s broader category of electro-thermal appliances, which accounted for 499 million yuan in sales last year, or 42% of the company’s total, and 296.2 million yuan, or 48.2% of the total, in the first half of 2024. 6park.com和卡罗特一样，香江电器也是一家厨房和生活家居用品的原始设备制造商(OEM)和原始设计制造商(ODM)，拥有灵活的制造体系，可在七家工厂生产2,400种不同的产品。电热水壶是其业务量最大的产品之一，去年出口了100多万个，约占中国电热水壶出口总量的五分之一。这种水壶属于公司更广泛的电热类家电，该类别去年的销售额为4.99亿元，占公司总销售额的42%，2024年上半年的销售额为2.962亿元，占公司总销售额的48.2%。 6park.com 6park.comThe company was China’s 10th largest small appliance manufacturer last year based on export value, with 0.6% of a sector whose total value was 130.7 billion yuan. By contrast, market leader Galanz, a major microwave oven maker that also owns Whirlpool China (600983.SZ), logged 13.5 billion yuan in exports for the year, or 10.3% of the small appliance market. 6park.com按出口额计算，去年该公司是中国第十大小家电制造商，占行业总额1,307亿元的0.6%。相比之下，市场领导者格兰仕去年的出口额为人135亿元，占中国小家电市场的10.3%，该公司是一家大型微波炉制造商，旗下拥有惠而浦(600983.SZ)。 6park.com 6park.comX.J. Electric’s other big earner is garden hoses, which accounted for 221.8 million yuan of its revenue in 2023, or 18.7% of its total, and 135 million yuan, or 22% of the total, in the first six months of 2024. 6park.com香江电器的另一大收入来源是花园水管，业务在2023年贡献2.22亿元的收入，占总收入的18.7%，2024年前六个月创收1.35亿元，占总收入的22%。 6park.com 6park.com
Kitchenware may not be that sexy, but don’t tell that to investors. Carote Ltd. (2549.HK) wowed the markets with its pots and pans earlier this month, lifting its shares to a steamy 58% jump on their first trading day in Hong Kong on Oct. 2. Now, the similarly kitchen-themed X.J. Electrics (Hu Bei) Co. Ltd. is hoping to replicate that success with its own IPO. 6park.comA-list of customers 6park.comThe company has a relative A-list of customers, including major names like Walmart, Philips, Hamilton Beach and British brand Sensio home. It said 10 of its products were in the top 10 for their categories on Amazon.com as of August 2024, including its steamer, rice cooker, electric griddle and electric skillet. 6park.com公司拥有相对一线的客户，包括沃尔玛、飞利浦、汉美驰和英国品牌Sensio Home等大牌。公司表示，截至2024年8月，其10款产品位列亚马逊相关分类的畅销商品榜单前10名，包括蒸锅、电饭煲、电烤炉及电煎锅。 6park.com 6park.comDespite all the similarities with Carote, one important place where X.J. Electrics differs is in its attempts to develop its own brands that are typically far more profitable than OEM and ODM work. Its own-brand business has been declining over the past few years, falling from 93.9 million yuan in 2021 to 49.7 million yuan in 2023, as its Weighmax, Accuteck and Aigoli brands, sold solely on e-commerce platforms, made little headway. Carote has been far more successful in developing its own Carote brand, which is a key factor behind its faster revenue growth than X.J. Electrics’. 6park.com尽管与卡罗特有很多相似之处，但香江电器一个重要的不同之处，在于它试图开发自己的品牌，这通常比OEM和ODM的利润要高得多。在过去几年中，其自有品牌业务一直在下滑，从2021年的9,390万元下降到2023年的4,970万元，仅在电商平台上销售的威麦丝、Accuteck和艾格丽品牌，几乎没有取得任何进展。卡罗特在发展自己的Carote品牌方面要成功得多，这也是其收入增长快于香江电器的一个关键因素。 6park.com 6park.comA primary motivation for X.J. Electrics’ latest listing attempt is raising money to move more of its manufacturing to cheaper offshore locations, following a general trend among Chinese manufacturers. The company set up an offshore unit in Indonesia last year, and another in Thailand earlier this year. It still makes all its products in China, shipping them to 70 countries and regions. 6park.com香江电器这次上市尝试的主要动机是筹集资金，将更多制造业务转移到成本更低的海外地区，这也符合中国制造商中的一个普遍趋势。公司去年在印度尼西亚设立一个附属公司，今年早些时候在泰国设立另一个附属公司。公司仍在中国生产所有产 6park.comBut that will soon change with the planned launch of a 7,745-square-meter factory in Indonesia in the first quarter of next year, followed by an even larger Thai facility by the end of 2025. With more than 43,000 square meters of space, the Thai facility is equal to about 12% of the company’s current manufacturing footprint. 6park.com但这种情况很快就会改变，公司计划在印度尼西亚建立的7,745平方米的工厂将于明年一季度投产，2025年底前在泰国的工厂也将投产。泰国工厂占地面积超过4.3万平方米，相当于该公司目前生产面积的12%左右。 6park.com 6park.comThe overseas movement seems driven by a combination of factors, including not only lower costs but also minimizing geopolitical risk amid growing Chinese trade tensions with the West. According to the listing document, five of China’s top 10 small kitchen appliance manufacturers have moved some production to Southeast Asia, which X.J. Electrics calls “an inevitable trend.” 6park.com生产向海外转移似是由多种因素推动，不仅包括降低成本，还包括在中国与西方贸易紧张局势加剧的情况下，将地缘政治风险降至最低。根据上市文件，中国十大厨房小家电制造商中，有五家已将部分生产转移到东南亚，香江电器称这是“不可避免的趋势”。 6park.com 6park.comThe new Thai facility will include 10 automated assembly lines with a capacity of 7 million units. It will ultimately cost 139.2 million yuan, some of which would be paid for using the listing proceeds. X.J. Electrics also plans to use proceeds to build a new R&D center in its current manufacturing base in Qichun in Central China’s Hubei province. Among other things, new products on its roadmap include intelligent dumpling frying pans and high-powered mixers, as it tries to jumpstart its own-brand business. 6park.com泰国的新工厂将设有10条自动化装配线，年产能达到700万台。最终总投资为1.392亿元，其中部分募集资金将用于支付上市开支。香江电器还计划利用集资所得，在位于湖北蕲春的生产基地，建立一个新的研发中心。其产品路线图上的新产品，包括智能煎饺机和大功率搅拌机，旨在重振其自有品牌业务。 6park.com 6park.comThe company said it may also explore acquisitions of some of the 100-plus U.S. brands of small kitchen appliances, following another pattern for Chinese manufacturers to buy Western brands and use their own expertise to try to lower their costs. 6park.com公司还表示，可能会考虑收购美国100多家小家电品牌中的部分品牌，延续中国制造商购买西方品牌，并利用自身专业知识降低成本的模式。 6park.com 6park.comIn terms of its financial trends, X.J. Electrics’ metrics have been mostly on a slow but steady growth track. Its overall revenue grew 8% to 1.19 billion yuan last year, and the rate ticked up slightly to 10% in the first half of this year to 614 million yuan. Its gross profit margin grew from 17.5% in 2021 to 22.4% in the first half of 2024. Its bottom line also posted steady growth, rising from 71.8 million yuan in 2021 to 121.4 million in 2023, though the figure fell 12% to 60.5 million in the first half of 2024 from 69.1 million yuan a year earlier. 6park.com就财务趋势而言，香江电器的指标大多处于缓慢但稳定的增长轨道上。公司去年的总收入增长了8%至11.9亿元，今年上半年增速小幅上升至10%至6.14亿元。其毛利率从2021年的17.5%增至2024年上半年的22.4%。公司的利润也稳步增长，从2021年的7,180万元增至2023年的1.214亿元，不过2024年上半年的利润，从上年同期的6,910万元降至6,050万元，降幅达12%。
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