Time Angel is a supplier of contact orthodontic solutions and has a leading market share in China. In the first three quarters of 2020, the company achieved revenue of 60 1 10,000 yuan and net profit of156 million yuan. Compared with 2065,438+08 and 2065,438+09, the profit rate has increased significantly. The reasons include the increase in gross profit margin and the decrease in the proportion of sales and marketing expenses and management expenses to total revenue.
The funds raised by listing in Time Angel will be used for the construction of Wuxi Chuangmei base, the improvement of R&D capability, the expansion of sales team and the optimization of medical services.
Before the controlling shareholder applies for listing with nearly 70% of the shares, the subsidiary will receive dividends twice.
The predecessor of Times Angel can be traced back to Beijing Times Angel founded by Li Huamin, executive director and CEO of the company in 2003. 20 10 company established Wuxi times angel, and its manufacturing center moved to Wuxi, Jiangsu. 20 1 1, the company was established as Shanghai Times Angel, and its operation center was moved to Shanghai.
As of the last actual operation date, Baisong Orthodontics holds 67. 1242% of the shares of Times Angel and is the controlling shareholder of the company. Pine and cypress orthodontics are wholly owned by CareCapital EA, Inc., which in turn is wholly owned by CareCapital Holdings. It is worth mentioning that, as the main investor, Gaochun Capital holds 96.97% of the shares of Caring Capital Holdings. However, all voting rights of Kaiye Capital Holding Company are controlled by Baisong Investment Group, and Gaoying Capital holds non-voting shares. In addition, Li Huamin-controlled Tian Rong Enterprise Co., Ltd. also holds 5.8798% shares of Times Angel/KLOC-0.
Wuxi Times Angel, a wholly-owned subsidiary of Times Angel, distributed cash dividends of 6 1 10,000 yuan and 43 million yuan in June and June 2020, respectively.
The market share of invisible orthodontic solution providers is leading in China.
According to WHO data, malocclusion refers to crowded dentition, dentition gap and protrusion, which may adversely affect the quality of life. Orthodontics is the specialty of diagnosis, prevention and correction of malocclusion under dentistry, which mainly includes two kinds of treatment methods, namely traditional orthodontic treatment (metal braces, lingual appliances, ceramic braces, etc.). ) and invisible orthodontics.
Time Angel is a supplier of invisible orthodontic solutions. The company's invisible orthodontic system includes orthodontic scheme design service, invisible appliance and cloud service platform iOrtho. At present, the company has four kinds of invisible home appliances: standard edition of Times Angel, champion edition of Times Angel, children's edition of Times Angel and COMFOS. The suggested retail prices are around 32,000 yuan, 40,000 yuan, 26,000 yuan and 24,000 yuan respectively.
According to the consulting report on burning knowledge cited in the prospectus of Times Angel, the market share of the top two domestic market participants reached 82.3%, of which Times Angel accounted for 4 1.3%. According to the data, the number of cases realized in the first nine months of 20 18, 20 19 and 2020 is 7700, 120 100 and1700 respectively.
Among the 1.0 1.700 cases reached in the first three quarters of 2020, Time Angel Standard Edition products accounted for 54.47%. Followed by Time Angel Champion Edition and COMFOS, accounting for 22.62% and 19.37% respectively.
Benefiting from the improvement of gross profit margin and the reduction of expenses, the profitability will be improved in the first three quarters of 2020.
In the first three quarters of 20 18, 20 19 and 2020, Time Angel achieved revenue of 488 million yuan, 646 million yuan and 60 10/00000 yuan respectively; The net profit of returning to the mother is 60 million yuan, 69 million yuan, 6.5438+56 million yuan respectively. Considering the influence of share-based payment and other factors, the adjusted net profit of the company during the period was 92 million yuan, 65.438+30 million yuan and 204 million yuan respectively.
It can be seen that the net profit margins of Time Angel in the first three quarters of 20 18, 20 19 and 2020 are about 12.3%, 10.7% and 26.0%, respectively, and the profits have improved significantly in June 2020. It is found that one of the reasons is the increase of gross profit margin. The data shows that the gross profit margins of the company in the first three quarters of 20 18, 20 19 and 2020 are 63.8%, 64.6% and 70.8% respectively. For the growth of gross profit margin, the company said that the main reason is the reduction of the unit rental cost of 3D printers and the optimization of the cost structure related to the production of invisible household appliances.
In addition, cost reduction is also an important reason. In 20 18 and 20 19 years, the proportion of sales and marketing expenses in Time Angel's total revenue was 16.7% and 19.0% respectively. In the first three quarters of 2020, this proportion dropped to 15.2%. In terms of the proportion of administrative expenditure to total income, 20 18, 20 19 and the first three quarters of 2020 are 22.0%, 2 1. 1% and 15.8% respectively.
However, further research shows that the decline in the proportion of sales and marketing expenses and management expenses to total revenue is largely due to the inability to carry out relevant offline marketing activities due to the COVID-19 epidemic, the reduction of social insurance contributions and the reduction of travel and entertainment expenses, and the future sustainability remains to be seen.
The rapid growth of Times Angel's performance in the past few years has fully benefited from the development of the industry. According to the data, in terms of retail revenue, the market size of contact orthodontics in China increased from $2,065.438+200 million in 2005 to $2,065.438+400 million in 2009, with a compound annual growth rate of 56.0%. During the same period, the number of orthodontic cases with invisible orthodontic treatment increased from 47,800 to 303,900, with a compound annual growth rate of 58.8%.
The suppliers of Times Angel are relatively concentrated. According to the prospectus, in the first three quarters of 2020, the purchase amount from the top five suppliers accounted for 865,438+0.3% of the procurement cost of this nature, 70.9% in 2065,438+08 and 79.0% in 2065,438+09 respectively. The products purchased by the company mainly include manufacturing raw materials, 3D printers and manufacturing consumables.
The funds raised by Times Angel's listing will be used for the construction of Wuxi Chuangmei base, the improvement of R&D capability, the expansion of sales team and the optimization of medical services. Among them, the construction area of Chuangmei Base is about 1 26,000 square meters, and the final annual design capacity is expected to be about1100 million invisible household appliances. By the end of September, 2020, the company's invisible household appliances production capacity was14.3 million units, and the capacity utilization rate was 865.438+0.4%.
This article comes from Bread Finance.