Cobos IPO meeting, the domestic "sweeping robot first stock" ready to come out

[Kewosi IPO meeting, domestic "sweeping robots first stock" ready to appear] May 4, the CSRC audited and approved the IPO Koowosi robot's initial application, Cobos will be listed on the main board. It is reported that the Cobos IPO sponsor agency is CICC.

The main business of Cobos Robotics is the R&D, design, production and sales of smart home equipment and related components such as various home service robots and clean household appliances. The actual controller is Qian Dongqi.

According to the disclosure, Coworth intends to publicly issue no more than 40.1 million shares on the Shanghai Stock Exchange, and plans to raise funds of 912 million yuan, of which 500 million will be used to produce 4 million home service robots annually and 269 million yuan will be spent on the robot Internet ecosystem. Project, 143 million yuan for international marketing projects.

During the reporting period, in 2013, 2014, 2015 and January-September 2016, Cobos' weighted average ROE was 31.75%, 22.98%, 26.08%, and 11.62%, respectively. After the company has raised funds, the scale of net assets will increase significantly, and the raised capital investment projects have a certain construction period, and it is difficult to generate direct economic benefits during the construction period of the invested projects.

The prospectus disclosed that Cobos has more than 600 domestic and foreign patents, and the business has a high gross margin, and the gross margin of the clean household appliances business is low. During the reporting period, there were many disputes over patents with companies such as Dyson Technology and Dongguan Wanjin. In terms of mode, service robots are divided into the proportion of self-production models and OEM production models, and the impact of the two models on the cost: (1) Selection criteria of online and offline sales models, their proportions, and their impact on gross profit margin; (2) ) The unit price of service robots has declined year-on-year and is significantly lower than that of iRobot, but its gross profit margin is higher than iRobot's reason and rationality from 2014 to 2015; (3) OEM/ODM cleansing small- Reasons for and Reasonable Reasons for Great Differences in Interest Rates; (4) Gross Profit Margin of Sales Service Robots and Private Label Small Appliances for E-commerce Platforms such as JD.com, Vipshop.com and Suning.com The reason and rationality of each e-commerce platform for the existence of brush orders.

At present, Cobos sweeping robots account for nearly 50% of the domestic market share. With the Cobos IPO meeting, the domestic “sweeping robots first stock” is ready to go.

It is worth noting that from September 2011 to December 2013, in order to prepare for overseas listing, Cowanth’s robotic controller Qian Dongqi established an overseas listing structure and introduced investors IDG. In 2016, as the domestic capital market entered a rapid development track, the actual controller decided to change its listing on the domestic A-shares, and took Cobos Limited as the listed entity, dismantled the overseas listing structure, and determined the equity structure of the domestic listed company. Make a series of adjustments.

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