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Public company info - Vanov Holdings Company Limited , 02260.HK
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Vanov Holdings Company Limited, 02260.HK - Company Profile
Chairman Shen Genlian
Share Issued (share) 480,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry -
Corporate Profile Business Summary: The group principally engage in the design, manufacture and sales of papermaking felts. Performance for the year: The group’s revenue increased from approximately RMB159.4 million for the year ended 31 December 2018 to approximately RMB167.3 million for the year ended 31 December 2019. the group’s revenue increased from approximately RMB167.3 million for the year ended 31 December 2019 to approximately RMB182.8 million for the year ended 31 December 2020. Business Review THE GROUP’S PRODUCTS The group’s products are sold under the group’s two brands, namely and , and can be classified into five categories according to the type of papermaking machines that the papermaking felts are applied to: packaging papermaking felts, specialty papermaking felts, printing papermaking felts, household papermaking felts and pulp papermaking felts. During the Track Record Period, based on the operating speed of the applicable papermaking machines, the group’s papermaking felts can mainly be categorised into (i) high-speed papermaking felts; (ii) medium-speed papermaking felts; and (iii) low-speed papermaking felts. According to the group’s Directors, high-speed papermaking felts are generally applied in papermaking machine with operating speed of 700 metres or above per minute for packaging papermaking felts and printing papermaking felts and 600 metres or above per minute for the group’s other products; while low-speed papermaking felts are generally applied in papermaking machine with operating speed of 300 metres or below per minute for packaging papermaking felts and printing papermaking felts and 200 metres or below per minute for the group’s other products. Medium-speed papermaking felts are generally applied in papermaking machine with operating speed other than high-speed and low-speed. PRODUCTION As at 30 June 2021, the group manufactured the group’s products in the group’s production facilities in Chengdu and Shanghai, the PRC, which together housed the group’s major production machines with a total of eight production lines. Chengdu Production Site The group’s Chengdu Production Site was established in 2008 and is situated in Wenjiang District, Chengdu, Sichuan, the PRC. The effective utilisation rates of the group’s Chengdu Production Site were approximately 92.7%, 88.9%, 92.1% and 83.8% for the three years ended 31 December 2020 and the six months ended 30 June 2021, respectively. Shanghai Production Site The group’s Shanghai Production Site is situated in Fengjing Town, Jinshan District, Shanghai, the PRC. the group commenced the group’s production in Shanghai Production Site after the acquisition of Shanghai Jinxiong in 2010. The effective utilisation rates of the group’s Shanghai Production Site were approximately 99.6%, 103.3%, 97.3% and 83.5% for the three years ended 31 December 2020 and the six months ended 30 June 2021, respectively. For the year ended 31 December 2019, the Shanghai Production Site recorded effective utilisation rate of over 100% because it had operated longer than the group’s assumption that the group’s key production facilities operate for 287 days for each calendar year. THE GROUP’S CUSTOMERS The group’s customers are primarily paper and paper products manufacturers and trading companies, which can be categorised by geographical region, including: (i) PRC paper and paper products manufacturers and trading companies, from which the group derived around 95% to 96% of the group’s revenue during the Track Record Period; and (ii) overseas paper and paper products manufacturers and trading companies, from which the group derived around 4% to 5% of the group’s revenue during the Track Record Period. According to the Frost & Sullivan Report, nine out of the top ten papermaking companies in the PRC in 2020 are the group’s Group’s customers. For the three years ended 31 December 2020 and the six months ended 30 June 2021, sales to the group’s five largest customers amounted to approximately RMB25.5 million, RMB25.1 million, RMB27.8 million and RMB12.5 million, respectively, representing approximately 16.0%, 15.0%, 15.2% and 16.4% of the group’s total revenue for the same periods, respectively, while sales to the group’s largest customer in each year/period during the Track Record Period amounted to approximately RMB7.1 million, RMB5.8 million, RMB7.2 million and RMB3.2 million, respectively, representing approximately 4.5%, 3.5%, 3.9% and 4.1% of the group’s total revenue for the same periods, respectively. PRICING POLICY Save for the long-term agreements, the group generally determine the price of the group’s products on an order-by-order basis and will set the unit prices of the group’s products with reference to the market trends and price references set out in the group’s pricing policy. the group also take reference to the prices offered by the group’s competitors and the group may offer price adjustments on a case-by-case basis to enhance the group’s competitiveness. the group generally do not offer discounts to the group’s customers under normal circumstances as the final quotations of the group’s products are provided after revisions and negotiations with the group’s customers, taking into consideration of the market trends, product requirements, supply and demand for comparable products and the price of the comparable products in the market. THE GROUP’S SUPPLIERS AND RAW MATERIALS The group’s cost of sales consisted of raw materials, direct labour costs, manufacturing overhead, utilities, depreciation and provision for warranty. Monofilaments and fibre which are mainly made from nylon are the group’s major raw materials. The group’s suppliers, who are mainly based in the PRC, provide us with raw materials, some of which were imported from Germany and Switzerland. For the three years ended 31 December 2020 and the six months ended 30 June 2021, the total purchases from the group’s five largest suppliers amounted to approximately RMB45.1 million, RMB48.0 million, RMB49.8 million and RMB24.0 million, respectively, representing approximately 81.0%, 83.5%, 80.8% and 83.3% of the group’s total purchase of raw materials for the same periods, respectively, while total purchases from the group’s largest supplier amounted to approximately RMB24.3 million, RMB29.1 million, RMB30.8 million and RMB14.1 million, respectively, representing approximately 43.6%, 50.7%, 50.0% and 48.9% of the group’s total purchase of raw materials for the same periods, respectively. RESEARCH AND DEVELOPMENT As at the Latest Practicable Date, the group have established a dedicated research and development department comprising 15 staff, some of whom had over 10 years of experience in the production of papermaking felts. the group’s research and development facilitated the successful development and invention which were subsequently registered as patents. As at the Latest Practicable Date, the group had registered 99 patents. As advised by Frost & Sullivan, technology and market know-how serve as key barriers for new market entrants as paper and paper products manufacturers have shown a strong preference of sourcing from papermaking felts manufacturers with distinctive product development capability and technology in design and production of high-speed papermaking felts. For further details, please refer to “Industry Overview — Overview of papermaking felts manufacturing industry in the PRC — Market challenges and constraints” in this document. the group have around 14 years of experience in the papermaking felts manufacturing industry and The group is committed to continuously innovate in industrial technologies within the papermaking felts manufacturing industry. During the Track Record Period, the group received government subsidies of approximately RMB5.9 million, RMB2.9 million, RMB3.5 million and RMB133,000 which represented subsidies from local governmental authorities for the purpose of supporting the group’s operations, in particular, for the recognition of the group’s research projects. COMPETITIVE LANDSCAPE Overall, the papermaking felts manufacturing industry in the PRC is relatively concentrated comprising a limited number of market participants. According to Frost & Sullivan, there were approximately 20 notable local enterprises and approximately 10 foreign invested enterprises engaging in manufacturing and sale of papermaking felts in the PRC. Prospects: The group plan to achieve the group’s business objectives by expanding the group’s production capacity, further strengthening the group’s research and development capabilities, and pursuing strategic acquisitions.

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