--- title: "A-share subscription | Down jacket manufacturer GUQI has opened for subscription and established partnerships with Semir Apparel and others" type: "News" locale: "en" url: "https://longbridge.com/en/news/240721803.md" description: "GUQI started its subscription on May 19, with an issuance price of 12.08 yuan per share and a subscription limit of 20,000 shares, with a price-to-earnings ratio of 14.65 times. The company focuses on the research, development, production, and sales of high-specification down products and has established cooperative relationships with several clients, including Semir Apparel. In 2020, the company increased its production lines to meet growing demand, but due to the impact of the pandemic, the capacity utilization rate decreased in the first half of 2022. The company warns of the risk of insufficient working capital, with net cash flow from operating activities being negative for multiple periods" datetime: "2025-05-18T22:44:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/240721803.md) - [en](https://longbridge.com/en/news/240721803.md) - [zh-HK](https://longbridge.com/zh-HK/news/240721803.md) --- # A-share subscription | Down jacket manufacturer GUQI has opened for subscription and established partnerships with Semir Apparel and others According to Zhitong Finance APP, on May 19, GUQI (001390.SZ) opened for subscription, with an issue price of 12.08 yuan per share, a subscription limit of 20,000 shares, and a price-to-earnings ratio of 14.65 times. It is listed on the Shenzhen Stock Exchange, with Guosen Securities as its sponsor. The prospectus reveals that GUQI focuses on the research, development, production, and sales of high-specification down products, with main products being goose down and duck down, primarily applied in the fields of clothing, bedding, and other down products. The company targets the mid-to-high-end market and has established cooperative relationships with clients such as Hailan Home (600398.SH), Semir Apparel (002563.SZ) and its children's clothing brand Balabala, Luolai Life (002293.SZ), and Jihua Group (601718.SH). During the reporting periods, the company's capacity utilization rates were 87.39%, 87.09%, 76.70%, and 66.18%, respectively. In 2020, the company had a large order volume, and to meet the growth in production and sales, it added a production line at the beginning of 2021, resulting in an increase in capacity levels. In the first half of 2022, the capacity utilization rate declined, mainly due to reduced shipments affected by the pandemic, leading to a corresponding decrease in output. ![IMG_1223.jpeg](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250519/1747607580809214.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) In terms of finance, for the fiscal years 2019, 2020, and 2021, the company achieved operating revenues of approximately 459 million yuan, 444 million yuan, and 596 million yuan, respectively. The company's net profits were approximately 35.8146 million yuan, 53.9933 million yuan, and 76.8124 million yuan. GUQI's prospectus highlights the risk of insufficient working capital. During the reporting periods, the net cash flow from operating activities was -25.8601 million yuan, -47.7519 million yuan, 29.9190 million yuan, and -47.7327 million yuan, respectively. The net cash flow from operating activities was negative in the first two years of the reporting period and the most recent period, mainly due to the relatively long accounts receivable collection cycle from downstream down product customers, while the payment cycle from upstream suppliers was relatively short, resulting in a significant amount of working capital being tied up in accounts receivable and inventory The company is in a rapid development stage, and the demand for funds is continuously increasing. If the company fails to expand its financing channels as expected and cannot effectively improve its operating cash flow, it will lead to insufficient working capital, which will in turn affect the company's business development ### Related Stocks - [001390.CN](https://longbridge.com/en/quote/001390.CN.md) - [002293.CN](https://longbridge.com/en/quote/002293.CN.md) - [601718.CN](https://longbridge.com/en/quote/601718.CN.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [600398.CN](https://longbridge.com/en/quote/600398.CN.md) - [002563.CN](https://longbridge.com/en/quote/002563.CN.md) ## Related News & Research - [BYD Fang Cheng Bao hits 400,000 sales milestone despite production snags](https://longbridge.com/en/news/287011931.md) - [Fang Cheng Bao SUV delivery delays highlight BYD's manufacturing pressure amid tech transition](https://longbridge.com/en/news/286999045.md) - [1 Unstoppable Stock to Buy Before It Joins Nvidia, Alphabet, Apple, and Microsoft in the $3 Trillion Club](https://longbridge.com/en/news/287021527.md) - [Goldman Sachs set to be named lead left underwriter for SpaceX IPO, source says](https://longbridge.com/en/news/286975906.md) - [SanDisk stock slips: why this analyst still sees a 50% upside](https://longbridge.com/en/news/286938149.md)