A-share subscription | iCkey opens subscription as a leading B2B enterprise in the electronic components field

According to Zhitong Finance APP, on September 19, Yunhan Xincheng (301563.SZ) opened for subscription, with an issue price of 27 yuan per share, a subscription limit of 4,000 shares, and a price-to-earnings ratio of 20.91 times. It is listed on the Shenzhen Stock Exchange, with Guojin Securities as its sponsor.

According to the prospectus, the company is an innovative high-tech enterprise that integrates electronic component distribution with industrial internet development, focusing on the research, production, and procurement needs of small-batch electronic components in the electronic manufacturing industry. The company effectively utilizes digital technology and internet technology, based on its self-built and operated Yunhan Xincheng B2B online mall, primarily providing efficient and professional one-stop supply chain services for electronic components in the electronic manufacturing industry. This extends to multiple areas, including product technical solution design, PCBA production and manufacturing services, and technical support from electronic engineers. Its subsidiary, Shenzhen Hanyun, has a CNAS-certified electronic component testing laboratory.

Through various data transmission methods such as API/EDI and FTP, the company integrates the massive inventory data of over 2,500 high-quality suppliers into the Yunhan Xincheng online mall, achieving a daily saleable SKU of 27,992,400, which can effectively meet customers' one-stop procurement needs. By aggregating downstream small-batch order demands, the company conducts specialized and centralized procurement from suppliers, effectively reducing overall procurement costs. On the other hand, the Yunhan Xincheng online mall has become an important sales channel in the electronic component circulation field. As the number of customers and the scale of operations continue to grow, the company can obtain better support from suppliers in terms of product categories, prices, and services, thereby attracting more downstream demand and forming a growth flywheel driven by both supply and demand sides. Meanwhile, the company has built an innovative business ecosystem that includes "cloud warehouse," selected suppliers, and PCBA services, continuously expanding the breadth and depth of customer services, driving the company's performance development while enhancing industrial efficiency and supporting the quality and efficiency improvement of the real economy.

The company always adheres to the development concept of "all business online, all business data-driven, all data business-oriented," placing great importance on the accumulation and application of data resources. The company extracts various standardized databases covering multi-dimensional information from massive business data, including 44,489,000 SPU product data, 93,023,100 parameter substitution relationship data, 782,200 domestic substitution relationship data, 1,077,900 import customs classification data, and 465,400 component quality inspection information, among others. It employs big data and artificial intelligence technologies to enhance service capabilities and overall operational efficiency in application scenarios such as component selection, substitution recommendations, demand forecasting, credit assessment, quality inspection, and customs declaration. As the business scale expands, the company continuously develops systems or functional modules that can adapt to its business model development. During the reporting period, more than 100 new systems or functional modules were added, with an average monthly version iteration frequency exceeding 300 times, effectively supporting and efficiently responding to the demands of business model development.

Currently, the company's online mall can support millions of searches per day, with a search matching rate maintained at around 90%. The monthly order processing volume (peak) and BOM order volume (peak) are approximately 68,000 and 34,000, respectively, with an automatic matching rate for customs classification of goods (peak) reaching 98% As of December 31, 2024, the company has over 696,500 registered users and more than 158,900 corporate clients who have placed orders.

According to the "2022 Annual Revenue Ranking of Domestic Electronic Component Distributors in China" published by the authoritative consulting agency in the electronic components industry, International Electronic Business, the company's ranking rose from 23rd in 2020 to 15th in 2022, making it one of the leading electronic component distributors primarily engaged in B2B online marketplace operations. Based on the above public information, the company is one of the leading enterprises in the B2B sector of the electronic components field.

In terms of finance, the company achieved operating revenues of approximately RMB 4.333 billion, RMB 2.637 billion, and RMB 2.577 billion in 2022, 2023, and 2024, respectively; during the same period, net profits were approximately RMB 135 million, RMB 78.5917 million, and RMB 88.3328 million.