A-share subscription | Yunhan Xincheng (301563.SZ) opens subscription as a leading B2B company in the field of electronic components.

On September 19, Yunhan Xincheng (301563.SZ) opened for subscription with an issue price of 27 yuan per share, a subscription limit of 0.40 million shares, a price-to-earnings ratio of 20.91 times, and is listed on the Shenzhen Stock Exchange, with Sinolink as its sponsor. According to the prospectus, the company is an innovative high-tech enterprise integrating the distribution of electronic components and industrial Internet development, focusing on the research, development, production, and procurement of small batch electronic components in the electronic manufacturing industry. By effectively using digital technology and Internet technology, the company, based on its self-operated B2B online mall Yunhan Xincheng, mainly provides efficient and professional one-stop electronic component supply chain services for the electronic manufacturing industry, extending to product technical solution design, PCBA production and manufacturing services, electronic engineering technical support, and other fields. The subsidiary Shenzhen Hanyun has an CNAS-certified electronic component testing laboratory. Through various data transmission methods such as API/EDI and FTP, the company integrates the massive inventory data information of over 2,500 quality suppliers worldwide into the online mall of Yunhan Xincheng, with a daily sellable SKU reaching 27.99 million. This can better meet the one-stop purchasing needs of customers, and through the aggregation of downstream small batch order demand, conduct professional and intensive purchasing from suppliers, effectively reducing the overall procurement cost. On the other hand, Yunhan Xincheng's online mall has become an important sales channel in the electronic component circulation field. With the continuous growth of customer numbers and business scale, the company can obtain better support from suppliers in terms of product categories, prices, services, etc., attracting more downstream demand and forming a growth flywheel driven by both the supply side and the demand side. Meanwhile, the company has built an innovative business ecosystem including "Cloud Warehouse," preferred suppliers, PCBA services, etc., continuously expanding the breadth and depth of customer service, driving the development of the company's performance, enhancing industrial efficiency, and helping to improve the quality and efficiency of the real economy. The company always adheres to the development concept of "all business online, all business data, all data business", attaching great importance to the accumulation and application of data resources. The company extracts various standardized databases covering multidimensional information from massive business data, including 44.89 million SPU product data, 93.23 million parameter substitution relationship data, 782,200 domestic substitution relationship data, 1.079 million imported customs classification data, 465,400 component quality inspection information, etc., and uses technologies such as big data and artificial intelligence to enhance the company's service capabilities in component selection, substitution recommendations, demand forecasting, credit, quality inspection, customs declaration, and other application scenarios, as well as the overall operational efficiency. With the expansion of business scale, the company continuously develops systems or functional modules that can adapt to the development of the company's business format. During the reporting period, the number of newly added systems or functional modules exceeded 100, with a monthly average version iteration frequency exceeding 300 times, effectively supporting and efficiently responding to the demands of business format development. Currently, the company's online mall can support daily search volumes in the millions, with a search match rate maintained at around 90%. The monthly peak order processing volume and BOM order volume are around 68,000 and 34,000 respectively, and the automatic matching rate of customs classification (peak) reaches 98%. As of December 31, 2024, the company has registered more than 696,500 users, with over 158,900 corporate customers placing orders. According to the authoritative electronic component industry consulting agency International Electronic Commerce, the company's ranking in the revenue ranking of Chinese local electronic component distributors for 2022 rose from 23rd in 2020 to 15th in 2022, with most of the companies listed conducting business in electronic component distribution through industrial Internet B2B online malls. Combining the above public information, the company is one of the leading B2B companies in the electronic component field. In terms of finance, in 2022, 2023, and 2024, the company achieved operating income of approximately 4.333 billion, 2.637 billion, and 2.577 billion yuan respectively; and net profits of approximately 135 million, 78.5917 million, and 88.3328 million yuan respectively during the same period.