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Bathroom Cabinets “Dominate The World”. In 2021, The Revenue Exceeded 320 Million. This Enterprise Listed On The New Third Board.

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Bathroom Cabinets “Dominate The World”. In 2021, The Revenue Exceeded 320 Million. This Enterprise Listed On The New Third Board.

Zhejiang TONA Home Co., Ltd, hereinafter referred to as “TONA Home”, disclosed its public transfer prospectus on March 8, 2022. The company’s listing materials on the National Small and Medium-sized Share Transfer System (New Third Board) were officially accepted. The total number of listed shares is 35 million shares, and the sponsor broker is Xiangcai Securities Co.


Revenue in 2021 exceeded 320 million, with a year-on-year growth trend

According to the public transfer prospectus, TONA home formerly known as Linhai TONA Sanitary Ware Co. On October 29, 2021, it changed to a joint-stock company as a whole. The registered capital of the company is 35 million Yuan. Its legal representative is Shen Rongyan, who directly holds 22,312,500 shares of the company, accounting for 63.75% of its total share capital.

TONA Home’s main business is the design, research and development, production and sales of bathroom home products, covering the full range of bathroom furniture, bathtubs, bathrooms, intelligent toilets and other bathroom home products. The company’s “TONA” brand was awarded as “Zhejiang Export Famous Brand” by the Department of Commerce of Zhejiang Province. It has been recognized as a national high-tech enterprise for many years and has been awarded the title of “Zhejiang Patent Demonstration Enterprise”. Its products have won the German iF product design award, Cotton Tree China Design Award, Milan Allora “Best Design Award” and other awards.

According to the disclosure, TONA home mainly adopts the “sales-based production” model. Its process mainly includes customer order, production department arranges production, warehouse arranges delivery, customer receipt, etc. In 2019, 2020 and January-October 2021, TONA Home’s revenue will be 242 million yuan, 298 million yuan and 318 million yuan respectively, with an overall trend of year-on-year growth. Its corresponding net profit is RMB 0.12 billion, RMB 0.27 billion and RMB 0.18 billion respectively, with a growth curve different from that of operating income.

ItemJanuary~October 2021Year 2020Year 2019
Operating income (RMB million)31,833.0129,799.1424,234.60
Net profit (million yuan)1,823.022,657.861,228.80
Net profit attributable to shareholders of the company applying for listing Profit (RMB million)1,846.142,636」41,236.48
Net profit after non-recurring gains and losses (RMB million)1,703.362,375.261,013.77
Net profit attributable to shareholders of the listed company after1,726.482,353.541,021.46
Net profit after extraordinary gains and losses (RMB million)26.60%30.88%28.50%
Gross profit margin12.64%21.00%11.65%
Weighted Return on Net Assets11.82%1&75%9.62%
Weighted average return on net assets (net of non- recurring gains and losses)0.53
Basic earnings per share (yuan/share)0.53
Diluted earnings per share (yuan/share)11.0412.2112.12
Accounts Receivable Turnover Ratio (times)3.564.004.49
Inventory turnover rate (times)1,821.135,302.872,010.91
Net cash flow from operating activities (RMB million)0.521.520.57

By product category, bathroom furniture is the main product of TONA Home. This category accounted for 89.81% of the company’s total sales from January to October 2021, while bathtub bathrooms, smart toilets and others accounted for 4.15%, 2.20% and 3.85%, respectively. Although the smart toilet accounted for a small percentage, the growth was bright relative to the 0.03% share in 2019. However, TONA Home mentioned that the company has not yet established a production line for smart toilets. The company uses its own mastered technology to complete the design of the toilet, based on the production of the product to other manufacturers to perform. Other manufacturers produce and complete TONA brand labeling in the original factory and then sell.

Unit: Yuan

Product or BusinessJanuary~October 2021Year 2020Year 2019
Bathroom Furniture285,886,360.5389.81%271,893,306.8991.24%232,255,99&5895.84%
Bathtub Bathroom13,195,948.264.15%15,136,061.065.08%5,71&13&112.36%
Intelligent Toilet6,996,479.492.20%2,754,592.730.92%62,675.630.03%


The proportion of exports is over 80%. It has subsidiaries in the United States, Germany, Indonesia and other countries

According to the public transfer prospectus, export business is the main business of TONA Home. In 2019, 2020 and January-October 2021, the amount of export sales revenue in the company’s main business revenue is 217 million yuan, 243 million yuan and 250 million yuan, accounting for 89.51%, 81.57% and 78.54% of the main business revenue, respectively. TONA mainly exports to Europe, America and other places, and the main settlement currency is U.S. dollar.

The public transfer prospectus also discloses the top five sales customers of TONA Home in recent years. Among them, from January to October 2021, the top five customers are LEGIO SALES BELGIUM N.V., MAXEDA DIY GROUP, DISTRIBUTION SANITAI RE CHAUFFAGE, NEXTREND GMBH, CUBICO UK LTD. They contributed a total operating revenue of NT$95 million, accounting for 29.88% of the operating revenue.

Unit: Yuan

Business CategorySales of Bathroom Products
No.Customer NameRelated party or notSales ContentAmountPercentage of operating income


NoBathroom Home Products25,008,742.757.86%
2MAXEDA DIY GROUPNoBathroom Home Products24,186,399.967.60%


NoBathroom Home Products17,648,257.525.54%
4NEXTREND GMBHNoBathroom Home Products16,832,789.935.29%
5CUBICO UK LTD.NoBathroom Home Products11,436,416.333.59%

TONA Home mainly sells to the outside world in the form of ODM, and expands overseas customers mainly through channels such as Canton Fair and KBIS exhibition. They obtain customer information at trade fairs and determine customer ordering intentions through continuous communication and sending product information or samples. Their overseas customers are mainly located in Europe, North America and other regions. In addition, TONA Home currently has several subsidiaries in the United States, Germany, Indonesia and other countries.

TONA Home said that the company will expand domestic and international business simultaneously in the future, of which domestic sales will continue to promote the dual-engine strategy of channel and engineering to accelerate the overall expansion of the market. In addition, TONA home will be in the brand building, talent ladder construction, product development, capacity expansion and management improvement.


Many sanitary ware enterprises have been listed on the “New Third Board”

The national small and medium-sized enterprise share transfer system, commonly known as the “New Third Board”, is the third national securities exchange after the SSE and SZSE. This is also China’s first corporate system operating securities trading venues. According to public data, in 2021, the turnover of the New Third Board listed companies was 214.816 billion yuan, with a turnover rate of 17.66%. As of the end of December 2021, the total number of NSS listed companies was 6,932, with a total market capitalization of 228.454 billion yuan and a price-to-earnings ratio of 20.48 times.

Due to the relatively low threshold for listing, the New Third Board has become a preferred platform for small and medium-sized enterprises in various industries to raise funds for listing, and many bathroom companies have previously landed on the New Third Board, Koyi, Mengjia Intelligence, Xiya Technology were listed on the New Third Board in December 2015, August 2016, and September 2021.



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