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The Company That Serves Kohler, TOTO, American Standard And Other Well-Known Bathroom Brand Names Is Hitting The Market

Bathroom Business School

On June 28, the Securities and Futures Commission disclosed the initial public offering prospectus (filing) of Hangzhou Panasia Sanitary Ware Co. Panasia Sanitary Ware intends to issue about 31.27 million shares to raise funds for the construction of production bases, information technology construction, etc. Panasia Sanitary Ware 2020 has revenue of more than 1.1 billion yuan, and its customers include TOTO, Kohler, Roca, Moen and other famous foreign companies. Roca, Moen and other well-known foreign companies. If it is successfully listed, the bathroom listed companies will add a “fierce”.


To invest 568 million yuan for the production base and information construction

According to the prospectus, Panasia Sanitary Ware intends to list and issue 3,126,667,000 shares in domestic A-share, accounting for 25.00% of the total number of shares issued by the company, with a total share capital of 12,506,667,000 shares after the issue. It applied for listing on the Shenzhen Stock Exchange, and the issue price is not yet determined.

Panasia bathroom in the prospectus said that the issue of funds will be invested in two major projects according to the actual situation of the company, including “kitchen and bathroom products intelligent manufacturing production base and kitchen and bathroom R & D center and information construction project”, and “bathroom products intelligent manufacturing expansion project “. Among them, the total investment amount of the sub-project “construction project of intelligent manufacturing base for kitchen and bathroom products” is 357 million yuan, accounting for more than 60% of the total investment amount of all projects.

Unit: million yuan

No.Project NameSub-projectsTotal investment amountProposed investment of proceeds


1Kitchen and bathroom products intelligent manufacturing production base and kitchen and bathroom R&D center and information construction project


Kitchen and bathroom products intelligent manufacturing production base Construction Project35,676.6735,676.67
Kitchen and bathroom R&D center and information construction Construction Project10,484.7710,484.77
2Sanitary products intelligent manufacturing and expansion project10,61 &1710,61 &17


With 11 affiliated companies, the revenue in 2020 exceeds 1.1 billion yuan

The prospectus shows that the predecessor of Panasia Sanitary Ware Co. In December 2009, Panasia Limited was reorganized as a foreign-invested joint stock company and renamed as “Hangzhou Panasia Sanitary Ware Co. It has a registered capital of 40 million yuan, and the legal representative is Zhang Boliang. At present, the actual controllers of Panasia Sanitary Ware are Zhang Boliang, Ye Rujun, Zhang Ye and Yao Lei. Together, they directly and indirectly hold 76.70% of the shares of the company before this issue, and together control 82.60% of the shares of the company before this issue.

It is reported that Panasia Sanitary has been engaged in kitchen and bathroom furniture business since 2010. It currently has established three production bases in Tonglu, Zhejiang, Long An, Vietnam and Rayong, Thailand. As of the date of the prospectus, Panasia Sanitary Ware has 9 wholly-owned subsidiaries and 2 branches.

The prospectus also discloses the business of Panasia Bathroom in the past three years. From 2018 to 2020, Panasia Sanitary achieved operating revenues of 743 million yuan, 809 million yuan and 1.102 billion yuan, respectively, showing a year-on-year growth trend. The net profit attributable to shareholders of the parent company for the same period is RMB 0.20 billion, RMB 0.66 billion and RMB 118 million respectively, with the same significant growth momentum.

Unit: million yuan

ProjectsYear 2020Year 2019Year 2018
Operating income110,202.7480,884.0674,325.88
Operating profit12,694.86&470.943,581.37
Total profit13,159.048,392.373,298.47
Net profit12,283.467,511.612,409.32
Net profit attributable to shareholders of the parent company11,793.296,642.672,017.48
Net profit attributable to shareholders of the parent company after Net profit after regular profit or loss8,772.556,237.984,706.74

The main business of Panasia Sanitary Ware is the research and development, production and sales of kitchen and bathroom household products. 2020, the revenue from the main business accounted for 98.83% of the company’s revenue. In terms of categories, cabinets are the largest category in terms of revenue for Panasia Sanitary Ware, accounting for 38.36% of operating revenue. This is followed by drain rods and accessories (26.11%), faucets and accessories (10.90%), and elbows (7.50%). In addition, Panasia bathroom also has production of bathroom cabinets, hoses, furniture accessories and other products.

Unit: million yuan.%

ProjectsYear 2020Year 2019Year 2018
 Rods and accessories28,437.4826.1129,007.0536.2829,156.3640.23
Bathroom Accessories Products


Faucet and accessories11,874.0210.9011,193.7714.0010,098.2113.93
Hose and Accessories5,196.944.774,715.255.904,043.255.58
Parts and others6,186.535.686,962.318.716,820.569.41
 Kitchen Cabinets41,780.7038.3616,126.6120.1711,444.8415.79
Kitchen & Bath Furniture ProductsBathroom Cabinets666.900.611,576.061.972,206.763.04
Furniture accessories and others6,604.246.064,436.195.553,066.784.23


Foreign sales revenue accounted for more than 50%, TOTO, Roca, Kohler, Moen, etc. are the main customers

Panasia Sanitary’s export revenue accounts for a large proportion of total revenue. The prospectus shows that from 2018 to 2020, the amount of foreign sales revenue of Panasia sanitary ware is 381 million yuan, 443 million yuan and 733 million yuan respectively. It accounted for 52.52%, 55.43% and 67.26% of the main business revenue, respectively.

It is revealed that the main customers of Panasia Sanitary Ware include Kohler, Moen, Delta, Hansgrohe, Grohe, American Standard, TOTO, Roca, etc., among which the cooperation with Kohler, Moen, Delta, American Standard and other brands has been more than 15 years.

In view of the high degree of customer concentration, Panasia bathroom in the prospectus to investors the relevant risks: from 2018 to 2020, the company’s sales revenue of the top five customers are 574 million yuan , 620 million yuan and 878 million yuan. It accounted for 77.17%, 76.65% and 79.68% of the current operating revenue, respectively. It has a high degree of customer concentration.

In the filing, Panasia Sanitary did not disclose the expected issue date and issue price per share. According to the situation that the company can be listed about six months after the disclosure of the prospectus, if it goes well, Panasia Sanitary is expected to be listed in the second half of 2021 or the first half of 2022.


More than 20 sanitary ware, home furnishing enterprises lined up to go public

So far, the domestic bathroom industry-related enterprises have been listed Dongpeng Holdings, Diou Home, Huida Sanitary, Seagull Sumitomo, four pass shares, Solux Technology, Jianlin Home, R & T. The latest bathroom-related company to go public is Dongpeng Holdings, with a listing date of October 2020.

Although, no bathroom-related companies have been listed so far from 2021, however, several have started the listing process. On November 5, 2020, the SEC website released the announcement of the acceptance of Arrow home counselling filing registration, showing that the company has entered the listing process. Huayi bathroom also revealed that it would start the IPO process when it participated in the Jiangmen 100 enterprises listed mobilization meeting in November 2020.  Entering 2021, Hilk became the first bathroom-related company to disclose its listing plan. The company is currently undergoing IPO counseling, and the counseling time is about April 2021 to October 2021.

Zooming in on the home furnishing industry, the number of companies that have gone public or are in the queue to go public in 2021 is even more impressive.According to incomplete statistics, listed home furnishing companies in the first half of 2021 include Wangli Security, Zhenai Maijia, Romain, Natural Outdoor Goods Inc. and Yuma Sun-Shading, among many others.  Another more than 20 home furnishing enterprises are going through the process of listing, including the strongest lineup of smart home furnishing enterprises.The team includes companies such as Eoroom Intelligent, Haojiang Intelligent, ORVIBO, HHC and Ezviz.

According to the first issuance audit workflow of the Securities and Futures Commission, enterprises listed generally need to go through the acceptance, feedback session, preliminary examination session, issuance review session, sealed volume, approved issue and other links. This generally takes several months to half a year. This means that the second half to early next year, the capital market will usher in more home furnishing enterprises. Thus, it seems that the bathroom and home furnishing industry has entered a new round of intensive listing period.



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