800 million yuan sold in half a year, Hangzhou is about to go public!

With the development of the economic level and the increase in the number of people keeping pets during the epidemic, the "pet economy" began to rise, and the pet industry gradually developed into a huge track with a scale of hundreds of billions.

As the industry outlook continues to improve, the pet sector has seen a wave of listings.

Tianyuan Pet IPO ushered in new progress

Recently, Tianyuan Pet, the leading seller in this field , has made new progress in its listing .

On November 8, Tianyuan Pet disclosed the "Announcement on the Initial Public Offering and Listing on the Growth Enterprise Market", which stated that its Growth Enterprise Market IPO issue price was determined to be 49.98 yuan per share. The company plans to issue 22.5 million new shares to the public, accounting for 25% of the company's total share capital after the issuance.

On November 9, Tianyuan Pet officially opened subscription , and payment was made on November 11. After the completion of this stock issuance, the company will apply for listing on the Shenzhen Stock Exchange Growth Enterprise Market as soon as possible.

Looking back on Tianyuan Pet 's road to listing, it was actually full of twists and turns.

Since July 2017, Tianyuan Pet has started its journey to be listed on the Growth Enterprise Market . At that time, it had disclosed its prospectus on the website of the China Securities Regulatory Commission and planned to be listed on the Shanghai Stock Exchange.

In July 2020, Tianyuan Pet once again rushed for an IPO, and the latest information submitted by the company had been accepted by the China Securities Regulatory Commission.

In October 2020, Tianyuan Pet voluntarily applied to suspend the issuance and listing review procedures due to its own and its sponsor updating of financial information.

On February 2, 2021, Tianyuan Pet disclosed the draft prospectus for the IPO meeting.

On February 8, 2021, the 11th review meeting of the GEM in 2021 approved Tianyuan Pet’s initial public offering plan on the GEM.

On May 14, 2021, the Shenzhen Stock Exchange showed that the China Securities Regulatory Commission approved the registration of Tianyuan Pet's initial public offering.

On October 4, 2021, Tianyuan issued the "Prospectus for the Initial Public Offering and Listing on the ChiNext Board".

In April 2022, Tianyuan Pet released its 2021 financial report and updated its prospectus (registration draft).

On September 5, 2022 , the China Securities Regulatory Commission issued an announcement stating that it agreed to the registration of the initial public offering of Hangzhou Tianyuan Pet Products Co., Ltd.

Through this listing, Tianyuan Pet plans to raise 590 million yuan to be used for the company's technological transformation and upgrading, expansion of production bases , and construction of logistics and warehousing centers.

After a successful listing, Tianyuan Pet will become the third A-share listed pet company in Zhejiang Province and the sixth in China.

With revenue of nearly 900 million yuan in half a year, Tianyuan Pet's various types of products are very popular overseas!

It is understood that Hangzhou Tianyuan Pet Products Co., Ltd. ( hereinafter referred to as Tianyuan Pet ) was established in 2003. Its main business is the design, development, production and sales of pet products . Its products include pet beds, cat climbing frames, pet toys, pet clothing, electronic smart pet products, pet food and other multi-series and full-category pet products.

Data shows that Tianyuan Pet 's total revenue from January to June 2022 reached 863 million yuan, and its net profit attributable to the parent company was 47.69 million yuan. As of June 2022, Tianyuan Pet's total assets were 1.3 billion yuan.

Specifically, Tianyuan Pet's total revenue from pet products business in the first half of this year reached 653 million yuan, accounting for 76.89% of the total revenue . Among them, the total revenue of cat climbing frames was 171 million yuan, accounting for 20.16%; the total revenue of pet toys was 160 million yuan, accounting for 18.92%; the revenue of pet beds was 144 million yuan, accounting for 16.96%; the total revenue of other pet products was 177 million yuan, accounting for 20.85%. In addition, the total revenue of pet food business was 196 million yuan, accounting for 23.11%.

In 2021, Tianyuan Pet's main business revenue was 1.827 billion yuan, a year-on-year increase of 27%. After deducting non-recurring gains and losses, the net profit attributable to the parent company's shareholders was 96.2866 million yuan, a slight decrease compared with the previous year, but not significant. It is worth mentioning that Tianyuan Pet's five major product categories made a significant contribution to sales revenue in 2021 .

Among them, cat climbing frame products had a revenue of 402 million yuan in 2021, accounting for 22.01% of the total revenue; pet toys had a revenue of 369 million yuan in 2021, accounting for 20.19%. It is worth mentioning that the sales volume of pet toys in 2021 reached 50 million sets, which was widely welcomed by consumers.

Cat climbing frames are Tianyuan Pet's main products in the North American market, and the market unit price is generally very high. Generally, the amount of a single order is between US $50 and US$200.

In addition to cat climbing frames and pet toys, the sales share of other types of products is also steadily increasing.

Since 2019, Tianyuan Pet has been actively expanding its online business and has developed domestic and overseas online sales layout on multiple third-party platforms such as Amazon and JD.com .

At present, Tianyuan Pet has entered the international pet markets in the United States, the European Union, Japan , Australia , etc. Its downstream customers include internationally renowned e-commerce companies such as Amazon and Walmart in the United States, some vertical pet e-commerce companies such as Chewy , and large pet product chain companies such as Fressnapf and Petco .

From 2019 to 2021, Tianyuan Pet's overseas sales revenue accounted for 90.94%, 74.08% and 72.31% of the company's main business revenue respectively .

From the perspective of market segmentation, Tianyuan Pet's export revenue from the North American market reached 496 million yuan in 2021. The export revenue of Europe, another major market, was 364 million yuan , lower than the North American market . Tianyuan Pet 's customers in North America are mainly supermarkets and e-commerce platforms . The revenue from the US market accounts for more than 85% of the total export revenue in North America , and the proportion of other markets is also gradually increasing.

Judging from the data from various sales platforms , Tianyuan Pet’s sales performance on Amazon in 2021 was significantly higher than that on other platforms. Its self-operated store revenue on the Amazon platform exceeded 14.28 million yuan, accounting for 25.06% of its total self-operated online revenue .

Although Tianyuan Pet has been developing steadily in overseas markets in recent years, in order to have higher market competitiveness, it is very necessary to enhance product innovation capabilities and strengthen its own brand . Tianyuan Pet is also aware of this .

Therefore, in terms of product innovation, Tianyuan Pet will target the pain points of some pet-raising families, such as limited space and lack of unified design style for pet supplies and household products. Combining the actual needs and development concepts of promoting human-pet interaction, it has creatively developed a variety of new human-pet combining products, such as small cabinets, side tables, and shoe stools. It also develops traditional pet supplies for home use, making their craftsmanship, patterns, materials, etc. more compatible with the home environment, thus meeting the consumer needs of pet-raising families for saving space, multi-purpose devices, and unified styles, and realizing the creative design and development of new product categories.

In recent years, the pet industry has grown rapidly. As the country with the highest pet ownership rate in the world, the United States has seen an exceptionally rapid growth in the size of its pet industry market.

According to statistics released by APPA (American Pet Industry Association) , in the past two years, the United States has added about 9 million pet dogs and 5 million pet cats, and more than 70% of American households already have pets. Data shows that the size of the US pet market will reach 123.6 billion US dollars in 2022 .

With the development of the market and the continuous increase in consumer demand, pet products are also moving towards a more intelligent and professional direction . Sellers who want to enter the market must also work harder on product innovation.

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