Annual revenue exceeds 4 billion! Another big hit for Amazon to be listed on the A-share market

Recently, Greebo (Jiangsu) Co., Ltd. is preparing to go public on the A-share market. The official website of the Shenzhen Stock Exchange shows that Greebo's application for an IPO on the Growth Enterprise Market has been accepted.

With annual revenue exceeding 4 billion, Greebo is about to be listed on the A-share market

Greebo is engaged in the research and development, design, production and sales of new energy garden machinery and is a global pioneer in the new energy garden machinery industry. It mainly sells its own brands, and its products include lawn mowers, grass trimmers, cleaning machines, hair dryers, pruning machines, chain saws, smart mowing robots, and smart riding mowers.

Greebo's financial data shows that in 2020, Greebo achieved operating income of 4.291 billion yuan, 3.111 billion yuan in 2018, and 3.725 billion yuan in 2019. The profit also increased from -144 million in 2018 to 568 million in 2020, and the development is very rapid.

Greebo's main business income is almost entirely derived from overseas business. The prospectus shows that during the reporting period, overseas income accounted for 99.14%, 98.55% and 99.06% of its main business income respectively.

The Greebo brand is very popular overseas. In 2020, it sold a total of 3.95 million new energy garden machinery and 2.35 million AC garden machinery!

Greebo has achieved a profit of no less than 50 million yuan in the past two years, which fully meets the standards for the issuance and listing of GEM stocks. This time, Greebo applied for an IPO, with CITIC Construction Investment as its sponsor, and plans to raise 3.456 billion yuan to help Greebo go public on the A-share market.

Omnichannel coverage model, brand products dominate Amazon Best Sellers

In order to quickly capture the market, Greebo has adopted an omni-channel coverage model and has a very large customer base. The company's main customers include large supermarkets and e-commerce companies such as Lowe's, Amazon, Walmart, CTC, Costco, The Home Depot, Harbor Freight Tools, Bauhaus, Leroy Merlin, and well-known brands such as STIHL, Toro, B&S, and STIGA.

In addition, Lowe's remained the largest customer during the reporting period . In 2019, Greebo's sales to Lowe's amounted to 2.132 billion yuan, accounting for 57.22% of the current operating income, contributing more than half of Greebo's revenue. In 2020, this figure further increased to 2.18 billion yuan.

In addition, Amazon has become its second largest customer. Greenworks, a brand owned by Greebo , is very well-known in North America and Europe, and its lawn mowers, hair dryers and other products are often listed as "Best Sellers" on the Amazon platform.

During the reporting period, Greebo's sales to Amazon accounted for 9.57%, 6.01% and 12.47% of its current operating income respectively.

The European and American markets have strong demand, and the lawn mower market alone has reached US$28.5 billion

The reason why Greebo has been able to develop so rapidly is, on the one hand, due to the huge demand in the European and American markets.

The United States is the world's largest consumer of garden machinery products. Due to the substantial growth in the number of single-family homes and garden facilities in the United States in the past two years, there is a strong demand for home and commercial garden equipment. The European gardening industry is also a growing market.

It is reported that the global lawn mower market size reached 28.5 billion US dollars in 2019, with a discount of 100 billion yuan. In such a large market, Greebo aims at overseas business, cultivates international brands, has localized teams in Europe and the United States, and sells products on their mainstream e-commerce platforms.

On the other hand, it is because of Greebo's R&D and production investment. The R&D, production and operation teams are considered to be Greebo's important competitive advantages.

Greebo has established professional R&D centers in China, the United States, Sweden and other places, and has 897 domestic and foreign patents. In addition, Greebo has a vertically integrated intelligent manufacturing system with low cost and high efficiency.

Greebo can be regarded as a big-selling company, and now it is determined to be listed on the A-share market.

IPO

Greebo

Amazon