What is Hangzhou Meideng Technology Co., Ltd.?

Hangzhou Maiden Technology Co., Ltd. (stock abbreviation: Maiden Technology; Stock code: 838227. NQ) Its main business is to provide value-added services such as SaaS software and SMS for e-commerce merchants based on e-commerce platform. At present, the company is catching up with the IPO of the North Stock Exchange.

According to the prospectus, Maiden Technology provides corresponding e-commerce SaaS software products and value-added services around the needs of e-commerce merchants, helping e-commerce merchants to achieve refined operation management, reduce operating costs and improve operational efficiency. Companies and products that provide e-commerce SaaS software and value-added services on major e-commerce platforms such as Taobao/Tmall, 1688, JD.COM, Pinduoduo, Jiong/Tone, Kuai/Handset have been successively rated as "Taobao Partner" in Alibaba merchant service market, "Beijing Excellent Partner" in Jingmai service market and "Excellent Tool of the Year" in 1688 comprehensive service market.

In addition, Mayden Technology said that the company has competitive advantages such as industry experience and first-Mover advantage, brand awareness advantage, professional advantages of in-depth marketing management and order management.

However, it is worth noting that during the three-year reporting period (20 19, 2020, 202 1 and 20221-June), the company's R&D expense ratio was 17.89% and1June respectively. The average levels of comparable companies are 19.84%, 20.62%, 23.89% and 32.2 1%, respectively. The R&D expense ratio of Mayden Technology is lower than that of comparable companies, and the gap is increasing year by year.

Financially, during the three-year reporting period, the company realized operating income of 69,623,700 yuan, 95 100200 yuan,18813400 yuan and 5634 1000 yuan respectively. The net profit is 365,438+065,438+023, 200 yuan, 35,042, 200 yuan, 48,342, 400 yuan and 265,438+0620, 700 yuan respectively, and the reporting period can be longer than the previous three years (2065,438+09, 2020 and 2020).

However, our research found that the company's acquisition of assets or other reasons, the original business development or obstacles, the risk warning seems to have played a "word game", the company and suppliers may be related, the prospectus omitted a number of related transactions, and the salary level is also in doubt.

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