Disney Authorized Business Survey: The Essence Of Absurd Beauty Is Garment Foundry.

An ordinary anime.

However, if you tear off this "cultural and creative" coat and carefully observe the essence of the enterprise, you may be surprised by the result.

Excessive reliance on big customers, at the end of the industrial chain, lack of autonomy

"Maison shares are only OEM business."

A brokerage analyst in Shenzhen pointed out sharply.

Even more absurd is the fact that its actual controller, Zhao Xiaoqiang, is a false registered foreign joint venture, and is suspected of breaking the law.

Foundry is not related to creativity.

"Maison shares mainly rely on the production of animation costumes, relying on indirect authorization production, and has not independently designed. This mode of processing is at the end of the industry chain of subdivision industry, with limited development space and small profits."

The brokerage analyst told reporters.

It is understood that animation costumes

Maison shares its long term adherence to the ODM model. But looking at the prospectus, it finds that Mei Sheng is working with foreign suppliers such as Disguise and Christy. These independent brands provide clothing samples or patterns, and Mei Sheng develops and purchases and produces fabrics on this basis.

Prospectus said that since 2010, Maison has started OBM sales in the country, but during the reporting period, the export proportion of Maison products was 93.15%, 94.89%, 96.83% and 97.27%, respectively.

Although the sale price of the traditional clothing terminal is generally 3-5 times the selling price of the production enterprise, while the animation costumes are 8-10 times, the premium space of the supplier and the terminal retailer is bigger, but the manufacturer lacks the bargaining power, and can not share the high profit in the animation industry chain.

Take the Disney dress, which is the main hit by Mei Sheng, for example, from 2009 to 2011 1-9, the average selling price is 30.33 yuan, 32.51 yuan, 37.26 yuan and 40.39 yuan, respectively, and the gap between terminal price and terminal price is huge.

Depending on the large customer, the agreement will expire

Unlike other OEM manufacturers, Ms Mason has not been authorized directly by Disney, but indirectly authorized by Disguise, Christy and other suppliers.

Its products are also Disguise, Mega Toys, Christy and so on.

During the reporting period, the sales of Disguise to the first largest customer were 72.38%, 69.30%, 56.63% and 52.81% respectively.

In addition, in 2010, Maison set up three retail outlets in China to sell animation costumes directly, but the premise is to obtain authorization.

The prospectus shows that the validity period of the license agreement with Walt Disney (Shanghai) Co., Ltd. is from June 1, 2010 to May 31, 2012, and the contract will expire soon.

Mei Sheng's passive in the industrial chain will also directly lead to the risk of raising investment projects, and the expansion project will fully increase the production capacity of 10 million sets of animation costumes.

However, Mei Sheng has always been in accordance with the "production pattern" production mode, its animation clothing production in 2010 is also only 4 million 698 thousand and 300 sets, the project capacity appears a bit "fat".

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False registration, suspected of breaking the law

The most absurd thing is that Zhao Xiaoqiang, the actual controller of Maicheng culture, falsely registered and escaped tax in the name of a Sino foreign joint venture company.

In 2002, Maison registered as a Sino foreign joint venture company, but the actual situation is that under the circumstances of Rafael Interson's ignorance, the chairman of the board of directors used the photocopy of his passport and registered the company's registration and subsequent change registration in his name. Rafael himself did not contribute to Masheng jewelry. His name was paid by Zhao Xiaoqiang to Hongkong company KELFORD (HongKong) LTD, and entrusted the company to contribute to the capital account remittance of Maison jewelry.

That is to say, the capital contribution when the company is established is actually paid by Zhao Xiaoqiang, and Zhao Xiaoqiang is the sole shareholder of Maison.

This has clearly violated the provisions of the company law. "False registration of capital, submission of false materials or other fraudulent means to conceal important facts for obtaining company registration shall be ordered by the company registration authority to correct, and a company that submits false material or other fraudulent means to conceal important facts shall be fined not less than fifty thousand yuan or less than five hundred thousand yuan. If the circumstances are serious, the company's registration or the revocation of its business license shall be cancelled."

However, since 2005, Maison has begun to enjoy the preferential tax policy of "two exemption, three reduction and half" for foreign-invested enterprise income tax, the applicable income tax rate is 15%, and the income tax rate applied by domestic enterprises is 25%.

In 2009, the old technology of Zhao Xiaoqiang was reapplied, and at the cost of 10 million 93 thousand and 800 yuan, 30% of the shares held by Rafael were pfered, but this was not a real pfer. The prospectus explained: "in fact, it was corrected by the Xinchang foreign trade and Economic Cooperation Bureau and the Shaoxing Administration for Industry and commerce."

Mei Sheng changed from a Sino foreign joint venture to an internal funded enterprise, and paid a tax allowance of 3 million 480 thousand and 800 yuan as a Sino foreign joint venture.

Rafael was totally unaware of this. The prospectus said that it had promised not to pursue legal liability. The relevant legal personage said: "Rafael's rights and interests have been infringed, but civil cases are not ignored. Zhao Xiaoqiang has not constituted an economic crime, and administrative punishment can be light and heavy."

In 2011, Masheng received a government subsidy of 4 million 967 thousand and 900 yuan, which was 1 million 487 thousand and 100 yuan more than the amount of tax paid.

Two top stockholders lurk low

The list of shareholders in Maison shares lurked two top equity investors. They are He Xiaoling and Hu Lijuan.

In December 2009, Mei Sheng added capital, He Xiaoling and Hu Lijuan subscribed 840 thousand and 700 thousand respectively, the subscription price was 10 million 800 thousand yuan and 9 million yuan.

After the overall change of Maison Group in 2010, there were 3 million 150 thousand shares and 2 million 625 thousand shares respectively, with an average cost of only 3.43 yuan per share.

Statistics show that He Xiaoling once held 4 million 320 thousand shares of Huaxing venture, ranking the sixth largest shareholder.

Hu Lijuan now holds 1 million 50 thousand shares of Zhongwei electronics and is the fourth largest shareholder. Meanwhile, Hu Lijuan holds 99.50% of Shenzhen city's Machinery Co., Ltd.

It is understood that Lai Sheng industries and Hongsheng investment belong to industrial investment, asset management consulting companies, in fact, the two shares are just Zhao Xiaoqiang's capital game, assets from left hand to right hand.