Wen Ruiyan Consumer Group Editor: Lee
* Blue Chip Corporate Reviews.
Jiahe Food, which claims to have completed the "Zero Trans Lipid Acid Action Plan" in 2022, was inquired about by the Shanghai Stock Exchange about its new fixed increase plan.
On November 25, Jiahe Food issued an announcement on the review of the application documents for the issuance of Jiahe Food Industry Co., Ltd. to specific objects.
In this additional issuance, Jiahe Food plans to raise a total of no more than 7500 million yuan. Among them, it is intended to be used for the "coffee expansion construction project" 5500 million yuan, and 200 million yuan for the "supplementary working capital project".
The company's official website.
In the past, the fundraising project was not completed
However, compared with the new fundraising project, the Shanghai Stock Exchange is more concerned about the two fundraising projects that the company has not been able to implement smoothly before.
Jiahe Food was listed for the first time in April 2021, and the original plan to raise funds was 56.5 billion yuan, of which the scale of funds to be raised for the "annual output of 2,160 tons of freeze-dried coffee project" is 11.7 billion yuan. However, the company's actual net amount of funds raised was 400 million yuan, so the company canceled the "annual output of 2,160 tons of freeze-dried coffee project" to raise funds, and the fund-raising project was not actually implemented.
The external statements of the relevant personnel of Jiahe Food also confirmed the above statement.
According to the "Economic Information Daily", Jiahe Food ** Affairs Department said that the so-called "cancellation of the IPO fund-raising coffee project" was because the company's fund-raising was not as expected and there was no money to do the project, so it was not actually implemented.
In addition, the Shanghai Stock Exchange is also more concerned that there is almost no progress in another fundraising project after more than two years of listing.
According to the announcement, as of the end of September 2023, the proportion of the progress of the use of funds raised by the "new R&D center project" raised in the previous fundraising is only 385%。According to the prospectus, the project plans to use more than 3,500 yuan of raised funds.
Jiahe Food said that on October 27, 2023, the company held a board of directors and a board of supervisors to adjust the date when the "new R&D center project" reached the scheduled usable state from April 2023 to December 2024, mainly due to the issuer's targeted optimization and upgrading of the project's R&D direction in combination with the latest market consumer demand. At the same time, the implementation site of the "New R&D Center Project" was added to "Lianhua Road, Wujiang District, Suzhou City", and some equipment of the project was adjusted.
Based on the above adjustments, the Shanghai Stock Exchange requires Jiahe Food to explain the specific situation of the R&D direction of the optimization and upgrading project of the 'new R&D center project', the reasons and reasonableness of the low proportion of the use of raised funds and the delay, whether there is any major uncertainty in the implementation of the project, whether there is a risk of further postponement, and whether relevant factors will affect the implementation of the fundraising project.
In fact, not only did these two fundraising projects fail to meet expectations, but Jiahe Food also failed to promise the same implementation to investors for the fundraising projects that have been implemented.
According to the prospectus, Jiahe Food plans to use 3The raised funds of 6.5 billion yuan will be used to invest in the construction of the "annual output of 120,000 tons of non-dairy creamer production and construction base project".
The original plan of this project was that after the raised funds were in place, Jiahe Food would use the raised funds to implement the fund-raising project "annual output of 120,000 tons of non-dairy creamer production base construction project" in the form of capital increase for Nantong Jiazhiwei, a wholly-owned subsidiary of the main company for the implementation of the fund-raising project.
However, after the listing on July 7, 2021, Jiahe Food adjusted the above project to raise funds to Nantong Jiazhiwei to implement project investment by providing loans.
Data**: Company announcements.
As for the specific reason for changing the investment method and the details of the loan, Jiahe Food did not disclose.
Blue Chip Corporate Review believes that if a listed company has doubts about the operating conditions of its subsidiaries or the prospects of the industry, it can better control the risk by choosing the borrowing method, because terms such as repayment time and interest can be agreed in the loan agreement.
The performance has exploded and the accounts receivable have surged
In the first three quarters of this year, Jiahe Food's performance has improved compared with before.
From 2020 to 2022 and in the first three quarters of 2023, the company's total operating income was 187.4 billion yuan, 239.9 billion yuan, 242.8 billion yuan, 208.6 billion yuan. Year-on-year growth in the same period. 18%。
Drafting: Ruiyan.
During the same period, Jiahe Food's net profit attributable to shareholders of the parent company was 21.6 billion yuan, 15.1 billion yuan, 11.5 billion yuan, 20.6 billion yuan. Year-on-year growth respectively. 77%。
From the perspective of product structure, the powder oil business is the company's main revenue**, with revenue from 2020 to 2022 and the first three quarters of 2023 being 14800 million yuan, 185.7 billion yuan, 175 billion and 144.4 billion yuan.
At the same time as the performance increased, the accounts receivable of Jiahe Food increased significantly.
From 2020 to 2022 and in the first three quarters of 2023, Jiahe Food's accounts receivable will be 23.3 billion yuan, 24.3 billion yuan, 42.5 billion and 44.1 billion yuan.
It is worth noting that the accounts receivable turnover ratio of this company is significantly lower than that of comparable companies in the same industry.
From 2020 to 2022 and in the first three quarters of 2023, Jiahe Food's accounts receivable turnover ratio will be 951 times, 1076 times, 730 times, 505 times.
Among the 26 constituent companies of CITIC Snack Food, it ranks second to last.
The Shanghai Stock Exchange is also more concerned about the surge in accounts receivable, mainly focusing on the actual bad debts and whether there is a relaxation of credit policies to stimulate sales.
The Shanghai Stock Exchange requires Jiahe Food to explain the reasons and reasonableness of the sharp increase in accounts receivable, and explain whether the provision for bad debts of accounts receivable is sufficient and whether there is a significant difference with comparable companies in the same industry in combination with the aging of accounts receivable, customer situation, post-period payment situation, actual bad debt situation, bad debt provision policy and provision ratio, etc.;The reason why the accounts receivable turnover ratio is significantly lower than that of comparable companies in the same industry, and whether there is a situation where credit policies are relaxed to stimulate sales.
In addition, Jiahe Food was also required to explain the reasons and reasonableness of the small change in the amount of inventory under the condition that the company's sales revenue increased significantlyCombined with the shelf life and age of the relevant inventory, the carry-over or sales after the period, and the change in sales, etc., it is explained whether the provision for inventory decline is sufficient, and whether there is a significant difference between the company's inventory decline provision ratio and that of comparable companies in the same industry.
The data shows that during the above period, the inventory amount of Jiahe Food was 24.9 billion yuan, 33.7 billion yuan, 3600 million yuan and 32.5 billion yuan.
While busy raising funds for additional financing, Jiahe Food still has money to make financial investments.
As of the end of September 2023, the company held a total financial investment of 35 million yuan, and the company has 10 shareholding companies.
Not only that, since the beginning of this year, two financial directors of Jiahe Food have resigned.
On January 17, 2023, Shen Xueliang, the chief financial officer of Jiahe Food, resigned, and on October 31, 2023, Wang Yining, the successor chief financial officer, resigned.
The SSE asked them to explain the specific reasons for the resignation of the two CFOs in a short period of time, whether there were any circumstances affecting their tenure, and whether there were relevant material matters that should have been disclosed but were not disclosed.
Blue Chip Corporate Review will continue to pay attention to whether the new fundraising project can proceed smoothly and whether the creamer project invested by the capital increase to the loan can achieve the expected returns.
Produced by Ruilan Financial News.
The article is for informational purposes only The market is risky and investment needs to be cautious.