"Electric Eel Finance" article Gao Wei.
Recently, the IPO of Yuncheng Herui Environmental Technology Group Co., Ltd. (hereinafter referred to as Yuncheng Herui) Shenzhen Stock Exchange was approved by the Listing Committee meeting. According to the prospectus, the number and proportion of shares to be issued by Juncheng and Rui Yuncheng and Rui do not exceed 12000000 shares, and the total amount of funds to be raised is 55.3 billion yuan.
Electric Eel Finance and Economics found that there are still many doubts in the company's IPO prospectus, in addition to insufficient growth and insufficient R&D investment, the company does not meet the "three innovations and four new" attributes and falsifies sales data. Regarding the verification letter on this website, Juncheng and Rui turned a deaf ear.
Gross profit margin declined and performance changed.
According to the prospectus data, from 2020 to 2022, Juncheng and Rui will achieve operating income of 103.2 billion yuan, 110.5 billion and 95.8 billion yuan, a year-on-year increase12% and -1329%;The net profit attributable to the parent company in the same period was -9449470,000 yuan, 9883720,000 yuan and 7941940,000 yuan, a year-on-year increase60% and -1965%。It can be seen that in recent years, the revenue of Juncheng and Rui has shown an upward trend, but the net profit has shown more drastic fluctuations, especially in 2020, with a loss of nearly 100 million yuan.
In response to this loss, Juncheng and Rui said that on the one hand, it was because the management expenses increased sharply by 197 times, of which, the share payment reached 9503080,000 yuan;On the other hand, 1$1.1 billion asset impairment loss;At the same time, financial expenses have also increased by nearly 1 times, mainly interest expenses, with the average bank borrowing amount in 2020 being 25.6 billion yuan, a year-on-year increase of 26%.
It should be noted that Juncheng and Rui have experienced impairment of body assets. It is reported that Juncheng Herui completed the acquisition of Beijing Yingherui Environmental Technology Co., Ltd. at the end of 2019 and confirmed goodwill 12.4 billion yuan, the latter is a company focusing on the construction and operation of biomass energy projects. At the end of 2020, Juncheng Herui conducted an impairment test on the goodwill formed by the acquisition of Beijing Yingherui, and made a provision for goodwill impairment of 9495420,000 yuan. In the future, if the operating income and net profit of Beijing Yingherui cannot meet expectations and there are signs of impairment, Juncheng Herui may continue to face the risk of goodwill impairment. On the whole, in the past three years, the asset impairment losses of Juncheng and Rui were 11050190,000 yuan, 849990,000 yuan and 416390,000 yuan. Among them, goodwill and contract assets have a greater risk of impairment.
To add insult to injury, the gross profit margin of Juncheng and Rui's main business is also declining. During the reporting period, the figures were39% and 2532%, not only that, but the average gross profit margin of comparable listed companies in the same industry is .87% and 2891%, which is much higher than Yuncheng and Rui.
It does not conform to the positioning of the GEM.
The IPO, Juncheng and Rui aimed at the GEM, but the company actually does not meet the conditions of the GEM, the company is essentially a construction enterprise, not only lacks growth, but also lacks core technology, and the company does not attach importance to research and development, is not at all satisfied with the "three innovation and four new" attributes.
This is also reflected in the fact that Juncheng and Rui's R&D investment in recent years has been in a state of compound negative growth. According to the prospectus, from 2020 to 2022, the R&D investment of Juncheng and Ruijuncheng and Ruijuncheng and Rui was 4237 respectively450,000 yuan, 4458860,000 yuan and 3940470,000 yuan, in the past three years, the company's R&D investment growth rate is -357%。
In this IPO, the company chose the second indicator related to the positioning of the GEM, that is, the cumulative R&D investment in the past three years is not less than 50 million yuan.
It is important to note that companies are at risk of technological innovation failure. The industrial application of new technologies in the environmental protection treatment industry usually needs to rely on the accumulation of relevant rich practical experience, resulting in a certain process from the research and development stage to the industrial application of new technologies. If the company is unable to keep up with the development trend of the industry and technology, the evolution of customer needs, and the time and uncertainty of technology research and development, the company may not be able to launch new technologies that are in line with market demand as planned, or the technology cannot be industrialized and difficult to effectively bring revenue, which will have an adverse impact on the company's operating performance and long-term development.
The sales data is 300 million behind.
According to information disclosure, the listed company Wen's shares are related parties of Yuncheng and Rui, and the actual controllers of the two companies are basically the same group of people: Yuncheng and Rui announced that there are 7 actual controllers, including Wen Zhifen, chairman of Wen's shares, Wen Junsheng, chairman of the board of supervisors, Wen Xiaoqiong, director Wen Pengcheng, former director Liang Huanzhen, former general manager Wu Cuizhen, and former deputy general manager Chen Jianxing of the marketing department. Therefore, Juncheng and Rui and Wen's shares are proper related parties, and there are also large related party transactions between the two parties, Wen's shares are the main objects of Juncheng and Rui's related party sales, and the proportion of Yuncheng and Rui's sales to Wen's shares and other related parties in the operating income is respectively14% and 2383%, but the data released by the two companies is too different.
Judging from the detailed data disclosure, Juncheng and Rui disclosed that the sales amount of Wen's shares from 2020 to 2022 was 3900 million yuan, 3200 million yuan and 2$1.8 billion. However, according to the 2022 annual report disclosed by Wen's shares, it was disclosed that the purchase amount from Juncheng and Rui that year was as high as 44.3 billion yuan, which is more than 200 million yuan higher than the sales amount disclosed by Juncheng and Rui in the same year;There are similar problems in 2021, and Wen's shares disclosed that the amount of purchases from Yuncheng and Rui that year was as high as 119.9 billion yuan, which is nearly 900 million yuan higher than the sales amount disclosed by Yuncheng and Rui in the same year, a difference of nearly 300 million.
The difference in purchase and sale data directly leads to the fact that the balance of receivables and payables of related parties disclosed by the two companies is also very different, and Juncheng and Rui disclosed that the accounts receivable of Wen's shares in 2021 and 2022 are about 50 million yuan, but the accounts payable balance of Yuncheng and Rui disclosed by Wen's shares in the same year is as high as 51.3 billion yuan and 25.2 billion yuan, several times the amount of accounts receivable disclosed by Juncheng and Rui.
Objectively speaking, it is common for the two companies to have differences in purchase and sales data, such as different business confirmation times, which will lead to this phenomenonHowever, it is rare to see such a large difference between the shares of Juncheng and Rui and Wen's.
In addition, the sponsors of Juncheng and Rui's IPO are the same as Wen's IPO and continuous supervision agencies, and they are both "investment banks" CICCMoreover, the annual report auditor of Wen's shares is Grant Thornton Certified Public Accountants, although the audit agency of the IPO of Juncheng and Rui is Rongcheng Certified Public Accountants, but in fact, many IPO data of Juncheng and Rui are audited by Grant Thornton Certified Public Accountants.
In the context of a wide range of overlapping intermediaries in the preparation of financial data and information disclosure, why is there such a big difference in the purchase and sale data of Juncheng and Rui and related party Wen's shares?
Electric Eel Finance will continue to pay attention to the progress of the IPO of Yuncheng and Rui, how can the crisis be resolved?
Electric Eel Express