On the evening of November 24, *ST Huayibu announced that the company received the "Prior Notice of Administrative Punishment" issued by the Zhejiang Supervision Bureau after trading on November 21. According to the notice, it has been found that there are false records in the company's 2017-2022 financial report, which will lead to the company's 2016-2019 attributable net profit being negative, and the company may be forced to delist due to major violations.
This news also once again pushed Dongxu Optoelectronics (000413) to the precipice of delisting. Affected by the company's declining performance and continuous financial deterioration over the years, some shareholders even shouted the voice of "Dongxu Optoelectronics delisted" on the interactive platform. Some stockholders believe that the company "loses money every year, and the money bag has been hollowed out, and now it is difficult to turn over when it comes to the field where there is no rice to cook."
Investors chose to "vote with their feet". There are also analysts who believe that the company's "ST" will be a high probability thing, and if it continues to lose money or has other violations, it is not even ruled out that it will be forced to delist.
Nafu Finance found that the average balance of interest-bearing liabilities of Dongxu Optoelectronics in 2022 was 2482.8 billion yuan, borrowing interest expense 113.8 billion yuan. In addition to the huge losses in successive years, in the four years from 2019 to 2022, Dongxu Optoelectronics was issued with "qualified audit report with emphasis paragraph", "audit report with qualified opinion", "audit report with qualified opinion", and "audit report with qualified opinion";Correspondingly, many of the company's financial data in the corresponding year point to suspected fraud and blatant deception of the Shenzhen Stock Exchange.
Years of financial fraud?
According to the third quarter report of 2023, the company achieved operating income of 34 in the first three quarters of this year5.4 billion yuan, a year-on-year decrease of 2361%；Net loss of 35.6 billion yuan. And many of the data point to the company's financial fraud for many years.
Divergence between operating income and changes in operating costs. According to the annual report, the company's operating income in 2020, 2021, and 2022 will be 704.9 billion yuan, 563.2 billion yuan, 589.3 billion yuan;Operating costs were 650.4 billion yuan, 507.4 billion yuan, 50700 million yuan;Obviously, operating income fluctuated in decline, with a year-on-year increase of 463%, while operating costs decreased by only 008%, the divergence between revenue and cost changes.
Accounts receivable and operating income are suspected of fictitiousnessThe annual report shows that the company's accounts receivable in 2020, 2021, and 2022 will be 88 respectively2.9 billion yuan, 815.2 billion yuan, 682.5 billion yuan, accounts receivable turnover rate was 069 years, 066 years, 0In 79 years, the industry average was 591 times, 599 times, 53 times. It can be seen that the company's accounts receivable turnover rate is significantly lower than the industry average, and the important thing is that the company's accounts receivable is declining and the accounts receivable turnover rate is rising. These indicate that accounts receivable are in doubt.
During the same period, the company's operating income was 704.9 billion yuan, 563.2 billion yuan, 589.3 billion yuan;According to this calculation, the operating income of accounts receivable is as follows. 83%；The industry average of accounts receivable operating income is: 32%。It can be seen that the company's accounts receivable operating income ratio in the past three years is much higher than the industry average.
Suspicion of fraud in operating income and net cash flow from operating activities. The company's operating income in 2020, 2021, and 2022 will be 704.9 billion yuan, 563.2 billion yuan, 589.3 billion yuan;Net cash flow from operating activities was 204.1 billion yuan, 131.5 billion yuan, 25.4 billion yuan;The growth rate of operating income was -5979%、-20.1%4.63% of the net cash flow growth rate from operating activities was 16776%、-35.56%、-80.66%。In contrast, the company's operating income has continued to grow year-on-year in the past three years, while its net cash flow from operating activities has continued to decline year-on-year.
Net cash flow from operating activities The net profit ratio (net present ratio) is lower than the industry average. According to the annual report, the company's net cash flow from operating activities in 2020, 2021 and 2022 was 204.1 billion yuan, 131.5 billion yuan, 25.4 billion yuan;Net profit was -347.3 billion yuan, -286.2 billion yuan, -179.5 billion yuan;Net cash flow from operating activities and net profit were -059、-0.46、-0.14；The industry average of net cash flow from operating activities and net profit is respectively. 9。As a result, the company's net cash ratio has been much lower than that of its peers for three years.
Suspected of fraud in prepaid accountsThe company's prepaid accounts in 2020, 2021, and 2022 were 899.1 billion yuan, 994.5 billion yuan, 984.9 billion yuan;Liquid assets were 3428.2 billion yuan, 3315.7 billion yuan, 3067.6 billion yuan;The ratio of prepaid accounts to current assets is as follows: 11%；The industry average of prepaid accounts and current assets is respectively. 71%。In comparison, the ratio of the company's prepaid accounts to current assets is much higher than the industry average.
Other receivables The ratio of current assets continued to increase. The company's other receivables in 2020, 2021 and 2022 were 142.9 billion yuan, 19300 million yuan, 193.4 billion yuan;Liquid assets were 3428.2 billion yuan, 3315.7 billion yuan, 3067.6 billion yuan;Based on this, the ratio of the company's other receivables to current assets is as follows. 31%, which is in a sustained trend.
Blatantly deceiving the Shenzhen Stock Exchange?
On May 30, 2023, Dongxu Optoelectronics received the "Inquiry Letter on the 2022 Annual Report of Dongxu Optoelectronics Technology Co., Ltd." (Annual Report Inquiry Letter [2023] No. 229 of the Ministry of Companies, hereinafter referred to as the "Annual Report Inquiry Letter") from the Shenzhen ** Exchange
According to the inquiry letter, another basis for forming a qualified opinion on the audit opinion of your company's 2022 annual financial report is that the annual audit accountant failed to obtain sufficient and appropriate audit evidence to judge 155There is uncertainty about the progress of the 7.6 billion yuan advance payment and other non-current assets-related business, whether the relevant contracts can be performed as agreed, and whether the relevant contract subjects or payments can be safely recovered.
Please disclose the details of the top 10 advance payments of the prepaid amount and the prepaid engineering equipment according to the prepaid object, including but not limited to the counterparty and its related relationships, the transaction time, the background and content of the transaction, the prepayment ratio, the agreed settlement cycle, the carry-over of the payment as of the date of issuance of this inquiry letter, etc., and explain the necessity and commercial rationality of the transaction, and whether there is any external financial assistance and capital occupation.
In this regard, Dongxu Optoelectronics' reply is that the company actively tracks the operation of the first business in advance accounts, continues to maintain close communication with the first businessmen, and regularly issues a performance guarantee letter to require it to ensure full performance ability, and at the same time verifies the performance guarantee ability of the first business. Therefore, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises and the principles of accounting treatment, the Company did not make any provision for impairment of prepaid accounts in accordance with the regulations. Through the implementation of the above-mentioned audit procedures such as inspection and confirmation, the accountants did not find any external financial assistance or capital occupation. The amount of the prepayment at the end of the period was large, and some of the accounts were aged, and the accountants failed to obtain sufficient and appropriate audit evidence to judge the progress of the business related to the above prepayments, whether the relevant contracts could be performed as agreed, and whether the relevant contract subjects or payments could be safely recovered, so the accountants retained this matter in the audit report.
However, a large amount of data and information shows that this reply of Dongxu Optoelectronics is a blatant deception of the Shenzhen Stock Exchange. It also further unveiled the mask of its "concealment from the world" and crazy fraud.
As of December 31, 2022, the top 10 prepaid accounts of the company are as follows:
The financial investigation of Nafu found that a number of first-class businesses in the above chart of Dongxu Optoelectronics are in a state of abnormal operation, suspension of business, and are in the process of canceling the record, and their performance ability is doubtful, involving an advance payment of nearly 2.5 billion yuan, and it is doubtful whether these advance payments can be recovered.
Although the company has repeatedly denied that there is an association with the object of the advance payment, the investigation found that some of the advance payment providers have unusual connections with Dongxu Group, such as Beijing Manich Technology Development, the largest prepayment company of Dongxu Optoelectronics, hereinafter referred to as "Manich Technology"), and the 2014 and 2016 annual reports disclosed more than 10 companies related to Dongxu Group are consistentThe second largest shareholder of Manich Technology also "took over" the subsidiary of Dongxu Optoelectronics, but it was soon cancelled;A subsidiary of Manich Technology was even involved in a case related to Dongxu Group and became an executor.
Tianyancha shows that Manich Technology was established in July 2011 and is an enterprise mainly engaged in science and technology promotion and application servicesIn 2014, the registered capital was changed from 1 million to 1500 million yuan, changed to 900 million yuan in 2016, the company's paid-in capital of 1500 million yuan;Guo Jianqing holds 80% of the shares, and Zhao Yufen holds 20% of the sharesThe company's 2022 annual report shows that the number of insured people is 0;There is only one customer information, that is, Dongxu Optoelectronics.
Dongxu Optoelectronics' 2012 and 2013 annual reports show that the company's prepayment to Manich Technology was 36 million and 45.6 billion yuan. According to the 2014 semi-annual report, the amount of advance payment was 5500 million yuan;Since then, Dongxu Optoelectronics no longer disclosed the top five units in the amount of prepayment in the financial report, and it was not until it was questioned by the exchange after the outbreak of the crisis that the relevant prepayment was disclosed. As of the end of 2022, the balance of Dongxu Optoelectronics' prepayment to Manich Technology has reached 345.7 billion yuan.
The strange thing is that Manich Technology, which has a huge order in hand, has been included in the list of abnormal operations. Tianyancha shows that the registered address of Manich Technology is Room A912-09, Block A, No. 9, Shangdi Third Street, Haidian District, Beijing (i.e., Jinyu Jiahua Building). In July 2020, Manich Technology was included in the list of abnormal business operations due to the inability to contact the registered domicile or business place, and was removed from the list of abnormal business operations on December 16, 2020.