**: Yicaixin
Author: Zhu Zimiao
As the leading business of leading enterprises in many industries such as CATL, PetroChina, Hesheng Silicon, and Lukang Pharmaceutical, the GEM IPO of Zhejiang Great Wall Mixing Equipment Co., Ltd. (hereinafter referred to as "Great Wall Mixing") was successfully passed on September 15.
After checking the relevant information, Yicaixin found that the Great Wall stirred different versions of the prospectus data "changed face" and "fought" with the annual report data.
There are discrepancies between the two versions of the prospectus
Up to now, Great Wall Stirring has updated a total of four versions of the prospectus, which will be disclosed on September 30, 2022 (hereinafter referred to as the first version of the prospectus), March 30, July 10, and September 8, 2023 (hereinafter referred to as the draft prospectus).
Yicaixin's research found that the calculation of the data in the first version of the prospectus of Great Wall Stirring was incorrect, which was specifically reflected in the total number of shares held in the proportion of related shareholders on page 44 of the first version of the prospectus.
According to the first version of the prospectus, there are a total of 12 related shareholders of Great Wall Mixing, and the total number of direct shares held by related shareholders is 12,840000,000 shares, while the total number of direct and indirect shares held is only 3,948000,000 shares, there was an obvious error in the disclosure of the information, and the correct number of shares held by "Yicai Xin" was calculated to be a total of 13,0680,000,000 shares.
Screenshot from the first version of the prospectus).
In addition to the data calculation error of the first version of the prospectus, there are also data discrepancies between the first version of the prospectus and the draft of the prospectus.
According to the first version of the prospectus, when the Great Wall Mixing introduced the production capacity and capacity utilization rate, the calculation formula of the standard working hours of the Great Wall Mixing is standard working hours = the number of production personnel The number of standard working hours per day The number of working days per year, the first version of the prospectus disclosed that the standard working hours of Great Wall Mixing in 2020 and 2021 were 423,688 respectively00 hours, 422,00000 hours.
The draft prospectus also shows that standard working hours = number of production personnel Standard working hours per day Number of working days per year, but the draft prospectus disclosed that the standard working hours of Great Wall Mixing in 2020 and 2021 were 276,08000 hours, 308,56000 hours. There is a difference between the standard working hours data for 2020 and 2021 in the first version of the prospectus and the draft prospectus.
In addition, the first version of the prospectus shows that the actual working hours = the actual working hours of the production personnel per year. In 2020 and 2021, the actual working hours of Great Wall mixing were 407,75400 hours, 474,35850 hours, capacity utilization respectively. 41%。
According to the draft prospectus, the actual working hours = the actual annual working hours of front-line production personnel, and the actual working hours of Great Wall mixing from 2020 to 2022 (hereinafter referred to as the reporting period) were 369,87400 hours, 446,02250 hours, 616,76900 hours, the capacity utilization rate was respectively. 07%。
It can be seen that with the change of the standard working hours and actual working hours data of the draft prospectus, in 2020 and 2021, the capacity utilization rate of the draft of the Great Wall Mixing Prospectus has been greatly improved compared with the first version of the prospectus.
The prospectus and the annual report data "fight".
Yicaixin" further studied the first version of the prospectus and the draft of the prospectus and found that in addition to the differences in the above data, there may also be problems with the data of the main business of Great Wall Mixing.
According to the first version of the prospectus, the main business income of Great Wall Mixing is mainly from mixing equipment and mixing equipment parts and accessories. From 2020 to 2021, the revenue of Great Wall Mixing's mixing equipment was 23,996560,000 yuan, 32,141470,000 yuan;The revenue of mixing equipment parts and accessories was 3,349330,000 yuan, 4,089720,000 yuan.
According to the prospectus, during the reporting period, the revenue of Great Wall Mixing's mixing equipment was 24,581300,000 yuan, 34,927820,000 yuan, 49,399010,000 yuan;The revenue of mixing equipment parts and accessories was 3,349330,000 yuan, 4,089720,000 yuan, 4,405970,000 yuan.
According to the draft prospectus, compared with the first version of the prospectus, the operating costs in 2020 and other subjects that can affect operating income have been corrected, so there is no disclosure problem in the difference between the data of the two versions of the prospectus in 2020. The draft prospectus also made it clear that there were corrections in 2020, but there was no difference in 2021, but there was a difference in the actual financial data for 2021.
Yicaixin continued to study the draft of the prospectus and its annual report, and the Great Wall Stirring was listed in November 2016, which was 839894. The 2020 annual report of Great Wall Stirring shows that the host brokerage in 2020 is Zheshang**, and in 2021, the sponsoring brokerage (during the reporting period, specifically referring to the annual report) is Zheshang**, and the sponsoring brokerage (report disclosure date, specifically referring to the annual report) is Oriental Investment Bank, and in 2022, the sponsoring brokerage (during the reporting period, specifically referring to the annual report) is Zheshang **, Oriental** Oriental Investment Bank, and the sponsoring brokerage (report disclosure date, specifically referring to the annual report) is Oriental **. The annual reports also show that the auditors of Great Wall Mixing are all Lixin Certified Public Accountants.
According to the draft prospectus, during the reporting period, the sponsor of Great Wall Stirring was Dongfang **, the sponsor representative was ** and Zhang Zhong, the audit institution was Lixin, and the signing certified public accountants were Zhang Jianxin and Zhou Kangkang. Great Wall Mix's annual reports from 2020 to 2022 did not disclose the sponsor representative, but the signing certified public accountant. According to the annual reports, in addition to the signing CPAs in 2020 as Zhu Wei and Wang Jianwei, the signing CPAs in 2021 and 2022 are Zhang Jianxin and Zhou Kangkang, which coincide with the personnel on the prospectus.
Great Wall Mixing corrected its 2019 and 2020 annual reports on the National Equities Exchange and Quotations on September 23, 2022. After research, it was found that there were discrepancies between the data of mixing equipment and mixing equipment parts and accessories in the annual report of Great Wall Mixing and the data in the prospectus.
According to the 2020 annual report of Great Wall Mixing, the operating income can be divided into mixing devices, reducers and others, and leasing according to product categories, with an operating income amount of 25,306 respectively510,000 yuan, 3,026330,000 yuan, 383570,000 yuan.
According to the 2021 annual report of Great Wall Mixing, the operating income can be divided into mixing devices, parts and accessories and other three options according to the product category, and the operating income amount is 35,054 respectively530,000 yuan, 3,963000,000,000,000,000,000,000,000,000810,000 yuan.
Great Wall Mixing's 2022 annual report shows that the operating income can be divided into mixing devices, parts and accessories and others according to product categories, with an operating income amount of 49,399 respectively010,000 yuan, 4,405970,000 yuan, 1,321860,000 yuan.
To sum up, in 2020, perhaps due to the product classification, the annual report data of Great Wall Mixing does not match the product category and amount of the draft in the prospectus. In 2021, the total amount of mixing devices, parts and accessories in the Great Wall Mixing Annual Report is consistent with that of the mixing equipment and parts and accessories of mixing equipment in the prospectus, but the individual amount data is differentIn 2022, the amounts of mixing devices, parts and accessories in the annual report are consistent with the amounts of mixing equipment and parts and accessories of mixing equipment in the prospectus.
It can be seen that the authenticity of the above-mentioned data "fight" in the prospectus and annual report of the Great Wall Stirring needs to be verified.