The performance changes after listing, which has become a common problem for many listed companies today.
Recently, Hope shares released their 2023 performance forecast, the company expects that the net profit attributable to shareholders of listed companies in 2023 (net profit, the same below) will be a loss of 83 million yuan to 93 million yuan, a year-on-year loss of 4775% to 5337%。
As a company listed in July 2021 and one of the important architectural design and service providers in the field of private construction in China, its performance suddenly "changed face" in the first year of listing, and its net profit fell by 357%, and a loss of 17.8 billion yuan.
Before the listing, the performance of Hope shares showed a growth trend all the way, but I did not expect that as soon as it was listed, the company's performance suddenly "changed face".
From 2017 to 2020, that is, in the three years before listing, the revenue and net profit of Hope shares increased from 16.1 billion yuan, 2932080,000 yuan increased to 31.8 billion yuan, 7291840,000 yuan, and the company's non-net profit was also deducted from 3601090,000 yuan increased to 68.61 million yuan. And 2020 is also the peak period of Hope's performance.
In July 2021, Hope shares were listed on the GEM through the IPO, but in the first year of listing, the company's performance suddenly "changed face". In 2021, the company's revenue reached 34.1 billion yuan, a year-on-year increase of 725%；Net profit and non-net profit were 4689020,000 yuan, 4156090,000 yuan, a year-on-year decrease. 42%。In the first year, there was a situation of increasing income but not increasing profits.
Moreover, this result has not been reversed, and the next year, that is, in 2022, the company's performance suddenly fell into a loss, which was also the first loss since listing. The company's revenue for the year reached 13.4 billion yuan, a year-on-year decrease of 6075%；Net profit and non-net profit were -17.8 billion yuan, -18.6 billion yuan, a year-on-year decrease. 25%。Revenue declined, net profit suffered a huge loss.
In 2022, the reasons for the decline in performance are mainly due to the epidemic control and the in-depth adjustment of the real estate industry, which led to the company's limited payment collection, etc., which are the reasons for the company's huge losses.
However, I didn't expect that in the 2023 financial report, the company will lose money again, and the company expects a net profit of 83 million yuan to 93 million yuan in 2023, a year-on-year decrease of 4775% to 5337%；The non-net profit was a loss of 88 million yuan to 98 million yuan, a year-on-year decrease of 4728% to 5266%。
February** Dynamic Incentive Plan The reason for the performance loss in 2023 is mainly due to the good start momentum of the company's construction green energy business, which has a positive impact on the company's operating income and net profit; In addition, the company is affected by factors such as the aging of accounts receivable, the provision for credit impairment losses, etc.
According to the estimates, in the three years of listing, the total loss of Hope shares in 2022 and 2023 will exceed 26.1 billion yuan.
There have been losses for 2 consecutive years, which has led to the questioning of Hope shares by the regulatory authorities, especially after the 2023 performance forecast was issued, the Shenzhen Stock Exchange soon issued a letter of concern to Hope shares, first requiring Hope shares to explain the expected realization of the company's operating income in 2023, whether it includes business income unrelated to the main business and income without commercial substance.
Because in the performance forecast, Hope shares said that the main reason for the performance loss is the credit impairment loss of accounts receivable aging migration, and in the Shenzhen Stock Exchange's letter of concern, Hope shares are required to explain the company's revenue, cost, gross profit margin, accounts receivable balance at the end of the period and bad debt provision amount, proportion, aging structure and year-on-year changes, the name of the top five customers in each year, whether they are related parties, income and proportion, contract agreement and the comparison of the actual payment cycle, etc. It also requires Hope to explain whether the provision for bad debts of the company's accounts receivable is reasonable and sufficient in combination with the changes in the industry and the scope of the company's merger.
The accounts receivable of Hope shares had a book value of more than 29.9 billion yuan, which has accounted for 93% of the current revenue in 202098%, and the proportion of the company's total assets at the end of the period was as high as 7521%, but at the end of 2018 it was 3576%。
By the end of the third quarter of 2023, the book value of accounts receivable for Hope shares was 2500 million yuan, accounting for the company's total assets at the end of the period and current assets respectively. 48%。The revenue book is still on par with 2020.
Therefore, the Shenzhen Stock Exchange requires Hope to explain the specific situation of the accounts receivable of Hope Shares, and whether there is a cross-period recognition of revenue.
In the secondary market, the share price of Hope shares is now only 1875 yuan shares, compared to 48 on the first day of listing in 2023The issue price of 52 yuan shares, the stock price has exceeded 60%.