Question 16Regarding cash flow, monetary funds, large cash dividends and raised funds to supplement liquidityAccording to the application materials:
(1) In each period of the reporting period, the cash paid by the Company for the purchase and construction of fixed assets, intangible assets and other long-term assets was 1,029490,000 yuan, 988$350,000 and $452320,000 yuan, but at the end of the reporting period, the original book value and book value of the company's fixed assets - electronic equipment decreased year by year.
(2) At the end of the reporting period, the balance of the company's monetary funds was 52,131940,000 yuan, 36,752790,000 yuan, 35,453070,000 yuan, and there are certain fluctuations in the scale of monetary funds at the end of each period. In 2022, the issuer implemented a cash dividend of 100 million yuan. There is a large difference between the amount of "cash paid for dividends, profits or interest repayment" and cash dividends in each period. (3) The issuer intends to raise funds of 50,000000000000 yuan, of which the second largest purpose of the raised funds is to supplement liquidity, and the proposed investment funds are 1400000000 yuan. The company said that as the scale of the business continues to expand, it needs to maintain liquidity that matches the scale of the business to meet the daily operating needs.
(4) The application materials do not provide a special report on the verification of capital flows. Issuer please:
1) Combined with the changes in non-current assets such as fixed assets, construction in progress and intangible assets in the reporting period, explain the collusion relationship and matching between the cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets and the changes in the above accounting accounts. (2) Further quantitatively analyze the reasons for the changes in the balance of monetary funds at the end of each period, and explain the necessity of large cash dividends in 2022, the actual use of relevant shareholders after receiving dividends, and the reasons for the large difference between cash and cash dividends paid for dividends, profits or interest payments.
3) Explain the necessity and reasonableness of "supplementary liquidity" as the second largest use of raised funds after the large cash dividend in 2022 and the existence of large monetary funds at the end of the period. The sponsor and the reporting accountant are requested to express a clear opinion and submit a special verification report on the relevant capital flow. Reply
(2) Explain the necessity of large cash dividends in 2022 based on operating and financial conditions, cash flow and capital needs1. The relevant dividends match the financial status of the issuer
In 2021, the issuer's operating income grew steadily, from 27,270 in 2020$180,000 to $34,144210,000 yuan, deducting the net profit not attributable to the parent company from 2,105 in 2020030,000 yuan increased to 3,347700,000 yuan. Based on the audited financial data as of December 31, 2022, the impact of this cash dividend on the issuer's financial position is estimated as follows:
After the implementation of this profit distribution, the issuer still has sufficient monetary funds to continue to carry out production and operation, and has a strong solvency and a stable capital structure. As a result, the relevant dividends are matched to the issuer's financial position. 2. The issuer's cash flow is healthy and the short-term funds are sufficientDuring the reporting period, the cash flow, operating income and working capital generated by the issuer's operating activities are as follows:
After the completion of the profit distribution, the issuer's monetary funds can still cover all kinds of liabilities that need to be repaid in the next one to two years and maintain the issuer's normal operating turnover. Normal operating turnover can provide issuers with good internal funds**, and a low asset-liability ratio and a continuous and stable external credit line can provide issuers with stable external capital protection. As such, the 2022 cash dividend will not have a material adverse impact on the issuer's cash flow and funding requirements in the near term.
3. It is of great significance to continue to return to shareholdersIn the face of the specific economic situation in the reporting period, the company's institutional shareholders hope that the company can distribute profits and overcome the difficulties together. The issuer comprehensively considered factors such as profitability, business development planning, and shareholder returns, and implemented dividends in 2022 in accordance with the company's articles of association.
In summary, the cash dividend in 2022 has retained the necessary reserve funds for the normal operation and development of the issuer, and will not have a material adverse impact on the issuer's cash flow and capital needs in the short term; At the same time, it reflects the issuer's response to investors' expectations for a reasonable expected return, and the dividend is both necessary and reasonable(3) The actual use of the relevant shareholders after receiving the dividends
The actual use of dividends received by relevant shareholders holding more than 5% of the issuer is as follows:
(4) The reasons for the large difference between the cash and cash dividends paid for the distribution of dividends, profits or interest repayment
The difference between the cash and cash dividends paid by the issuer for dividends, profits or interest repayment during the reporting period was mainly due to the completion of the payment of cash dividends to shareholders in 2019 outside the reporting period during the reporting period. The annual dividends and cash dividends during the reporting period are as follows:
To sum up, the main reasons for the difference between the cash and cash dividends paid by the issuer for the distribution of dividends, profits or interest repayment during the reporting period are: 1. The issuer paid dividends in batches in 2019 and 2022 in accordance with the requirements of shareholders to pay taxes in batches during the reporting period, and there is a difference between the cash paid for dividends, profits or interest repayment and the actual dividends paid in the current period after the implementation of the new lease standards. Profits or cash payments for interest payments.
3. Explain the necessity and reasonableness of "supplementary liquidity" as the second largest use of raised funds after the large cash dividend in 2022 and the existence of large monetary funds at the end of the period. After years of continuous development and accumulation, the issuer's overall financial position and profitability are good, and it has the ability and conditions to pay dividends. With the rapid expansion of business scale, the funds occupied by operating projects such as accounts receivable of issuers have increased rapidly. In the future, the issuer intends to further expand the development of high-quality customers, and the issuer's main customers are large enterprise customers such as telecom operators, insurance companies, and banksGenerally, it is sold on credit, and it takes a certain period to collect the payment, which will cause a large occupation of operating funds for the issuer。As issuers continue to expand their business in the future, the need for working capital will further increase. In order to ensure the normal development of the issuer's production and business activities, especially the continuous expansion of new business, the use of part of the raised funds to supplement the issuer's working capital is conducive to ensuring the healthy and rapid development of the issuer
According to the "Enterprise Contact Solutions and Services Market Research Report" issued by CCID Consulting in 2023, the average compound growth rate of the enterprise intelligent contact market from 2022 to 2027 is 193%。It is assumed that the issuer's operating income growth rate from 2023 to 2027 is 1800%, and the ratio of current assets and current liabilities to operating income is the same as the average ratio of current assets and current liabilities to operating income of the issuer in 2022, and the amount of capital occupied by the issuance of ** in the coming years is calculated as follows:
The issuer's estimated funding gap from 2023 to 2027 is 24,176520,000 yuan. The future development of the issuer is inseparable from the support of funds, and short-term loans such as bank loans are difficult to meet long-term large-scale capital needs such as R&D investment, and it is difficult to achieve the rapid development of the company by relying only on the mode of internal operation accumulation. The funds raised this time are used to supplement liquidity, which can meet the capital needs brought about by the continuous expansion of the issuer's business scale, and is conducive to improving the financial strength, enhancing the ability to resist risks, and thereby improving profitability。As a result, the issuer intends to raise 14,000000000000 yuan is necessary and reasonable to supplement liquidity.