Creative information that has been losing money for 4 consecutive years (300366.)SZ) had a bad start to the year.
On the evening of February 22, Creative Information announced that it had encountered contract fraud.
Specifically, the customer of creative information, State Grid Sichuan Comprehensive Energy Service, hereinafter referred to as "Sichuan Comprehensive Energy") is in arrears of 3$2.5 billion in unpaid payments. In the process of recovering the payment, Creative Information discovered the suspected illegal and criminal acts and reported the case to the local public security bureau.
It is worth mentioning that Sichuan Comprehensive Energy is a subsidiary of the State Grid.
However, according to Tradewind (ID: tradewind01), the actual fraudster is not Sichuan Zongneng, but another company, Guoning Ruineng Green Energy Technology*** hereinafter referred to as "Guoning Ruineng"), but more details still need to wait for the announcement.
Trade Winds (ID: tradewind01) noticed that Creative Information had pointed out in the announcement that Guoning Ruineng was the owner of the goods purchased by Sichuan Comprehensive Energy, and its promise to pay the remaining payment on behalf of Sichuan Comprehensive Energy was not fulfilled in the end.
However, why contract disputes can become fraud is still a question of doubt for Creative Information.
This incident can be described as a "heavy loss" for creative information, which is expected to reduce by 3With a profit of 2.5 billion yuan, the net loss attributable to the parent company will reach 35 billion to 45 billion yuan.
Not only ordinary people are prone to "pig killing", but also listed companies.
On the evening of February 22, Creative Information said that it had encountered a fraud incident in a contract dispute.
According to the announcement, in November 2022, Creative Information signed seven "Material Procurement Contracts" with Sichuan Comprehensive Energy, with a total amount of 36.4 billion yuan. But Sichuan Zonghui was able to pay 0No payment was made after the payment of $3.9 billion.
In the process of recovering the money, Creative Information found suspected illegal and criminal acts, and reported the case to the Economic Crime Investigation Brigade of the Qingyang District Bureau of the Chengdu Municipal Public Security Bureau on January 19, 2024, and received a notice of filing on the 20th of the following month.
Creative Information said that it is currently cooperating with the public security organs to carry out relevant work.
It is worth noting that the identity of Chuan Zongneng is not ordinary. According to industrial and commercial information, the company is a state-owned enterprise, and its controlling shareholder is the State Grid Integrated Energy Service Group under the State Grid
According to the information that Tradewind (ID: tradewind01) learned from the creative information department, the fraudster was not Chuan Zongneng, but a company called "Guoning Ruineng".
It's not that this Sichuan Zongneng defrauded us, but we are actually suing Guoning Ruineng. For detailed information about this case, the Shenzhen Stock Exchange also sent us this letter, asking us to disclose as much as possible, so our company is also preparing for relevant disclosures, and you can pay attention to the company's announcement in the future. Creative information to Trade Winds (ID: tradewind01) is indicated.
According to the announcement released by the previous creative information, Guoning Ruineng is Guoning Ruineng Green Energy Technology***
Trade Winds (ID: tradewind01) noticed that on January 5, Creative Information issued an announcement that after Sichuan Comprehensive Energy did not pay the follow-up payment, Guoning Ruineng, as the owner of the purchase of Sichuan Comprehensive Energy's goods, agreed to pay the remaining amount that Sichuan Comprehensive Energy did not pay directly, but Creative Information never received the follow-up payment.
Therefore, Creative Information filed a civil lawsuit and property preservation against Guoning Ruineng and its controlling shareholder, Tianjin Guoning Ruineng***, to the court in December 2023.
However, the result of property preservation is not ideal, and the actual frozen amount is only 1990,000 yuan.
Because of this, Creative Information reported the case to the local public security organ in January, and obtained the receipt of the case from the public security organ on the 29th of that month. It wasn't until February 20 that the local public security authorities confirmed the report of creative information as a "contract fraud case".
Why a contract dispute turned into a contract fraud case may still need to be further disclosed by creative information.
On the morning of February 23, the Shenzhen Stock Exchange also asked it to say the specific situation in the letter of concern issued by the creative information.
Explain in detail the specific circumstances of your company's fraud as of the date of the reply, including but not limited to the type of business, the products involved, the means of fraud, the specific content of the suspected illegal and criminal acts, the time when your company was discovered, the amount of funds involved, the final flow of funds, the progress of the case, and the impact on your company's main financial indicators and accounting subjects in the past three years. The Shenzhen Stock Exchange pointed out.
In fact, Creative Messaging is not the only case of fraud this year.
On January 15, Hepalink (002399SZ) announced that it had encountered a criminal gang telecom fraud, involving an amount of more than 1,170 million euros.
Subsequently, in order to reduce the impact of the incident, Hepalink's actual controllers, Li Tan and Li Li, promised to advance the equivalent of no more than 11.74 million euros to the company.
The impact of this scam on creative information is not small.
Creative Information said that out of the principle of prudence, the accounts receivable will be fully charged for bad debts, reducing profits by about 32.5 billion yuan.
According to the communication with Sichuan Zongneng and Guoning Ruineng and the progress of the relevant cases, the credit risk of the accounts receivable has increased significantly, and the company has made a provision for bad debts in full for the accounts receivable based on the company's judgment of the difference between the expected amount that may be received and the amount to be charged according to the contract. "Creative information is indicated.
This also further widens the loss of creative information.
The performance forecast shows that the net profit attributable to the parent company of Creative Information in 2023 will be -35 billion to 45 billion yuan, 0The loss of 3.9 billion yuan widened by 79744% to 105385%。
This is the fourth year in a row that Creative Information has been in the red.
From 2020 to 2022, the net loss attributable to the parent company of creative information was 78 billion yuan, 02.2 billion and 03.9 billion yuan.
As a digital transformation service provider, Creative Information mainly provides various services such as big data upgrades for mobile operators, State Grid and other customers, which is in line with the development trend of the information and innovation industry.
However, in the past few years, due to the impact of the epidemic, the implementation cycle of creative information projects has been extended, which has raised the cost of project implementation, resulting in a loss.
Although since 2023, with the improvement of the external environment, creative information has not been able to get out of the deadlock.
If you exclude 3The impact of the loss caused by the contract fraud of 2.5 billion yuan can be reduced to 0$2.5 billion to $12.5 billion yuan.
It is worth noting that this contract fraud incident also reflects the potential risk of accounts receivable for creative information.
As of the end of 2022, the net book value of accounts receivable for Creative Information has reached 160.1 billion yuan, accounting for 73.3 percent of current revenue04%, accounting for 41 percent of total assets at the end of the year07%。Net cash flow from operating activities for the same period was -59.6 billion yuan.
Accounts receivable for creative information have also attracted great attention from audit institutions. In the 2022 annual report, the auditor listed the provision for bad debts of accounts receivable as one of the key audit matters, and Creative Information admitted in the annual report that it was strengthening collection.
In order to avoid the risk of accounts receivable, on the one hand, the company will adopt stricter credit approval authority, strictly standardize credit approval procedures, strengthen accounts receivable management, and strengthen measures such as pre-review, in-process control and post-event supervision. "On the other hand, it will also strengthen communication with customers, speed up payment collection, reduce the company's financial costs, and improve the efficiency of capital use." ”
At the same time, Creative Information is seeking new profit growth points.
In 2023, the company continued to increase R&D investment, and the strategic losses of core businesses such as database and satellite Internet increased. The creative message noted.
According to public information, the core database management system "Wanli Security Database GreatDB" independently developed by Creative Information has completed compatibility and mutual certification with Huawei flash storage.
The market is waiting to see whether creative information is expected to get out of the loss.
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