Founder Motor (002196), a leading third-party drive motor company in China, has received the "Prior Notice of Administrative Punishment" from the Zhejiang Securities Regulatory Bureau in early January this year, and its share price has begun to accelerate**, with a decline of more than 40% since the beginning of this year, and the stock price has hit a record low.
As of February 6, Founder Motor closed down 343% to 422 yuan shares, this is the 8th consecutive trading day of the stock**, there is no obvious sign of stopping the decline in the short term.
On the news side, on the evening of February 5, Founder Motor announced that it had received an administrative penalty decision and warning letter issued by the Zhejiang Securities Regulatory Bureau.
According to the announcement, the Zhejiang Securities Regulatory Bureau found that Founder Motor had the following illegal facts:
Since 2015, Founder Motor's accounting estimate of the "Three Guarantees" has unreasonably and inappropriately expanded the goodwill-related asset group of the transferred assets. The above two items combined, the company's total profit in 2018 was inflated by 78,432,30526 yuan, the total profit in 2019 was inflated by 5,964,53193 yuan, the total profit in 2020 was inflated by 17,924,97588 yuan, and the total profit in 2021 was inflated by 2,313,70122 yuan, and the total profit in 2022 decreased by 86,976,21746 yuan, accounting for the absolute value of the total disclosed profit in the current period. 03%。The total amount of inflated profits in the above five years is about 19.2 billion yuan.
On August 15, 2023, Founder Motor issued the "Announcement on the Correction of Accounting Errors and Retrospective Adjustment in the Previous Period" to retrospectively adjust the annual financial statements from 2018 to 2022.
Considering that there are false records in the annual reports of Founder Motor for 5 consecutive years from 2018 to 2022, and the false records in individual years account for a relatively large proportion; The false records involved in the case were caused by accounting problems, and the company has taken the initiative to correct them; The parties actively cooperate with the investigation and the provision of materials, etc., and according to the facts, nature, circumstances and degree of social harm of the parties' illegal acts, and in accordance with the provisions of Article 197, Paragraph 2 of the ** Law of 2019, the Zhejiang Securities Regulatory Bureau decides:The other party was ordered to make corrections, given a warning, and imposed a fine of 4 million yuan; Mu Jian, then director, secretary of the board of directors, chief financial officer and deputy general manager of Fang Zhengji, was warned and fined 1.3 million yuan; Niu Mingkui, then chairman and general manager of Fang Zheng Motor, was given a warning and fined 800,000 yuan. Founder Motor and the relevant responsible persons were fined a total of 6.1 million yuan.
In addition to the above-mentioned violations, Founder Motor also has violations such as non-disclosure of non-operating capital occupation and non-disclosure of related party transactions. On the evening of February 5, Founder Motor also received a warning letter from the China Securities Regulatory Bureau due to the above violations.
The warning letter disclosed that from 2017 to 2020, Zhang Min, the company's former actual controller, occupied 20 million yuan, 133.92 million yuan, 32.5 million yuan, and 12.9 million yuan of the company's funds respectively; From 2018 to 2022, Niu Mingkui, chairman of the company, and some R&D team staff occupied 56 of the company's funds in the name of R&D fees and service fees through related parties Shanghai Jujie and Shanghai Zhengyuan740,000 yuan, 703810,000 yuan, 214390,000 yuan, 706520,000 yuan, 33180,000 yuan. Founder Motor did not disclose the occupation and return of the above-mentioned non-operating funds.
In addition, from 2017 to 2019, Founder Motor did not disclose the related party transactions with Shanghai Jujie of 11.5 million yuan and 43.57 million yuan200,000 yuan, 13.05 million yuan; From 2019 to 2021, the related party transactions with Shanghai Zhengyuan were not disclosed for 1.05 million yuan, 5.25 million yuan, and 2.1 million yuan.
Zhang Min, then the actual controller, chairman and general manager of Founder Motor, Gu Yifeng, then chairman, Feng Rong, then chairman, Niu Mingkui, chairman, general manager and then deputy general manager, Mu Jian, chief financial officer and secretary of the board of directors, and Xu Huayue, then chief financial officer, were responsible for the company's aforementioned violations of information disclosure laws and regulations.
Zhejiang Securities Regulatory Bureau decidedThe other party Zhengtong, Zhang Min, and Niu Mingkui took administrative supervision measures to order corrections, and Zhang Min, Niu Mingkui, Mu Jian, Gu Yifeng, Feng Rong, and Xu Huayue respectively took supervision and management measures of issuing warning lettersAnd recorded in the *** market integrity file.
According to the data, Founder Motor is mainly engaged in the research and development, production and sales of micro and special motors, new energy vehicle drive motors, automotive electronics (engine controllers) and home appliance intelligent controllers.
Founder Motor disclosed its performance forecast on January 26, and it is expected that the net profit attributable to shareholders of listed companies in 2023 will be 13.5 billion yuan 100 million yuan, a year-on-year turnaround, a loss of about 2 in the same period last year3.4 billion yuan. The company explained that the main reason for the change in performance was that during the reporting period, the company's new energy vehicle drive motor business overcame the adverse effects of fluctuations in the downstream market of customers and orders that were less than expected, and the overall revenue increased slightly year-on-year. At the same time, due to the improvement of the company's sales of drive motor product structure, the increase in shipments of flat wire motors and high-voltage motors, and the increase in the proportion of sales of intelligent controller products, the company's comprehensive operating gross profit margin increased by 4% year-on-year, and the company realized the deduction of non-operating net profit to turn losses into profits.
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Editor: Xin Jiayi, Editor-in-charge: Li Gengguang, Proofreader: Tan Lugang.
Executive Producer: Shu Guilin.
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