GEM IPO three times over three Golden Bell shares to catch up with Ford and Tesla, all relying on major customers

Every reporter: Liang Xiao Every editor: Wen Duo

April 22,gemThe Listing Committee (hereinafter referred to as the Listing Committee) held the 24th review meeting in 2021. Guangzhou Jinzhong Auto Parts Co., Ltd. (hereinafter referred to as Jinzhong Co., Ltd.), Nantong Chaoda Equipment Co., Ltd.,Guangdong Tianyima Information Industry Co., Ltd.(Hereinafter referred to as Tianyima) 3 companies successfully passed the meeting. The reporter of “Daily Economic News” noticed that Jinzhong shares were questioned at the meeting for over-reliance on the largest customer. In addition, the Listing Committee once again asked the company to state that it meets the requirements of “three innovations and four innovations” at the meeting. , This time the object is Tianyima. Admiralty: Increasing revenue but not profit in the past two years, relying on major customers to attract inquiries from the Listing Committee Recently, the 2021 Shanghai Auto Show has attracted attention from all walks of life, and some of the car logos and other decorative parts of the show cars may be made by this company. From 2018 to 2020, Jinzhong shares achieved operating income of 338 million yuan, 374 million yuan, and 394 million yuan respectively; net profits attributable to parent companies were 63.04 million yuan, 56.1351 million yuan and 48.699 million yuan respectively. Even after deducting the impact of non-recurring gains and losses, in the past two years, Admiralty shares still show a situation of “increasing revenue but not profit”. Jinzhong shares explained that the main reason for the decline in the company’s net profit was the combined effects of tariffs imposed by Sino-US trade frictions, the new crown epidemic, exchange rate fluctuations, and the large fixed costs of its wholly-owned subsidiary Qingyuan Jinzhong’s operation in 2020. For example, the company’s tariff expenses were RMB 4,976,200, RMB 15,979,500, and RMB 12,876,700, respectively. In 2019 and 2020, the expenses increased significantly compared with 2018. However, Jinzhong shares also said that up to now, the impact of Sino-US trade frictions on the company’s performance decline has been basically eliminated, and the impact of the new crown epidemic, exchange rate fluctuations and the operation of Qingyuan Jinzhong in 2020 on the company’s performance decline is gradually eliminated. Image source: Screenshot of Jinzhong Stock Prospectus (draft) Admiralty shares through the largest customer DAG LTD, LLC (hereinafter referred to as DAG) to achieveGeneral Motors,FordChrysler,TeslaWait for the export sales of North American automakers, and DAG has the exclusive right to sell Admiralty’s products in North America and South America. The reporter noticed that in 202 years, Admiralty shares accounted for 41.84% of DAG sales. Therefore, the Listing Committee is concerned that this situation will have a significant adverse impact on its ability to continue operations, and requires the company to further explain whether it has a significant dependence on DAG, and further disclose the impact of this situation on the issuer’s ability to continue operations in the prospectus after the meeting. Tianyima: The overall gross profit margin and the proportion of R&D expenses are declining year by year The relevant regulations of the Shenzhen Stock Exchange pointed out that “The Growth Enterprise Market is positioned to thoroughly implement the innovation-driven development strategy, adapt to the development of the general trend of relying more on innovation, creation, and creativity, and mainly serve growth-oriented innovative and entrepreneurial enterprises, and support traditional industries, new technologies, and new industries. , Deep integration of new business formats and new models”, that is, “three innovations and four new innovations”. And Tianyi Ma, who attended the meeting on April 22, was asked by the Shenzhen Stock Exchange to explain the company’s competitive advantages and disadvantages and the specific manifestation of meeting the requirements of “three innovations and four new”. The reporter noticed that although Tianyima’s revenue and net profit increased year by year from 2018 to 2020, the company’s comprehensive gross profit margin (39.55%, 37.78%, 30.28%), and the proportion of R&D expenses to operating income (7.87%, 5.63%) , 4.39%) has shown a downward trend year by year. It is no wonder that the Listing Committee issued the above question to Tianyima. During the reporting period, Tianyima signed multiple contracts for information system integration, software development and technology, and information equipment sales for the same project. The Listing Committee requires the company to combine the above-mentioned business characteristics to explain the timing and basis of the above-mentioned business income recognition, and whether it meets the requirements of the Accounting Standards for Business Enterprises. In addition, Tianyima’s operating income in the second half of 2019 and the second half of 2020 accounted for about 80% of the entire year, which was significantly higher than that of previous years. The Listing Committee required the company to clarify the reasons and reasonableness. Daily economic news