Source: GPLP Rhino Finance (ID: gplpcn)

On June 18, the official website of the Shenzhen Stock Exchange showed that the IPO review status of Shenzhen Han’s CNC Technology Co., Ltd. (hereinafter referred to as “Han’s CNC”) was changed to “Inquired”.

It is reported that Han’s CNC intends to issue no more than 42 million shares this time, and raise funds of approximately 1.707 billion yuan, which will be used for equipment production transformation and expansion and equipment technology research and development center construction projects.

Han’s Laser Splits the Pledge of Han’s CNC Listed Shares

The prospectus shows that Han’s CNC was established in 2002. Its main business is the research and development, production and sales of PCB special equipment. The registered capital is 378 million yuan. The controlling shareholder is Han’s Laser (002008.SZ). Han’s Laser directly holds 94.15% of the company’s shares.

In addition, the actual controller of Han’s CNC is Gao Yunfeng, who directly holds 9.03% of Han’s Laser, and indirectly controls 15.17% of Han’s Laser through Han’s Holdings, and controls a total of 24.20% of Han’s Laser.

The Han’s Laser’s split and listing of Han’s CNC also caused investors to worry.

On May 27, an investor asked Han’s Laser that there are a large number of related transactions and related guarantees between the parent company and listed subsidiaries. How does the company deal with such problems? It is true that the splitting of subsidiaries can better obtain financing to facilitate the further development of the subsidiaries, but it is an act at the expense of all investors. Does Han’s Laser consider the position of investors?

Han’s Laser stated that after this spin-off, Han’s Laser and Han’s CNC have no related party transactions that affect independence or are obviously unfair, which meets the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on related party transactions.

However, GPLP Rhino Finance noticed that Han’s Holdings and Gao Yunfeng’s holding of Han’s Laser pledged shares have certain risks, which may indirectly affect the stability of Han’s CNC decision-making and management and the company’s production and operation.

As of April 30, 2021, the cumulative number of pledged shares of Han’s Laser held by Han’s Holdings was 5.36 million shares, accounting for 36.68% of its holdings and 5.56% of Han’s Laser’s total share capital.

The accumulated pledged shares of Han’s Laser held by Gao Yunfeng are 89.140 million shares, accounting for 92.55% of the shares held by him and 8.35% of the total share capital of Han’s Laser. The total number of pledged shares of Han’s Laser held by Han’s Holdings and Mr. Gao Yunfeng totaled 149 million shares, accounting for 57.52% of the shares held by the two and 13.92% of the total share capital of Han’s Laser.

GPLP Rhino Finance noted that the sponsor of Han’s CNC this time is CITIC Securities Co., Ltd. (hereinafter referred to as “CITIC Securities”). As of December 31, 2020, CITIC Securities held approximately 1.0635 million shares of Han’s Laser, accounting for approximately 0.10% of Han’s Laser’s total equity. Han’s CNC stated that if Han’s Holdings and Gao Yunfeng cannot repay the loan on or before the due date of the guaranteed loan, the pledged Han’s Laser shares may be subject to the risk of forced disposal, which may lead to changes in the equity structure of Han’s Laser, which may be indirect Affect the stability of Han’s CNC decision-making and management and the company’s production and operation. There are still connected transactions with Han’s Laser, and the high cash flow of accounts receivable is under pressure However, Han’s CNC still has connected transactions with Han’s Laser. From 2018 to 2020, the related sales amount of Han’s CNC is 17.2676 million yuan, 48.292 million yuan and 22.107 million yuan respectively. The sales between Han’s CNC and related parties are mainly the sale of laser forming machines and mechanical drilling machines to the controlling shareholder Han’s Laser, and the testing and sales of mechanical forming machines and mechanical drilling machines to the associated company Mingxin. The related-party purchase transactions of Han’s CNC were 127 million yuan, 60 million yuan and 118 million yuan respectively. The purchases between the company and related parties are mainly purchases of chillers, linear motors, lasers, etc. from the controlling shareholder and its controlled companies Han’s Motor and Han’s Tiancheng. Can the performance of Han’s Laser be able to maintain steady growth without Han’s Laser’s Han’s CNC? The prospectus shows that Han’s CNC has seen a sharp decline in its performance in 2019, and will only pick up in 2020. From 2018 to 2020, Han’s CNC’s operating income was 1.723 billion yuan, 1.323 billion yuan, and 2.21 billion yuan, and net profits were 374 million yuan, 227 million yuan, and 304 million yuan. The revenue growth rates in 2019 and 2020 are -23.24% and 67.10% respectively; the net profit growth rates are -39.25% and 33.86% respectively. Despite the support of Han’s Laser, the gross profit margin of Han’s CNC is far lower than the industry average. From 2018 to 2020, Han’s CNC’s gross profit margins were 34.03%, 35.90%, and 34.92%, while the industry averages over the same period were 49.94%, 46.52%, and 44.01%, respectively. (Source: Han’s CNC Prospectus) In addition, the inventory of Han’s CNC has increased year by year and accounted for a relatively high proportion. From the end of 2018 to the end of 2020, the company’s inventory book value was 246 million yuan, 261 million yuan, and 799 million yuan, accounting for 14.32%, 15.19%, and 28.69% of current assets, respectively. From the end of 2018 to the end of 2020, the total book value of Han’s CNC’s notes and accounts receivable was 1.124 billion yuan, 972 million yuan, and 1.269 billion yuan, accounting for 65.51%, 56.66%, and 45.56% of current assets, respectively. In this regard, Han’s CNC stated that in 2020, due to the increase in orders for PCB special equipment, the company increased its inventory, resulting in a relatively high inventory balance. Han’s CNC stated that the high inventory balance will occupy a large amount of its working capital on the one hand, which puts the company under pressure on working capital; on the other hand, if there is an order cancellation or customer return due to changes in customer demand or major adverse changes in operating conditions Circumstances, may lead to the risk of stagnation and impairment of inventory, and the company’s operating results will be adversely affected. GPLP Rhinoceros Finance noted that in 2020, the substantial increase in operating receivables combined with the accumulation of inventory, Han’s CNC’s net operating cash flow turned from positive to negative. From 2018 to 2020, its net operating cash flow was 185 million yuan, 270 million yuan, and -509.714 million yuan. Han’s CNC stated that if the company cannot obtain financing in a timely manner, it may result in insufficient business operating funds, which will further negatively affect its financial status and production operations. (This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

Author丨Li Wenxian

Produced丨Sohu Finance

It has been a year since the sale of Baicao Wei, and I missed you for announcing the focus on the main business of red dates, but you have repeatedly fallen into doubts from investors.

On June 14, I really want you to receive an annual report inquiry letter from the Shenzhen Stock Exchange, and you were asked to respond to 11 questions about the sale of Holmes, performance, and the decline in the gross profit margin of jujube products.

Since the delivery was completed in June last year, I miss your net profit for two consecutive quarters. In 2020, the gross profit rate of jujube and related products is 29.34%, a year-on-year decrease of 3.46%.

One year after the release of the share repurchase plan, I really want you to significantly reduce the repurchase ratio. During the period, the second largest shareholder Hangzhou Haohong Industrial Co., Ltd. (hereinafter referred to as “Hangzhou Haohong”) reduced its shareholding nine times and cashed out about 180 million yuan in total. .

Since the announcement of the reduction of the repurchase ratio, I miss your share price plummeting for 5 consecutive trading days. As of today’s close, I miss your share price at 10.30 yuan, down 1.62%.

After selling Baicaowei, I miss your net profit for two consecutive quarters.

After selling Baicaowei, I really miss your revenue in 2020.

The annual report shows that in 2020, I miss you to achieve operating income of 3.001 billion yuan, a year-on-year decrease of 49.65%.

On February 23, 2020, I miss you an announcement that it will sell 100% of Baicaowei’s equity. The buyer is Pepsi Beverage, a subsidiary of PepsiCo. The negotiated transaction price of the two parties is US$705 million, which is approximately RMB 5 billion.

On May 14th last year, I missed the transfer of the equity you held in Holmes (that is, Baicaowei) to Pepsi Beverage. On June 2nd of the same year, I missed the announcement that you had received US$698 million from Pepsi.

According to the disclosure, from the first quarter to the fourth quarter of 2020, I miss you operating income of 1.773 billion yuan, 713 million yuan, 250 million yuan and 264 million yuan, respectively. The third and fourth quarter revenues are less than the sixth quarter of the first quarter. One part.

At the same time, in the third and fourth quarters, I miss you a loss of 18 million yuan and 83 million yuan in net profit respectively in the two quarters. After deducting non-net profits, you will lose three consecutive quarters. The second, third, and fourth quarters will lose about 114 million yuan, 17 million yuan and 19 million yuan.

The Shenzhen Stock Exchange asks you to combine the situation of comparable companies in the same industry, as well as the seasonal characteristics of the company’s business (if any), market demand changes, product price trends, cost and expense confirmation basis, and changes in amounts, and explain the quarters of the reporting period. The reasons and reasonableness of the large fluctuations in financial data, and whether there is an inter-period recognition of income or expenses.

Jujube business revenue declines year after year, gross profit margin declines 3.46%

Before selling Baicaowei, I miss your jujube business has been declining year after year.

From 2017 to 2019, the revenue of I miss you jujube products were 961 million yuan, 868 million yuan, and 735 million yuan, respectively, accounting for 23.61%, 17.54%, and 12.33% of the revenue. Revenue has fallen for two consecutive years.

In 2020, I miss your jujube revenue of approximately 666 million yuan, a year-on-year decline of 18.87%, and a gross profit margin of 3.46%.

Compared with jujube products, nuts have contributed 1.187 billion yuan in revenue, which is nearly twice that of jujube business, but they are also facing a decline in gross profit margin.

The financial report shows that in 2020, the gross profit margin of I miss you nuts products is 20.90%, a year-on-year decrease of 4.36%.

The inquiry letter requires you to combine marketing model, product positioning, market share, cost structure and other factors to explain the reasons for the decline in the gross profit rate of red dates and nuts during the reporting period, and analyze whether related factors will continue to affect the company’s production and operation.

I miss you announcing the return to the main business of jujube, and decided to terminate the contract of 4770 acres of land leased by the subsidiary Xinjiang Jujube Agriculture and Forestry Co., Ltd., and concentrate resources on the company’s own high-quality raw material base.

After the termination of the land lease agreement, you no longer own the ownership of the jujube trees, employee dormitories, warehouses and other ground attachments on the corresponding land, and the remaining land lease fees paid will no longer be returned. The total asset loss is 45.66 million yuan.

The inquiry letter requires you to estimate whether the cost of using the leased land to obtain raw materials such as red dates is significantly different from the cost of the company obtaining raw materials such as red dates through other channels. Combined with the reasons for your company’s early termination of the land lease, further explain the company’s termination of the land lease Whether it is conducive to safeguarding the interests of listed companies.

At the same time, according to the disclosure that I wanted to focus on the main business of red dates when you sold the shares of Holmes, it explained whether the company took other methods to consolidate the supply of upstream raw materials while terminating the 4770 mu land lease of the subsidiary Xinjiang Dazaoshu Agriculture and Forestry Co., Ltd. .

The repurchase plan has shrunk sharply, the second shareholder reduced their holdings and cashed out 180 million yuan

I really miss you to change the stock repurchase plan, which also caused investor complaints.

On June 3, 2021, I really want you to disclose the “Announcement on Adjusting the Share Repurchase Program” stating that the number of shares to be repurchased will be adjusted to no less than 41.2 million shares and no more than 67.2 million shares.

Compared to the most embarrassing repurchase plan in history that was thrown out in June last year, the number of shares you bought back has shrunk dramatically.

I really want you to disclose that the number of shares repurchased is no less than 113 million shares and no more than 226 million shares, accounting for no less than 21.91% and no more than 43.83% of the company’s total share capital. The repurchase price does not exceed 13 yuan per share.

As of May 10, 2021, I really want you to repurchase approximately 28.79 million shares through centralized auction trading, accounting for 5.58% of the company’s current total share capital. The highest transaction price is 13 yuan per share, and the lowest transaction price is 10.93. Yuan/share, the total turnover is about 339 million yuan.

During the period, Hangzhou Haohong, the second largest shareholder, reduced its shareholding 9 times, with a cumulative reduction of 13.84 million shares. The number of changes accounted for more than 3% of the outstanding shares. The average transaction price was 11.95 yuan to 13.79 yuan, and the cumulative cash out was about 180 million yuan.

After the announcement of the adjustment plan, I miss your stock price plummeting for 5 consecutive trading days.

The inquiry letter asks, I really want you to further explain the reason and rationality of the company’s adjustment to the repurchase plan in the past 12 months before the shareholders’ meeting reviewed and approved the share repurchase plan, and whether there is a situation of using repurchase matters to cooperate with relevant entities to reduce holdings Wait.

Author丨Li Wenxian

Produced丨Sohu Finance

It has been a year since the sale of Baicao Wei, and I missed you to announce the focus on the main business of red dates, but you have repeatedly fallen into doubts from investors.

On June 14, I really want you to receive an annual report inquiry letter from the Shenzhen Stock Exchange, and you were asked to respond to 11 questions about the sale of Holmes, performance, and the decline in the gross profit margin of jujube products.

Since the delivery was completed in June last year, I miss your net profit for two consecutive quarters. In 2020, the gross profit rate of jujube and related products is 29.34%, a year-on-year decrease of 3.46%.

One year after the release of the share repurchase plan, I really want you to significantly reduce the repurchase ratio. During the period, the second largest shareholder Hangzhou Haohong Industrial Co., Ltd. (hereinafter referred to as “Hangzhou Haohong”) reduced its shareholding nine times and cashed out about 180 million yuan in total. .

Since the announcement of the reduction of the repurchase ratio, I miss your share price plummeting for 5 consecutive trading days. As of today’s close, I miss your share price at 10.30 yuan, down 1.62%.

After selling Baicaowei, I miss your net profit for two consecutive quarters.

After selling Baicaowei, I really miss your revenue in 2020.

The annual report shows that in 2020, I miss you to achieve operating income of 3.001 billion yuan, a year-on-year decrease of 49.65%.

On February 23, 2020, I miss you an announcement that it will sell 100% of Baicaowei’s equity. The buyer is Pepsi Beverage, a subsidiary of PepsiCo. The negotiated transaction price of the two parties is US$705 million, which is approximately RMB 5 billion.

On May 14th last year, I missed the transfer of the equity you held in Holmes (that is, Baicaowei) to Pepsi Beverage. On June 2nd of the same year, I missed the announcement that you had received US$698 million from Pepsi.

According to the disclosure, from the first quarter to the fourth quarter of 2020, I miss you operating income of 1.773 billion yuan, 713 million yuan, 250 million yuan and 264 million yuan, respectively. The third and fourth quarter revenues are less than the sixth quarter of the first quarter. One part.

At the same time, in the third and fourth quarters, I miss you a loss of 18 million yuan and 83 million yuan in net profit respectively in the two quarters. After deducting non-net profit, you will lose three consecutive quarters. In the second, third and fourth quarters, the net profit after deduction of non-profit loss will be about 114 million yuan, 17 million yuan, and 19 million yuan.

The Shenzhen Stock Exchange asks you to combine the situation of comparable companies in the same industry, as well as the seasonal characteristics of the company’s business (if any), market demand changes, product price trends, cost and expense confirmation basis, and changes in amounts, and explain the quarters of the reporting period. The reasons and reasonableness of the large fluctuations in financial data, and whether there is an inter-period recognition of income or expenses.

Jujube business revenue declines year after year, gross profit margin declines 3.46%

Before selling Baicaowei, I miss your jujube business has been declining year after year.

From 2017 to 2019, the revenue of I miss you jujube products were 961 million yuan, 868 million yuan, and 735 million yuan, respectively, accounting for 23.61%, 17.54%, and 12.33% of the revenue. Revenue has fallen for two consecutive years.

In 2020, I miss you jujube revenue of about 666 million yuan, down 18.87% year-on-year, and gross profit margin down 3.46%.

Compared with jujube products, nuts have contributed 1.187 billion yuan in revenue, which is nearly twice that of jujube business, but they are also facing a decline in gross profit margin.

The financial report shows that in 2020, the gross profit margin of I miss you nuts products is 20.90%, a year-on-year decrease of 4.36%.

The inquiry letter requires you to combine marketing model, product positioning, market share, cost structure and other factors to explain the reasons for the decline in the gross profit rate of red dates and nuts during the reporting period, and analyze whether related factors will continue to affect the company’s production and operation.

I miss you announcing the return to the main business of jujube, and decided to terminate the contract of 4770 acres of land leased by the subsidiary Xinjiang Jujube Agriculture and Forestry Co., Ltd., and concentrate resources on the company’s own high-quality raw material base.

After the termination of the land lease agreement, you no longer own the ownership of the jujube trees, employee dormitories, warehouses and other ground attachments on the corresponding land, and the remaining land lease fees paid will no longer be returned. The total asset loss is 45.66 million yuan.

The inquiry letter requires you to estimate whether the cost of using the leased land to obtain raw materials such as red dates is significantly different from the cost of the company obtaining raw materials such as red dates through other channels. Combined with the reasons for your company’s early termination of the land lease, further explain the company’s termination of the land lease Is it conducive to safeguarding the interests of listed companies?

At the same time, according to the disclosure that I wanted to focus on the main business of red dates when you sold the shares of Holmes, it explained whether the company took other methods to consolidate the supply of upstream raw materials while terminating the 4770 mu land lease of the subsidiary Xinjiang Dazaoshu Agriculture and Forestry Co., Ltd. .

The repurchase plan has shrunk sharply, the second shareholder reduces their holdings to cash out 180 million yuan

I really miss you to change the stock repurchase plan, which also caused investor complaints.

On June 3, 2021, I really want you to disclose the “Announcement on Adjusting the Share Repurchase Program” stating that the number of shares to be repurchased will be adjusted to no less than 41.2 million shares and no more than 67.2 million shares.

Compared to the worst repurchase plan in history that was thrown out in June last year, the number of shares you bought back has shrunk dramatically.

I really want you to disclose that the number of shares repurchased is no less than 113 million shares and no more than 226 million shares, accounting for no less than 21.91% and no more than 43.83% of the company’s total share capital. The repurchase price does not exceed 13 yuan per share.

As of May 10, 2021, I really want you to repurchase approximately 28.79 million shares through centralized auction trading, accounting for 5.58% of the company’s current total share capital. The highest transaction price is 13 yuan per share, and the lowest transaction price is 10.93. Yuan/share, the total turnover is about 339 million yuan.

During the period, Hangzhou Haohong, the second largest shareholder, reduced its shareholding 9 times, with a cumulative reduction of 13.84 million shares. The number of changes accounted for more than 3% of the outstanding shares. The average transaction price was 11.95 yuan to 13.79 yuan, and the cumulative cash out was about 180 million yuan.

After the announcement of the adjustment plan, I miss your stock price plummeting for 5 consecutive trading days.

The inquiry letter asks, I really want you to further explain the reason and rationality of the company’s adjustment to the repurchase plan in the past 12 months before the shareholders’ meeting reviewed and approved the share repurchase plan, and whether there is a situation of using repurchase matters to cooperate with relevant entities to reduce holdings Wait.