On June 15th, according to Dong Mingzhu’s self-media news, more than 3,000 suites Dong Mingzhu promised to give employees will soon be delivered. The surrounding commercial districts and kindergartens are also intensively speeding up construction.

(Source: Dong Mingzhu from the media)

Public information shows that as early as the beginning of 2018, Dong Mingzhu said in public: “Gree will provide 80,000 employees with a two-bedroom and one-living house. As long as you work until you retire, the high housing price will have nothing to do with you.”

In May 2008, at the Gree Dream Ceremony, Dong Mingzhu once again promised to let Gree employees each have a suite. On August 25 of that year, the “Gree Pearl Plaza” containing 3,000 Gree talent apartments held a groundbreaking ceremony in Zhuhai.

At that time, Dong Mingzhu said that the “Gree Pearl Plaza” project is Gree’s major initiative to focus on talent innovation. It aims to reserve and train more outstanding talents for the manufacturing industry in Zhuhai, Guangdong and even the whole country, so that Gree will become a leader in the industry and let China Become the leader of the world.

Although the Gree Talent Apartment has been advancing in an orderly manner, recently some employees have complained in the variety show after staying in Gree for five years and have not been allocated a room.

In response to the above question, Dong Mingzhu said, “Gree’s goal of housing allocation has never changed. Our dream is to allow every employee to own a suite. This year we have 3,700 units, and the first batch is given priority to We have excellent employees, but those who are not excellent will be given, but we have to wait slowly. As long as you are good enough, we can give priority.” (Article|AI Finance News Summer)

Earlier, the “Double Ponytail Elastic Shake” video swept the Internet. Internet celebrities have tied up their double ponytails, put on cute Lolita suits and jumped up and down in front of the mirror. The jumps were very small, but the BGM was so magical that the entire video was quite similar “Upper”.

At this time, some netizens pointedly pointed out that the video action of “Double Ponytail Elastic Shake” was very suggestive. Many male netizens understood the connotation at a glance, but some female Internet celebrities pretended to be ignorant of the hot spots at this time, and it was really ugly to eat.

What is even more unacceptable is that Xiao Wanghong Wanzimei also joined the challenge of “double ponytail elastic shake”. The young and ignorant Wanzimei naturally doesn’t understand what it means to shoot this kind of video, and her parents can’t shirk the blame.

After finally waiting for the “double ponytail elastic wave” wind to stop, who would have thought that short video platforms have encountered vulgar challenges recently? You must know that the trend of the Internet will greatly affect immature netizens, and vulgar challenges frequently come out of reality. People worry.

On June 14th, some netizens discovered that many Internet celebrities actively invited Ying to join the challenge of “back view kill” and “waist-to-hip ratio”. Netizens’ accusations hit the nail on the head: these Internet celebrities dare to put their imagination and creativity in other areas. A lot has been done for a long time.

In the video, these Internet celebrities were showing off their prosperous beauty at first, and then they showed their sexy waist-to-hip ratio and back view as soon as the camera turned. I have to say that the figure of the Internet celebrity who dares to participate in this challenge is really impeccable, and the waist-to-hip ratio is perfect. Everyone can’t help but call “goddess” from the back.

The Internet celebrities who participated in this topic have all received good traffic. When some netizens admire their proud body, many netizens also discovered the “splendid spot” among them.

Netizens pointed out that this video is a proper “boyfriend’s point of view”, which has a foul connotation. Some netizens said that many foul-smelling male netizens would still shamelessly comment after seeing similar videos: “Why don’t they move their heads?”

In fact, the initiator of this topic was originally just showing his fit body, but some Internet celebrities have distorted the meaning of it, so that the entire video is getting more and more biased, and now it has reached the point of “fascinating men”.

Netizens found that the actor Chai Wei also joined the challenge of “waist-to-hip ratio”. Although Chai Wei is not well-known, she can at least make the audience feel familiar. She starred in “Scary Step by Step”, “Biography of Miyue”, and “Prince Prince”. Dramas such as “The Story of a Concubine’s Promotion” have achieved good response.

In addition, Chai Wei was born as a child star, making it easier for netizens to notice. Seeing that Chai Wei is also following the trend to shoot this foul-smelling video, everyone’s disappointment is self-evident.

“Soft pornography” cannot be clearly defined in just a few words. Some netizens are willing to call it “art”, while others find it difficult to agree.

It can be seen that many of the Internet celebrities participating in the video challenge are selling fantasy by showing their prosperous beauty and beautiful body. Not all participants are “uneasy and kind” to attract the attention of male netizens, or they may just simply rub hot spots. . This shows that the next time an internet celebrity follows the trend and shoots a video, he must keep his eyes open and discern what to do and what not to do with his heart.

In C-Biz, Duong Mich still scores points for a variety of fashion styles but still remains trendy. From the casual clothes to the red carpet of Duong Mi has been highly appreciated by the audience. In the past, Duong Mich loved to wear shorts or short skirts, and then fashioned a shirt to hide her pants to show off her extremely long legs. But recently, she changed her style with wide-legged pants, a cardigan that showed off her slim waist and blazer. Looking at Duong Mich full of ways and differences makes the audience extremely excited. But soon, many people realized that Duong Mi’s set was almost identical to Jennie of the Korean group BLACKPINK. Both stars have touched the line of Cardigan black and white stripes of the famous fashion house Chanel. If it was just a simple encounter, then I would not say anything, over here Duong Mich was also considered by netizens to be too similar to Jennie. A member of the BLACKPINK group also combines a badger shirt with loose pants, white sneakers and a black blazer. If there is anything different, Jennie also adds a scarf to make a highlight. Jennie’s fans believe that the Korean female idol is becoming more and more popular, considered a trend-setting girl, so many people learn it is understandable. However, many fans of Duong Mich insisted that this was just a random encounter, but there was no imitation of style here.

Both Suzy and Jisoo are the faces representing Dior, so the encounter is inevitable and always makes the audience admit that Dior chose her too well, everyone is beautiful. Although the two girls have never appeared together at a Dior event, they have been different when wearing clothes. Sometimes Suzy looks more impressive, sometimes Jisoo looks sweeter, but in short, both are extremely beautiful. Four ad encounters with Jennie It is normal for brands to change advertising models, but when Jennie has 4 times to act as “Suzy’s successor”, it is not normal at all. Most recently, Jennie became the new muse of a nail care brand. Previously, Jennie replaced Suzy as a model for a traditional Korean beverage brand. The two girls even wore similar outfits on the promotional photos, making netizens even more comparable. Both Jennie and Suzy are the faces of the Vita500 nutritional drink, with a radiant youthful image. For much longer, Jennie is also a model for the lemon-flavored carbonated drink brand after Suzy, both female idols also take pictures. concept Wearing clothes that show off her full body shape, water bottles held up high, and charming wet hair. Was once suspected of … dating Rosé The reason is that in September 2019, the two girls had continuously had suspicious coincidences on Instagram. Both idol they all departed for Paris for fashion week on the same day, Suzy was Dior’s special guest and Rosé accepted Saint Laurent’s invitation. The two girls uploaded photos on the plane with the same shooting angles and very similar comments. It is possible to see Suzy and Rosé traveling with the same airline, it is only unknown whether the two girls will fly on the same flight or not. During their time in Paris, both Suzy and Rosé spent time visiting the home of famous painter Monet, which is a popular tourist destination in the French capital. Apparently the two girls took pictures at the same flower cluster, even used it Icon but not the text for this post. However, many people believe that this is just a coincidence.

Following the one-digit limit on Friday, SF Express once again dropped the limit on April 12, and its market value has nearly halved since its historical high on February 18, evaporating more than 200 billion yuan.

There is no warning about the huge loss.

On April 8, SF Express released its financial report for the first quarter of 2021. The financial report shows that in the first quarter of this year, the company is expected to lose 900 million to 1.1 billion yuan, while in the same period of 2020, the company will make a profit of 907 million yuan under the epidemic. Just last month, SF Express released its 2020 financial report data showing that the net profit attributable to shareholders of listed companies was 7.326 billion yuan, a year-on-year increase of 26.39%.

SF Express Image Source/Visual China

For this reason, on April 9th, Wang Wei apologized to shareholders at the general meeting of shareholders: “First of all, I apologize to shareholders, because I think the first quarter really did not manage well.” He admitted that he had negligence in management, similar The problem does not appear a second time.

Why did SF Express, with thick eyebrows and big eyes, also start to lose money? Various market rumors have been circling around, trying to explain this unexpected incident. Among them, the most gimmicky, and at first glance, the most “ultimate answer” is that taxation and government affairs have brought a fatal blow.

Industry Viewpoint Source/Weibo

But this is not the core of the problem, and it has greatly misjudged the real competitive landscape of the express industry.

What is the real answer? What kind of changes will the express delivery industry, which is mired in price wars, usher in? What is the logic for the decent top student SF Express to choose to join the “introduction”? How to judge the future of SF Express?

What happened to SF Express?

After the financial report was released, Wang Wei publicly explained the losses of SF Express.

Shenzhen Stock Exchange released SF Express loss announcement source/official website

On the one hand, due to the slower-than-expected growth rate of time-sensitive parts in the first quarter, the expected profits did not appear; the growth of superimposed economic parts caused false high costs and was also part of the reason for the losses.

Prior to this, the fundamental advantage of SF Express’s stable business lies in its “time-sensitive parts”, which are stable, efficient, and safe, and are basically a must-choice for commercial products. It has always contributed a high profit margin to SF Express.

There is a view in the industry that due to the conversion of electronic invoices and electronic contracts, the number of corporate orders used for SF Express’s distribution has been greatly reduced.

In this regard, Zhao Xiaomin, deputy director of the Post and Express Special Committee of the Shanghai Transportation Commission, believes that electronic invoices and electronic contracts will not have much impact on SF’s business.

From the beginning of the pilot program of electronic invoicing in 2012, to the end of 2019, the nationwide unified electronic invoicing public service platform was built, and the country has accelerated the promotion and application of electronic invoicing. This process is constantly advancing and the impact will not suddenly be reflected in this year’s A certain fiscal season.

In the 2020 annual report, SF Express’s time-sensitive parts still achieved revenue of 66.3 billion yuan, a year-on-year increase of 17.41%. The growth rate in the first quarter was not as fast as expected. According to the analysis of various securities firms’ research reports, there were also reasons why the demand for time-sensitive parts increased sharply during the epidemic last year, and the base number therefore increased abnormally.

Regarding the slowdown in this quarter, Wang Wei gave two solutions. One is to continue to explore “time-sensitive” customers; the other is to use data to reflect specific scenarios in the supply chain, so as to make more refined for different customers. Operations. In the next step, SF Express will further optimize the upgrade of time-sensitive products-forming a new product system including SF Express, Express and Standard Express.

If there were obvious decision-making errors in the first quarter, it was a waste of labor costs during the Spring Festival.

In response to the government’s policy of in situ New Year, the Spring Festival overtime subsidy was close to 1 billion yuan, which was three to four billion yuan more than expected. Wang Wei particularly emphasized that the cost of guaranteeing capacity during the Spring Festival is relatively high, and the lack of business volume of time-sensitive products has resulted in a high cost input.

It is worth noting that the 2021 Spring Festival, including Ali, JD.com, Pinduoduo, and Four Links, are all promoting “not closing”. Delivery as usual during the Spring Festival holiday.

As far as Quanxian understands, during the Spring Festival, many express outlets left enough couriers, but the total number of orders has not soared compared with previous years. More people stay in place, but the workload is not saturated, which undoubtedly increases the company. cost.

“This year’s Spring Festival is not closed during the Spring Festival, but the results are so great. Each company should match according to demand. Otherwise, e-commerce and logistics will be “involved” together.” Bailian Consulting founder Zhuang Shuai believes.

On the other hand, the rapid growth of “economy” in the first quarter was behind the price of participating in a bloody price war. After the proportion of economic items in 2020 exceeds the time limit, SF Express’s revenue per ticket in 2020 will be 17.77 yuan, compared with 21.94 yuan in the same period last year, a year-on-year decrease of 18.99%. In the first quarter of this year, e-commerce products continued to exert strength, and the gross profit margin fell from 17.42% to 16.35%.

“Economic parts” in SF’s financial report mainly refers to “special express mail” mainly based on e-commerce parts. However, the competition for e-commerce parts is fierce, and SF has no choice but to participate in the war with a low price model. As a result, although there are many “economic parts”, the profits are not high. .

Finally, Wang Wei also explained that another reason for the loss is the investment in new businesses, such as the purchase of new aircraft, the construction of airport capacity centers, and the adjustment of the transportation network to undertake economical businesses and optimize cost efficiency.

“More than one logistics company” is a story that SF Express has been trying to tell. In addition to the basic plate of time-sensitive parts, e-commerce parts are indisputable. New businesses such as express delivery, cold delivery and medicine, intra-city express delivery, international express delivery, and supply chain are also new battlefields for SF Express. It can be seen from the financial report that the growth rate of new businesses such as international express delivery, intra-city express delivery, and supply chain is very impressive.

Source of development expenditures in SF Express’s 2020 annual report/official website

“How to better match the product operation model with resources, and how to form economies of scale between the entire links.” Wang Wei stated, “In the first quarter, it happened to be the flash point for these issues to collide with each other, and the company will form a better prevention mechanism. And countermeasures, we will not have this kind of problem in the future.”

SF Express pointed out that the cost input in the first quarter was difficult to “stop bleeding” quickly, and it is expected to gradually improve in the second quarter and beyond. “A more complete track and product matrix will bring SF Express a broader user base, larger market space, and better scale synergy. With the rapid growth of new businesses, it will gradually release pattern dividends and scale dividends.”

Profitable students who were “involved”

Taking orders for “time-sensitive parts” from major companies does not allow SF Express to sit back and relax.

Beginning in 2018, SF Express entered the e-commerce market and launched a “special offer”. In grain-producing areas such as Zhejiang and Guangdong, SF Express’s preferential price has dropped to about 3 kilograms and 3 yuan. For an average weight of more than 2 kilograms, SF Express has taken away many customers who originally belonged to the Tongda department.

E-commerce parts were originally a world of three links and one access, but Cainiao and JD Logistics appeared later. While deploying e-commerce, they also continued to impact SF Express’s high-end customers. Previously, when JD Logistics submitted its prospectus, its valuation had exceeded US$50 billion, second only to SF Express in the logistics industry. At the same time, JD Logistics also emphasizes supply chain solutions for 2B business.

“SF Express entered the e-commerce software too late. Not only was it less than the three links and one connection, but also caught up with Pinduoduo and JD.com’s entry node. The original advantage was greatly weakened.” Zhuang Shuai believes.

In fact, in the field of e-commerce parts, express companies represented by three links and one delivery have never stopped price wars. Yiwu, a place where the express industry is anxious about competition, has repeatedly exploded the tragic situation of price wars. After the rising star Extreme Rabbit entered the game, the “1 yuan” express was once launched in Yiwu, and the bloody level of the price war set a new record.

Extreme Rabbit Express spoils the “e-commerce piece” Source/Vision China

At the time of the rise of Taobao, small and medium-sized e-commerce companies blossomed everywhere in Yiwu; Pinduoduo’s rise, and small commodity e-commerce ushered in heavy growth; last year, the epidemic accelerated the popularity of live broadcast and promoted online sales. The rise of national e-commerce has triggered a new era. Poland’s express industry turf battle.

SF Express, which has repeatedly failed in the e-commerce market, can no longer miss the opportunity in this wave. In order to expand the business of “e-commerce parts”, SF Express, which has never participated in the express price war, will also join the game of express price war in 2020.

SF Holdings Secretary General Gan Ling once revealed that the cost of special offers was more than 10 yuan in the past, and the cost in 2019 has been reduced to less than 10 yuan, but there is still a distance from the 5 yuan unit price for customers. In early 2020, the target positioning cost will be reduced again. 50%.

Behind the continuous price reduction, SF Express’s overall profit and single ticket revenue have been affected.

SF Express’s overall gross profit margin in 2019 decreased slightly by 0.5 percentage points from the previous year to 17.42%; in 2020, SF Express’s overall gross profit margin dropped to 16.35%.

From January to February 2021, the business volume of the three links and Yida achieved a year-on-year increase, but the profitability was reduced: the express delivery revenue of SF Express, Yuantong, Shentong, and Yunda was 17.26 yuan, 2.38 yuan, 2.51 yuan, 2.23 yuan, a year-on-year decrease of 12.4%, 19.3%, 23.9%, 22%.

Although Zhongtong did not separately disclose the single ticket revenue, CFO Yan Huiping said: In 2020, the price of a single ticket for Zhongtong has dropped by about 20%.

In order to further reduce costs, SF Express opened its test and opened up direct sales, pulling up another low-priced franchise “Fengwang.” In the second half of 2020, “Fengwang” will enter the testing phase. SF Express revealed at the 2020 financial report that Fengwang broke the daily average of 1 million orders during Double Eleven in 2020, and its current business volume is around 1 to 2 million daily. “However, Fengwang needs to reach an average of 8 million orders per day to achieve a stable scale, and it is expected to take another 6 to 12 months to continue to advance.” Wang Wei said.

According to user feedback, the price of Fengwang Express has been lowered than that of the three links, but the speed is slow, and it takes 3-5 days to arrive. If you need to speed up the efficiency of e-commerce parts, you can choose another product-e-commerce express .

The variables that sink the market include technology and hardware in addition to price.

After 2020, the continuous outbreak of Pinduoduo and live broadcast e-commerce has caused Tongda to increase investment in technology and hardware. At present, Zhongtong is the company with the largest number of factories with independent property rights, self-owned vehicles and automatic sorting equipment in the industry. In 2020, the express delivery industry has experienced “the most invested year over the years, which may be the sum of the previous two years”, Zhao Xiaomin believes.

And SF’s previous play style has been difficult to bear pressure. For example, SF Express’s “special preferential distribution” was mainly based on the mode of “filling in warehouses”, and there is no need to increase the investment in transportation capacity. However, with the rapid rise of e-commerce parts, SF Express also has to equip e-commerce parts with special warehousing, which is another big expense.

Wang Wei has repeatedly emphasized that “SF Express is only using surplus resources” to make e-commerce products. For example, in terms of transportation capacity, after the integration of the four networks, the number and flow of shuttle buses will be more, and the cost for new business use is also the best cost-effective.

In fact, in order to gain the right to speak in e-commerce component companies, SF Express still needs to invest continuously to catch up with the three links and one access. According to the financial report, SF Express is currently adjusting its network construction and integrating it into the express delivery system. In the first- and second-tier and third- and fourth-tier cities, SF Express will newly form different systems to reduce costs and increase efficiency.

“SF’s e-commerce business is not as advantageous as the time-effective business. The Fengwang, which Wang Wei has always emphasized, is slowly spreading, and revenue restrictions are increasing. However, SF’s e-commerce business is correct. Cost.” Zhao Xiaomin thinks.

Why is the express company worth 60 times PE?

In the white horse stock market last year, the market once pushed SF Express’s P/E ratio to more than 60 times. If you compare it with other peers, you will find how obvious the market’s preference for SF Express is: before this plunge, Zhongtong’s P/E ratio was 33.6 times, Yun was 22.2 times, and Shentong was 29.3 times.

This valuation difference is already a cross-industry gap. Is it just a spillover effect of excess liquidity? In fact, apart from SF Express’s stronger profitability, investors are betting on its future growth to a certain extent.

The statement made by SF’s chief strategy officer Huang S at the performance meeting corresponds to this concern.

“Investors pay close attention to SF Express’s time-sensitive products, believing that the scale, growth and unit price of time-effective products are very important factors that affect the stock price. In fact, shareholders are more anxious about when SF Express can produce new businesses and products that can replace time-sensitive products for the company. Contribution status of performance.”

In addition to time-sensitive components, SF Express has been trying to find the second largest growth curve, but SF Express has not yet seen a clear answer for the exploration of new businesses.

According to the 2020 financial report, SF Express’s new business, intra-city express delivery, international and supply chain businesses are all in a rapid growth trend, but this business has a small contribution to SF’s overall revenue, accounting for only about 11% of the overall revenue.

The 2020 annual report disclosed that its total development expenditure for 15 projects, including drone projects, international business systems, and Ezhou Airport project management system, was 541 million yuan.

The financial report expenditure for the first quarter of 2021 also shows that SF Express has made two major capital investments, acquired Kerry Logistics to deploy international businesses in its new business, and increased its capital by 409 million yuan in its subsidiary SF Express to develop its intra-city business.

Zhao Xiaomin mentioned that due to the epidemic, part of SF’s investment in new business and technology has been postponed to 2021, which is also an important reason for the loss. In the next step, SF Express will also invest in vehicles in the fields of storage, cold chain and medicine. The number of aircraft will exceed 70, and the aviation hub airport under its subsidiary will also be operated by the end of the year, and scientific research will continue.

There are also many bright spots in the new business. For example, SF Express terminal products-Fengchao Express Cabinet. At present, Fengchao Technology has realized the layout of 200+ key cities, 140,000+ communities, and 280,000+ cabinet outlets. The platform has accumulatively registered 4.1 million couriers and serves nearly 350 million consumer users.

Fengchao Express Cabinet Picture Source/Visual China

The industry once speculated that SF Express will use Fengchao to enter the community group purchase as an intelligent offline pickup point. But Wang Wei resolutely responded that instead of doing business flow business including community group buying, SF Express still wants to grow an independent third-party industry solution data technology service company.

So far, SF Express has “opened its bow without turning back.” On the one hand, it is necessary to reverse the sluggish growth of the main business, and make efforts in economic and time-sensitive components at the same time to ensure that 2B business is not snatched away by four links, JD, etc., while continuing to develop e-commerce components and improve 2C new business commercialize. The pains of early investment are necessary.

Zhao Xiaomin is optimistic about the growth of SF Express in 2021. Compared with some friends who stick to traditional business, SF Express is already a very courageous company in the express delivery industry and has been increasing investment in new business. In his opinion, SF Express In the accumulation and precipitation stage, the strength in logistics and technology for many years is worth looking forward to, and the market should give it more patience.

Another family company launched an impact on the A-share market.

Recently, Tangshan Baichuan Intelligent Machine Co., Ltd. (hereinafter referred to as “Baichuan Intelligent”) submitted a prospectus, and plans to be listed on the Science and Technology Innovation Board, with a public offering of no more than 33.4 million shares, accounting for no less than 25% of the total share capital after the issuance.

The IPO Daily found that the equity of Baichuan Intelligent was mainly held by the actual controller, the father and the daughter. The company not only relies on the top five customers for its performance, but is also questioned by the Shanghai Stock Exchange whether it has the attributes of science and technology innovation.

The value of “post-90s”

It is understood that Baichuan Intelligent was established in 1998, funded by Qingyuan Environmental Protection and Liu Jianying.

As of the signing date of the prospectus, Baichuan Zhixin holds 72.09% of the shares of Baichuan Intelligent, Liu Jingyan holds 19.9% ​​of the shares, and Baichuan Zhihui holds 8.01% of the shares.

It needs to be pointed out that Baichuan Zhixin is 100% owned by Liu Jianying, Liu Jianying and Liu Jingyan have a father-daughter relationship.

In other words,Liu Jianying and Liu Jingyan directly and indirectly hold 91.99% of the equity of Baichuan Intelligent and are the actual controllers of Baichuan Intelligent.

In this regard, Baichuan Intelligent said that the company’s operations may be affected due to the relative concentration of the equity structure and the control of the actual controller, and there is a risk of the relative concentration of the equity structure and the actual controller’s control.

In addition, Baichuan Zhihui is the employee stock ownership platform of Baichuan Intelligent.

In other words, Baichuan Intelligent does not have any external shareholders. Relying on its own capabilities, Baichuan Intelligent wants to become a listed company.

In addition, if Baichuan Smart goes public, A-shares will usher in a “post-90s” worth over 100 million yuan.

The prospectus shows that Baichuan Intelligent intends to raise 1.449 billion yuan this time and publicly issue no more than 25% of its shares. Based on this calculation, if Baichuan Intelligent successfully raises funds, its valuation may reach nearly 5.8 billion yuan.

It is reported that Liu Jingyan was born in 1991 and currently does not hold any position in Baichuan Intelligent. After the successful listing of Baichuan Intelligent, Liu Jingyan’s equity ratio in Baichuan Intelligent will be diluted to 14.92%, and the value of the equity held may reach 865 million yuan.

Performance depends on the top five customers

It is understood that Baichuan Intelligent is mainly engaged in the research and development, production and sales of rail transit locomotive and rolling stock inspection and testing equipment, and is committed to providing reliable guarantee for rail transit safety. It is the main rail transit locomotive and rolling stock inspection and testing equipment provider in the industry.

From 2017 to 2019 and from January to March 2020 (hereinafter referred to as the “reporting period”), Baichuan Intelligent realized operating income of 601,265,800 yuan, 722,321,900 yuan, 822.9387 million yuan, and 74,412,200 yuan respectively, and the net profit was returned to the parent after deduction. They were 113,700,900 yuan, 139,666,600 yuan, 20,257,300 yuan, and 19.509 million yuan respectively.

During the above time period, both the revenue and net profit of Baichuan Intelligent have shown a continuous upward trend.

It needs to be pointed out that Baichuan Intelligent can achieve the above-mentioned performance, mainly The top five customers that rely on the company.

According to the prospectus, during the reporting period, the sales revenue generated by Baichuan Intelligent’s top five customers was 457,955,700, 493,907,400, 390,581,800, and 69,134,200, respectively. Respectively accounted for 76.17%, 68.38%, 47.46%, 92.91% of the current operating income.

In this regard, Baichuan Intelligent said that if the industry policy changes in the future, or the operating conditions of major customers undergo adverse changes, resulting in a decrease in customer demand for the company’s products, it will adversely affect the company’s operating results.

In addition to customer concentration, Baichuan Intelligent also relies more on tax incentives.

According to the prospectus, during the reporting period, the total amount of tax incentives obtained by Baichuan Intelligent was 21,780,500 yuan, 2019.94 million, 38,375,800 yuan, and 4,747,100 yuan, respectively, accounting for 15.56%, 24.32%, 14.8%, and 20.97 of the total profit for the period. %. At least 10% of Baichuan Intelligent’s annual profit comes from tax incentives.

In this regard, Baichuan Intelligent said that if there is an adverse change in the national tax preferential policy, it will have an adverse impact on the company’s operating results.

Weak liquidity

Although Baichuan Intelligent is mainly engaged in rail transit, it is an asset-light operating company.

At the same time, during the above time period, the balance of accounts receivable of Baichuan Intelligent was 571.1378 million yuan, 530.336 million yuan, 643.1794 million yuan, and 539.9911 million yuan, respectively, accounting for 39.42%, 37.04%, 38.92%, and 32.68 of the total assets of the current period. %; Inventory balances were 310.7784 million yuan, 328.19945 million yuan, 408.8454 million yuan, and 420.472 million yuan, respectively, accounting for 21.45%, 22.92%, 24.74%, and 25.45% of the total assets of the current period.

In other words, Accounts receivable and inventories are an important part of company assets.

It needs to be pointed out that the IPO Daily found that Baichuan Intelligent’s liquidity of accounts receivable and inventory is weaker than the average value of comparable companies in the same industry.

According to the prospectus, during the reporting period, the accounts receivable turnover rate of Baichuan Intelligent was 0.85, 1.02, 1.13, and 0.1, respectively. The average value of comparable companies in the same industry was 1.47, 1.25, and 1.42; the inventory turnover rate was 1.32, 1.35, 1.29, 0.09, the average values ​​of comparable companies in the same industry are 1.54, 1.5, 1.85, and 0.11 respectively. (Note: The average value of the accounts receivable turnover rate of comparable companies in the same industry of Baichuan Intelligent from January to March 2020 has not been announced)

During the above time period, Baichuan Intelligent’s accounts receivable turnover rate and inventory turnover rate have always been lower than the average value of comparable companies in the same industry.

Asked about the properties of science and technology innovation

The IPO Daily also found that because of the lack of science and technology attributes, Baichuan Intelligent wanted to be listed on the science and technology board this time.

Previously, the China Securities Regulatory Commission issued a science and technology innovation board science and technology innovation attribute evaluation index system. The specific conventional indicators are: the cumulative R&D investment in the last three years accounted for ≥5% of the cumulative operating income in the last three years, and the cumulative R&D investment amount in the last three years ≥6000 Ten thousand yuan, or the invention patents (including national defense patents) that form the main business income ≥ 5 items, etc.

According to the prospectus, during the reporting period, the R&D expenses of Baichuan Intelligent were 43.156 million yuan, 38.098 million yuan, 29.519 million yuan and 47.705 million yuan, respectively, accounting for 7.18%, 5.27%, 3.59%, and 6.41% of the current operating income.

It can be seen that in the above time period, the investment in R&D expenses of Baichuan Intelligent has shown a continuous downward trend. By 2019, its R&D expense ratio is still less than 4%.

At the same time, Baichuan Intelligent has invested a total of 110,774,400 yuan in R&D in the past three years, accounting for 5.16% of operating income, which is only just over 5%.

Look at invention patents again.

It is understood that as of the signing date of the prospectus, Baichuan Intelligent has a total of 7 invention patents, of which 3 have been applied for in 2013 and the remaining 4 have been applied for in 2019. Relying on the 4 new invention patents added in 2019, Baichuan Intelligent has more than 5 invention patents.

What needs to be pointed out is that in the inquiry, the Shanghai Stock Exchange asked Baichuan Intelligent to combine the aforementioned responses, Baichuan Intelligent’s R&D investment and R&D system, etc., to indicate whether Baichuan Intelligent has independent innovation capabilities and whether it possesses the attributes of science and technology.

END

Reporter Deng Haotian

Layout Wang Ying

Edit Wu Mingzhou

● The market value of Kuaishou breaks one trillion, these two generations born in the 1980s are very happy…

● Mergers and Acquisitions | With 180 million acquisition of Guangyun Animation, Hualu Baina, which has been “overrun”, is about to transform again?

●50 STOPs in two months! Great changes in the IPO market? These two points are worth paying attention to…

● The producer of “Thirty Only” is about to IPO, and there are Tencent and Huang Lei. Is the valuation of over 7 billion reasonable?