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Shenzhen Stock Exchange 20 asked *ST eagle! The gross profit margin of the sideline business has reached 95%. The stock price has been falling for 10 consecutive times.
e company official micro Securities Times Zhao Lizhen
An annual report issued without an opinion, let*ST eagleOnce again fell into the abyss of continuous down limit.
As of the close of May 13, *ST Eagle has recorded 10 consecutive daily limit editions, the company's share price reported 1.72 yuan / share, a decline of more than 40%.
The gross profit margin of the sideline is 95.44%
On the evening of April 24, the *ST Young Eagle 2018 annual report was released. During the period, the company achieved operating income of 3.556 billion yuan, down 37.6% year-on-year, and net profit loss of 3.864 billion yuan, down 8650.78%.
According to the announcement, Chen Qi, the company's sole proprietor, voted abstained in the 2018 annual report and did not sign a written confirmation of the company's 2018 annual report. At the same time, Asia Pacific (Group) Certified Public Accountants (Special General Partnership) issued an audit report for the company that could not express opinions.
On the evening of May 14, the Small and Medium-sized Management Department of the Shenzhen Stock Exchange issued an inquiry letter to the *ST Young Eagle 2018 Annual Report questioning the company's operating conditions, foreign investment, liabilities and other financial data.
The inquiry is concerned that the *ST Young Eagle Annual Report shows that in the fourth quarter of 2018, the company achieved operating income of 22.58 million yuan. According to the company's disclosed sales briefing, the company's sales revenue of pigs in the fourth quarter totaled 415 million yuan. The operating income disclosed in the two announcements is inconsistent with the sales amount, requiring the company to explain the reasons and explain the rationality of the sharp decline in operating income in the fourth quarter.
At the same time, as the "first domestic pig breeding", *ST Young Eagle 2018 Internet finance and other businesses realized income of 200 million yuan, a year-on-year decrease of 70.51%, gross profit margin as high as 95.44%.
According to the inquiry letter, according to the 2017 Annual Report, the gross profit margin of the Internet, financial and other businesses was 37.54%. The company is required to elaborate on the specific content of the business. The reason and reasonableness of the gross profit margin still increase significantly in the case of the company's production and operation difficulties and the business income has fallen sharply.
In addition, in 2018, *ST eagle subsidiary Jilin young eagle, Shenzhen Zefu, Zhongju Hengtong, and Taiyuan guarantee realized operating income of 938 million yuan, 285 million yuan, 54 million yuan, and 860,000 yuan respectively, achieving net profit respectively. For the total of -7.44 billion yuan, -8.79 billion yuan, -2.39 billion yuan, -2.6 billion yuan, and the above-mentioned companies realized operating income higher than the annual operating income from January to June 2018.
The inquiry letter asked the company to analyze in detail the specific reasons for the loss of the above-mentioned subsidiaries, the main components of the main business income, and explain the reasons and rationality of the profit in the first half of the year and the substantial loss in the second half of the year.
Suspected affiliated party funds
*ST chicks disclosed in the 2018 semi-annual report that the company's investment amount from January to June 2018 totaled 1.205 billion yuan. In the 2018 annual report, the company's investment amount from January to December 2018 totaled only 892 million yuan. The inquiry letter asks the company to explain the reasons for the difference between the disclosure of the annual report and the semi-annual report, and compares the disclosures before and after, and lists the time of investment confirmation of the invested company, the time of disposal, the route of obtaining shares, and the proportion of shares held at each level.
According to the annual report, the total amount of related transactions related to daily operations of *ST Eagles was 4.275 billion yuan. According to the "Audit Report", there is a large amount of capital exchanges between the company and some units that are not identified as related parties by the management. The accountant cannot judge the completeness and accuracy of the company's related party relationship and related party transaction disclosure.
The inquiry letter is concerned that as of the end of the reporting period, the balance of the loan of *ST Young Eagle against the controlling subsidiary Jilin Young Eagle was 2.478 billion yuan. Therefore, the company is required to explain the content of the loan and the term of the loan, and combine the production and operation of Jilin Young Eagle to explain the reasons and rationality of the large amount of money, whether there is financial support for the third party through the subsidiary or related parties. The situation of capital occupation.
In addition, during the reporting period, the amount of other cash related to operating activities received by *ST Eagle was 1.333 billion yuan, of which the amount of collections and other receivables was 1.167 billion yuan, a year-on-year increase of 96.34%; other payments paid by the company were related to business activities. The cash amount was 2.226 billion yuan, of which the amount of payment for the payment was 2.007 billion yuan, an increase of 471%.
The inquiry letter asks the company to supplement the nature of the above-mentioned collection and payment of the current payment. In the case of the company's capital chain is tight, the reasons for the substantial increase in the collection and payment on a year-on-year basis and the rationality, and the company's self-inspection of the above collection and payment Whether there is a violation of the regulations to provide financial assistance or the use of funds of related parties.
Financial pressure continues
In 2018, after the stock price plunged to a new low, the *ST eagle was exposed to the fact that the assets of the real-controlled hostages were frozen, the bonds could not be repaid, and the company’s financial pressure became unbearable.
The company's 2018 annual report disclosed that the balance of monetary funds at the end of the reporting period totaled 441 million yuan, of which 411 million yuan was limited in scope of use. In this regard, the inquiry letter asks the company to add a description of the specific circumstances of the frozen bank account and whether it is the company's basic current account.
In addition, the annual report disclosed that the balance of accounts receivable of the company at the end of the reporting period was 678 million yuan, a year-on-year increase of 67.2%. Among them, the top five accounts receivable customers' ending balance totaled 220 million yuan, accounting for 30.46%. The inquiry letter asks the company to explain whether there is a major change in the customer's credit policy, and to analyze in detail the reasons and rationality of the increase in accounts receivable. At the same time, the names, related relationships and annual sales amount of the top five accounts receivable customers are explained, and the above-mentioned customers' operating conditions are combined to explain whether the provision for bad debts is sufficient.
* ST Young Eagle's balance of other receivables at the end of the 2018 report period was 3.107 billion yuan, an increase of 191% year-on-year. The amount of loans and advances in other receivables was 2.847 billion yuan, a year-on-year increase of 460%. The inquiry letter requires the company to explain the specific content and reasons for the borrowing and advance payment, the reasons and reasonableness of the substantial increase at the beginning of the period, and to list the borrowers, related relationships and amounts of the main borrowings and advances. And whether there is a situation in which the related party's funds are occupied.
At the end of the reporting period, the balance of other current assets of *ST Eagles was 3.738 billion yuan, and the provision for impairment provision was 577 million yuan.
Other liquid assets include the loan principal of RMB 170 million to customers and the provision for loan losses of RMB 102 million. The inquiry letter asks the company to explain whether the name, related relationship, aging, overdue principal or interest of the major customers of the loan issued by the subsidiary Xinzheng Puhui Microfinance Co., Ltd., and the judgment basis for the provision for impairment, The case of providing loans to related parties through loans.
In terms of liabilities, the balance of accounts payable at the end of the *ST eagle's 2018 report period was 1.651 billion yuan, a year-on-year increase of 103%. Among them, the amount of maintenance funds is 444 million yuan and the other amount is 387 million yuan. In addition, the company's prepayment balance was 230 million yuan, a year-on-year increase of 370%. The balance of other items in other current liabilities and other payables was 7.1 billion yuan and 503 million yuan. For the above financial data, the inquiry letter requires the company to disclose the specific content and amount in detail.
According to the annual report, *ST is in a total of 61 litigation matters involving the holding subsidiaries, and the total amount has reached 3.587 billion yuan. The inquiry letter also requires disclosure of the occurrence time of each litigation matter, and the disclosure of the litigation matters in a timely manner in conjunction with the disclosure date, and in conjunction with the progress of the litigation, indicates whether the company's provision for the estimated liabilities is sufficient.
Business continues to shrink
After the Spring Festival in 2019, as the pig cycle entered the upward channel, the domestic pig breeding industry ushered in the turnaround. However, the sales of *ST eagle are still declining as the sales of listed companies in the A-share pig breeding industry are collectively in April.
According to the April sales briefing disclosed by the company on May 10, the company sold 17,400 pigs in the month and realized sales income of 0.17 billion yuan. Among them, the sales volume of piglets was 0.54 million, the average selling price was 25.32 yuan/kg, which was 5.66% lower than that in March 2019, and the sales income was 0.02 billion yuan; the sales volume of commercial pigs was 12,000 heads, and the average selling price of ordinary pigs was 13.53 yuan. / kg, up 3.52% from March 2019, sales revenue of 15 million yuan.
Since 2019, the production capacity of *ST eagle pigs has been greatly reduced. In January-February 2019, the company sold 259,900 pigs and sales revenue reached 143 million yuan. In March, the company sold 56,200 pigs and sales revenue of 45 million yuan. In April, the sales revenue of *ST eagle pigs has fallen by more than 62% since March, while the sales revenue of 238 million yuan in April 2018 has fallen by nearly 93%.
Although the production and operation data is still not ideal, clarifying the auxiliary industry and strengthening the main business is also the last straw for the *ST eagle to look forward to.
In the 2018 annual report, *ST eagle said that in 2019, it will focus on the main business, focusing on the development of pig breeding, the establishment of aquaculture division, integration of procurement, production, sales, cost, performance, disease prevention and control, engineering environmental protection and other breeding chain resources, Focus on production.
The relevant person in charge of the company recently said in an interview with the media that they have been in Xinzheng City, Kaifeng County, Xuchang County, Xinxiang Weihui City, Sanmenxia City, Anyang County, and Weinan City, Jilin Province, and Wulan City, Inner Mongolia. The project of pig breeding industrialization base was established in many areas such as Chabu City and Linzhi City of Tibet. At present, the Jilin Weinan project has been put into production, and the Inner Mongolia project has also been completed by two-thirds.
Editor in charge: Robot RF13015
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