"Losing Color" Has Doubled The Share Price Of The Annual Report.

As one of the first 25 companies listed on the science and technology innovation board, 688005.SH, which landed on the science and technology board in July 2019, has gained the most in the past week. From the low of 27.23 yuan in February 3rd, it only started 7 trading days, and the closing price in February 12th reached 51.91 yuan, and the share price nearly doubled.

In sharp contrast, the first complete financial report of Yung Pak technology has been eclipsed. Its net profit in 2019 is 80 million yuan -1.2 billion yuan, down from 43.63%-62.42%.

The stock price doubled and its performance cut off. What happened to the technology of lithium battery cathode material supplier?

Frequent trading of institutions and hot money

In February 12th, Yung Pak technology became the 3 consecutive trading day with price rises and limits (-12 February 10th). The closing price rose or deviated from the value of up to 30%.

On the same day, Rong Bai technology increased by 12.8%, and the turnover rate reached 26.82%.

Prior to that, in February 10th, Rong Bai technology rose to 20%, with turnover of 616 million yuan, turnover rate of 32.19%, slight decrease of 1.92% in February 11th, turnover rate of 31.93%, and turnover of 653 million yuan.

From the data of tiger list, the first purchase amount in February 12th was CITIC Securities Hangzhou Yanan Road Sales Department, with a total purchase amount of 191 million yuan.

Hangzhou Yanan Road Sales Department, once regarded as the main position of "Niu San" Zhang Jianping, took the first place in February 10th and 11, respectively, and bought 150 million yuan and 41 million 20 thousand yuan respectively, 3 times in the past month.

In addition, Dongfang Fortune Securities Chengdu two Ring Road West Section business department, Guosheng securities Ningbo Sang Tian Road Sales Department, also appeared in nearly one month's billboard list, the former bought 6 million 210 thousand yuan, sold 22 million 900 thousand yuan, the latter bought 14 million 90 thousand yuan, sold 13 million 650 thousand yuan.

Tianfeng securities Ziyang Square Road Securities Department, frequently appeared in the seller's top five list, sold 20 million 250 thousand yuan.

In addition, it is worth mentioning that, in the last 3 days of Yung Pak technology's list of sales, there are institutional seats only. From the perspective of trajectories, in February 10th, institutional seats were bought for 23 million 890 thousand yuan and sold for 14 million 550 thousand yuan; in February 11th, institutional seats were bought for 14 million 800 thousand yuan and sold for 6 million 940 thousand yuan; in February 12th, institutional seats were bought for 52 million 280 thousand yuan and sold for 14 million 550 thousand yuan.

"It can be seen clearly that institutions and hot money gangs are doing more and pulling up the price of Rong Bai technology," an analysis of a private person in Hangzhou said, "the increase of floating capital from intervention to shipping is generally within 20%."

"Recently, the concept of lithium battery is relatively popular. As a supplier of lithium ion materials, Rong Bai technology is rising."

In February 12th, in twenty-first Century, the economic report reporters made many phone calls to the Ministry of securities of Rong Bai technology.

The death of Beek battery

Compared with the rising share price, the performance of Rong Bai technology is much more discolored.

Prospectus shows that Rong Bai technology in 2017 and 2018 net profit were 31 million yuan, 213 million yuan, year-on-year growth rate as high as 352.63%, 583.92%.

In 2019, Rong Bai technology forecast net profit of 80 million yuan -1.2 billion yuan, down by 43.63%-62.42%.

In this regard, Rong Bai technology explained that the year-on-year decline in performance was mainly caused by the Beek battery (Shenzhen Power Battery Co., Ltd. of Zhengzhou and its subsidiary, Zhengzhou Beek Battery Co., Ltd.), which was "dragged" by accounts receivable. Compared with the accounts receivable of grams battery, a larger amount of bad debts was prepared, and the impact of raising the proportion to 70% was considered.

Yung Bai technology said, "since the second half of 2019, China's new energy vehicle subsidy policy has gone down, and the overall sales situation of the automobile industry has been in a poor state. Some capital vehicles and battery manufacturers have been under pressure. The company has failed to pay for the loans due to the failure of Beek batteries. According to the prudence principle, the forecast data takes into account the performance impact of 70% of the bad debt provision of the contrast battery accounts receivable.

Still remember in the evening of November 6, 2019, Rong Bai technology disclosed a situation of battery manufacturer Beek's "chain thunder" with a risk warning announcement, and many listed companies were involved in it, which shocked the market.

At that time, Rong Bai technology said that the 70 million 28 thousand and 400 yuan commercial acceptance bill of Beek Power Battery Co., Ltd. of Hubei, which was wholly owned by the company and its wholly owned subsidiary, had been expired but failed to be honored.

According to the latest announcement in January 16th, as of January 15th, the amount of accounts receivable of battery technology was over 200 million yuan, and the bank acceptance bill was 6 million 100 thousand yuan, and the credit card voucher was 3 million 500 thousand yuan.

At present, the first two phases of Beek battery have accumulated to pay 8 million yuan to the bank acceptance bill to Rong Bai technology, 3 million 500 thousand yuan of credit card voucher, and the technology of signing the certificate has not been treated as a refund, and the two sides are negotiating a further repayment plan.

According to this announcement, at that time, Rong Bai technology had already prepared the provision of bad debts in accordance with the 40% receipts of the battery, and the total provision for bad debts was 81 million 654 thousand and 400 yuan, compared with the previous provision for bad debts in accordance with the aging method, which reduced the net profit of the company by 57 million 440 thousand and 600 yuan (unaudited financial data).

It should be pointed out that in November 19, 2019, Yung Pak technology was also not fully prepared for accounts receivable compared to Ke power, and received 4 decisions on administrative regulatory measures issued by the Ningbo Securities Regulatory Commission.

Ningbo securities regulatory bureau pointed out that as at the end of 2019 6 and the end of 9 in 2019, compared with the power of Beek, Zhengzhou and Shenzhen Beek, 84.19% of the accounts receivable and 96.05% of them were in a state of overdue. In July 1st and October 29th, before the three quarterly report, the amount of the dynamic repayment was only 0.90% of the book balance of the accounts receivable at the end of 6 and the end of October 29th. However, in the semi annual report of 2019, Rong Pai still made bad debts preparation according to the age, and did not separate the provision of bad debts.

In the Ningbo Securities Regulatory Commission's "one dragging three" regulatory measures, Rong Bai technology was ordered to rectify. The director of the company, Mr. Zhao Cen, director of financial affairs and financial officer, and then Chen Zhaohua, were asked to go to Ningbo securities regulatory bureau to receive regulatory talks.

It is intriguing that in September 30, 2019, when Chen Zhaohua was listed on the market for less than three months, he was resigned for personal reasons.