The First "Cloud Audit" Trial Will Be Held By The Company.

In March 11th, the first annual conference was held in mice. The difference between the past and the present is that the municipal Party committee's deliberations will be carried out in the form of "live + video".

The test is Trina Solar Limited by Share Ltd (Trina Solar) and Hunan Jin Bo carbon Limited by Share Ltd ("Jin Bo share") two science and technology board to be listed companies.

Founded in June 2005, Jin Bo shares from Yiyang, Hunan, is an advanced supplier of carbon based composite materials and products, and is an upstream enterprise in the photovoltaic industry. In June 2019, as the only advanced carbon based composite manufacturing enterprise, Jin Bo shares was selected by the Ministry of industry and the Ministry of industry for its first batch of specialties.

Kim Bo shares have said that according to the requirements, in March 11th, representatives of enterprises and intermediaries will make a video reply at the Hunan securities regulatory bureau. "Before the supervision department through the" cloud audit "mode of deliberation of several enterprises, is the main board or small and medium-sized board listed enterprises, the science and technology board is the first time after the Spring Festival to adopt the" cloud audit "mode, the specific process will be slightly different, at present. We don't know yet. "

In the evening of March 11th, good news came, and the first time it was submitted to the prospectus in October 12, 2019. Judging from the results of the meeting announcement, the municipal Party committee focused on the three aspects of the gross margin, product prices and material costs of Jin Bo shares, and the questions were quite detailed.

Customer concentration, gross margin decline

In 2017 -2019, the revenue of Jin Bo shares was 142 million yuan, 180 million yuan and 240 million yuan respectively, and the net profit to the parent company was 28 million 968 thousand and 700 yuan, 53 million 913 thousand and 900 yuan and 77 million 672 thousand and 500 yuan respectively.

Against this background, the company chose the first set of listing standards: "the market value is not less than RMB 1 billion yuan, the net profit in the recent two years is positive and the total net profit is not less than RMB 50 million yuan, or the market value is not less than RMB 1 billion yuan. The net profit is positive in the latest year and the operating income is not less than RMB 100 million yuan".

Prospectus shows that Jinbo shares main single crystal furnace thermal field series products, over 70% of revenue from the top five customers, including Longji shares (601012), central shares (002129), Jingke energy (NYSE:JKS), Jingu Technology (002459) and other domestic first tier photovoltaic enterprises.

Among them, in 2017 -2019, the total sales revenue of the top five customers of Jin Bo share accounted for 83.70%, 86.60% and 74.08% of the current revenue respectively. Among them, the first largest customer of Jin Bo shares is Longji company, the sales revenue accounted for 56.17%, 41.55% and 21.17% in the recent three years.

Despite steady growth in revenues and net profits, the gross margin of Jin Bo shares is "under pressure".

In 2017 -2018, the gross profit margin of Jin Bo shares continued to grow, at 64.95% and 69.32% respectively, but this trend did not last. In 2019, the gross profit margin fell by only 62.3%.

It should be pointed out that the gross profit margin of Jin Bo share in 2017 -2018 is lower than that of the comparable industry (the listed company), the largest carbon and medium technology (large and medium carbon is 78.82% and 75.71%, and medium technology is 77.73% and 79.61%).

In this regard, Jin Bo shares admitted that in the second half of 2018, under the "531 New Deal" and the company's continuous decline in unit manufacturing costs, in order to better occupy the market and deepen cooperation with key customers, some products were depreciate, thereby lowering the gross profit margin of main business.

Jin Bo shares also said that with the continuous development of the photovoltaic industry and semiconductor industry and the process of cost reduction, there is a potential possibility of reducing prices in order to gain greater market share.

In the March 11th review conference, the first question raised by the municipal Party committee focused on the issue of gross margin of Jin Bo shares. It required that it be explained by the "531" policy, the reason and reasonableness of the gross margin increase in 2018, and the sustainability of the high gross margin level in the situation of the gradual bargaining power of the downstream customers.

In addition, the second issues raised by the municipal Party committee are also related. "The main products of 2019 are 2018. The annual comprehensive price has declined considerably, requiring it to combine product pricing policy, customer structure, the development of the downstream photovoltaic industry and the impact of the current new crown pneumonia epidemic, etc., further explaining the future comprehensive price trend of the main products, the impact on the company's future earnings and the measures taken to avoid future profit decline.

What is the performance of Jin Bo share for the market's "science creation attribute"?

In the past 2017-2019 years, the R & D investment of Jin Bo share was 15 million 462 thousand yuan, 28 million 127 thousand and 800 yuan and 28 million 953 thousand yuan respectively, accounting for 10.9%, 15.67% and 12.09% of the annual revenue respectively.

In addition, the company has taken the lead in drawing up 5 national industry standards and 65 patents at home and abroad, including 29 invention patents and 1 Korean patents.

However, the patents of Jin Bo share were acquired before 2013. In the previous enquiries, the Shanghai Stock Exchange paid attention to this and asked for reasons why it did not acquire new patents after 2014.

Kim Bo shares responded when interviewed by the media, because patent applications need to disclose some technical details, technical key points and specific implementation methods of the technology. The information disclosed may be imitated by competitors, causing technical leaks, so some core technologies have not been patented. Although no new invention patents have been made since 2014, there is no such thing as a bottleneck in technical level or a breakthrough in major technological problems.

Real controlling borrower twenty million shares

In twenty-first Century, the economic news reporter noted that in the last draft of March 1st, the risk of borrowing from the actual controller was specifically mentioned.

Liao Jiqiao, the real controller of Jin Bo, made two capital contributions to the company in September 2017 and April 2018. The cost of capital increase was 4.15 yuan / share (5 million 700 thousand shares), 4.55 yuan / share (2 million 300 thousand shares), and 34 million 120 thousand shares were awarded 8 million shares of Jin Bo share, accounting for 13.33% of the total shares of the company.

However, in the 34 million 120 thousand yuan, 22 million 550 thousand yuan (66.09%) came from Liao Jiqiao's loans to employees, relatives and friends.

In this regard, the Shanghai Stock Exchange asked Kim Bo shares to explain the specific circumstances of the above loans, whether creditors have a share holding or other interest arrangements with Liao Jiqiao, and whether the ownership of shares held by Liao Jiqiao is clear.

Jin Bo shares replied to inquiries. In May 2017, when the former shareholder's powder metallurgy center quit, in order to further consolidate the status of the real controller, Liao Jiqiao increased the company's capital. Because Liao Jiqiao's own funds are not enough to cover the increase in capital, and some employees of the company are optimistic about the management team and technical team led by Liao Jiqiao, and then provide loans to Liao Jiqiao. Liao Jiqiao has signed the loan agreement with the employees who provide the loan, and Liao Jiqiao has paid the interest to the employees who provided the loan according to the loan agreement, and the creditor's debt relationship between the parties is true.

As of the latest prospectus, Liao Jiqiao's loan balance for September 2017 and April 2018 was 18 million 950 thousand yuan. According to the loan agreement signed by Liao Jiqiao and creditors, the interest rate is one year and one year, the annual interest rate is 7% or 5%. By calculation, the amount that Liao Jiqiao should repay every year from 2020 to 2024 is 1 million 248 thousand and 500 yuan, 1 million 248 thousand and 500 yuan, 4 million 248 thousand and 500 yuan, 16 million 448 thousand and 500 yuan and 535 thousand yuan, respectively, amounting to 23 million 729 thousand yuan.

In addition, the prospectus of Jin Bo shares revealed many doubts.

On the one hand, three independent directors of Jin Bo share are from the same school, Changsha University of Science and Technology. Chen Yiming and Deng Ying are professors of the school of economics and management of Changsha University of Science and Technology.

"Three independent directors are coming from a school, which will really cause people to question the independence of independent directors. Of course, it depends on the specific practices of independent directors in exercising their voting rights." A lawyer focusing on the IPO field told the twenty-first Century business reporter.

On the other hand, Jin Bo shares totaled 58 million 850 thousand yuan in -2019 in 2018, including 28 million 850 thousand yuan in 2018 and 30 million yuan in 2019.

On the one hand, the listed companies are eager to finance, and on the one hand they pay dividends on the eve of IPO.

A broker in Shanghai believes that many listed companies' frequent dividend payments on the eve of IPO do not violate the company law and the securities law. They can only be morally "selfish". If the dividends are not paid before IPO, these profits will be shared by the new and old shareholders of the listed companies.

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