Boying special welding sales data "fight", lack of independent patents to raise questions The main shareholders rely on "financial skills" to swim outside the red line of the letter?

On January 20, Guangdong Boying Special Welding Technology Co., Ltd. (hereinafter referred to as "Boying Special Welding") Shenzhen GEM initial offering application will be considered at the meeting.

According to public information, Boying Special Welding is one of the few enterprises in China with large-scale production capacity of anti-corrosion and anti-wear surfacing equipment, and the company's technology and products can be applied to energy conservation and environmental protection, electric power, energy, chemical industry, metallurgy, papermaking and other industrial fields, and in recent years, it has been mainly used in the field of waste incineration power generation, catering to the "carbon neutral" hot background.

Since the release of the prospectus, the company has attracted much market attention, however, as the prospectus has been stripped away, behind the glamorous side, some problems have also emerged one by one.

Over-reliance on "big items" data "fights" is difficult to justify

Boyingte Welding said that its main business is anti-corrosion and anti-wear surfacing equipment, non-surfacing boiler components, pressure vessels and high-end steel structural parts research and development, production and sales. However, from the actual situation, the company's revenue is almost entirely dependent on anti-corrosion and anti-wear surfacing equipment.

According to the prospectus, from 2018 to 2020, from 20211 to September, Boyingte welding anti-corrosion and anti-wear surfacing equipment achieved sales revenue of 195.4872 million yuan, 429.1446 million yuan, 526.3997 million yuan and 510.2628 million yuan, accounting for 92.92%, 97.67%, 95.63% and 97.47% of the current operating income, respectively.

Relying on the "big single product" of anti-corrosion and anti-wear surfacing equipment, the compound annual growth rate of operating income of Boying Special Welding in 2018-2020 reached 64.10%. However, in the process of rapid revenue growth, it has also brought the market's concerns about the market prospects of large single products - once the market environment of anti-corrosion and anti-wear surfacing equipment changes and the demand declines, can Boying special welding still maintain the stability of revenue?

In addition to the worrying revenue performance, the sales data of Boying Special Welding has been questioned by the market.

According to the prospectus, the transaction volume between Wuhan Boiler Co., Ltd. and Boying Special Welding in 2020 was 56.5961 million yuan. However, according to the 2020 annual report published by Wuhan Boiler, the transaction amount between the two parties is 54.8983 million yuan, that is to say, this amount is 1.6978 million yuan less than the corresponding amount disclosed in the Prospectus of Boying Special Welding.

In addition to the inability to accurately correspond to the sales data of large customers, there are also inconsistencies between Boying's welding and supplier data. There is also a gap of about 1 million yuan in the data of Boying Special Welding and Jiangsu Tunan Alloy Co., Ltd. and Shanghai Limai Trading Co., Ltd.

In this regard, Boying Special Welding explained in response to the inquiry that the issuer confirms the purchase amount at the time of acceptance of the warehouse, the supplier recognizes the revenue at the time of obtaining the acceptance form, and the time point at which the two sides recognize the transaction is different.

However, the acceptance is before, the storage is after, there is a lag in time, and the amount confirmed at the time point of the warehousing should be less than or equal to the amount confirmed by the acceptance order.

In this regard, Boying Special Welding did not respond positively in its reply to the inquiry.

Sell high and buy low to avoid the "5%" red line Shareholders' "financial skills" are amazing

From the perspective of equity structure, Li Haisheng, chairman of Boying Special Welding, holds a total of 55.31% of the company's shares through direct and indirect means, and is the actual controller of the company. In addition, a number of institutions, including Qianhai Equity Fund, Shenzhen Zhanxing Fund, and Bodrui Technology, are shareholders of more than 5% of the shares held by Boying Special Welding.

It is not surprising that there are many institutions among the shareholders of Boying Special Welding, but the details of the company's share transfer process are quite puzzling to the market.

According to the prospectus, as of June 2017, the actual controller Li Haisheng held 58% of the shares, and Kuang Liping and Deng Hongxiang held 21% of the shares respectively.

In September 2019, Kuang Liping and Deng Hongxiang transferred 6.404 million yuan of capital contribution to Qianhai Equity Fund, Zhongyuan Qianhai Fund, Shenzhen Zhanxing Fund, Taizhou Runheng Jincheng and Shenzhen Guoxin Legal And Commercial Enterprises at a price of 12 yuan per capital contribution. After the transfer of shares, the shareholdings held by Kuang Liping and Deng Hongxiang were reduced to 4.99%, which was exactly lower than the disclosure line of 5% of the shareholders' shareholding ratio.

However, in November of the same year, in the new round of capital increase of Boying Special Welding, the two were able to subscribe for 249,400 yuan again at a capital increase price of 1 yuan / capital contribution. In this round of capital increase, the equity ratio of the two remains at 4.99%.

The two reduced their shares to less than 5%, which can be understood as a personal reason for not disclosing information, but in just 2 months, the capital increase price has dropped from 12 yuan / capital contribution to 1 yuan / capital contribution, a drop of 91.67%, this "financial technology" really makes the outside world look puzzling, but also let the experts in the capital circle sigh "high, it is really high!" ”。

Lack of independent invention patents Large dividends before the offering

Boying Special Welding is a high-tech enterprise, but from the perspective of invention patents, the company's technical research capabilities cannot convince the market.

According to the prospectus, Boying Special Welding has 29 patents, including 4 invention patents. Among the four invention patents, 3 are jointly held and 1 is independently held.

The three common invention patents mainly relate to the surfacing structure and the method of providing the overlay structure, which the company shares with 603806 Wheeler Power Group North America.

An invention held independently is also not obtained by Boying's independent research. The patent name is "ZL201310584266.0", the earliest applicant is Lin Defu, on January 16, 2017, the patent applicant was changed to Li Haisheng, chairman of Boying Special Welding, and then, Li Haisheng transferred it to Boying Special Welding free of charge.

Boying special welding to "large single products" as a support, anti-corrosion and anti-wear surfacing products mainly rely on the technology is the above 4 invention patents. However, it is worth noting that the 4 invention patents are not independently developed by Boying Special Welding.

In addition, the latest filing period for the above four patents is 2013, and nearly 10 years have passed, and Boying welding has not had a single invention patent since then.

Under all kinds of signs, people can't help but ask: Is the scientific research ability of Boying special welding solid and credible? How long can the profit contribution period of The Ingente welding tape be made by relying on only 4 invention patents?

In addition to the above problems, the sudden dividend of Boying Special Welding on the eve of listing also made the market question its listing motivation. It should be known that in the listing plan of Boying Special Welding, it was emphasized that about 300 million yuan will be raised to supplement liquidity, but looking at the company's financial data, it can be seen that from January to September 2021, Boying Special Welding once paid a large cash dividend of 40.095 million yuan.

While shouting "lack of money", while frantically "dividing money", why is Boying Special Welding and opening the CHINext board to raise funds?