At present, Suzhou Junchuang Automobile Technology Co., Ltd. (stock abbreviation: Junchuang Technology, stock code: 833533. NQ) is applying for listing on the Beijing Stock Exchange. Our research found that Tesla, a new customer of Junchuang Technology during the reporting period, achieved exponential growth in its sales amount, thereby driving the company's performance growth, however, the company may not disclose a special relationship with a major customer, who has shared a contact number with a subsidiary of Junchuang Technology. In addition, more than 100 patents of Junchuang Technology are from one person, and the person only has a high school education.
Sales revenue from Tesla to new customers grew exponentially
Junchuang Technology was established in 2005, the controlling shareholder is Shen Anju, and the actual controller is Shen Anju and Li Xiangping. The company is mainly engaged in the research and development, production and sales of auto parts, the main products include automotive plastic parts, molds and automotive metal parts. According to the prospectus, from 2018 to January to June 2021, Junchuang Technology achieved operating income of 136.5586 million yuan, 155.9749 million yuan, 179.0511 million yuan and 139.2177 million yuan respectively, and achieved a net profit attributable to the owners of the parent company of 24.9997 million yuan, 19.7864 million yuan, 21.0221 million yuan and 10.5117 million yuan.
Automotive plastic parts contribute more than 80% of the revenue of Junchuang Technology, and its products mainly include automotive sunroof control panels, automotive suspension bearings, and new energy vehicle functional parts. It should be noted that the company's single customer of automotive sunroof control panel and automotive suspension bearings is SKF and Antolin, and Tesla (the prospectus is expressed as T Company, the annual report is expressed as Tesla, and unified as Tesla) is the main customer of new energy vehicle functional components, accounting for about 70% of the revenue share.
In 2019, Junchuang Technology began to formally cooperate with Tesla, which became the company's fifth largest customer, with a sales amount of 5.3252 million yuan. From January to June 2020 and 2021, the company achieved sales revenue of 14.9568 million yuan and 40.0588 million yuan for Tesla, respectively, and Tesla jumped to the largest customer, and the sales revenue showed exponential growth.
However, the sales data disclosed by Junchuang Technology is incomprehensible. Taking Tesla as an example, the prospectus discloses that from January to June 2021, the company's sales to Tesla were 40.0588 million yuan, including 6.0474 million yuan for subsidiaries in Shanghai, 26,800 yuan for subsidiaries in Beijing, and 33.9846 million yuan for American companies. Among them, each subsidiary company is a subsidiary of the customer in different countries or regions. Logically, the company's Tesla sales to American companies are overseas sales, but the prospectus separately discloses that the overseas sales amount to Tesla from January to June 2021 is only 18.6965 million yuan.
(From Junchuang Technology Prospectus)
The main customer contact number is directed to the subsidiary
According to the statistics of the same control and merger caliber, Suzhou Nuobichang Auto Parts Co., Ltd. (hereinafter referred to as Nuobichang) is the fourth largest customer of Junchuang Technology in 2018 and 2019, with corresponding sales amounts of 3.6229 million yuan and 5.5613 million yuan respectively. Junchuang Technology said that Nuobichang has the qualification of a first-class supplier of the automaker and purchases electronic shifter products from the company's former subsidiary, Gale collar auto parts system (Suzhou) Co., Ltd. (hereinafter referred to as Gale collar).
In June 2019, due to the fact that the market expansion of Gale Collar did not meet expectations, and Nuobichang was optimistic about its development prospects, the board of directors of Junchuang Technology resolved to transfer 60% of the equity of Gale Collar held by the company to Nuobichang for 1 million yuan, and the equity transfer was completed in July 2019.
We found that the relationship between Nuo Bichang, who is also a major customer and equity transaction party, and Junchuang Technology may not be ordinary. According to industrial and commercial information, Nuobichang was established in September 2018, and the contact telephone number recorded in the 2018 annual report for industry and commerce was 180xxxx3683. Coincidentally, the contact number recorded in the 2018 Industrial and Commercial Annual Report of Wuxi Ward Auto Parts Co., Ltd., a subsidiary of Junchuang Technology, is also 180xxxx3683. The search results showed that only three companies used the same contact number, the other being Suzhou Longchuang Automobile Technology Co., Ltd., a former subsidiary of Junchuang Technology.
The sharing of contact numbers between Nuo Bichang and Junchuang Technology's subsidiaries makes people wonder whether there is some hidden relationship or special relationship between the two. However, the prospectus discloses that the company's controlling shareholders, actual controllers, directors, supervisors, senior management and their close family members have no relationship with the main customers, and the company does not have the situation that the top five customers are close family members of the company's former employees, former related parties, former shareholders and actual controllers during the reporting period that may lead to tilted interests.
One person created 139 patents with a high school education
The prospectus discloses that as of the end of the reporting period, the company has obtained a total of 142 authorized patents. An inquiry into the State Intellectual Property Office found that of the 142 patents authorized by Junchuang Technology, the only inventor of 139 patents was Jiang Wei. Jiang Wei, a high school graduate, served as the business manager of Mingtong Biaosheng Surface Treatment (Wuxi) Co., Ltd. from September 2004 to May 2011, the deputy general manager of Junchuang Technology from November 2011 to June 2015, and the director, deputy general manager and secretary of the board of directors of Junchuang Technology since June 2015.
Article 13 of the Detailed Rules for the Implementation of the Patent Law of the People's Republic of China stipulates that the inventor or designer referred to in the Patent Law refers to a person who has made a creative contribution to the substantive characteristics of the invention-creation; in the process of completing the invention-creation, the person who is only responsible for organizing the work, the person who provides convenience for the use of material and technical conditions, or the person who engages in other auxiliary work is not the inventor or designer. Article 16 of the Patent Law of the People's Republic of China stipulates that an inventor or designer has the right to state in the patent document that he is an inventor or designer.
Jiang Wei, who has a high school education, created 139 patents as the only inventor, while the rest of the core technical personnel Shen Anju, Tan Zhihai, Yang Donggen, Jiang Huiqiu, and Li Xiaoen did not appear in the patent signature, which is really strange.
In addition, Article 9 of the Patent Law of the People's Republic of China stipulates that only one patent right can be granted for the same invention-creation; however, if the same applicant applies for both a utility model patent and an invention patent for the same invention-creation on the same day, and the utility model patent right obtained first has not been terminated, and the applicant declares that it has waived the utility model patent right, the invention patent right may be granted.
The prospectus discloses that the invention patent and utility model patent currently authorized by the company contain "a kind of plastic parts for automotive bearings", and after inquiring about the State Intellectual Property Office, the content of the two patents is exactly the same. According to the Patent Law, if Junchuang Technology wants to obtain the invention patent right of the creation, it must give up the utility model patent right, and there should be no situation where it holds both the invention patent right and the utility model patent right.
(from the State Intellectual Property Office)
![Due to the infringement of the patent right of Yueke, Boer electronic cigarettes were ordered to stop manufacturing and sales[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)