Recently, Hongbo Co., Ltd. revised the 2023 performance forecast, adjusting the net profit attributable to the parent company from a profit of 37.4 million yuan to 56.1 million yuan to a loss of 50 million yuan to 58 million yuan.
Source: Photo.com
The performance of Hongbo shares turned from profit to loss
On April 13, 2024, Hongbo Co., Ltd. (stock abbreviation: Hongbo shares; stock code: 002229. SZ) revised its 2023 annual earnings forecast.
In 2023, the company's net profit attributable to the parent company will be adjusted from a profit of 37.4 million yuan to 56.1 million yuan, a year-on-year increase of 149.82% to 174.73%, and a loss of 50 million yuan to 58 million yuan, a year-on-year increase of 22.74% to 33.4%, and the non-net profit after deduction will be adjusted from a profit of 28.4 million yuan to 42.6 million yuan, a year-on-year increase of 132.32% to 148.49%, and a loss of 65 million yuan to 75 million yuan, a year-on-year increase of 14.64% to 26.02%; The operating income was adjusted from 850 million yuan to 998 million yuan to 590 million yuan to 650 million yuan.
The company said that with the deepening of the preparation of the 2023 annual report and the advancement of the audit work, the company further communicated with the annual audit accountant and revised the previous performance forecast based on the principle of prudence, and the differences with the previous performance forecast are mainly as follows: Beijing InBev Digital Technology Co., Ltd. (hereinafter referred to as InBev Digital), a wholly-owned subsidiary of the company, will carry out cooperation with Beijing Jingneng International Holdings Co., Ltd. (hereinafter referred to as Beijing Jingneng) on the procurement of equipment for the construction of intelligent computing centers in 2023, and as of December 31, 2023, the company has received the first contract payment of 499.841 million yuan from Beijing Jingneng for the above cooperation projectThe company has delivered some equipment and obtained the phased equipment acceptance confirmation. Shanghui Accounting Firm (Special General Partnership) believes that the company should recognize revenue only after all equipment for the project is delivered and the final deployment is completed, and the relevant income will be deducted from the operating income. As a result, the company has made corrections to the financial indicators in the earnings forecast.
It is worth noting that on November 1, 2023, the company said at an investor event that InBev Digital Technology and Beijing Jingneng jointly built a 10,000 card intelligent computing cluster (referring to the benchmark NVIDIA A800, composed of no less than or equal to A800 single card computing power, and a single communication cluster intelligent computing unit in the same physical space) to help the development of head AGI enterprises, with the goal of helping the development of head AGI enterprises, and in-depth communication and negotiation will begin at the beginning of 2023, at that time, the first phase of dense computing power 1024P is equal to the commonly said 2048P computing power, and plans to deliver 80 before December 31, 2023% is used for R&D and computing power rental, and the remaining part is planned to be completed in the first quarter of 2024, and the second phase of cooperation with Beijing Jingneng and overseas computing power has been negotiated.
From this point of view, if it goes well, by the end of the first quarter of 2024, the first phase of the cooperation project between InBev Digital Technology and Beijing Jingneng should have been accepted.
The company said that in the first three quarters of 2023, the company achieved operating income of 461 million yuan, a year-on-year increase of 23.28%. In 2023, the macro environment will pick up, the people's willingness to buy color will increase, and the company's printing business will achieve recovery and growth;AI computing power business,InBev Digital Technology, a wholly-owned subsidiary, has generated revenue since May 2023,As of September 30, 2023, it has realized computing power rental income of 11.2713 million yuan.
In addition, the company also emphasized that its advantages in computing power scheduling, tuning, and operation and maintenance are mainly first-mover advantages and team experience: as the first company in China to provide public services for NVIDIA's recommended architecture standard unit intelligent computing cluster to the market, InBev Digital's operation and maintenance team is the first team in China with DGX Super Pod architecture standard unit deployment, operation and maintenance experience, and the core technical personnel have also passed NVIDIA DGX training, and have accumulated experience for Transformer, LlaMa, Bloomberg and other models at different stages of development of companion tuning acceleration experience.
After deducting non-net profits, the company continued to lose money, and the company played computing power across borders
According to the data of Choice Financial Terminal, in the five years from 2018 to 2022, the company's net profit deducted from non-attributable to the parent company was -7.422 million yuan, -13.6131 million yuan, -66.4758 million yuan, -9.5975 million yuan, and -87.8582 million yuan respectively, with continuous losses, and the loss expanded rapidly in 2022, while from 2018 to 2022, the company's operating income was 705.6372 million yuan, 626.5634 million yuan, 473.8197 million yuan, 574.4294 million yuan, 545.6419 million yuan, and the net profit attributable to the parent company was 5.1431 million yuan, 35.3093 million yuan, 25.4583 million yuan, 9.139 million yuan, -75.0695 million yuan.
According to the company's 2022 annual report, at that time, the company was mainly engaged in security printing, lottery new channel services, book printing and high-end packaging printing.
Security printing business, products include sports lottery fucai thermal paper tickets, sports lottery instant lottery ordinary tax invoices, certificates, etc., products are mainly used in lottery, tax, finance, insurance and other fields. The business obtains orders through bidding, and the performance is mainly driven by the sales of lottery tickets.
Lottery new channel services, products include blockchain lottery, new media marketing service system and technology platform development. Performance-driven is also mainly affected by new lottery products, the number of lottery players, lottery sales and related policies.
Books and high-end packaging business, the products mainly include books and high-end wine boxes, etc., and the products are mainly used in culture, wine packaging and other fields.
In 2022, the company's ticket product revenue will be 385.5896 million yuan, accounting for 70.66% of operating income, packaging office paper will be 99.8307 million yuan, accounting for 18.30% of operating income, and other income will be 60.2216 million yuan, accounting for 11.04% of operating income.
In contrast, in the first three quarters of 2023, the company's operating income was 461.1367 million yuan, up 23.28% year-on-year, the net profit attributable to the parent company was -32.2912 million yuan, up 30.43% year-on-year, and the net profit attributable to the parent company was -44.3046 million yuan, up 21.76% year-on-year.
In October 2023, the company announced that the Beijing AI Innovation and Empowerment Center project has been put into actual operation, and related products and services are in the testing and promotion stage. InBev Digital is still in its infancy, positioned as a full-stack service provider of general artificial intelligence (AGI), mainly engaged in providing artificial intelligence multi-modal large model professional computing services, full-stack planning, construction and operation service solutions, etc. InBev Digital has been generating revenue since May 2023, and as of September 30, 2023, InBev Digital has achieved computing power rental income of 11.2713 million yuan.
On July 27, 2023, Unisplendour Xiaotong Technology Co., Ltd. (hereinafter referred to as Unisplendour Xiaotong) signed the "Purchase and Sales Contract" with InBev Digital, under which InBev Digital purchased some of the equipment required by the AI Innovation Empowerment Center from Unisplendour, with a total contract transaction amount of 494.0594 million yuan.
On October 19, 2023, Beijing Jingneng and InBev Digital Technology signed a relevant agreement, and the two parties reached cooperation on the procurement, deployment and optimization of 1024PFLOPS computing power construction equipment in the first phase of the Intelligent Computing Center, with a total transaction amount of 999.682 million yuan. The first phase of the Intelligent Computing Center is mainly funded by Beijing Jingneng, with InBev Digital Technology providing construction planning, equipment procurement through InBev Digital's compliance channels, and InBev Digital Technology providing cluster optimization and after-sales service. InBev Digital has received 50% of the total amount of the first phase of the transaction paid by Beijing Jingneng, that is, 499.841 million yuan.
There are also problems with revenue and profit accounting
In November 2021, Hongbo Co., Ltd. disclosed that it planned to invest 150 million yuan to participate in the establishment of the first phase of Henan Pujun Jinqin Industrial Investment Fund Partnership (Limited Partnership) (hereinafter referred to as Henan Pujun Fund), with the company holding 29.88% of the shares The investment committee is composed of 5 members, and the company recommends 1, according to the company's shareholding ratio and partnership agreement, the company has a significant impact on Henan Pujun Fund.
In 2022, the company invested 86 million yuan in Henan Pujun Fund, and the company's 2022 annual report incorrectly reported the investment project that should be listed in the "long-term equity investment" subject in the "trading financial assets" account, resulting in an inflated transactional financial assets of 86 million yuan, a fictitious reduction of long-term equity investment of 84.8701 million yuan, and a total profit of 1.0169 million yuan.
From September to December 2021, Hongbo Haotian Technology Co., Ltd. (hereinafter referred to as Haotian Technology), a subsidiary of Hongbo Co., Ltd., signed a batch of book printing contracts with customers, and then due to customer reasons, part of the printing contracts could not be implemented, and customers were required to pay liquidated damages in accordance with the original contract, and in May 2022, the two parties signed a supplementary agreement to stipulate the amount of liquidated damages of 1.1088 million yuan. Haotian Technology mistakenly included the liquidated damages income that should be included in the "non-operating income" account into the "main business income" account, resulting in the company's inflated main business income of 981,300 yuan.
In 2022, Haotian Technology signed a number of book printing contracts with customers, some of which were designated by the customer as paper suppliers, designated paper purchase prices, and Haotian Technology collected and paid for paper purchases, and the purchased paper was specially used for the customer's book printing. Haotian Technology did not obtain the control of the above-mentioned purchased paper, and was the agent of the paper transaction, and Haotian Technology erroneously recognized the above-mentioned book printing business income of 10.6415 million yuan in accordance with the total amount method, and did not deduct the paper purchase amount of 8.8297 million yuan, resulting in the company's inflated main business income and main business cost of 8.8297 million yuan.