Jindi shares, which had caused market shock due to the "shorting themselves" incident on the day of listing, disclosed its first annual report after landing on A-shares in early April, and the net profit deducted from the non-attributable parent company in 2023 fell by more than 5%.
Source: Photo.com
The growth rate of revenue slowed down significantly, and the net profit deducted from non-attributable to the parent company declined
According to the annual report, Jindi shares (603270. SH) achieved operating income of 1.136 billion yuan in 2023, a year-on-year increase of 3.57%, and net profit attributable to the parent company also increased by 4.62% to 132 million yuan. However, the company's net profit after deducting non-attributable to the parent company declined, from 115 million yuan (adjusted) in 2022 to 109 million yuan, a year-on-year decrease of 5.38%. The company's non-recurring profit and loss for the current period was 23.9195 million yuan, mainly due to government subsidies of 30.1086 million yuan.
According to the company's prospectus (the previous draft), the annualized compound growth rate of operating income in the IPO reporting period (2020, 2021, and 2022) was 31.74%, the net profit attributable to the parent was 7.01%, and the net profit attributable to the parent was 12.50%. Even if it is only compared with the year before listing, the revenue and performance growth rate of Jindi shares in 2023 has declined significantly. According to the adjusted data disclosed in the annual report, the company's operating income in 2022 increased by 20.01% year-on-year, the net profit attributable to the parent company increased by 9.63%, and the net profit deducted from the non-attributable parent increased by 5.06%, which was 16.44, 5.01 and 10.44 percentage points higher than the growth rate in 2023, respectively.
In 2023, it will contribute revenue of 511 million yuan, 468 million yuan and 32.5855 million yuan respectively, with year-on-year changes of -1.34%, 9.73% and 2.34%, and gross profit margin changes of -0.09, 0.52 and 2.34 percentage points respectively. The gross profit margin of the company's main business in the current period was 35.07%, a decrease of 0.03 percentage points from the previous year.
From the perspective of production and sales, the production and sales of bearing retainers will both decline in 2023, of which the production volume will decrease by 10.11% to 761.0833 million pieces, and the sales volume will decrease by 6.41% to 762.4413 million pieces. The production volume of automotive precision parts increased by 5.93% and the sales volume increased by 2.71% to 144,512,400 pieces and 131,533,200 pieces respectively.
On the first day of listing, "shorting yourself" caused controversy
On September 1, 2023, Jindi shares were officially listed on the main board, but on the first day of listing, 4.5832 million shares were sold by securities borrowing, with a balance of 221 million yuan.
Source: Choice Financial Terminal
After verification by the China Securities Regulatory Commission, after the senior executives and core employees of Jindi Co., Ltd. participated in the strategic allocation, on the first day of listing, the asset management plan lent the shares to the securities finance company through the refinancing business, and then the securities finance company refinanced the securities to 13 securities companies, and 124 investors (including 35 individual investors and 89 private equity funds) borrowed and sold securities from 13 securities companies.
On July 2, 2023, the board of directors of Jindi Co., Ltd. deliberated and approved the "Proposal on the Participation of Senior Managers and Core Employees of the Company in the Company's Strategic Placement", and finally 39 employees participated in the strategic placement No. 1 collective asset management plan (hereinafter referred to as "Asset Management Plan No. 1"), and 20 employees participated in the strategic placement No. 2 collective asset management plan (hereinafter referred to as "Asset Management Plan No. 2"). The senior executives participating in the above-mentioned asset management plan include Zheng Guanghui, general manager of the company (actual controller), Wen Chunguo, deputy general manager, Xue Taiyao, secretary of the board of directors and chief financial officer, and Guosen Securities, the manager of the asset management plan, is the company's IPO sponsor.
In the end, 4,360,600 shares were allotted to Asset Management Plan No. 1 and 340,300 shares were allocated to Asset Management Plan No. 2, totaling 4,700,900 shares of the company. According to the data on the official website of the Shanghai Stock Exchange, on September 1, Jindi shares lent a total of 4.7 million shares, which was almost all the shares allocated to the asset management plan. In addition, according to the data of the Dragon and Tiger List, the second and fifth largest selling business departments of Jindi shares on the day were Guosen Securities Shenzhen Tairan 9th Road Business Department and Guosen Securities Hangzhou Branch, and the top five seats of other sellers were all dedicated to institutions.
In December 2023, the official website of the Shanghai Stock Exchange announced the decision on the regulatory measures of Wuhan Meiyang Investment Management Co., Ltd. (hereinafter referred to as Wuhan Meiyang), and the violations included the lack of management of quotation work. The Shanghai Stock Exchange found that Wuhan Meiyang did not do a good job in the management of quotation-related staff in the process of participating in the inquiry of three main board initial public offering securities projects such as Jindi shares, and individual price knowers leaked quotation information to other offline investors before the issuance price was determined, resulting in a high degree of consistency in quotations and a certain impact on the order of inquiry.
After the "shorting yourself" incident on the first day of listing of Jindi shares, the China Securities Regulatory Commission (CSRC) requested a complete suspension of the lending of restricted shares in January 2024. On March 15, the China Securities Regulatory Commission (CSRC) explicitly prohibited the refinancing and lending of restricted shares and the lending and selling of restricted shares by shareholders to prevent the use of "tools" to detour and reduce their holdings.
It is reported that the IPO price of Jindi shares was 21.77 yuan per share, and a total of 54.7767 million shares were issued to raise 1.192 billion yuan, and the net amount of funds raised after deducting the issuance costs was 1.091 billion yuan, of which the over-raised funds amounted to 232 million yuan. The company's issuance expenses totaled 102 million yuan, of which the sponsorship and underwriting expenses were 77.5117 million yuan.
After the listing, the share price of Jindi shares has been sluggish for a long time, and once fell below the issue price in February 2024, closing at 23.53 yuan per share as of April 12, with a total market value of about 5.156 billion yuan, which is nearly "halved" compared with the market value of 10 billion yuan at the beginning of the company's listing.
Source: Choice Financial Terminal