Even if you catch the express train of the concept of computing power, it is still difficult to hide the two consecutive losses of fundamentals. After two consecutive falling limits due to the change in performance, on April 17, the share price of Hongbo shares, a "big bull stock", stopped falling and rebounded, up 2.62% as of the close, closing at 18.4 yuan per share.
On the news side, the performance revision announced last Saturday made Hongbo shares' profits in 2023 turn from profit to loss, and the Beijing News shell financial reporter noticed that the "culprit" of changing the performance data can be traced back to a purchase payment that has been "confirmed to be received" in the third quarterly report as early as October 2023, which is considered by the accounting firm that should not be recognized as income, and the transaction is related to the computing power subsidiary of Hongbo shares to "cross the border".
The reporter sorted out the financial data of Hongbo shares and found that since 2018, the company's non-net profit has been losing money for five consecutive years, and the stock price performance has not been shocking. However, since the beginning of 2023, the company's stock price has soared by nearly 600% in the first 8 months of 2023, but even so, cross-border still cannot save the financial data of Hongbo shares.
The 500 million yuan announced in October last year could not be recognized as revenue
Hongbo shares belong to the first company to disclose the 2023 performance forecast, as early as January 11, it threw out an announcement that it is expected that the net profit attributable to the parent company in 2023 will be 37.4 million yuan to 56.1 million yuan, an increase of 150% to 174% over the same period last year, but just 93 days after this pre-increase announcement was suspended, on April 13, Hongbo shares issued a performance revision announcement, so that the original expected profit became an estimated loss of 50 million yuan to 58 million yuan.
In this regard, Hongbo Co., Ltd. said that the main reason for the change in performance is: the company's wholly-owned subsidiary, Beijing InBev Digital Technology Co., Ltd., will carry out cooperation with Beijing Jingneng International Holdings Co., Ltd. in 2023 on the procurement of equipment for the construction of intelligent computing center, and as of December 31, 2023, the company has received the first contract payment of 500 million yuan from Beijing Jingneng for the above cooperation project, and the company has delivered some equipment and obtained a phased equipment acceptance confirmation.
However, Shanghui Accounting Firm (Special General Partnership) believes that the company should not recognize revenue until all equipment of the project is delivered and the final deployment is completed, and the relevant income should be deducted from the operating income. As a result, the company has made corrections to the financial indicators in the earnings forecast.
The Beijing News Shell Finance reporter noted that on October 19, 2023, Beijing Jingneng and InBev Digital, a subsidiary of Hongbo Co., Ltd., signed an official announcement to reach a cooperation on the procurement and deployment of 1024PFLOPS computing power construction equipment for the first phase of the Intelligent Computing Center, with a total transaction value of 1 billion 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.
Hongbo even confirmed the transaction in the third quarterly report released on October 30, 2023, saying that "as of the date of this announcement, InBev Digital has received 50% of the total amount of the first phase of the transaction paid by Beijing Jingneng, that is, RMB 500 million, and the agreement is being performed normally according to the agreement." ”
However, in April this year, the official announced that the transaction money that had been "received" for about half a year could not be recognized.
In this regard, the Fujian Securities Regulatory Bureau decided to take administrative supervision measures to issue a warning letter to Hongbo Co., Ltd., its then chairman Ni Hui, and financial director Pu Wei, and recorded it in the integrity file database of the securities and futures market. The Second Department of Management of Listed Companies on the Shenzhen Stock Exchange also issued a letter of concern to Hongbo on April 15, saying that "there are significant differences between your company's performance forecast revision announcement and the nature of profit and loss has changed, which is suspected of violating the relevant provisions of the Stock Listing Rules (Revised in August 2023)" of the Exchange. The firm will then initiate disciplinary proceedings against your company and related parties. ”
Hongbo shares have also received warning letters due to revenue recognition issues before
In November last year, Hongbo shares received a warning letter due to revenue recognition issues.
The warning letter included a number of violations in the past two years. From September to December 2021, Hongbo Haotian Technology Co., Ltd., a subsidiary of Hongbo Co., Ltd., signed a batch of book printing contracts with customers, and then due to customer reasons, some printing contracts failed to be implemented, and customers were required to pay liquidated damages according to the original contract, and in May 2022, the two parties signed a supplementary agreement to agree on liquidated damages of 1.108 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, a subsidiary of Hongbo Co., Ltd., signed a number of book printing contracts with customers, some of which were designated by the customer as a paper supplier, designated the paper purchase price, and Haotian Technology collected and paid the paper purchase money on behalf of the customer, 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.
In December last year, Hongbo shares once again received a regulatory letter from the Shenzhen Stock Exchange. According to the regulatory letter, in 2022, the company invested 86 million yuan in Henan Pujun Fund, and the 2022 annual report of Hongbo Co., Ltd. incorrectly listed the investment project that should be listed in the "long-term equity investment" subject in the "transactional financial assets" account, resulting in an inflated transactional financial assets of 86 million, a fictitious reduction of long-term equity investment of 84.8701 million yuan, and a total profit of 1.0169 million yuan.
Can the change of track save the company's performance?
The Beijing News Shell Financial Reporter noticed that InBev Digital, which had the problem of recognizing revenue from the contract this time, was the basis for Hongbo to enter the computing power industry "across borders".
In 2022, the company invested 10 million yuan to set up a subsidiary, InBev Digital, and then the company cooperated with Zhongguancun Zhongheng Cultural Technology Innovation Service Alliance and NVIDIA to establish the Beijing AI Innovation Empowerment Center, stepping into the door of computing power.
For example, in April 2023, InBev Digital announced that it had signed a computing power leasing service contract with Wuji Intelligent (Beijing) Technology Co., Ltd., which is 99% owned by Wang Xiaochuan, the founder of Sogou, and agreed to provide computing power rental services to Wuji Intelligent within 12 months after the agreement was signed, and no more than 256 servers will be delivered in the first phase, with a total of no less than 1280P computing power. In July 2023, Unisplendour Xiaotong Technology Co., Ltd. signed the "Purchase and Sales Contract" with InBev Digital, and InBev Digital purchased some of the equipment required by the AI Innovation Empowerment Center from Unisplendour, with a total contract transaction amount of 494 million yuan.
In fact, since 2023, the wind of large models has been hot, and more and more companies have begun to enter artificial intelligence, and computing power is the "source of power" on which large models depend.
However, it should be noted that as of the end of 2022, the revenue of Hongbo's printing business still accounts for 90% (the 2023 annual report has not yet been disclosed).
A problem that must be faced is that Hongbo's performance has continued to decline in recent years. According to Wind data statistics, the Shell Finance reporter found that Hongbo shares have lost non-net profit for five consecutive years since 2018, and the net profit will also lose for the first time in 2022.
Changes in the net profit attributable to the parent company of Hongbo shares from 2019 to 2022 Luo Yidan, a reporter from the Beijing News Shell Financial Reporter, sorted out according to Wind
Even if the concept of computing power is taken, the outside world still has doubts about the "gold content" of the cooperation between InBev Digital Technology and NVIDIA, such as the Shenzhen Stock Exchange has asked Hongbo shares to explain in the previous letter of concern: whether the cooperation between NVIDIA and the company is significantly different from the business content of other domestic cooperative customers, if so, please explain the difference in detail. In this regard, Hongbo's reply was very direct: "It is impossible to explain whether there is a difference and the degree of differentiation." ”
Cross-border computing power may be able to boost the share price of Hongbo shares, but can it turn the concept into actual operating profits? According to the current performance revision announcement, in 2023, whether it is net profit attributable to the parent or non-net profit, Hongbo shares will usher in a year of loss.
Beijing News Shell Financial Reporter Luo Yidan
Edited by Yue Caizhou
Proofread by Liu Baoqing