Yangtze River Business Daily reporter Huang Cong
On the one hand, the net profit was huge, and the stock price was soaring, and 263 ushered in the attention of the regulatory authorities.
Recently, 263 (002467. SZ) released its 2023 annual report, showing that the company achieved an operating income of 890 million yuan, a year-on-year decrease of 0.61%, and a net profit loss of 255 million yuan, a year-on-year decrease of 897.37%.
Among them, the 200 million yuan trust wealth management purchased by 263 from Zhongrong International Trust Co., Ltd. was overdue and not paid, and the company made a fair value change loss of 180 million yuan for the trust wealth management.
On April 16, the Shenzhen Stock Exchange issued a letter of inquiry to 263, requiring the company to explain the design and implementation of internal controls related to overseas investment, whether the purchase of the trust and wealth management products has fulfilled the business process and risk review process of foreign investment, and whether the relevant internal controls are sound and effective.
It should be noted that in 263's 2023 annual report, "Metaverse" is mentioned in many places.
In the secondary market, in February 2024, 263 once pulled 7 daily limits in a row, and the company's share price once reached 5.61 yuan per share on February 26. On April 17, the company's closing price was 3.58 yuan / share, down about 36% from the high point, and the stock price fluctuated.
In addition, a reporter from Changjiang Business Daily found that from the end of 2021 to the end of 2023, the number of employees in 263 has decreased by about 20% in two years.
Visual China Diagram
The number of employees decreased by 202 in two years
263 is a 27-year-old high-tech enterprise focusing on the field of cloud services, which was listed in September 2010.
On April 16, 263 released a performance forecast for the first quarter of 2024, showing that the company's net profit reached 22 million yuan to 32 million yuan, a year-on-year increase of 10.93% to 61.35%, and the non-net profit deducted reached 15 million yuan to 22 million yuan, a year-on-year increase of 69.73% to 148.94%.
263 said that the company further improved the management level, through a variety of measures to control costs and expenses, the company continued to implement measures such as opening up sources and reducing expenditure, reducing staff and increasing efficiency, and achieved practical results, and profitability was improved. In January 2024, the company disposed of investment real estate, resulting in an increase in the company's net profit attributable to shareholders of the listed company.
From the end of 2021 to the end of 2023, the number of employees in 263 was 1,014, 979 and 812 respectively, and the company reduced its headcount by about 20% in two years, a decrease of 202 people.
However, in 2023, the company's performance will be very poor, with an operating income of 890 million yuan, a year-on-year decrease of 0.61%, a net profit loss of 255 million yuan, a year-on-year decrease of 897.37%, and a non-net profit loss of 7766.15% yuan, a year-on-year decrease of 7497.74%.
263 said that the 200 million yuan of trust and wealth management purchased by the company from Zhongrong International Trust Co., Ltd. was overdue, and the fair value of the current period decreased greatly, and the fair value change loss needs to be accrued;
In this regard, 263 will make a fair value change loss of 180 million yuan for the trust wealth management in 2023.
On April 16, the Shenzhen Stock Exchange issued a letter of inquiry to 263, requiring the company to explain the design and implementation of internal controls related to foreign investment, whether the purchase of the trust and wealth management products has fulfilled the business process and risk review process of foreign investment, whether the relevant internal controls are sound and effective, the expected recoverability of the relevant trust wealth management investment, and whether the provision for fair value losses is sufficient and reasonable.
According to incomplete statistics from the Yangtze River Business Daily reporter, since 2023, more than 20 A-share companies have announced that they have stepped on the products of Lei Zhongrong Trust, and recently, the 90 million yuan trust products of Guangyun Technology and the 60 million yuan products of Changguang Huaxin have not been able to be cashed.
It is worth noting that as of the end of 2023, the balance of goodwill of 263 is 570 million yuan.
In 2023, 263 will recognize goodwill impairment of 124 million yuan, 42.8132 million yuan and 40.2971 million yuan respectively for the live broadcast business asset group, international private line business asset group, VOIP and IPTV business asset group formed by the previously acquired assets.
The Shenzhen Stock Exchange said that the profit margin parameters of the live broadcast business asset group in the forecast period range from 0.90% to 20.28%, which fluctuated greatly, and required the company to supplement the specific process, key parameters and selection basis of the goodwill impairment test for the above three asset groups in 2023, and explain the adequacy and timeliness of the goodwill impairment provision.
The stock price fell 36% after 7 consecutive boards
Although the performance is not good, the performance of 263 in the secondary market is eye-catching.
In February 2024, 263 once pulled 7 daily limits in a row, and the company's stock price once reached 5.61 yuan per share on February 26. On April 17, the company's closing price was 3.58 yuan per share, down about 36% from its high point.
It should be noted that in 263's 2023 annual report, "Metaverse" is mentioned in many places.
For example, 263 said that the company actively lays out and develops cloud services covering "cloud communication, cloud network, and metaverse" by virtue of its technological precipitation in the fields of cloud computing, big data, intelligent connection, and information security.
263 specially explained that the company's metaverse focuses on the exploration and research of new technologies such as virtual reality, human-computer interaction, and AI technology, and provides strong support for the construction of virtual space, 3D virtual live broadcast, and digital human image creation.
In the 2024 business plan of the metaverse business, 263 said that the company plans to continue to follow up on virtual scenes and digital humans. Digital humans are the cornerstone of the metaverse and the window for users to enter this digital space. The company hopes to continuously improve the intelligence and realism of virtual digital humans, create more personalized and interesting digital partners for users, and expand the application scenarios of the metaverse.
The Shenzhen Stock Exchange pointed out in the inquiry letter that the 263 annual report mentioned the metaverse business many times, but did not disclose the operating income and operating costs of the business.
Therefore, the Shenzhen Stock Exchange requires 263 to explain the business model of the metaverse, the time point of recognition of operating income, the amount and proportion of operating income in the past two years, and the relationship between the business and the cloud network and cloud communication business.
In 2023, 263's overseas business will achieve operating income of 369 million yuan, accounting for 41.46% of operating income.
As of the end of 2023, the amount of accounts receivable of 263's overseas business is 46.25 million yuan, accounting for 87.14% of accounts receivable.
The Shenzhen Stock Exchange requires 263 to explain the main contents, business models, customer types, etc. of overseas business, and explain the reasons for the relatively high proportion of accounts receivable of overseas business and the collection of payments after the period in combination with revenue recognition and accounts receivable period, and calculate the turnover rate of accounts receivable for domestic and overseas businesses respectively.
Previously, 263 disclosed that it would reduce the capital of its wholly-owned subsidiaries and grandchildren, Beijing 263 Enterprise Communications Co., Ltd., Hainan 263 Investment Co., Ltd., and Beijing 263 Network Technology Co., Ltd., by 350 million yuan, 200 million yuan, and 200 million yuan respectively.
In this regard, the Shenzhen Stock Exchange requires 263 to explain whether the registered capital of the above-mentioned company has been paid-in, the specific reasons for the capital reduction, the relevant uses of subsequent funds, etc., and whether the capital reduction has fulfilled the necessary review procedures in combination with the relevant laws and regulations and the specific provisions of the company's articles of association, and whether the capital reduction has harmed the interests of shareholders, especially small and medium-sized investors.
Exclusive In-Depth Recommendations:
Dongpeng Beverage's revenue increased by three percent, breaking 10 billion for the first time, and the dividend of 3 billion yuan in three years of listing exceeded 1.5 billion yuan
SIIC Development has inflated its income by 4.7 billion yuan for financial fraud in 6 years, and seven executives have been fined, and Cao Wenlong has been banned from the market for 10 years
Changyu A's profit of more than 500 million yuan is still at a low point in performance, the stock price fell by 70%, and it is difficult to be optimistic about the revenue of 10 billion yuan
China Nuclear Titanium Dioxide Wang Zelong was filed or involved in 600 million securities lending, the industry's prosperity was low, net profit fell twice, and UBS withdrew
Shandong Gold benefited from the net profit of the gold price increased by more than 48%, and there was no official response to the 400 million yuan involved in the "deposit runaway" incident
Da Shenlin was fined 4 million for bribery, Ke Jinlong was sentenced, nearly 1.9 billion fixed increase was blown, and the gross profit margin fell to 37%
The general manager of Vanke Jinan was investigated and fell into a public opinion storm again, and the stock price fell by more than 5%, hitting a new low in nearly 9 years, and liquidity was under pressure
Montage Technology's net profit fell by 65%, hitting a six-year low, and its stock price fell by 60%, with shareholders cashing out a total of 18 billion
Foci Pharmaceutical's "fat" has not added drug approval for 7 years, Shi Aiguo's revenue increased by 1.3 times during the helm, and net profit fell by 9%
Tencent Holdings spent HK$19.8 billion to buy back during the year, and the share price fell 26% in more than a year, and major shareholders cashed out more than HK$60 billion
The chairman of Yangpu Medical was investigated, and the stock price fell 13%, losing money for 2 consecutive years, and R&D investment shrank
Guangzhou Rural Commercial Bank's net profit decreased by 24%, the average salary of employees was reduced by 30,000 yuan, and the net interest income shrank by nearly 3 billion yuan in two years, and the non-performing rate was 1.87%
China Tianying's 8.5 billion debt is overwhelming, and the pledge rate of major shareholders is 83%, and the 70 billion project has no progress, and another 17 billion investment has been signed