Intern reporter|Liu Xiangjun Reporter|Guo Jingjing
After 13 months, Qiao Feng Intelligent Equipment Co., Ltd. (hereinafter referred to as Qiao Feng Intelligence, the company) finally submitted for registration.
On June 21, 2022, Qiao Feng Intelligent was accepted to enter the GEM of the Shenzhen Stock Exchange, and after two rounds of inquiries, the company passed the listing committee meeting on March 17, 2023, and it has been 13 months since the company submitted for registration on April 17 this year. It is worth mentioning that Qiao Feng Intelligent pressed the "pause button" 4 times on the road to this IPO due to the expiration of financial information.
Net profit has declined for two consecutive years, and financial internal control is not standardized
Qiaofeng Intelligent is a high-tech enterprise specializing in the research and development, production and sales of CNC machine tools. The company's products are widely used in general equipment, consumer electronics, automobile and motorcycle parts, molds, construction machinery, military industry, energy, medical equipment, aerospace, 5G communication and other industries.
In the early part of the reporting period (2019-2021), the company's performance was good, with revenue of 456 million yuan, 767 million yuan and 1.31 billion yuan respectively, and net profit of 59.5473 million yuan, 127 million yuan and 235 million yuan respectively. In the following two years, the company's performance was unsatisfactory, and the net profit fell for two consecutive years, with a net profit of 193 million yuan and a revenue of 1.548 billion yuan in 2022, and a further decline to 170 million yuan in 2023, while the revenue also fell to 1.454 billion yuan compared with the previous year.
From 2019 to the first half of 2022 (reporting period), the company used personal cards to collect money and pay fees. According to the prospectus, after some customers purchased the company's equipment, they were unable to pay for the goods due to business difficulties, and the company returned the equipment by the customer to offset the debt through negotiation or litigation with the customer (the returned equipment is referred to as the "old machine"). During the reporting period, the company collected the resale payment and related expenses of the above-mentioned old machines through personal cards. In addition, the company may collect payment for scrap and scrap sales through personal cards.
Since the company was changed to a joint stock limited company in December 2019, in 2020, it collected small amounts of balance payments through personal cards, and the company returned part of the customer's payment for rectification and standardization to corporate collection. Qiao Feng Intelligent said: The company has cancelled the personal card in December 2020.
Some sales service providers became the top ten sales service providers of the company in the year or the following year
According to the level of economic development and customer concentration in different regions, the company adopts the sales model of "direct sales as the mainstay, distribution as the supplement". Under the direct sales model, the company directly signs contracts with customers, but according to different customer acquisition methods, it can be divided into self-operated and direct sales through sales service providers.
During the reporting period, the sales revenue of the company's sales service providers increased from 82.0812 million yuan to 319 million yuan, and the number of sales service providers increased from 52 to 139. At the same time, the company has a small number of sales service provider customers and self-operated customers overlapped.
Jiemian News noticed that some of the top five sales and service providers have been established for a short time or have a small registered capital, such as Dongguan Ruifeng Machinery Co., Ltd., Danyang Maimaibang Information Technology Co., Ltd., Wujin District Xueyan Zhuoyuan Machine Tool Maintenance Consulting Service Department, etc.
According to the reply to the second round of inquiry, Dongguan Ruifeng Machinery Co., Ltd. was established in 2017 with a registered capital of 500,000 yuan, and began to cooperate with Qiaofeng Intelligent in the same year, and became the company's largest sales and service provider in 2020 and 2021.
Danyang Maimaibang Information Technology Co., Ltd. was established in 2019 with a registered capital of 100,000 yuan, and it also started cooperation with Qiao Feng Intelligence in the year of its establishment, and was promoted to become the second largest sales service provider of Qiao Feng Intelligence in 2021, and its figure also appeared in the top five sales and service providers of Qiao Feng Intelligence in 2022 and 2023.
Wujin District Xueyan Zhuoyuan Machine Tool Maintenance Consulting Service Department was established in 2020 with a registered capital of 150,000 yuan, and it also started cooperation with Qiao Feng Intelligence in the year of its establishment.
Sales service providers set up in the year to carry out cooperation, the year or the following year immediately became the company's top ten sales service providers, for the situation, Qiao Feng intelligent explained: mainly its main shareholders or key personnel have more rich experience in CNC machine tool sales or maintenance and other industries, and have accumulated a certain amount of customer resources.
The price at which the product is sold to other parties is higher than the third-party market price
Regarding sales service providers, Jiemian News also noticed that some sales service providers are also dealers.
In accordance with the relevant provisions of the Listing Rules and the Accounting Standards for Business Enterprises, the Company discloses the transactions of some legal persons or natural persons who are not related parties of the Company by reference to related party transactions, among which Jialang Electromechanical and Ningxia Tianyun are the distributors of the Company, and the Company establishes a new company with the shareholders of the above two enterprises and their affiliates.
Jialang Electromechanical was established in June 2015 and began to cooperate with the company in 2017. In June 2019, the company and Bao Lijun, the spouse of Wu Pinsen, the major shareholder of Jialang Electromechanical, jointly established Taizhou Qiaofeng. Due to the failure of Taizhou Qiaofeng to achieve the expected business objectives after its establishment, Taizhou Qiaofeng has ceased operations since March 2021, except for the collection of existing business. Jialang Electromechanical continues to cooperate with the company as a distributor.
Ningxia Tianyun was established in June 2018 and is mainly engaged in the research and development, production and sales of CNC lathes. In July 2020, the company and Yang Xiaotao and Xu Zhongren, the actual controllers of Ningxia Tianyun, jointly established a new subsidiary, Ningxia Qiaofeng. According to the provisions of the "Shareholders Agreement for the Establishment of a New Company" negotiated and signed by the company with Yang Xiaotao and Xu Zhongren, Ningxia Tianyun was cancelled. Ningxia Tianyun was deregistered in September 2021.
According to the transactions disclosed by the company in relation to related party transactions, Jiemian News noticed that the price of the company's products sold to Jialang Electromechanical and Ningxia Tianyun was slightly different from the price of similar products sold by other non-affiliated customers. It is worth mentioning that the price of the company's products sold to Jialang Electromechanical and Ningxia Tianyun is higher than the average sales unit price of non-related parties.