With the successive disclosure of the annual reports of listed companies, the Shenzhen Stock Exchange issued an inquiry letter to Shenzhou High-speed Rail on the evening of April 26 in response to the core performance issues exposed in the annual report during the review of the annual report.
In view of the company's net profit for four consecutive years, the gross profit margin fell sharply year-on-year, the net cash flow generated by operating activities decreased significantly, the asset-liability ratio increased year by year, the provision for goodwill impairment of each asset group, and the inventory reporting period decreased significantly, a total of 17 questions, the Shenzhen Stock Exchange asked the company to reply before May 14.
As of the close of trading on April 26, Shenzhou High-speed Railway reported 2.23 yuan per share, with the latest market value of 6.1 billion yuan.
来源：Wind
Net profit has been negative for four consecutive years, which has attracted the attention of the Shenzhen Stock Exchange
According to the annual report, in 2023, the company will achieve a total operating income of 2.512 billion yuan, a year-on-year increase of 41.66%, a net profit loss attributable to the parent company of 828 million yuan, a loss of 846 million yuan in the same period of last year, a loss of 842 million yuan after deducting non-net profit, a loss of 879 million yuan in the same period of last year, and a net cash flow of 31.0692 million yuan, a year-on-year decrease of 94.58%.
The Shenzhen Stock Exchange pointed out that "the company's net profit has been negative for four consecutive years. Please explain whether there is any material uncertainty in the company's ability to continue operations, whether it has touched other risk warning situations stipulated in Article 9.8.1 of the Stock Listing Rules (revised in August 2023) of the Exchange, and the basis and reasonableness of the preparation of the annual report based on the going concern assumption, and please specify the reasons and reasonableness of the large difference between the company's operating income and net profit growth in the reporting period. ”
The Shenzhen Stock Exchange has also noticed the gross profit margin of Shenzhou High-Speed Rail. During the reporting period, the gross profit margin of China's high-speed rail transit operation and maintenance equipment business was 24.03%, compared with 39.11% in the previous year. In this regard, the exchange requires: "Shenzhou High-speed Rail combines factors such as industry conditions, revenue and cost changes, and specifically explains the reasons and reasonableness of the sharp year-on-year decline in the gross profit margin of the company's main business, and the specific measures that the company intends to take to improve profitability." ”
In terms of net cash flow, according to the annual report, the net cash flow from operating activities in the reporting period decreased significantly, mainly because the increase in operating receipts was not as large as the increase in revenue scale.
In this regard, the Shenzhen Stock Exchange requires "to explain the specific situation of the company's top five customers (including but not limited to the specific content of the products or services provided, the amount, the length of cooperation, the relationship between the parties, whether there has been a major change compared with the previous year, etc.), and in combination with the company's business and settlement model, credit policy, etc., explain the reasons and reasonableness of the slow operation collection, whether it is in line with industry practice, and whether there are improvement measures." ”
In the past three years, the asset-liability ratios of Shenzhou High-speed Railway have been 56.90%, 60.17% and 65.70% respectively, showing a year-on-year growth trend. The Shenzhen Stock Exchange noted that "at the end of the reporting period, the company's monetary funds decreased by 23.42% compared with the beginning of the period, and short-term borrowings increased by 35.37% compared with the beginning of the period, and monetary funds could not cover short-term debts." ”
The Shenzhen Stock Exchange requires the company to "explain the purpose of short-term borrowing funds, borrowing interest rate, repayment plan, maturity date, whether it is overdue, etc., and analyze whether the company has liquidity risk in combination with the company's monetary funds and cash flow, interest-bearing debt scale, debt repayment plan, daily operating capital needs, etc." ”
Require re-verification of the accuracy of the provision for goodwill impairment, etc
The Shenzhen Stock Exchange also made specific inquiries on the reasons and reasonableness of the company's goodwill impairment, the specific circumstances of the provision for impairment of long-term equity investment in the reporting period, the accuracy of the provision for bad debts of receivables, the reasons for the large decline in the relevant inventory in the reporting period, the reasons for the slow progress of the "Tangshan Niezhuang to Donggang Station Second Line and Donggang Station Renovation Project PPP Project", the account age of more than one year, and the counterparties and related relationships of the top five contract liabilities.
According to the annual report, at the end of the reporting period, the book value of the goodwill of Shenzhou High-speed Railway was 2.383 billion yuan, and the company made a provision for goodwill impairment of 278 million yuan during the reporting period, involving 7 asset groups, including Beijing Jiaotong University Microlink Technology Co., Ltd. (hereinafter referred to as Jiaotong University Microlink), Beijing Huagao Century Technology Co., Ltd., and Wuhan Lead Measurement and Control Technology Co., Ltd.
The Shenzhen Stock Exchange requires an explanation of the main business development, main financial indicators and changes, gross profit margin, orders or projects in hand of the above seven asset groups in the past three years. At the same time, the Shenzhen Stock Exchange requires that the specific circumstances of the provision for goodwill impairment in the reporting period of each asset group of the company be explained one by one, including but not limited to important assumptions, key parameter setting and determination methods, and the specific calculation process of recoverable amounts, etc., and explain the reasons and reasonableness of the failure to make provision for goodwill impairment in the previous year for Jiaotong University Weilian, Suzhou Huaxing Zhiyuan Electronic Technology Co., Ltd., Beijing Quansheng Technology Co., Ltd. and Shanghai Jinshen Railway Technology Co., Ltd.
According to the annual report, the book value of the long-term equity investment in Shenzhou High-speed Railway at the end of the reporting period was 1.242 billion yuan, and the company made an impairment provision of 126 million yuan for the long-term equity investment of the associate Yulang Company during the reporting period, and the amount of the provision in the previous period was 25.0606 million yuan.
In this regard, the Shenzhen Stock Exchange requires that the main financial indicators and changes, gross profit margins, main business development, orders or projects in hand of Yubo Company, Shentie Line 2 (Tianjin) Rail Transit Operation Co., Ltd., and Tianjin Line 3 Rail Transit Operation Co., Ltd. in the past three years be listed, and the specific circumstances of the provision for impairment of long-term equity investment in the reporting period are explained, including but not limited to the main assumptions, key parameters, reasonableness of selection, and the calculation process of recoverable amounts.
The Shenzhen Stock Exchange also requires that the reasons for the investment losses of the relevant targets be specified in combination with the operating conditions of Beijing Beijiao New Energy Technology Co., Ltd. and Nanjing Paiguang Wisdom Perception Information Technology Co., Ltd., and verify whether there are signs of impairment in the reporting period and the reasonableness of the failure to make provision for impairment.
In addition, the Shenzhen Stock Exchange also required Shenzhou High-speed Railway to re-verify the accuracy, adequacy and reasonableness of the provision for bad provisions for the company's receivables in the reporting period and the previous period; combined with the orders in hand that have not yet been executed, the company is required to explain the reasons and reasonableness of the large decline in the relevant inventory in the reporting period; the reasons for the slow progress of the PPP project of the second line from Tangshan Niezhuang to Donggang Station and the reconstruction project of Donggang Station", the counterparties and related relationships of the accounts aged for more than one year and the top five contract liabilities.
Reviewer: Ren Mingjie Editor: Wang Yin Proofreader: Zhang Diange Producer: Zhang Nan Signed: Sun Hong
