Jiangsu Baolijie Environmental Technology Co., Ltd. (stock abbreviation: Baolijie; Stock Code:832802. BJ) disclosed its annual report for the first full year after listing (2023) on April 29, 2024.
According to the annual report, in 2023, Polyjie's revenue will be 171 million yuan, a year-on-year decrease of 6.30%; The attributable net profit was 19.6466 million yuan, a year-on-year decrease of 43.54%, and both revenue and performance declined.
In addition to the poor operating performance, we also found that in the 2023 annual report of Polijie, there are different degrees of omissions in the disclosure of information on the shareholding companies, the number of new authorized patents during the year, and the external part-time positions of independent directors.
Source: Photo.com
Should there be 8 or 9 shareholding companies?
According to the 2023 annual report, Polyclean has a total of 8 shareholding companies, including "Beijing Shuangjie", "Shijiazhuang Chaojie", "Ningbo Zhongjie", "Xiamen Jielai", "Nantong Jinjie", "Shanghai Zuoyijie", "Xi'an Saijie", and "Chengdu Synthetic Tianjie".
However, according to industrial and commercial information, as of May 17, 2024, Polyclean has a total of 12 shareholding companies, in addition to the 8 shareholding companies disclosed in the annual report, including Quzhou Qujie Environmental Protection Co., Ltd. (hereinafter referred to as Quzhou Qujie), Quzhou Shape Environmental Management Co., Ltd. (hereinafter referred to as Quzhou Vision), Jiaxing Shengjie Environmental Technology Co., Ltd. (hereinafter referred to as Jiaxing Shengjie) and Qinhuangdao Jiejie Environmental Technology Co., Ltd. (hereinafter referred to as Qinhuangdao Jiejie).
However, in the 2023 annual report of Polyjie, there is no mention of the four shareholding companies of Quzhou Qujie, Quzhou Xiwei, Jiaxing Shengjie and Qinhuangdao Jiejie.
On the question of whether the annual report omitted the above four shareholding companies, we wrote to Poly Clean. The company replied, "The eight shareholding companies listed in the company's annual report are the investment situation during the reporting period, that is, the foreign investment situation as of December 31, 2023." Quzhou Qujie, Quzhou Xiwei, Jiaxing Shengjie and Qinhuangdao Jiejie will all be invested and established in 2024, so there is a time difference."
But if we look at the industrial and commercial information, the establishment date of Quzhou Xiwei is obviously November 1, 2023.
I am afraid that there are more than 12 new authorized patents
The 2023 annual report shows in the "Patent Situation" that the number of patents owned by Polyjie in the previous period (2022) is 138, and the number of patents owned in the current period (2023) is 150. In comparison, in 2023, the number of new authorized patents of the company should be 12.
The annual report also shows that in 2023, the company has two subordinate holding subsidiaries, namely Suzhou Baolijie Environmental Engineering Co., Ltd. (hereinafter referred to as the engineering company) and Shanghai Air Net Zhiyun IoT Technology Co., Ltd. (hereinafter referred to as Air Net Zhiyun). In other words, in 2023, the number of newly authorized patents disclosed in the annual report should be the total value of the number of new authorized patents of Baolijie, the engineering company and the Air Purification Zhiyun.
According to the patent information retrieval results, from January 1, 2023 to December 31, 2023, no new authorized patents have been added under the names of the two holding subsidiaries of the engineering company and Kongjing Zhiyun. During the year, Polyjie added 16 authorized patents, including 6 invention patents, 9 utility model patents and 1 design patent.
The above six new invention patents are "a self-purification control method and device" (CN202311284534.7), "an intelligent control method and system of equipment" (CN202311231176.3), "exhaust gas outlet mechanism of adsorption box in waste gas treatment equipment" (CN201810992913.4), "wool fiber automatic discharge structure supporting the flue gas purifier of hot stamping machine" (CN201711400957.5), " Detergent Addition Device in the Cleaning System of Oil Fume Purifier" (CN201710754630.1) and "Cleaning Device with Electric Field with Detergent Addition Mechanism" (CN201710754622.7), authorized on December 29, December 8, July 18, July 18, September 12 and October 10, respectively.
The 9 new utility model patents are "gradient electric field structure" (CN202320695762.2), "an electrostatic air disinfection machine" (CN202223604026.6), "hair removal device for hot stamping machine" (CN202223264545.2), "water-resistant electric field" (CN202223264543.3), "automatic hot stamping machine exhaust gas purification system" (CN202223264848.4), and "waste heat recovery device" (CN202223049616.7), "heat exchanger" (CN202223049711.7), "rain and sewage diversion device of chimney" (CN202223013194.8) and "electric field cleaning device of oil fume purification equipment" (CN202221668773.3), authorized on August 4, September 12, April 14, April 14, April 14, April 14, March 7, March 7, March 24 and March 28 respectively.
In addition, one new design patent is "Combined Oil Fume Purifier (22 models + CB)" (CN202230530335.X), and the grant date is January 31.
In response to this question, "the deadline for the number of patents listed in the company's annual report is 'as of the date of issuance of this report', and the information retrieved by your company is the calendar year, that is, the deadline is December 31 of each year, and the deadline between the two is inconsistent, so there is a difference."
The above reply is puzzling, as of December 31, 2023, the number of new authorized patents has reached 16, if the deadline is extended to April 29, 2024, can the company's new authorized patents really drop to 12?
In order to verify the statements in the response, we will broaden the time range to January 1, 2023 to April 29, 2024, and re-search the number of new granted patents within the above period, and pay attention to whether there are patent invalidations.
The search results show that within the above-mentioned time frame, no patent invalidation occurred within the scope of the merger, and 17 new authorized patents have been added. In the first four months of 2024, the company added a new authorized utility model patent "a setting machine exhaust gas deodorization device" (CN202322001720.7), which will be authorized on January 5, 2024.
Information on the external part-time positions of INEDs is omitted
According to the 2023 annual report of Polyjie, from July 2, 2023, Sun Xiuying began to serve as an independent director of Polyjie.
In addition, according to Zhangjiagang Guangda Special Materials Co., Ltd. (stock abbreviation: Guangda Special Materials; Stock Code:688186. SH), on January 5, 2024, Sun Xiuying was elected as an independent director of the majority of special materials.
However, neither the 2023 annual report nor the interim announcement disclosed by the company in January 2024 have disclosed any relevant information about the new external part-time employment of the above-mentioned incumbent INEDs.
In response to this question, Bao Lijie replied that "the company's 2023 annual report only lists the part-time positions in the reporting period in the resumes of the new directors, supervisors and senior executives, and the company will disclose the relevant information in a timely manner if the independent directors do not update the part-time positions after the period."
Polygate undertakes to provide timely information disclosure. However, since the reply received by "Investment Youdao" on May 10, 2024, 5 trading days have passed, and the company has not publicly disclosed any other information except for the announcement of the annual report performance briefing.