Suzhou Changguang Huaxin Optoelectronic Technology Co., Ltd. (hereinafter referred to as Changguang Huaxin) is a listed company on the Science and Technology Innovation Board with the research and development, manufacturing and sales of core components of the laser industry such as semiconductor laser chips, devices and modules as its main business.
According to the prospectus, Changguang Huaxin is one of the few enterprises in the world with high-power laser chip mass production capabilities in the semiconductor laser industry, breaking the situation that semiconductor laser chips in the upstream core link of China's laser industry rely on foreign imports. The company has won the honorary titles of Jiangsu Province Science and Technology Small and Medium-sized Enterprises, Potential Unicorn Enterprises in Southern Jiangsu Independent Innovation Demonstration Zone, and Gazelle Enterprises in Southern Jiangsu Independent Innovation Demonstration Zone. Judging from the product performance indicators announced by it, the company's laser chip can achieve power and electro-optical conversion efficiency.
However, through our research, we found that the prospectus disclosed that wang Jun, a core technical personnel, was hired in August 2017, but Wang Jun actually participated in the company's research and development much earlier; the company's sales amount and accounts receivable balance to the related party Ruike Laser were also significantly different from the data disclosed by Ruike Laser. In addition, in 2020, the company significantly relaxed the credit policy for the first major customer, and the signs of impacting performance were more obvious.
Source: Photo Network
The person with the same name as the core technical personnel was the inventor of the company's patents as early as before they joined the company
According to the prospectus, Wang Jun, the current director, executive deputy general manager and core technical personnel of Changguang Huaxin, has been working in the company since August 2017. Prior to that, from July 2010 to November 2014, Wang Jun worked at Mighty Lift, Inc., as Vice President of Technology, and from November 2014 to June 2017, Wang Jun worked at Huagong Technology Industry Co., Ltd. (stock abbreviation: Huagong Technology, stock code: 000988.SZ) as technical director.
However, according to the official website of the State Intellectual Property Office, as early as June 7, 2012, Suzhou Changguang Huaxin Optoelectronic Technology Co., Ltd. (hereinafter referred to as Huaxin Limited), the predecessor of Changguang Huaxin, applied for an invention patent "Beam Shaping Device for Realizing High-Power and High-Brightness Semiconductor Lasers" (CN201210185292.1). Huaxin Limited is the sole applicant for the invention patent, and the patent inventors are Wang Xiaobo, Li Jiang, Yan Yu, Huang Zhe, Wang Jun and Liao Xinsheng, and Wang Jun is one of the six inventors of the patent.
Since the invention patent was exclusively applied for by Huaxin Limited and was not developed in cooperation with other third-party units, Wang Jun, as the patent inventor, should have actually served Huaxin Limited at that time. If the inventor of the above invention patent, Wang Jun, is Wang Jun, the current core technical personnel of Changguang Huaxin, then the time when Wang Jun actually served Changguang Huaxin was advanced to before June 2012, which was 5 years and 2 months earlier than the time when Wang Jun disclosed in the prospectus began to work for the company.
It is worth vigilance that the above-mentioned similar core technical personnel participate in research and development part-time, and it is often easy to brew patent ownership disputes. Such cases are very common.
It is twice as different from the transaction data disclosed by related parties
According to the prospectus, Wuhan Ruike Fiber Laser Technology Co., Ltd. (stock abbreviation: Ruike Laser, stock code: 300747. SZ) is a company of which Xu Shaohua, a related shareholder of Changguang Huaxin, is a director and is a related party of the company.
In 2018, the associated sales amount of Changguang Huaxin to Ruike Laser was 32.5076 million yuan.
However, according to Ruike Laser's 2018 annual report, the purchase amount of pump semiconductor lasers and chips from changguang Huaxin in the current period was 16.3776 million yuan.
Compared with the two, the prospectus disclosed the associated sales amount of Changguang Huaxin to Ruike Laser (32.5076 million yuan), which was 98.49% higher than the corresponding related procurement amount disclosed in ruike laser's annual report (16.3776 million yuan).
In addition to the significant differences between associated sales/purchase amounts, the associated accounts receivable/payable balances also do not match.
According to the prospectus, at the end of 2018, the balance of Changguang Huaxin's related accounts receivable to Ruike Laser was 10.7537 million yuan.
However, Ruike Laser's 2018 annual report shows that at the end of the period, the related party's related payable project, the balance of accounts payable to Changguang Huaxin was 0 yuan, and the difference between the two was very obvious.
Relax the credit policy for the first major customer, and the growth rate of accounts receivable is much higher than that of sales revenue
According to the prospectus, in 2019 and 2020, Shanghai Feibo Laser Technology Co., Ltd. (hereinafter referred to as Feibo Laser, including Nanjing Hailite Laser Technology Co., Ltd., a company under the same actual control) has always been the largest customer of changguang Huaxin's consolidated caliber. The amount of fiber coupling modules sold by the company to Feibo Laser was 52.1779 million yuan and 64.4844 million yuan, respectively.
At the end of the above two years, the balance of accounts receivable of Changguang Huaxin to Feibo Laser was 30.3334 million yuan and 47.8196 million yuan, respectively.
The reply to the audit inquiry letter shows that in 2020, the credit policy of Changguang Huaxin to Feibo Laser has changed significantly. From the "60 days of monthly settlement" in 2019 and January-March 2020 to the "90-day monthly ending" in April-December 2020, the credit policy has been significantly relaxed.
Correspondingly, in 2020, the sales amount of Changguang Huaxin to Feibo Laser increased by 23.59% year-on-year; at the end of 2020, the balance of the company's accounts receivable for Feibo Laser increased by 57.65% year-on-year. With the relaxation of credit policy, the company's revenue and accounts receivable for the first major customer Feibo Laser have increased significantly year-on-year, of which the year-on-year increase in accounts receivable is 34.06 percentage points higher than the year-on-year increase in revenue.
Correspondingly, at the end of 2019 and the end of 2020, the balance of accounts receivable of Changguang Huaxin to Feibo Laser accounted for 58.13% and 74.16% of the current revenue, respectively, an increase of 16.03 percentage points year-on-year.
In this regard, the reply to the audit inquiry letter explained that because Changguang Huaxin has a sound credit period management system and good implementation, the credit period changes of major customers have reasonable business logic, and the actual number of days of payment collection by the company's customers is better than that of comparable companies in the same industry, so the company believes that there is no situation of relaxing the credit period to stimulate sales. However, for the above-mentioned fact that the company's revenue and accounts receivable balance for Feibo Laser increased significantly in 2020, the company did not give any explanation.