The disclosure of 2023 annual report has been closed. The Beijing Stock Exchange has actively strengthened supervision and inquiry, strengthened annual report supervision and on-site inspection, vigorously promoted the high-quality development of listed companies and improved the investment value of listed companies through special actions to improve the quality of information disclosure. Since this year, the Beijing Stock Exchange has issued more than ten annual report inquiry letters, more than the same period last year. From the content of the inquiry letter, the main concerns of the Company include the gross profit rate and operating performance of the listed company, sales expenses, accounts receivable, debt situation, inventory, supplier information, R&D expenses and other aspects, and the rationality of the performance of the listed company and the sustainability of future development from multiple dimensions.
More than 10 companies of Beijing Stock Exchange received the inquiry letter of annual report
On May 17, Datang Pharmaceutical disclosed that on the same day, the company received the Inquiry Letter on the Annual Report of Inner Mongolia Datang Pharmaceutical Co., Ltd. issued by the Management Department of Listed Companies of Beijing Stock Exchange (hereinafter referred to as "the Beijing Stock Exchange"). In the inquiry letter on the annual report, the Beijing Stock Exchange aimed at Datang Pharmaceutical's business performance, sales expenses, fixed assets and construction in progress, inventory Nearly 20 questions were raised in five aspects, including accounts receivable.
For example, in terms of business performance, Datang Pharmaceutical will achieve an operating income of 188.2527 million yuan in 2023, a year-on-year increase of 19.39%; The gross profit rate was 71.42%, down 1.04 percentage points year on year. From a regional perspective, the company's sales regions include 7 regions, of which the gross profit rate in the northeast region is 54.61%, and the gross profit rate in other regions is more than 60%. In the first quarter of 2024, the company's operating income will be 38103700 yuan, a year-on-year decline of 29.72%; The company's net profit attributable to shareholders of the listed company was 1.2327 million yuan, down 83.58% year on year. In this regard, the Beijing Stock Exchange requires Datang Pharmaceutical to explain the reasons for revenue growth in 2023 in combination with market demand, product structure, sales price and sales volume changes, sales revenue recognition time point and basis; At the same time, combined with the product unit cost composition, raw material price fluctuations, cost control and other situations, the quantitative analysis of the reasons for the decline of gross profit margin due to the increase in revenue, and the explanation of the reasons why the gross profit margin in Northeast China is lower than that in other regions; Explain the reasons for the sharp decline of the company's operating performance in the first quarter of 2024, whether there is a risk of continuous decline, and describe the countermeasures the company plans to take or has taken.
On the 17th day, not only Datang Pharmaceutical, but also Haomiao Technology received an inquiry letter on the annual report issued by Beijing Stock Exchange. Beijing Stock Exchange raised more than ten questions about the company's gross profit margin and operating performance, major suppliers, accounts receivable, inventory impairment, financial expenses, and taxes payable. On the previous May 15, Donghe Xincai, Jiaxian Shares and Ainengju received the inquiry letter of annual report issued by Beijing Stock Exchange; On May 14, Changhong Energy and Chenguang Medical received the inquiry letter of annual report; On May 13, Xujie Technology and Kaitian Gas received the inquiry letter of annual report.
The reporter noted that since this year, the Beijing Stock Exchange has significantly strengthened its supervision on the disclosure of information in the annual reports of listed companies, and has constantly increased its supervision and inquiry. As of press release, Beijing Stock Exchange has issued annual report inquiry letters to 15 listed companies, significantly exceeding the number of the same period last year.
Multidimensional inquiry into the rationality of business performance
Specifically, the performance of listed companies is still the first concern in the inquiry letter of the annual report of the Beijing Stock Exchange. The Beijing Stock Exchange focuses on the rationality of the operating performance of listed companies and the sustainable development in the future, as well as the series of measures taken by listed companies to return investors.
For example, Haomiao Technology was first asked about gross profit rate and operating performance. During the reporting period, the comprehensive gross profit margin of Haomiao Technology was 15.09%, down 6.02 percentage points year on year. The company realized an operating income of 477 million yuan, up 6.06% year on year. The net profit attributable to shareholders of the listed company after deducting non profits was 1.6789 million yuan, down 107.09% year on year. In the first quarter of 2024, the company's operating income was 33.073 million yuan, down 58.20% year on year, and the net profit attributable to shareholders of the listed company after deducting non profits was 6.0721 million yuan, down 386.84% year on year.
In this regard, Beijing Stock Exchange requires Haomiao Technology to explain the reason and rationality of the decline in gross profit rate by product in combination with the price fluctuation of raw materials, downstream market demand and price change, bargaining power, etc; Explain the reasons and rationality of the sharp decline in operating performance in the reporting period and the first quarter of 2024, as well as the measures the company plans to take to improve profitability and return to investors. In addition, in view of the substantial year-on-year growth of part of the company's accounts receivable, Beijing Stock Exchange required Haomiao Technology to explain whether the amount of bad debt withdrawn by customers with an account age of 1-2 years or more is sufficient, whether there is a risk of uncollectibility, explain the collection of funds up to now, and the collection measures that the company has taken or plans to take. In addition, according to the asset impairment loss of the company in the reporting period, the amount of inventory impairment increased by 547% year on year, which explains the reason and rationality of the substantial increase in inventory impairment.
According to the 2023 annual report of Donghe Xincai, during the reporting period, the company's operating income was 636 million yuan, down 6.48% year on year, and the net profit attributable to shareholders of the listed company was 61.5758 million yuan, down 44.88% year on year. The gross profit rate of the company was 30.23%, 32.58% in the same period last year. In the four quarters of the reporting period, the company realized operating revenue of 162 million yuan, 150 million yuan, 145 million yuan and 178 million yuan respectively, and realized net profits attributable to shareholders of the listed company of 17.6218 million yuan, 19.4826 million yuan, 15.392 million yuan and 9.0794 million yuan respectively. In this regard, Beijing Stock Exchange required the company to explain the reasons and rationality for the highest operating income and the lowest net profit attributable to shareholders of the listed company in the fourth quarter of the reporting period.
Strictly prevent benefit transmission and unreasonable connected transactions
It is worth noting that in the annual report inquiry letter, the Beijing Stock Exchange also focused on the selling expenses, accounts receivable and suppliers of listed companies, and strictly prevented the listed companies from having problems such as interest transmission and unreasonable connected transactions.
According to the annual report of Chenguang Medical, by the end of 2023, the book balance of the company's accounts receivable was 98.1401 million yuan, down 11.31% from the beginning of the period. In 2023, the bad debt provision for accounts receivable will be 9.4859 million yuan, and the ending balance of bad debt provision will be 15.2371 million yuan, an increase of 164.94% over the beginning of the period, including 6.2596 million yuan of bad debt provision for all accounts receivable of Bestar Medical. Except Zhejiang Kangda, the top five customers of accounts receivable are not the top five customers of the company. In this regard, Beijing Stock Exchange required Chenguang Medical to explain the transaction background of accounts receivable, the main products sold, the formation time, the account period agreed in the contract, and the reasons for withdrawing bad debt reserves in full amount in a single item with Bestar, and to explain whether the company is associated with Chenguang Medical, controlling shareholders, directors and supervisors, whether the related transactions are true and whether they are commercial in nature.
In terms of sales expenses, in 2023, Datang Pharmaceutical's sales expenses will be 92.4887 million yuan, accounting for 49.13% of the operating revenue, with a year-on-year growth of 21.49%. In this regard, Beijing Stock Exchange required the company to list the details of marketing expenses and analyze the rationality of relevant expenses; Explain the reason why the growth rate of sales expense is higher than the growth rate of operating revenue in combination with the sales promotion regions and new customers, and explain whether the sales expense rate of the company is significantly different from that of comparable companies; State whether the company, directors, supervisors, senior executives, controlling shareholders, actual controllers, dealers or other interested parties are involved in the sales expense payment object, and whether the company has any disguised benefit transmission such as advance payment of funds and expenses for other parties; Explain whether the company and service providers have commercial bribery, false invoices and other behaviors in the promotion process. In addition, as the notes to the annual report did not disclose the details of the top five customers of accounts receivable collected by the debtor in this year, the Beijing Stock Exchange required the company to list the names, amounts, aging and bad debt provision of the top five accounts receivable at the end of the period, and explain whether the company, directors, supervisors, senior executives, controlling shareholders The actual controller has related relationship or other relationship that may cause interest tilt.
