The Company's ability of continuous operation was inquired by the Exchange.
Image source: Ichthyozoan On May 21, McNeil (002719. SZ) (hereinafter referred to as "the Company") received the inquiry letter on the 2023 annual report issued by Shenzhen Stock Exchange, which involved many issues such as business capacity, related party transactions, and the freezing of the controlling shareholder's equity.
In June 2022, McNeil suffered from the "propylene glycol" incident, resulting in the withdrawal of inventory falling price reserves for products taken off the shelf, sealed up, and recalled, and the related expenses expected to occur, which led to a large loss of the company. In that year, the company's operating income was 989 million yuan, a year-on-year decrease of 13.71%; The net loss was 351 million yuan, down 2000.54% year on year.
In 2023, the revenue of McNeil will decline by 28.32% year-on-year to 709 million yuan, and the attributable net profit will be -97.0985 million yuan, 72.32% less than - 351 million yuan.
Looking back, as the net profit in 2018 and 2019 was negative for two consecutive years, Shenzhen Stock Exchange implemented a "delisting risk warning" for Macquarie. Since May 6, 2020, the stock abbreviation has been changed from "Macquarie" to "* ST Macquarie". In 2020, the company successfully turned losses to cover.
In addition to the "pressure" at the operational level, the equity of the company held by the controlling shareholders of McNeil has been frozen. Is there any risk of being enforced?
The relevant person from Macuire Securities Department told the Times that at present, all the shares held by the controlling shareholders of the company have been frozen, which is consistent with the disclosure of relevant announcements. There is no latest progress, but it has no impact on the company's operation and control. In addition, I am not very clear about Michael who has been executed many times this year.
In terms of the secondary market, this year's stock price fluctuation of McNeil declined. From January 10 to February 8, the company's stock price declined rapidly, with a range decline of 52.16%. At the close of May 22, the company reported 7.16 yuan/share, a slight drop of 0.83%, and its total market value was only 1.247 billion yuan.
The ability to continue as a going concern is questioned
Macuire is a modern food processing enterprise, based on the middle and high-end fields of the food industry, with dairy products, baking food manufacturing, distribution and baking chain stores as the core business, supplemented by festival food, frozen drinks and other products research and development, processing and sales.
In 2023, the income of dairy products, which previously accounted for half of the country, will decline to 272 million yuan, accounting for 38.36%, while the income of baked food business will exceed 295 million yuan, accounting for 41.68%.
At the same time, by region, the revenue outside Xinjiang was 450 million yuan, down 36.34% over the same period of the previous year. Does this mean that Macquel's dairy products have not been affected by the "propylene glycol" event in markets outside Xinjiang.
In addition to the decline in income, the gross profit margin of dairy products declined.
In 2023, the gross profit rate of McNeil dairy products will be only 0.3%, while that of propylene glycol event will be 5.84%, and 18.07% and 14.87% respectively in 2020 and 2021. In recent years, the gross profit rate of dairy products of McNeil has dropped significantly year on year and is significantly lower than the average level of peers.
In 2023, the income of dairy products manufacturing industry of Tianrun Dairy Industry will be 2.61 billion yuan, with a gross margin of 19.914%. The income of dairy products of western animal husbandry industry will be 830 million yuan, with a gross margin of 13.11%.
Not only that, the decline in operating quality is also reflected in the inflow of cash from Macuire.
In 2022 and 2023, the net cash flow from operating activities of the Company will be -18.6248 million yuan and -5.6777 million yuan, compared with 86.8089 million yuan and 159 million yuan respectively in 2020 and 2021.
By the end of 2023, the monetary capital of McNeill was 69.9567 million yuan, a sharp drop of 61.53% compared with the beginning of the period, of which the restricted monetary capital was 13.2352 million yuan, which was the deposit of bank acceptance bills, frozen funds, and the trading financial assets were 9.957 million yuan. The monetary capital from 2020 to 2022 is 427 million yuan, 372 million yuan and 182 million yuan respectively.
The reporter of Time Weekly noticed that in terms of current liabilities, the payables of McNeil are still rising year by year. From 2020 to 2023, the notes payable and accounts payable are respectively 200 million yuan, 255 million yuan, 392 million yuan and 451 million yuan. But from another perspective, the company may have some say in paying downstream customers.
Behind this, the asset liability ratio of McNeil has risen, and the risk of short-term debt repayment has increased.
Photo source: Oriental Fortune In this regard, Shenzhen Stock Exchange requires the company to explain whether the net cash flow from operating activities continues to be negative and the operating income decreases year by year in combination with the company's operating status, strategic planning, etc., indicating that there is significant uncertainty in your company's ability to continue as a going concern.
In the first quarter of this year, the revenue of McNeil was 154 million yuan, down 12.27% year on year; The net profit attributable to the parent company was about -31.9612 million yuan, and the loss increased by 294.62% year on year.
The shares of controlling shareholders are frozen
At present, Xinjiang Maguire Group Co., Ltd. (hereinafter referred to as "Maguire Group") is the largest shareholder of the Company, holding 26.90% of the shares of the Company, and Maguire Group and its persons acting in concert hold 34.03% of the shares of the Company in total.
According to the announcement, 26.90% of the shares held by McNeil Group in the company were all frozen by the judiciary.
At the end of 2022, McNeil Group holds 34.03% of the company's equity, and the proportion of frozen shares is 100%; Li Yong, the actual controller, directly holds 6.45% of the company's equity, and the number of pledged shares accounts for 99.79%.
According to the reply letter to the inquiry of 2022 annual report, as the Macuire Group was involved in the dispute over the debt contract with Huarong Overseas Chinese Asset Management Co., Ltd., it was waiting to be frozen or the controlling shareholder holding 34.03% of the company's shares was frozen.
Photo source: 2022 Annual Report Inquiry Response Letter In this regard, the Exchange asked Macquarie to explain the specific situation of the pledge or freezing of the shares held by the controlling shareholders and actual controllers of your company up to now, as well as the impact of the freezing and pledging of the shares of the controlling shareholders and actual controllers on the stability of the control right of the listed company, operation and management.
Photo source: 2023 Annual Report Inquiry Letter In addition, this year, McNeil has also become the person to be executed for many times. Wind data shows that the company will be listed as the person to be executed eight times in 2024, involving a total amount of 22.622 million yuan.
Image source: wind According to the relevant person of Macuire Securities Department, all the shares held by the controlling shareholders of the company have been frozen, which is consistent with the disclosure of relevant announcements, and there is no latest progress. It has no impact on the company's operation and control. In addition, I am not very clear about Michael who has been executed many times this year.
In the opinion of Lei Xinke, partner of Shanghai Shenhao (Beijing) Law Firm, the listed company becomes the executor, which means that the listed company fails to actively perform the obligations specified in the effective legal documents on schedule. The specific internal reasons may be various, but in any case, the listed company should attach great importance to legal risk management, Avoid the secondary transmission of legal risks to the company's operation and management risks, and reduce the impact on small and medium-sized investors, creditors, companies and other subjects.
