Wen/Leju Finance Fan Huiru

Those who failed to meet the contract for three consecutive financial reporting quarters Ligao Healthy Life , trading has been suspended for nearly 13 months since March 29 last year. It is only more than 5 months before the warning line of possible cancellation of listing status.

It seems urgent to speed up the resumption of trading and reach the guidelines for resumption of trading. The first task is to reissue three performance reports, namely, the 2022 performance report, the first half of 2023 performance report and the 2023 annual performance report.

On the evening of April 24, Ligao Healthy Life made a series of these three performance reports. Following the completion and release of the main findings of the independent inquiry at the end of January, another important task has been completed in the list of guidelines for the resumption of trading of Ligao's healthy life.

Like most property enterprises whose annual reports are difficult to produce, Ligao's healthy life has also fallen into various intertwined whirlpools with real estate related parties.

The former auditor pointed out that since December 2022, the related party Ligao Real Estate has suspended the payment of overseas debts, resulting in cross default of several banks and other borrowings of Ligao Healthy Life; In addition, the refundable deposit and related receivables paid by its potential acquisition of several companies also need to be evaluated for recoverability.

Influenced by the decline of related real estate business and the pressure of liquidity, it seems to be a foregone conclusion that the performance of Ligao's healthy life industry will shrink significantly. To the industry's surprise, Ligao's healthy life has maintained the dignity of profitability, and the net profit of 267000 yuan in 2023 will be better than nothing.

However, in the face of maintaining a positive net profit, the net profit attributable to shareholders still recorded a loss. In 2023, the net profit attributable to the parent company lost 9.983 million yuan.

Impairment losses drag down profits

According to the two annual reports in 2023 and 2022, the near profit of Ligao Healthy Life has declined by more than 75% for two consecutive years, and the decline rate will reach 97.3% in 2023. The net profit in 2023 and 2022 will be 267000 yuan and 9953000 yuan respectively, and the net interest rate in recent two years will be close to the land, 0.06% and 2.28% respectively.

However, its revenue actually increased, but the growth slowed down. In 2023, its revenue will reach 449 million yuan, with a year-on-year increase of 2.78%; In 2022, it will reach 437 million yuan, with a year-on-year increase of 23.36%.

In terms of gross profit, it will reach 126 million yuan in 2023, down 12% year on year, and the gross profit margin will be 28%, down 4.7 percentage points year on year; In 2022, it will achieve 143 million yuan, a year-on-year increase of 23.4%, and the gross profit rate will be 32.7%, basically the same as that of the previous year.

In terms of scale expansion, the growth rate of Ligao's healthy life has become sluggish. In 2023, the pipeline area will be about 20.5 million square meters, with a year-on-year growth of 4.6%, and a decline of 19.4 percentage points compared with the growth rate of 24% in the same period; The contract area was 27.1 million square meters, a slight increase of 1.5% year on year, and a decline of 7.6 percentage points compared with the growth rate of 9.1% in the same period.

On the basis of the positive growth of scale and revenue, the net profit has shrunk significantly. As far as the current property management industry is concerned, it is related to the impairment losses of financial assets, that is, the related trade receivables have been withdrawn in large amounts.

In 2022, the impairment loss related to Ligao's healthy life will be about 69.151 million yuan, including trade and other receivables, as well as receivables from related parties and non controlling interests. In 2023, the impairment loss related to Ligao's healthy life will be about 63.389 million yuan.

Horizontal comparison with other listed property enterprises shows that the revenue and scale of Ligao's healthy life are at the tail end of the listed property enterprises. After experiencing large amount of accrual and the sharp contraction of real estate cyclical business, how to boost performance and narrow the gap with peers in the current Matthew effect is the current problem facing Ligao's healthy life.

Key indicators of resumption

On the other side, the countdown bell for the resumption of trading has also sounded. On March 29 last year, Lego Healthy Life was forced to suspend trading due to the failure to issue the annual report.

At that time, under the auditor's request to provide various relevant transaction supporting materials, the audit progress of Ligao's annual report on healthy life was hampered. For Ligao's healthy life, more time was needed to provide the relevant materials required by the auditor.

The audit progress was not satisfactory, and Lego Healthy Life finally broke away from the auditor "Luo Bingxian Yongdao" at that time and changed to Yongtuo Fuxin. After resigning, the auditor left four audit items and asked for independent inquiry on the first three items.

Audit Item 1: The reasons for the fund flow of about 100 million yuan and about 40.6 million yuan of certain cooperation arrangements entered into by Lego Healthy Life Group for the potential acquisition of several target companies;

Audit item 2: Lego Healthy Life Group paid a refundable deposit of about 30.8 million yuan for the potential acquisition of several target companies and the reasons for the company's recoverability assessment; And the reasons why the Group collected 30 million yuan from two independent third parties and transferred them back on the same day;

Audit Item 3: As of December 31, 2002, Lego Healthy Life Group and Ligao Group Reasons for the flow of funds between.

On January 31, Ligao Healthy Life disclosed the main findings of the independent inquiry, on the one hand, it expressed its sincerity Jin He The deposit has been fully returned to Ligao for healthy life. On the other hand, the relevant transactions have also given corresponding reasons. Whether we are satisfied or not is what the Stock Exchange should consider.

Now, the survey results and performance reports have been published. However, according to the resumption guidelines given by the Stock Exchange, in addition to the above two requirements, Lego Healthy Life also needs to conduct independent internal monitoring review, and prove that the company has developed sufficient internal monitoring and procedures to fulfill its responsibilities under the listing rules.

At present, the material enterprises hovering on the life and death line of resumption, in addition to the healthy life of Migao Xinyuan Service and Jiayuan Service 。 Among them, Xinyuan The service distance from the deadline is less than months, while Jiayuan's service is less than 6 months.

"Repeated students" in the financial report are one after another. In the new round of annual report season this year, there are two or three more material enterprises whose trading is suspended due to the failure to deliver the annual report Song Capital Service 、 Jianye New Life and Fangyuan Life Service Among them, Jianye New Life reissued its annual report on April 23 and was able to resume trading.