China Economic Network Beijing, June 29th Today, Runbei Aviation Technology Co., Ltd. (hereinafter referred to as "Runbei Aviation Technology", 001316.SZ) opened the daily limit. As of today's close, Runbei Hangke reported 55.98 yuan, an increase of 10.00%, a turnover of 7.14%, an amplitude of 14.82%, a turnover rate of 66.75%, and a total market value of 4.478 billion yuan.
Runbei Hangke was listed on the main board of the Shenzhen Stock Exchange on June 24, 2022, closing at 42.05 yuan that day, an increase of 44.01%. In the next two trading days, Runbei Hangke hit the daily limit of , closing at 46.26 yuan and 50.89 yuan respectively, with increases of 10.01% and 10.01% respectively.
Runbei Aviation is a service-oriented aviation materials distributor. The main products it distributes include civil aviation fuel, aviation raw materials, aviation chemicals and other aviation materials. The company achieves the final sales of products by providing customers with product solutions and supply chain management services. Belongs to the authorized distributor of internationally renowned brands such as ExxonMobil, 3M, EC, Lufthansa Technik, Huntsman, LANXESS, , Bosch , etc.
As of the signing date of the listing announcement, the controlling shareholder of Runbei Hangke is Shenzhen Jialun Investment Development Co., Ltd., which directly holds 83.71% of the company's shares. The actual controllers of Runbei Hangke are Liu Junfeng, Zhang Qizhi and Liu Yulun (Zhang Qizhi is Liu Junfeng’s spouse, and Liu Yulun is the son of Liu Junfeng and Zhang Qizhi). Zhang Qizhi indirectly holds 8.37% of the company's shares through Jialun Investment, and Liu Yulun indirectly holds 8.37% of the company's shares through Jialun Investment. Liu Junfeng directly holds 2.26% of the company's shares, and indirectly holds 66.97%, 3.01% and 2.26% of the company's shares through Jialun Investment, Feiyu Alliance and Feihang Alliance respectively, holding a total of 74.50% of the company's shares. Liu Junfeng, Zhang Qizhi and Liu Yulun collectively hold 91.24% of the company's shares. Liu Junfeng, Chinese nationality, has permanent residence in Australia ; Zhang Qizhi, Australian nationality; Liu Yulun, Chinese nationality, has permanent residence in Australia.
Runbei Hangke was first released on April 7, 2022. The main questions raised by the 40th Issuance Review Committee Meeting of the 18th Issuance Review Committee of the China Securities Regulatory Commission in 2022 are:
1. During the reporting period, the issuer No provision for bad debts of has been made for accounts receivable from HNA Technology based on single item . Please explain on behalf of the issuer: (1) The proportion of the issuer’s mutual claims on HNA Technology to HNA Technology’s mutual debt, and whether HNA Technology can pay off the mutual debt; (2) In 2020, HNA Technology’s accounts receivable were not accounted for individually. The reasons and rationality for the provision of bad debt provisions; (3) HNA Technology’s purchases from the issuer after its bankruptcy and reorganization, whether there are any changes in credit policy , and the reasons and rationality for the substantial increase in HNA Technology’s sales amount. Please ’s sponsor representative explain the verification basis and process, and issue clear verification opinions.
2. The issuer’s six sales staff left their jobs at a relatively concentrated time, and some individuals had large financial transactions with the issuer’s actual controller and related parties. Please explain the issuer’s representative: (1) The reasons and rationality for the relatively concentrated resignation of the six employees, and whether it is the issuer’s planned arrangement; (2) The reasons for the large amount of funds between the employees and the issuer’s actual controller and related parties, The actual use of the funds, whether they flow to the issuer's suppliers or customers, etc., and whether there is any transfer of interests such as commercial bribery; (3) whether there are other abnormal flows of funds. Please recommend the sponsor representative to explain the verification basis and process, and issue clear verification opinions.
3. The issuer is an aviation materials distributor. Please explain the issuer’s representative: (1) The reasons and rationality for the higher gross profit margin; (2) The reasons and rationality for the consignment model’s gross profit margin to be higher than the non-consignment model’s gross profit margin, and the domestic sales gross profit margin to be higher than the export sales gross profit margin; (3) ) The stability and sustainability of the cooperation between the issuer and its major suppliers, the impact of international trade frictions, the COVID-19 epidemic, and the acquisition of aviation materials distribution qualifications by major downstream customers on the issuer's business, and whether relevant risk disclosures are sufficient. Please recommend the sponsor representative to explain the verification basis and process, and issue clear verification opinions.
Runbei Hangke was listed on the main board of the Shenzhen Stock Exchange this time, with a public offering of 20 million shares and an issue price of 29.20 yuan per share. The sponsor is Guosen Securities Co., Ltd. , and the sponsor representatives are Yu Songsong and Cheng Jiujun.The total amount of funds raised by Runbei Hangke's public offering was 584.00 million yuan. After deducting the issuance expenses, the net amount of funds raised was 473.0802 million yuan.
The prospectus disclosed by Runbei Hangke on May 23, 2022 shows that the company plans to raise 473.0802 million yuan in funds, which will be used for the new project of the aviation non-metallic materials, composite materials, and aviation cleaning products production base of Guangdong Runhe New Materials Company. , Runbei information upgrade construction project, aviation new materials R&D center construction project, to supplement working capital.
The total cost of Runbei Hangke’s issuance is 110.9198 million yuan, of which the sponsor Guosen Securities Co., Ltd. was sponsored and underwrote 79.000 million yuan.
From 2019 to 2021, Runbei Hangke’s operating income was 851.7263 million yuan, 722.3797 million yuan, and 696.6984 million yuan respectively; the net profit and the net profit attributable to shareholders of the parent company were 77.7654 million yuan, 66.5942 million yuan, and 129.2831 million yuan respectively. Ten thousand yuan; after deducting non-recurring gains and losses , the net profits attributable to shareholders of the parent company were 98.1236 million yuan, 67.9944 million yuan, and 101.6014 million yuan respectively.
From 2019 to 2021, the net cash flows generated by Runbei Hangke’s operating activities were 211.4532 million yuan, 133.2153 million yuan, and 45.8568 million yuan respectively; the cash received from selling goods and providing services was 1,004.354 million yuan, 758.6428 million yuan, 738.5854 million yuan.
After calculation, from 2019 to 2021, Runbei Hangke’s net cash ratios were 2.72, 2.00, and 0.35 respectively.
(The latest version of the prospectus disclosed on May 23, 2022)
China Economic Net reviewed the prospectus disclosed by Runbei Hangke on December 28, 2021 and found that the four performance data of Runbei Hangke in 2020 are consistent with those in 2022 The latest version of the prospectus disclosed on May 23, 2018 is inconsistent.
After calculation, operating profit, net profit, net profit attributable to shareholders of the parent company, and net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses were reduced by 35.145 million yuan, 26.3587 million yuan, 26.3588 million yuan, and 26.3587 million yuan respectively. Yuan.
(Prospectus disclosed on December 28, 2021)
From January to March 2022, Runbei Hangke’s operating income was 123.009 million yuan, a year-on-year decrease of 28.82%; the net profit attributable to shareholders of the parent company was 18.8096 million yuan, a year-on-year decrease 18.68%; net profit attributable to owners of the parent company after deducting non-recurring gains and losses was 17.748 million yuan, a year-on-year decrease of 20.17%; net cash flow generated from operating activities was -7.7604 million yuan, compared with -42.7293 million yuan in the same period last year .
From January to June 2022, Runbei Hangke expects operating income to range from 26,000.00 to 370,000,000 yuan, with a change range of -28.16% to 2.23%; net profit attributable to shareholders of the parent company will range from 2,700.00 to 38,000,000 yuan, with a change range of -27.12% to 2.57%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses ranged from 26.00 to 38.00 million yuan, with a change range of 22.31% to 13.54%.
