Red Star Capital Bureau reported on December 3 that Guolian Co., Ltd. (603613.SH) held another investor exchange meeting today. This is the second time Guolian Co., Ltd. held an investor exchange meeting in 3 days. Previously, Guolian Co., Ltd. was questioned by the media for its financing trade and abnormal per capita income generation, and it attracted attention from the outside world, and it received an inquiry letter from the Shanghai Stock Exchange . On December 1, Guolian Co., Ltd. issued an announcement reply letter of inquiry, denied the doubts and responded one by one. On the second day after the reply announcement was issued, the company's actual controller Liu Quan and others increased their holdings in in , but Guolian shares were still quickly hitting the limit within one hour of opening .
↑Data picture According to IC Photo
Guolian Co., Ltd. is deeply involved in the storm
On November 24, some media released "Guoli Co., Ltd.'s shocking lies? Behind the complex interweaving of merchants, "hidden" financing sex trade network" and other reports include financing trade, huge per capita income generation, and continuous increase in advance payments.
A report pushed Guolian Co., Ltd. to the forefront. The next day, Guolian Co., Ltd. received an inquiry letter about media reports from the Shanghai Stock Exchange, requesting a reply to and disclose relevant issues. After that, Guolian Co., Ltd. 's share price hit the limit for two consecutive trading days on November 25 and 28, and the stock price hit a new low in recent months.
It is reported that Guolian Co., Ltd. is positioned at B2B (i.e., enterprise-to-business) e-commerce and industrial Internet platforms, and industrial e-commerce is the company's main business. The 2021 financial report shows that the revenue of online commodity trading business (industrial e-commerce) accounts for about 99.65%. The Duoduo e-commerce platforms under Guolian Co., Ltd. include Tuduoduo (chemical industry), Weiduoduo (sanitary products), and Zhiduoduo (paper making).
Simply put, Guolian Co., Ltd. Duoduo e-commerce platform is a platform for basic chemicals as its main business, and trade to match trading . Guolian Co., Ltd. provides services that integrate downstream scattered customer orders, bargain with upstream suppliers through the platform, and at the same time reduce supplier performance and service costs, and improve production and operation efficiency of both parties.
2022 third quarter report shows that Guolian Co., Ltd. achieved operating income of 46.286 billion yuan in the first three quarters, and increased by 97.17% year-on-year. The net profit attributable to shareholders of listed companies was 682 million yuan, an increase of 101.57% year-on-year. The performance is excellent, and it is even more amazing in the long run. In the past few years, Guolian Co., Ltd.'s revenue and net profit have maintained high double-digit growth. From 2015 to 2021, Guolian Co., Ltd.'s revenue soared from 203 million yuan to 37.2 billion yuan, and its net profit also increased from only 12 million yuan to 706 million yuan. Guolian Co., Ltd. is also very popular in the capital market. Since its listing in July 2019, Guolian Co., Ltd. has increased by to 22 times in the past three years, and its market value once exceeded 60 billion yuan.
Guolian Co., Ltd., which has been moving all the way, is now deeply involved in financing trade storm.
responded to the inquiry letter, denied questioning
After experiencing two consecutive trading days of limit down, Guolian Co., Ltd. issued an announcement to deny the relevant doubts. On the evening of November 28, Guolian Co., Ltd. announced that it respected the media's supervision, but the matters questioned by the media, such as financing trade, abnormal per capita income generation, and the use of funds raised by are not in line with the facts.
On December 1, Guolian Co., Ltd. issued an announcement to reply to the Shanghai Stock Exchange’s inquiry letter and announced the verification opinions of China International Financial Co., Ltd. on the relevant replies.
Comprehensive media reports and the Shanghai Stock Exchange inquiry letter, Guolian Co., Ltd. mainly suffered four questions. Guolian Co., Ltd. issued an announcement and responded:
1. The existence of financing trade has led to performance growth
Guolian Co., Ltd. disclosed that the transaction amount of Beijing Yizhao Huasheng under Yilijie Energy was 373 million yuan in 2020. Yilijie Energy's annual report showed that the purchase amount of Guolian Co., Ltd. was 301 million yuan, and the transaction amount disclosed by the two was inconsistent. In addition, Guolian Co., Ltd. and Yilijie Energy have a common state-owned enterprise client Dongyue Feida, and Dongyue Feida is also a company customer and supplier, and the transaction may be in financing trade.
Guolian Co., Ltd. responded: There is no financing trade situation. The inconsistent disclosure calculus results in the inconsistent transaction amount of the above disclosed transaction amount. The transaction amount disclosed in the annual report of Guolian Co., Ltd. is the merger calculus, and Yilijie Energy only disclosed the amount of incurred by the subsidiary of Guolian Co., Ltd. .Yizhao Huasheng and Dongyue Feida are both the company's main customers and do not constitute direct upstream and downstream relationships, nor do they have related relationships, and do not constitute a closed-loop chain of financing trade.
2. Abnormal per capita income generation
Guolian Co., Ltd.'s per capita income generation rose sharply from 1.3758 million yuan in 2016 to 36.5356 million yuan in 2021. The subsidiary Ningbo Lianghe Youduoduo E-commerce Co., Ltd.'s per capita income generation was 625 million yuan. The growth of the number of employees does not match the growth of operating income.
Guolian Co., Ltd. responded: The company's per capita income generation level is in a reasonable range, and there is no abnormally high per capita income generation. Compared with companies in the same industry, the company's per capita income generation level is still lower than that of Ouye Cloud Commerce and Gangyin E-commerce under Shanghai Ganglian , and is in a reasonable range. The growth of the company's employee number matches the growth of operating income, and there is no abnormally high per capita income generation.
↑Source: Company Announcement
3. Funds are continuously raised under the condition of low capital demand
Guolian Co., Ltd. raised 533 million yuan in its initial issuance in 2019, and the fixed-increase in 2020 was again raised by 2.416 billion yuan. As of the end of the third quarter report of 2022, the balance of monetary funds was 6.29 billion yuan, and funds are still continuously raised under the condition of low capital demand.
Guolian Co., Ltd. responded: The scale of the company's monetary funds at the end of the period matches the scale of the company's business. The company's monetary funds balance at the end of the period was relatively high, mainly due to the influence of the funds raised by the private placement and payment methods. After excluding the above factors, the company's monetary funds balance at the end of the period was 1.336 billion yuan, which matched the company's business scale. In addition, Guolian Co., Ltd. disclosed the company's cash and funding situation and the implementation of fundraising projects.
4. Prepayment and prepayment continue to rise
Guolian Co., Ltd.'s prepayment rose from 284 million yuan in 2017 to 3.334 billion yuan. The prepayment also grew simultaneously with its prepayment. The ratio of prepayment to prepayment in 2021 exceeds 2, which poses related risks.
Guolian Co., Ltd. responded: The transactions related to advance payments and advance payments do not harm the interests of the company. The company's centralized procurement process will form prepayments collected from downstream customers and prepayments paid to upstream suppliers. In addition, Guolian Co., Ltd. disclosed the company's top ten prepayments and prepayments related to the company.
controlling shareholder and actual controller urgently increase their holdings
Investors are worried that it has not been lost
During the period of replying to the question, Guolian Co., Ltd. is also carrying out related plans to increase their holdings. On November 28, Guolian Co., Ltd. announced the plan to increase its holdings of the company's shares and by controlling shareholders, actual controllers, directors, supervisors and company management personnel, with the planned increase amount of no less than RMB 50.2 million and no more than RMB 100.4 million. The controlling shareholder and actual controller Liu Quan and Qian Xiaojun also increased their holdings twice on November 30 and December 2, with a total increase of 202005 shares, with an increase of approximately 19.9763 million yuan.
In addition, on December 1, Guolian Co., Ltd. held an investor exchange meeting in order to facilitate investors to understand the specific matters of the company's financing trade storm.
Although Guolian Co., Ltd. is trying its best to win back the hearts of investors, investors do not seem to buy it. On December 2, less than an hour after Guolian Co., Ltd. opened, its stock price quickly hit the limit, with a limit price of 97.82 yuan per share falling by 22.45% compared with the closing price of on November 24. Within 6 trading days, Guolian Co., Ltd. hit the limit three times, and its market value evaporated by more than 10 billion yuan.
This morning, Guolian Co., Ltd. held the second investor exchange meeting within 3 days, hoping to give investors a comprehensive understanding of the company's recent operating conditions, financial status, development strategy, etc.
Red Star News Reporter Yu Yao Intern Reporter Fan Di
Editor Yang Cheng
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