According to the Securities Times, well-known Niu San Zhong Xinghua said on November 3 that he would solicit agency rights from small and medium-sized shareholders in order to stop the infighting of * ST Jiuyou (600462.SH) and reorganize the board of directors to prevent * ST Nine has delisted and . Following the continuous decline in last week's trading day, today *ST Jiuyou fell 0.89% to close at 1.11 yuan, with a total market value of only 592 million yuan.
market chart source: Wind
What needs to be vigilant is that the current stock price of *ST Jiuyou is constantly falling, which is one of the delisting crises it is facing. *ST Jiuyou's stock price has dropped to only 0.11 yuan away from the face value of 1 yuan. It will probably hit the delisting line in less than two and a half drops. The continuous declines last week may mean that Investors have lost confidence in the company's stock market outlook. "Once there is a problem with confidence, it will be difficult to stop the decline." .
public information shows that *ST Jiuyou ’s original main business included the production and sales of newsprint, commercial wood pulp, offset paper, etc. Afterwards, through major asset reorganization, its current main business is Internet of Things application terminals and mobile communications. Terminal R&D, design, production and sales, the products are ultimately sold to Huawei , Lenovo , TCL , Yulong Coolpad, Hisense, Haier, Konka , HTC, ACER and other mobile phone brands.
Runtai's supply chain is out of control, *ST Jiuyou is wearing a hat
According to this year's mid-term report, *ST Jiuyou holds 51% of the shares of Runtai Supply Chain, which is mainly engaged in domestic and foreign companies. Customers provide cross-border procurement or sales supply chain services. Since August 2018, *ST Jiuyou has lost control of Runtai's supply chain and cannot maintain effective control over it through usual communication methods. Because its management has not cooperated, *ST Jiuyou has not yet Received the financial information of Runtai Supply Chain.
Inquiries show that Runtai Supply Chain is a holding subsidiary (51% equity) acquired by the company in June 2017 with a transaction value of 158.1 million yuan. The performance commitments at that time (2017-2019) were 15.3 million yuan respectively. yuan, 22.95 million yuan and 33.15 million yuan. In 2017, Runtai's supply chain revenue accounted for 81% of the company's total revenue, with net profit reaching 24.8918 million yuan, even exceeding the 2018 performance commitment .
Picture source: Wind
However, since August 2018, Runtai Supply Chain Bank loans have become overdue, leading to lawsuits from many banks, bank accounts seized, related assets restricted, business operations suspended, and normal business operations unable to continue, etc. . As of the end of the third quarter of 2019, *ST Jiuyou still could not obtain the financial data of Runtai Supply Chain, so it was not included in the consolidated statement in the third quarter financial report.
Due to the overdue loan of Runtai Supply Chain Bank (total principal and interest of 314 million yuan), the company was sued by some creditor banks and suppliers. As of the end of the period, the cumulative amount involved in the lawsuits was 1 million yuan, and the cumulative amount sued or arbitrated was US$1,161.57. and 317 million yuan; the cumulative amount of litigation cases involving subsidiaries was 45.1349 million yuan; some of the company's bank accounts were frozen (including basic accounts), with an amount of 763.62 yuan .
In addition, it must be said that the reason why the company was issued a risk warning in January 2019 was related to Runtai's supply chain. "The main bank account was frozen and production and operation activities were seriously affected, and it is expected that in 3 months "cannot return to normal" situation, specifically including: losing effective control over Runtai's supply chain and being unable to obtain its financial data; Runtai's supply chain is unable to conduct business normally due to the suspension of production and operation; the company and Runtai's supply chain include basic Some of the bank accounts including the accounts were frozen.
Bo Lixin's production shrank, and its net assets were negative at the end of the third quarter.
According to the financial report, *ST Jiuyou achieved revenue of 221 million yuan in the first three quarters of 2019, a year-on-year decrease of 90.62%, mainly because the Runtai supply chain has not been merged. Due to the income statement, 's revenue excluding this factor decreased by 45.87% year-on-year, mainly due to the decline in sales caused by the reduction of production scale of subsidiary Bo Lixin. Net profit attributable to the parent company was -16 million yuan, a year-on-year decrease of 42.19%; net profit after non-attribution to the parent company was -16 million yuan, a year-on-year decrease of 27.72%.
Source: Wind
In terms of expenses, sales expenses during the period decreased by 54.76% year-on-year, mainly due to the unconsolidated statements of Runtai supply chain. After excluding this factor, the year-on-year decrease was 40.61%, mainly due to the layoffs of Sun Company Hanoriya. and salary cuts; management expenses decreased by 43.96% year-on-year, which was the same as the same period last year after excluding the factors affecting Runtai's supply chain; R&D expenses decreased by 75.16% year-on-year, mainly due to the reduction in Bo Lixin's R&D expenses. The net sales profit margin of company has been low since 2012, which was -8.62% during the period.
Source: Wind
As of the end of the period, the company's total assets were 207 million yuan, a year-on-year decrease of 40.13%; 's net assets were -12.9588 million yuan, a significant year-on-year decrease of 187.69%. Among them, ’s monetary funds were only 11.82 million yuan, a decrease of 34.89% from the beginning of the year; accounts receivable and inventory were 50.64 million yuan and 28.02 million yuan respectively, a decrease of 60.82% and 52.24% respectively from the beginning of the year, both of which were due to the reduction of Bo Lixin’s production scale. Caused by; advance receipts were 6.849 million yuan, a decrease of 63.8% from the beginning of the year, mainly due to the decrease in advance payments received by Bo Lixin from customers..
Source: Oriental Fortune
Since 2017, the company's asset-liability ratio has remained high and has been rising year after year. As of the end of the third quarter, the company's total liabilities reached 220.8 million yuan, and the asset-liability ratio was as high as 106.47%.
Picture source: Wind
It is obvious that the influence of subsidiary Bolixin on *ST Jiuyou is also self-evident. According to the third quarter report, Bolixin's mobile phone camera module production capacity is in a saturated state, and its peers in the industry have adopted low-price competition strategies to grab a few orders, resulting in basically no profits for orders in the market; it has not taken on new orders, and only has a small number of tail orders. Single production, production continues to shrink and is in a state of continuous losses. In July, product production on the main production lines was stopped, and only the camera module was retained for after-sales service.
In addition, as of now, among the company's top 10 shareholders, Changsha Xunding Business Information Consulting Co., Ltd. has pledged 26 million shares, accounting for 4.87% of the total share capital, accounting for 93.27% of its holdings; Wang Yishun has pledged 26.64 million shares, accounting for 93.27% of its total share capital. 4.99% of the total share capital, accounting for 100% of its holdings.
Picture source: Wind
Conclusion
Niu San Zhong Xinghua has been well known by the market for his accurate bargain hunting of Jiuguijiu, investment in Wanchang Technology and Corun, and through temporary motions requiring high-end transfers to "dreams come true" and other operations. Now, now It is still unknown whether its efforts to prevent *ST and from being delisted will succeed. However, what needs to be paid attention to now is that Han Yue, the actual controller and chairman of *ST Jiuyou , has been arrested for a fund-raising fraud case. According to reports, the market speculates that it may be related to the explosion of the P2P platform in which Chunxiao Capital has a stake.
