Tiger'sRichesRoar| 177 listed companies received annual reports inquiry letters and exchanges interrogated financial indicators in multiple dimensions

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Nie Yinghao, a reporter from the Securities Times

The "Annual report inquiry letter" has become a recent announcement of listed companies.Tiger'sRichesRoarHigh-frequency words.

Since May, listed companies whose annual reports are in doubt have issued letters of inquiry, focusing on comprehensive coverage from financial indicators to annual audit institutions. From May 1st to May 22nd, 16:00, the exchange issued annual report inquiry letters to 177listed companies, among which 31 listed companies received annual report inquiry letters on May 20th.

Inquiry letter is an important way for the exchange to perform the regulatory duties of information disclosure of listed companies. Compared with previous years, the number of enterprises inquired by the exchange has increased this year, and the inquiry entries have become more detailed. In addition to routine inquiries such as the reasons for changes and authenticity of various indicators of business performance, the exchange also focuses on the situation of no or less dividends, and the annual audit institutions focus on checking whether the audit opinions are reasonable or not.

Yang Delong, chief economist of Qianhai Open Source Fund, said that the intensive release of inquiries in the annual report reflects the trend of strict supervision of the capital market. Through the inquiry letter of the annual report, the supervision asks about the authenticity of the operating performance and the balance sheet of listed companies, which helps to crack down on financial fraud and other violations, play a certain deterrent role, and enable listed companies to disclose their performance more truly.

A number of star companies were questioned

In the context of strong supervision, Hongbo shares (rights protection), Huayi Brothers, Song Cheng Performing Arts, Zhangzi Island, a number of well-known A-share listed companies also received the exchange annual report inquiry letter.

As a math concept stock, Hongbo shares is a popular stock in the secondary market. The Shenzhen Stock Exchange inquired about the identification of the controlling shareholder of Hongbo shares, the development of AI business and the dismissal of the deputy general manager.

From January to February this year, Hongbo shares changed to a state with no controlling shareholder and no actual controller. The Shenzhen Stock Exchange requires Hongbo shares to explain the latest ownership structure, voting entrustment (if any), composition of the board of directors, production and operation decisions, corporate governance, whether there is an equity proxy, and so on, and explain in detail the basis and adequacy of determining that there is no controlling shareholder and no actual controller.

At the same time, the Shenzhen Stock Exchange also focuses on the operation of Hongbo shares. The inquiry letter points out that Hongbo shares need to explain whether Hongbo shares can effectively change the current operating situation of Hongbo shares in order to improve the profitability of the main business and the specific measures that have been taken and proposed to be taken in order to improve the profitability of the main business after deducting non-recurrent gains and losses for many years.

In addition, the Shenzhen Stock Exchange also asked Hongbo to explain current AI business progress, R & D investment, upstream and downstream cooperation mode of the industry, expected impact on 2024 net profit, and other business matters, combined with the equipment purchase and major sales contract of AI cloud services signed with clients.

Huayi Brothers is a well-known company in the film and television industry. Huayi Brothers has attracted the attention of the Shenzhen Stock Exchange because of the sharp increase in revenue and gross profit margin in 2023. Shenzhen Stock Exchange asked it to explain the reasons for the 50% year-on-year increase in gross profit margin of the film and television entertainment business and other financial matters.

In 2023, Huayi Brothers achieved operating income of 6. 5%.Tiger'sRichesRoar.66 billion yuan, an increase of 65% over the same period last yearTiger'sRichesRoar.59%; net profit loss of 538 million yuan. In the inquiry letter, Huayi Brothers is required to combine the development of the industry, the situation of companies in the same industry, the change and trend of supply and demand, cost control and other factors, a detailed analysis of the reasons for the substantial increase in performance compared with the same period last year, especially the gross profit margin of the film and television entertainment business increased by 50 percentage points over the same period last year, and detailed description of Huayi Brothers business income composition, project carry-over, revenue recognition compliance.

Zhangzi Island, which has attracted much attention from the market, continues to receive annual report inquiries from the exchange this year. The exchange focused on the relevant indicators of Zhangzi Island annual report with large changes.

In 2023, the gross profit margin of the new technical service business in Zhangzi Island was as high as 95.27%. Zhangzi Island said that the main reason is that the oyster seedling business cooperation model of Qingdao Frontier Marine seed Industry Co., Ltd., a holding subsidiary, has been adjusted from the entrusted production mode to the technical service model.

In this regard, the Shenzhen Stock Exchange asked Zhangzi Island to explain the reasons for the adjustment of the oyster seedling business model of the holding subsidiary from the entrusted production model to the technical service model, and the main business contents of the technical service business. Compare the similarities and differences of business development process, customers and suppliers, cost composition and revenue recognition methods under different business models. It also quantitatively analyzes the impact of the business model adjustment on the current aquaculture business income and cost, and explains the compliance of the relevant revenue recognition time point under the technical service model.

In addition, the inquiry letter also requires Zhangzi Island to compare the situation of comparable companies in the same industry, explain the differences in gross profit margins of main products such as sea cucumbers, shrimp scallops, conch, sea urchins and abalone, and analyze the products with large differences in gross profit margins. Quantify the reasons for the discrepancy between the gross profit margin and the same industry. Combined with the analysis of the profit situation of the products and the reasons for the decline of business income in 2023, this paper further analyzes and explains the sustainable management ability of Zhangzi Island.

"break the casserole and ask to the end" inquiry

This year, in addition to the usual questions, the exchange's inquiry into the annual report is more detailed. More than 30 enterprises, including * ST Huihai (rights protection), * ST Hongxiang (rights protection), ST Changkang (rights protection), and Xinjin Power, have received more than 10 inquiries from the annual report.

In the inquiry letter of the annual report, the exchange asked 20 questions to * ST Red and * ST, mainly because the two companies had been involved in financial fraud for many years.

According to the inquiry letter, * ST Red Prime Minister's annual report from 2017 to 2022 had false records and used false financial data to carry out directional additional share issuance and convertible bond financing in 2019 and 2020, raising a total of 643 million yuan.

The exchange asked questions on more than 20 financial matters such as * ST Red Phase Accounting error Correction and retroactive Adjustment, actual performance in 2023 different from expected amount, decline in first quarter performance, Major contracts, accounts Receivable, Goodwill, inventory, Government subsidy, etc., and asked * ST Red to combine the company's business model, sales volume and comparable companies in the same industry. Respectively explain the reasons and rationality of the changes of industry, product operating income and gross profit margin, and whether the operating income matches the changing trend of sales volume and net profit, etc.

* there are many keywords such as "fraud", "authenticity is in doubt" and "potential fraud risk" in ST's annual report inquiry letter this year. This year, the Exchange focuses on the compliance and reasonableness of the standard unqualified audit opinions issued by ST annual audit accountants.

Specifically, there are false records in the annual report of * ST for five consecutive years from 2018 to 2022. So far, * ST has not disclosed the corrected financial report and audit report for 2018 to 2022. Under such circumstances, the 2023 annual report disclosed by * ST has doubts about the accuracy of the opening figures. The inquiry letter requires the annual auditor to explain the compliance and reasonableness of issuing a standard unqualified audit opinion even if the financial report correction and audit work has not yet been completed from 2018 to 2022.

In addition, in response to the resignation of * ST Secretary and Chief Financial Officer on April 17, the inquiry letter requires * ST Annual Audit accountants to explain in detail the audit procedures and conclusions on the potential fraud risks that may be revealed by the departure of Chief Executive and Chief Financial Officer, and indicate whether the departure risk of the above-mentioned key personnel has been fully taken into account when forming the audit opinion on the financial report of 2023.

It is worth noting that * ST Red Phase and * ST Hoi Hai have received inquiries from the exchange since 2023. * ST Hongxiang, founded in 2005, located in Siming District, Xiamen City, is an enterprise that provides customers with comprehensive solutions for power grid condition-based maintenance and intelligent operation, with business applications in three major fields: power, military, railway and rail transit. * ST Hongxiang is suspected of counterfeiting for six consecutive years, resulting in a cumulative increase of about 1 billion yuan in revenue. In the first quarter of this year, * ST Hongxiang returned to its mother with a net loss of 32.7881 million yuan, which turned from profit to loss compared with the same period last year, compared with a net profit of 42.3615 million yuan in the same period last year.

* ST was listed on the Shenzhen Stock Exchange on June 2, 2011. its main business is construction, design and technical services. The company has lost money for five consecutive years since 2019, lost 137 million yuan in 2023, and continued to lose 62.3216 million yuan in the first quarter of this year.

The annual review institution is required to make clear opinions.

This year, regulators not only focus on listed companies, but also put forward higher requirements for intermediaries. In the annual report inquiry letter issued by * ST Zhengbang, Inkeri, ST Tesco, Broad Intelligence (rights protection) and other companies, the exchange requires audit institutions, law firms and other intermediary agencies to check and express clear opinions.

For example, in the inquiry letter for the annual report of * ST Zhengbang, the Exchange explicitly requires the annual auditor to explain the reasonableness of determining that the impact of the matters involved in the non-standard opinion in the audit report of * ST Zhengbang 2022 has been eliminated, and on this basis to further demonstrate whether the audit evidence on which the audit opinion is issued in 2023 is sufficient and appropriate, and whether the audit opinion is issued prudently.

In the inquiry letter of Tianbang Food's annual report, the exchange also asked annual accountants and lawyers to check and express their clear opinions. Prior to this, Tianbang Food was issued an unqualified audit report with a significant uncertainty of continuous operation by the annual audit accountant International Accounting firm (Special General Partnership).

The audit report pointed out that Tianbang Foods' net profit in 2023 was a loss of 2.883 billion yuan. As of December 31, 2023, the asset-liability ratio of the company was 86.73%, and its current liabilities were 12.412 billion yuan, more than 8.787 billion yuan of current assets, including short-term loans, notes payable, long-term payables due within one year and long-term loans totaling 4.023 billion yuan. Auditors believe that Tianbang Food is weak in solvency and has greater operational and financial risks.

Guandian defense encountered the 2023 annual report "non-standard", which attracted the attention of the exchange. According to the inquiry letter, the financial statements of Guandian Defense were qualified by the annual audit accountant, including the accountant's inability to judge the nature and commercial reasonableness of the prepaid long-term asset purchase money. unable to obtain the corresponding audit evidence for the periodic certificates of deposit used for pledge guarantee, unable to judge the integrity of the disclosure of related matters of the company.

In this regard, the Shenzhen Stock Exchange requires the annual audit accountant to explain in detail the audit procedures adopted for matters with qualified opinions, the audit evidence obtained, including visits, correspondence parties, amount and proportion, the audit evidence that could not be obtained, and the reasons and reasonableness of the failure to adopt or unable to adopt alternative procedures. At the same time, it shows that the limited audit scope affects the subjects and amounts of the financial statements, and further analyzes the impact on the comparability of the data for the reporting period and the corresponding data.

In addition, the internal control audit report shows that there are major defects in the internal control of the financial report of Guandian Defense on December 31, 2023 in terms of capital approval, external guarantee, sales cycle and so on.

In the inquiry letter, the annual audit accountant is required to explain the specific impact of the major internal control defects in Guandian defense on the nature, timing and scope of the audit procedure, whether the risk of material misstatement shown in the internal control report matches the matters involved in the audit report reservation, and combine the audit procedures carried out in the audit process and the audit evidence obtained. Further explain the rationality of issuing reservations to the company's annual report in the case of negative opinions in the internal control report.

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