Every reporter Peng Fei, every editor Yang Xia
Although the 2023 financial report has been issued for more than a month, and heldGoldcashfreespinsAt the shareholders' meeting, but Rongfeng Holdings (SZ000668, share price 7.Goldcashfreespins.59 yuan, with a market capitalization of 1.115 billion yuan.) the huge changes in revenue have not "escaped" the concern and inquiry of the exchange.
Yesterday (May 20) morning, the management department of listed companies on the Shenzhen Stock Exchange issued an inquiry letter on the annual report to Rongfeng Holdings. A reporter from the Daily Business News learned that the inquiry letter mainly revolves around the revenue performance of Rongfeng Holdings last year.
According to the financial report, the operating income of Rongfeng Holdings in the fourth quarter of 2023 accounted for 65.45% of the annual operating income. In this regard, in the inquiry letter, the Shenzhen Stock Exchange asked why the company's revenue was mainly concentrated in the fourth quarter and whether there were surprise transactions at the end of the year, false transactions or revenue recognition in advance, so as to avoid the company's stock being delisted risk warning and so on.
In the secondary market, as of yesterday's close, Rongfeng Holdings shares closed at 7.59 yuan, down 8.33% for the whole day.
Is there a false transaction?
According to the 2023 financial report of Rongfeng Holdings, during the reporting period, the company realized operating income of 117 million yuan, a decrease of 81.65% over the same period last year, of which operating income in the fourth quarter was 77 million yuan, accounting for 65.45% of the annual operating income, and the net profit loss of its parent was 50 million yuan, down 30.85% from the same period last year. The net profit loss after deducting non-profit was 61 million yuan, a decrease of 27.38% over the same period last year.
In the inquiry letter, the Shenzhen Stock Exchange requested Rongfeng Holdings to explain the reasons for the decline in operating income and net profit in the reporting period but reduced losses compared with the same period last year in the light of the industry environment and operating conditions of the main business, as well as the reasons and rationality for the substantial increase in net cash flow generated by operating activities compared with the same period last year.
A reporter from the Daily Economic News learned that in 2023, Rongfeng Holdings spun off the medical device business, and the company's main business was real estate development and management, but from the performance point of view, the business was very weak.
According to the financial report of Rongfeng Holdings in 2023, during the reporting period, the company has no new land reserves and new development projects, and currently only holds the Changchun International Financial Center project, which is located at the intersection of Renmin Street and Jiefang Road, Nanguan District, Changchun City. the planned land area is 32600 square meters, the total construction area is 291500 square meters, and the height of the main building is 226m, which is the tallest building in Jilin Province.
The singleness of the project also limits the revenue source of Rongfeng Holdings. In the inquiry letter, the Shenzhen Stock Exchange asked Rongfeng Holdings to explain the reason and rationality that the company's revenue was mainly concentrated in the fourth quarter, and whether there were year-end surprise transactions, false transactions or revenue recognition in advance, so as to avoid the situation in which the company's shares are delisted risk warning, and whether the relevant business income is confirmed to be in line with the provisions of enterprise accounting standards.
Do you evade the delisting warning?
At the same time, the annual report of Rongfeng Holdings also shows that the total amount of operating income deducted items during the reporting period is 507900 yuan, mainly for property fees, sporadic income and other business income.
Based on the above facts, the Shenzhen Stock Exchange requires Rongfeng Holdings to fully verify whether the business income deduction is sufficient, accurate and complete in accordance with the relevant provisions of the "Guide to self-discipline Supervision of listed companies No. 1-Business Management". Whether there is any other income that needs to be deducted, and whether there is a warning to avoid delisting risk.
In addition, a reporter from the Daily Economic News learned that in its inquiry letter, the Shenzhen Stock Exchange asked the company's top five customers and suppliers in the reporting period the reasons and rationality of the relatively high proportion of customers and suppliers.
For example, the annual report shows that during the reporting period, Rongfeng Holdings' sales to the top five customers totaled 60 million yuan, accounting for 51.2 percent of the total annual sales, an increase of 23.55 percent over the same period last year; the procurement amount of the top five suppliers totaled 26 million yuan, accounting for 69.45 percent of the total annual purchases, an increase of 12.54 percent over the same period last year.
Shenzhen Stock Exchange asked Rongfeng Holdings to explain the reasons and rationality of the high proportion of the top five customers and suppliers in the reporting period. Whether there is a relationship between the top five customers, suppliers and the company, Dong Jiangao, controlling shareholders and actual controllers during the reporting period, it also explains whether the business scope, business qualifications, business and personnel size, financial status and performance ability of the top five customers and suppliers match the scale of the company's sales or procurement, and explain the post-period repayment of the relevant receivables to the top five customers.
For another example, the financial report shows that at the end of 2023, the book balance of inventory of Rongfeng Holdings was 941 million yuan, of which the book balance of completed development products was 862 million yuan and that of leased development products was 79 million yuan. In 2023, the company did not make provision for inventory depreciation and contract performance cost impairment.
In this regard, the Shenzhen Stock Exchange requires to explain the reasons and rationality of not converting leased and developed products into investment real estate accounting, and whether the relevant accounting treatment is in line with the relevant provisions of enterprise accounting standards; analyze the reasons for not providing for inventory price decline in 2023, whether the relevant accounting treatment is reasonable and prudent.