new culture(300336.SZ) Released on January 28announcement, the company received a letter of concern issued by the Shenzhen Stock Exchange.Just the night before, the company released the 2021 annualperformanceAccording to the forecast, it is expected to lose 400 million to 580 million yuan in the current period, and the balance of net assets at the end of the period is -320 million to -160 million yuan.
“Economic Information Daily” reporter noted that fornew cultureThe 2021 annual performance loss and the company’s stock may be issued a risk warning of delisting. The Shenzhen Stock Exchange’s ChiNext Company Management Department asked the company in the letter of concern to clarify whether there is a situation in which large amounts of goodwill impairment is adjusted to adjust profits, the main businessOperating incomeThere are eight major issues, including whether the decline is sustainable and the reasons for changes in the fair value of financial instruments.
or be issued a delisting risk warning
new cultureMainly engaged in outdoor LED large screen media operation, expansionOnline and offlineMedia operation, media resource development and advertising release business, as well as investment, production, distribution and derivative business of movies, TV dramas (web dramas), variety shows and other content. The company was listed on the Growth Enterprise Market in July 2012, and has been profitable for many years since then, but has experienced huge losses since 2019.
On the evening of January 27, New Culture released the 2021 annual performance forecast. It is expected that the operating income during the reporting period will be 125 to 165 million yuan, which is attributable to listed companies.shareholderofnet profitFor a loss of 400 to 580 million yuan, the owner’s equity attributable to shareholders of the listed company is -320 million to -160 million yuan.
The “Economic Information Daily” reporter noted that in 2020, the operating income of New Culture was 339 million yuan, the net profit attributable to shareholders of the listed company was a loss of 1.673 billion yuan, and the owner’s equity attributable to shareholders of the listed company was 330 million yuan.
If there is no significant difference between the data disclosed in the audited annual report in 2021 and the data related to this performance forecast, the new culture will suffer a huge loss for three consecutive years for the first time since its listing, and it will also appear for the first time that owners of shareholders of listed companies will appear. Equity is negative.
Regarding the reasons for the negative net profit, New Culture explained that first, the decrease in the company’s operating income was mainly due to the optimization of the advertising business with lower gross profit and the decrease in investment in film and television projects.During the reporting period, although the company has gradually optimized the media resources, the cost of the position is relatively fixed, and the optimization process will continue within a certain period of time.BankFixed expenses such as borrowings, financing interest from corporate bonds, personnel costs, and the judgment results of individual cases have had a greater impact on the profit of the current period. Second, based on the principle of prudence, the company makes provision for impairment of goodwill for the acquired companies whose operations are expected to fail to meet expectations. Third, the company estimated that the taxable income that may be obtained in the future period could not cover the deductible temporary differences, and adjusted the profit and loss of deferred income tax assets based on the principle of prudence.
The reason for the negative owner’s equity attributable to shareholders of listed companies, New Culture said, is mainly due to the negative net profit attributable to shareholders of listed companies during the reporting period and the changes in the reassessment of the fair value of financial instruments.
In the performance forecast, the new culture reminded that according to the “Shenzhen”securitiesAccording to the relevant provisions of the Exchange’s Growth Enterprise Market Listing Rules, if the company’s 2021 audited net assets at the end of the period are negative, after disclosing the 2021 annual report, the company’s stock trading will be issued a delisting risk warning.
Shenzhen Stock Exchange asks eight questions
The day after New Culture released its 2021 performance forecast, the GEM Management Department of the Shenzhen Stock Exchange issued a letter of concern to the company, requesting clarification on eight issues.
One is the impairment of goodwill. The letter of concern pointed out that New Culture intends to make provision for impairment of goodwill for acquired companies whose operations are expected to fall short of expectations. As of the end of the third quarter of 2021, the balance of goodwill generated by the company’s acquisition of Tulip Advertising Media (Shanghai) Co., Ltd. (hereinafter referred to as Tulip Advertising) was 322 million yuan. Shenzhen Stock Exchange requires New Culture to combine the important assumptions and key parameters (including the forecast period growth rate, stable period growth rate, profit rate, discount rate, forecast period, etc.), detail the differences and rationality of the important parameters used in the 2020 annual report and this goodwill impairment test evaluation, the specific time point when the goodwill of tulip advertising shows further signs of impairment, and the details of the Whether the impairment provision accrued for reputation is sufficient, the specific process and rationality of the goodwill impairment measurement in 2021, and whether there is a situation in which profits are adjusted by accruing large amounts of goodwill impairment.
The second is the main business.The Shenzhen Stock Exchange requires the company to explain whether the external operating environment is facing the risk of continued deterioration, the business development and the realization of operating income in the fourth quarter of 2021, and the decline in operating income from the main business based on the development trend of the industry in which the main business is located and the changing trend of market demand. Whether it is sustainable; combined with the development mode of outdoor LED large screen business, main customers, revenue recognition policy, previous business development and similar business situation of comparable companies, etc.interest rateThe reason and rationality of the lower value, and whether the relevant business has commercial substance; considering the composition and deductions of the expected operating income in 2021, explain whether it is possible to touch Article 10.3.1 of the Rules Governing the Listing of Stocks on the ChiNext (Revised in December 2020) A situation in which a delisting risk warning is implemented.
The third is profit and loss adjustment. In view of the fact that New Culture estimates the taxable income that may be obtained in the future period, it is difficult to cover deductible temporary differences, and adjusted the profit and loss of deferred income tax assets. Shenzhen Stock Exchange requires the company to explain the reasons for the relevant deductible temporary differences. , the time of entry, the scope and rationality of the amount involved in the profit and loss adjustment, whether the estimation of the possible taxable income in previous years was prudent, and whether the confirmation of the relevant profit and loss adjustment was timely.
Fourth, changes in fair value. In response to New Culture’s reassessment of the fair value of some financial instruments, the Shenzhen Stock Exchange required the company to explain the specific names of the targets involved in the changes in the fair value of financial instruments, the reasons for the changes and their rationality, as well as the estimated amount of impact on net assets.
The fifth is the matter involved. In 2021, New Culture disclosed a number of litigation-related matters, and the Shenzhen Stock Exchange required the company to explain the progress of the relevant cases, the provision of estimated liabilities and the adequacy of the provision.
Sixth, provision for impairment of inventories. At the end of the third quarter of 2021, the inventory balance of New Culture was 123 million yuan, mainly for film and television dramas that were filmed and completed. The Shenzhen Stock Exchange requires the company to explain the provision for impairment of relevant inventories and the adequacy of the provision based on the type of inventory, age of inventory, project progress, etc.
Seven is the audit opinion. New Culture’s 2020 annual financial report was issued by an accountant with an audit opinion that there is significant uncertainty in going concern. The Shenzhen Stock Exchange requires New Culture to explain whether it may affect the implementation of other regulations stipulated in Article 9.4 of the “GEM Listed Companies (Revised in December 2020)” based on the operation of the company and its main subsidiaries, the losses in previous years and the expected losses in 2021. Risk warning situation.
Eighth, tulip advertising related issues. On September 17, 2021, New Culture disclosed the “Announcement on Litigation Matters”, which showed that the Shanghai Intermediate People’s Court ruled in the first instance that Wang Min, the original actual controller of Tulip Advertising, inflated income and accounts receivable before New Culture acquired Tulip Advertising, Inflated transaction prices, continue to fictitious advertising business during the performance commitment period, inflated income and profits. In response to the fact that New Culture has not corrected the financial data of previous years, the Shenzhen Stock Exchange requires the company to explain the progress of the relevant litigation, the impact of the judicial decision on the financial data of the listed company, and the company’s impact on the previous year’s operating income, profit, Sort out the impact of net assets, and make timely corrections to the annual financial data involved.
In addition, the completion of performance commitments disclosed by New Culture in previous years shows that the completion rate of Tulip Advertising’s performance commitments from 2014 to 2017 was 92.44%. The Shenzhen Stock Exchange required the company to recalculate the completion of the performance commitment of Tulip Advertising and the performance compensation amount that the original shareholders should bear in light of the above-mentioned questions, and explain the recovery measures the company intends to take.
On January 28, New Culture closed at 2.86 yuan per share, an increase of 3.62%.
(Article source: Economic Reference Network)