The annual report is difficult to give birth,performancebig “face change”,Yan’an Bikang(002411.SZ) In 2020, it was deeply involved in financial fraud and was punished by the regulatory authorities. However, with the “epic” market of lithium hexafluorophosphate in 2021,Yan’an BikangIn the past, the “play” of “turning over” in performance was staged, but in the end, it was still in the situation of being regulated and filed.
On the evening of May 12th,Yan’an Bikangannouncementsay,Due to the company’s suspected information disclosure violationsaccording to the People’s Republic of ChinasecuritiesLaw, the Administrative Punishment Law of the People’s Republic of China and other laws and regulations,The CSRC decided to file a case against the company.
Earlier on May 9, Yan’an Bikang announced that the company received the “Decision on Administrative Supervision Measures” issued by the China Securities Regulatory Commission: Shaanxi Securities Regulatory Bureau issued a statement to Yan’an Bikang Chairman and Secretary Han Wenxiong, General Manager Shao Xinjun, and Chief Financial Officer Fang Fang. Xi issued two warning letters, respectively for the inaccuracy of the company’s previous performance forecast disclosed at the end of April, and the serious delay in the performance revision; the audit annual report was not disclosed within the statutory period.
This is the second “Decision on Administrative Supervision Measures” from the China Securities Regulatory Commission this year.Since the beginning of this year, Yan’an Bikang and related parties have also received 2 letters of concern, 1 supervision letter and 1 exchange public condemnation.During this period, the company also announced that due to the controllingshareholderNon-operating occupation of company funds by its related parties and illegal provision by subsidiariespledgeFor matters such as guarantees, listed companies may “wear hats”.
Now that the regulatory authorities have filed a case for investigation, it is still uncertain whether Yan’an Bikang can disclose the unqualified audit annual report in a timely manner.
In the previous half a year, Yanan Bikang had become a lithium battery upstart due to the lithium hexafluorophosphate market, which attracted investment institutions to chase, and the stock price reached a high of nearly 18 yuan per share in September 2021.According to the announcement disclosed by the company on October 29, 2021, the company expects tonet profitIt was 950 million yuan to 1 billion yuan, a year-on-year increase of 188.72%-193.39%.
but,Yan’an Bikang’s announcement of revision of the performance forecast released at the end of April this year staged a big “face change” in performance.The announcement shows that the revised company will have a net loss of 878 million yuan in 2021, compared with a net loss of 996 million yuan in the same period last year.The performance gap before and after has reached more than 1.8 billion yuan.
The reasons for such a sharp downward revisionYanan Bikang said, lithiumBatteryThe prices of raw materials related to the industrial chain have risen significantly compared with previous years, especially the price of lithium hexafluorophosphate from the lowest price of 70,000 yuan/ton in August 2020 to the lowest price of 515,000 yuan/ton on October 27, 2021, an increase of 635.71 %. The above market factors have made the profit of Jiujiu Jiu, a subsidiary that produces lithium hexafluorophosphate, increase compared with the same period of the previous year, which has a greater contribution to the increase in the company’s revenue.
The market is good, but it cannot stop other factors from affecting the performance. Yan’an Bikang said that the company made provision for bad debts individually based on the estimated recoverable amount of accounts receivable. In terms of asset impairment test, the company makes provision for impairment of each asset group. have a greater impact on the company’s performance.
The reason for the revision, Yan’an Bikang said that due to the impact of the epidemic, the company’s confirmation and inquiries during the audit process could not be carried out normally. Based on the principle of prudence, the company made provision for bad debts based on the estimated recoverable amount of accounts receivable. In terms of asset impairment test, based on the principle of prudence, the company makes provision for impairment of each asset group. As a result, the net profit attributable to shareholders of the listed company and the net profit after deducting non-recurring gains and losses are different.
Why did Yanan Bikang choose to make a large provision for bad debts and asset impairment in the surging lithium battery market, and the amount was even as high as billions of yuan, causing the company to be “slapped in the face” due to the great change in performance before and after?
Since the last time Yan’an Bikang disclosed the performance forecast data, the company’s stock price has dropped from an average price of 15 yuan/share to the current 6 yuan/share.In the past seven months, the stock price has dropped by nearly 60% in stages. During this period, Yanan Bikang shareholders continued to reduce their holdings.
In November 2021, Yan’an Bikang issued an announcement on the early implementation of the shareholder’s share reduction plan. Beijing Sunshine Ronghui, a shareholder holding more than 5% of the company’s shares, has reduced its holdings of the company’s shares by 30.6456 million shares, accounting for 2% of the company’s total share capital. Over 300 million yuan. In September 2021, Zhou Xinji, a shareholder holding more than 5% of the company’s shares, plans to reduce its holdings by no more than 15,322,800 shares, that is, no more than 1% of the company’s total share capital. The announcement in March this year showed that as of the expiration of the holding reduction plan, its cumulative reduction in the company’s holdings 2,000 shares, cashing out 29,900 yuan. In April, Zhou Xinji once again disclosed a pre-reduction announcement, intending to reduce its holdings by no more than 15.3228 million shares, that is, no more than 1% of the company’s total share capital.
(Article source: Interface News)