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Due to the loss of performance in 2023 and the decline of gross profit margin, on May 15, China Shipping urgently received a letter of inquiry about the annual report of the Shenzhen Stock Exchange.
According to the annual report, in 2023, the emergency net profit of China Shipping was negative, and the loss further expanded. The company realized operating income in 2023Baccaratblack0.3 billion yuan, down 64% from the same period last year; the net profit attributed to shareholders of listed companies was-217 million yuan, down 3997% from the same period last year; and the net cash flow from operating activities was-9.97 million yuan, down 316% from the same period last year. The gross profit margin of the company's emergency traffic engineering equipment and other products is 5.34% and-38.39% respectively.
Seven consecutive questions on the performance of Shenzhen Stock Exchange
For the decline in performance, China Shipping Emergency said: first, due to the international business environment and other factors, some international business contracts failed to complete the signing or effective conditions in 2023; second, the order was delayed, some important bidding projects failed to start on schedule due to various reasons. Third, due to the delay of orders, the company's annual operating income decreased compared with the same period last year, and the project in the engineering market accounted for a relatively large proportion of the operating income. Because the gross profit of the project in the engineering market was low and the fixed cost was basically the same as the same period last year, the company's current profit declined.
According to the annual report, China Shipping's emergency products cover four parts: emergency guarantee, emergency rescue, emergency early warning and emergency services, focusing on two main lines of emergency traffic engineering and flood control and rescue equipment.
In the inquiry letter, the Shenzhen Stock Exchange issued seven questions one after another, requiring the company to quantitatively analyze the specific impact of the causes of losses on the company's 2023 income and net profit in the light of the signing of project orders or the winning of contracts and project postponement in the past three years. and explain its rationality; quantitative analysis of the reasons and rationality of the sharp decline in net cash flow generated by operating activities. The company is required to combine the operating situation after the combination period to indicate whether the relevant matters leading to the decline in performance have an impact on the sustainable operating ability of the company. As the relevant situation has not been eliminated after the schedule, please state the measures that the company intends to take and has taken.
The performance has declined year after year.
The performance statement will "perfunctory" reply to arouse the dissatisfaction of shareholders.
On May 9, China Shipping Emergency held the 2023 online performance presentation meeting. Judging from the record sheet of investor relations activities disclosed by the company, at the performance presentation meeting, some shareholders said that the performance presentation should not become a perfunctory "perfunctory meeting".
According to the investor relations activity record sheet, investors asked the company: "effective measures are being taken (for the company's losses)." What do you mean? What exactly did you do? "
In the face of this question, the company responded with "measures to be taken by the company, please refer to the company's 2023 annual report, section III management discussion and analysis", "prospects for the future development of the company" and "specific contents of the 2024 business plan".
The above reply caused dissatisfaction among investors, who questioned China Shipping's emergency: "excuse me, chairman."BaccaratblackWhat can you see from the third section of the company's annual report? Please note that my question is: what exactly have you done? It's not a vision. "
At the same time, the investor said that the performance presentation should not become a perfunctory meeting. In the face of questions from investors, China Shipping Emergency response still maintained the previous "mechanical" response, and did not face investors' questions directly.
Once received a warning letter for accounting errors.
Before receiving the inquiry letter from the annual report, on April 30, the Shenzhen Stock Exchange issued an emergency supervision letter to China Shipping. According to the regulatory letter, the company's "emergency convertible bonds" in the early stage triggered the downward revision of the terms of the convertible stock price in the prospectus for the public issuance of convertible corporate bonds on the gem. The company did not disclose the suggestive announcement five trading days before the conditions for the amendment of the conversion price are expected to be triggered, nor did it convene a board of directors to review and decide whether to amend the conversion price on the day when the conditions for the amendment of the conversion price were triggered. The above actions violate the relevant provisions of the gem listing rules (revised in August 2023) and the guidelines on self-discipline of listed companies No. 15-Convertible Bonds.
Combing through the regulatory information of the exchange and the emergency announcement of the China Shipping Company, we can see that the company has received supervision and warning letters from the regulatory authorities many times.
Due to the large difference between the 2022 annual report and the performance forecast data, on July 31, 2023, the Shenzhen Stock Exchange issued an emergency supervision letter to China Shipbuilding Corporation; on September 5, 2023, the company received the decision of Hubei Securities Regulatory Bureau on taking warning letter measures against China Shipbuilding heavy Industry Group Emergency early warning and Rescue equipment Co., Ltd., Tang Yong, Wang Xiaofeng and Li Yingchang.
Due to inaccurate recognition of income from 2021 to 2022, inaccurate calculation of some creditor's rights and bad debts in 2022, failure of review procedures and information disclosure obligations of some related parties from 2018 to 2023, non-disclosure of accounting policies for individual accounting of accounts receivable, etc. The company received the decision of Hubei Securities Regulatory Bureau on issuing warning letters to China Shipbuilding heavy Industry Group Emergency early warning and Rescue equipment Co., Ltd., Tang Yong, Wang Xiaofeng and Li Yingchang on December 20, 2023. Shenzhen Stock Exchange issued a "Supervision letter on China Shipbuilding heavy Industry Group Emergency early warning and Rescue equipment Co., Ltd. And related parties" on December 29, 2023.
In the inquiry letter issued by the Shenzhen Stock Exchange on May 15, the company was also required to explain the specific reasons for the previous correction of accounting errors, the measures taken and the results, and whether the above matters reflected the need for improvement in the company's internal control, financial accounting, information disclosure and other aspects, as well as the current rectification situation and rectification results.
At the same time, the Shenzhen Stock Exchange requires companies to check whether the information disclosure of 2023 periodic reports is accurate in comparison with the provisions of the Accounting Standards for Enterprises and the content and format Standards for Information Disclosure of companies that publicly issue Securities No. 2-the content and format of Annual reports.