Letter of concern about Jiangxi Firstar Panel Technology Co.Ltd(300256)
Gem concern letter [2022] No. 89 Jiangxi Firstar Panel Technology Co.Ltd(300256) board of directors:
On January 28, 2022, your company disclosed the performance forecast for 2021 (hereinafter referred to as the performance forecast). It is estimated that the net profit loss attributable to the shareholders of the listed company in 2021 will be RMB 1142 million to RMB 1542 million, and the net profit loss after deducting non recurring profits and losses will be RMB 730000 to RMB 770000, The owner’s equity attributable to the shareholders of the listed company ranges from 216.9 million yuan to 325.1 million yuan. Our department is concerned about this and asks your company to explain the following matters: 1. The performance forecast shows that due to the adjustment of the company’s marketing strategy and the reform of production structure, the company stopped receiving orders with low gross profit margin. In addition, due to the impact of restructuring, the market orders did not meet the expectations, resulting in the reduction of the company’s operating revenue. Please explain whether your company’s external business environment is facing the risk of continuous deterioration and whether the decline of main business revenue is sustainable in combination with the development trend of the industry in which your main business is located and the change trend of market demand.
2. The performance forecast shows that due to the reorganization and liquidation of subsidiaries, the consolidated statements are eliminated, and the consolidated statements are transferred back to the previous year and current period. The investment income generated by the excess loss of the reporting company is expected to increase the non recurring profit and loss by about 6.2 billion yuan; At the same time, due to the reorganization and liquidation of subsidiaries, the provision for impairment of long-term equity investment and credit impairment loss are accrued, which is expected to reduce the profit of about 6 billion yuan in the reporting period. Please your company:
(1) Explain in detail the impact of the above matters on the accounts of the financial statements, the calculation process of relevant amounts and the basis of accounting treatment.
(2) Disclose the names of subsidiaries involved in reorganization and liquidation, and explain whether the accounting treatment of listing relevant subsidiaries at the end of the reporting period complies with the relevant provisions of the accounting standards for business enterprises in combination with the specific situation and progress stage of reorganization and liquidation of relevant subsidiaries.
3. The performance forecast shows that due to the reorganization and liquidation of some subsidiaries, the scope of the consolidated statements has changed, and the equity donation and debt exemption of the company’s related parties are expected to increase the owner’s equity attributable to the shareholders of the listed company by about 4.1 billion yuan. Please your company: (1) explain in detail the impact of the above matters on your company’s net assets at the end of the reporting period and the calculation process of the affected amount.
(2) Explain whether the recognition time and accounting treatment of relevant matters comply with the relevant provisions of the accounting standards for business enterprises.
(3) Explain whether the amount of net assets disclosed in the performance forecast fully considers asset impairment, performance loss, etc., whether there is a reasonable basis for the predicted amount, and whether there is a risk that the net assets will be negative due to subsequent accounting adjustments.
4. Other matters that your company deems necessary to explain.
Your company is requested to make a written explanation on the above matters, submit relevant explanatory materials to our department and disclose them to the public before February 11, 2022, and send a copy to the listed company supervision division of Jiangxi securities regulatory bureau. At the same time, remind your company that listed companies must earnestly and timely fulfill the obligation of information disclosure in accordance with national laws and regulations and the Shenzhen Stock Exchange GEM Listing Rules. All members of the board of directors of a listed company must ensure that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions, and bear individual and joint liabilities for their guarantee.
This is to inform you.
Gem company management department
January 28, 2022
