With the tireless assistance of Zhongtian holding group, Bus Online Co.Ltd(002188) (002188. SZ) seems to be about to usher in the moment of taking off its hat.
On January 28, Bus Online Co.Ltd(002188) issued a series of announcements including the company’s 2021 annual report. In 2021, the company achieved an operating revenue of 274 million yuan, a year-on-year increase of 62.78%; The net profit attributable to the shareholders of the listed company was 149 million yuan, turning losses into profits year-on-year. The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 6.1744 million yuan, turning losses into profits year-on-year. The basic earnings per share is 0.511 yuan / share.
In this regard, Bus Online Co.Ltd(002188) said that the company has submitted an application to Shenzhen Stock Exchange to cancel delisting risk warning and other risk warnings. There is uncertainty whether the application can be approved by Shenzhen Stock Exchange.
According to the data, Bus Online Co.Ltd(002188) was originally mainly engaged in micro electro acoustic business, media and Internet related business. However, by the end of 2020, the above businesses have no hematopoietic capacity, the trading business of subsidiaries has stagnated due to limited operating results, and the sustainable operation ability of the company is relatively weak.
In May 2021, the company’s related party Zhongtian Meihao Group donated 100% equity of Zhongtian Meihao service legally held by it to the company free of charge. The main business of Zhongtian Meihao service is property management, and its industry is “K7020 property management” according to the industry classification standard of national economy. The 100% equity of Zhongtian Meihao service, the donated asset of the company, completed the industrial and commercial change registration procedures on June 4, 2021, became a wholly-owned subsidiary of the company and was included in the consolidated statements of listed companies.
According to the annual report, the property management revenue of the company reached 241 million yuan in 2021, accounting for 88.13% of the annual revenue. It has made great contributions to the realization of “shell protection” for the company.
It is worth noting that previously, due to the significant changes in the company’s asset status and profitability in the first three quarters compared with the whole year, the Shenzhen Stock Exchange once issued a concern letter asking the company to explain the reasons and rationality of the significant changes in financial indicators.
According to the report of the third quarter of 2021, the company’s operating revenue in the first three quarters was 159 million yuan, the net profit attributable to the parent was 7.4018 million yuan, the net profit attributable to the parent after deduction was -14.4938 million yuan, and the net asset attributable to the parent was -90.4354 million yuan.
In response, Bus Online Co.Ltd(002188) replied that the reason for the sharp rise in net profit was the harvest of 143 million yuan of compensation for the demolition of relevant plots in the fourth quarter.
Deduction of non net profit is due to the profit growth in three aspects of property management. First, property related expenses are included in the financial statements of the fourth quarter at one time. Second, the property management team completed the sales of parking space use rights for a total of 18 real estate projects in the fourth quarter. Third, the delivery area in the fourth quarter of 2021 increased by 18% compared with the third quarter. The increase of the area under management leads to the increase of property management services, and further promotes the growth of the scale of comprehensive supporting services and other related services.
The interface news reporter noted that from the perspective of business situation, although Bus Online Co.Ltd(002188) donated property assets seem to have no worries about delisting, its business operation depends heavily on its controlling party, Zhongtian holding group, and its future performance growth is in doubt.
According to the annual report, in terms of asset dependence, Zhongtian Holding Group Co., Ltd. and its controlled companies are Bus Online Co.Ltd(002188) the largest customer and the third largest supplier. Sales volume and purchase volume accounted for 36.79% and 12.40% respectively. In addition, Shanghai Tianji, the controlling shareholder of the company, also directly provided a loan of 39.9 million yuan to the listed company. On January 27, the shareholders’ meeting of the company just passed the renewal agreement of the loan.
According to the announcement of estimated related party transactions in 2022, Bus Online Co.Ltd(002188) wholly-owned subsidiary Zhongtian Meihao service plans to have daily related party transactions with related legal person Zhongtian holding group and its controlled companies in 2022, and the total amount is expected to be no more than RMB 130 million.
It is worth mentioning that at the beginning of January, Bus Online Co.Ltd(002188) announced that it plans to raise no more than 167 million yuan from the controlling shareholders for property management market expansion projects, informatization and intelligent upgrading projects, human resources construction projects and supplementary working capital.
After the annual profit of the performance forecast, Bus Online Co.Ltd(002188) share price has risen continuously since January 17, recorded five limit increases in six trading days, and then turned sharply downward. On January 28, the daily closed at 4.57 yuan / share, falling the limit for three consecutive days.
On January 29, Shenzhen Stock Exchange issued a supervision letter to Bus Online Co.Ltd(002188) . It was found that as of December 30, 2021, the daily related party transactions between the company and its related party Zhongtian holding group and its controlled companies in the current year amounted to about 101 million yuan, exceeding the expected amount by about 23 million yuan, accounting for 20.31% of the company’s latest audited net assets. The company failed to timely perform the review procedures for the daily connected transactions exceeding the expected amount, and the company did not perform the review procedures of the general meeting of shareholders until December 30.
