Securities code: 002893 securities abbreviation: Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) Beijing Huayuanyitong Thermal Technology Co.Ltd(002893)
Feasibility analysis report on the use of funds raised by non-public offering of shares in 2022
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) (hereinafter referred to as "the company") intends to apply for non-public offering of shares. The feasibility analysis of the use of the funds raised by the company's non-public offering is reported as follows: I. The use plan of the funds raised by the non-public offering
The total amount of funds raised from this non-public offering is expected to be no more than 428313600 yuan. The net amount of funds raised after deducting the issuance expenses will be used to supplement the working capital.
2、 Necessity and feasibility analysis of the use of the raised funds
(I) necessity of raising funds
1. Meet the demand for working capital for the continuous expansion of business scale and improve market competitiveness
In May 2020, Qianxi Fulong Thermal Power Co., Ltd. became a secondary holding subsidiary of the company through acquisition, and the company's main business scale and business coverage area continued to expand. In 2021, due to the urban construction and the transformation of shanty towns and old residential areas in Qianxi County, Hebei Province, the heating demand is increasing day by day. It is urgent to solve the problems of early construction of pipe network and approaching service life by upgrading pipe network and building new heat exchange stations, and improve the utilization efficiency of industrial waste heat of Jinxi steel plant around Qianxi County, In order to reduce the purchase of high-pressure steam, the company's high-priced heating raw material, so as to reduce the company's heating cost and improve the company's profitability. The expansion of business scale will lead to more monetary capital expenditure of the company.
In addition, the company continues to carry out the research and development of energy conservation and environmental protection, intelligent heating technology and the transformation of relevant devices and control systems, so as to improve the utilization efficiency of natural gas and reduce the operation cost of the company. Therefore, the company has increased its capital demand for the installation of flue gas condensation waste heat recovery device and the installation of heating intelligent control system in boiler room. The funds raised in this non-public offering can provide strong support for the company's future operation and development, meet the capital needs brought by the company's rapid development, and help the company further consolidate its market position, expand its business field and expand and strengthen its main business.
2. Reduce the asset liability ratio and optimize the capital structure
At the end of 2018, 2019, 2020 and September 2021, the company's consolidated statement caliber
The asset liability ratios of the company are 65.48%, 68.43%, 72.18% and 67.17% respectively. As of September 30, 2021, the relevant data of the company and comparable listed companies are shown in the table below:
Securities code securities abbreviation current ratio quick ratio asset liability ratio (%)
603071. Sh product environmental energy 0.91 0.44 79.92
605011.SH Hangzhou Cogeneration Group Co.Ltd(605011) 1.35 1.17 39.91
605162.SH Zhejiang Xinzhonggang Thermal Power Co.Ltd(605162) 2.95 2.72 17.16
605580.SH Hengsheng Energy Co.Ltd(605580) 4.35 4.18 12.77
000692.SZ Shenyang Huitian Thermal Power Co.Ltd(000692) 0.51 0.44 96.77
001210.SZ Beijing Kingfore Hv & Energy Conservation Technology Co.Ltd(001210) 4.93 4.85 21.78
600719.SH Dalian Thermal Power Co.Ltd(600719) 1.22 0.84 74.41
600483.SH Fujian Funeng Co.Ltd(600483) 1.06 1.01 52.41
600167.SH Luenmei Quantum Co.Ltd(600167) 2.68 2.49 30.09
Average 2.22 2.02 47.25
002893.SZ Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) 0.57 0.53 67.17
Compared with the consolidated statement data of comparable listed companies in the same industry in China on September 30, 2021, the asset liability ratio of the company is higher than the average level of the same industry, and the current ratio and quick ratio are lower than the average level of comparable listed companies in the same industry. The company urgently needs to reduce the asset liability ratio and financial cost through equity financing and supplement funds.
This non-public offering can reduce the company's asset liability ratio, optimize the capital structure, supplement the company's funds and alleviate the cash flow pressure caused by the company's business expansion. It will also help the company enhance its anti risk ability and sustainable financing ability, and help the sustained and rapid growth of the company's main business.
3. Ensure the stability of control rights of listed companies and enhance investor confidence
This non-public offering is subordinate to the overall plan of control change to be implemented by the company: on February 11, 2022, Jingneng group and Zhao Yibo signed the share transfer agreement and voting right entrustment agreement. Zhao Yibo plans to transfer Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) 14196000 shares (accounting for 7% of the current total share capital of Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) ) held by him to Jingneng group, At the same time, the voting rights corresponding to Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) 43069346 shares (accounting for 21.24% of the current total share capital of Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) ) are entrusted to Jingneng group for exercise. The entrustment period is not less than 18 months, but the expiration date of the entrustment period is not earlier than the completion date of this non-public offering. During the period of voting right entrustment, both parties form a relationship of concerted action. On the date when both parties unanimously agree that the voting right entrustment ends, the relationship of concerted action between both parties will automatically terminate. Jingneng group agrees to subscribe for Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) the number of shares in this non-public offering in cash shall not exceed 60840000 shares (including this number), and the actual number of shares in the non-public offering shall be subject to the number approved by the CSRC.
After the implementation of the non-public offering plan, Jingneng group will increase the proportion of directly holding shares of listed companies to 28.46% and the proportion of voting shares of listed companies to 44.80%, which will further enhance the control of listed companies, ensure the long-term stability and optimization of the company's ownership structure, and consolidate the foundation for the sustainable and stable development of the company.
As an important energy enterprise in Beijing, Beijing Energy Group has formed an industrial chain focusing on coal, electricity and heat business. The operating entity of the heat supply business segment is Beijing heat, a wholly-owned subsidiary, which is responsible for the production, transmission, distribution, operation and management of heat energy of 8 large-scale thermal power plants and 7 peak gas heating plants in Beijing. The smooth implementation of this non-public offering will help the company consolidate the foundation for the sustainable and healthy development of the company with the help of the resource advantages of state-owned capital, comply with the long-term strategic plan of Jingneng group, help the company enhance its core competitiveness, improve its profitability and enhance the expectations of secondary market investors for the company.
(II) feasibility of the raised funds
1. The use of the funds raised in this non-public offering complies with the provisions of laws and regulations
The use of the funds raised by the company's non-public offering complies with relevant policies, laws and regulations and is feasible. After the funds raised from this non-public offering are in place and supplemented with working capital, the company's net assets and working capital will increase, the proportion of interest bearing liabilities will decrease, the company's asset liability ratio will decrease, the capital structure will be improved, the financial risk will be reduced, and the pressure of cash flow will be appropriately relieved, which will help to enhance the company's capital strength and improve the profitability, Provide sufficient capital guarantee for the operation and development of the company.
2. The use of the funds raised in this non-public offering has the implementation subject of standardized governance and perfect internal control
According to the governance standards of listed companies, the company has established a modern enterprise system with the corporate governance structure as the core, and through continuous improvement and perfection, it has formed a more standardized and standard corporate governance system and more perfect internal control procedures.
In terms of the management of raised funds, the company also established the Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) raised funds management system in accordance with the regulatory requirements, and made clear provisions on the storage, use, purpose change, management and supervision of the raised funds. After the funds raised from this non-public offering are in place, the board of directors of the company will continue to supervise the company's storage and use of the raised funds, so as to ensure the standardized and reasonable use of the raised funds and prevent the use risk of the raised funds.
3. Controlling shareholders and actual controllers enhance the stability of control
After the agreement transfer and voting right entrustment are completed, the proportion of voting rights of listed companies owned by Jingneng group will reach 28.24% and will become the controlling shareholder of the company. Based on its confidence in the company's intrinsic value and future development prospects, Tokyo energy group, the holding stock, fully subscribes for the non-public offering to support the capital needs of the company's business development, which will help to further enhance the stability of control, lay a more solid foundation for the company's future development, and enhance the expectations of secondary market investors for the company, Safeguard the interests of listed companies and minority shareholders.
3、 The impact of this non-public offering on the company's operation, management and financial status
(I) impact of this non-public offering on the company's operation and management
All the funds raised in this non-public offering are intended to be used to supplement working capital after deducting the issuance expenses. After the raised funds are in place, the asset liability ratio decreases, the company's heating operation ability and market competitiveness are further enhanced, and the sustainable operation ability is further improved, which has good economic and social benefits. The use of the raised funds will help optimize the company's capital structure, improve the company's anti risk ability, ensure the steady development of the company's daily production and operation, and have important strategic significance for the company's future development.
(II) impact of this non-public offering on the company's financial position
After the completion of this non-public offering, the company's total assets and net assets increased accordingly, the overall asset liability ratio decreased and became more reasonable, and the company's ability to resist financial risks increased. This issuance will optimize the company's capital structure, enhance capital strength, improve solvency and reduce financial risks, so as to provide a strong guarantee for the further steady development of the company's business. The funds raised by this non-public offering will enhance the sustainable development ability of the company and meet the interests of the company and all shareholders.
4、 Conclusion of feasibility analysis on the use of funds raised in this non-public offering
The use of the raised funds complies with relevant national industrial policies and the company's strategic development plan, has good market prospects and economic benefits, and is in line with the interests of the company and all shareholders. At the same time, this non-public offering of shares can improve the company's profitability, optimize the company's capital structure, reduce financial risks, provide guarantee for subsequent business development, and further consolidate the stability of the company's controlling stake. To sum up, the use of the raised funds is feasible.
It is hereby announced.
Beijing Huayuanyitong Thermal Technology Co.Ltd(002893) board of directors
February 11, 2022
