Reply to the second round of examination and inquiry letter on Bonree Data Technology Co.Ltd(688229) application documents for issuing convertible corporate bonds to unspecified objects
Xhshz [2022] No. zb018
Reply to the inquiry letter on the second round of examination of Bonree Data Technology Co.Ltd(688229) application documents for issuing convertible bonds to unspecified objects
Xhshz [2022] No. zb018 Shanghai Stock Exchange:
According to the requirements of the second round of examination and inquiry letter on Bonree Data Technology Co.Ltd(688229) application documents for issuing convertible corporate bonds to unspecified objects (hereinafter referred to as "examination and inquiry") issued by your exchange on January 21, 2022, Lixin Certified Public Accountants (special general partnership) (hereinafter referred to as the "reporting accountant") has carefully checked the issues that need to be explained or commented by the reporting accountant in the audit and inquiry of your firm (the latest issue has not been audited). The verification situation and verification opinions on relevant issues are described as follows:
Bonree Data Technology Co.Ltd(688229) hereinafter referred to as " Bonree Data Technology Co.Ltd(688229) ", "company" or "issuer".
Any discrepancy between the total amount and the mantissa of the sum of the itemized values in the reply to the financial data in this feedback is caused by rounding.
1. About NPM product R & D, upgrading and industrialization project
According to the application materials and the first round of replies: (1) NPM products are a key link in the whole process of connecting front-end DEM products and back-end ADTD products, getting through the code and user access, and will provide customers with a monitoring perspective from the user's front-end to the background; (2) The main cost of NPM products includes labor cost, software cost and hardware cost. Among them, the software cost is mainly the outsourced data acquisition function module. During the project construction period, the company plans to gradually improve the technical capabilities such as product data acquisition and gradually reduce the cost of purchased software; Before and after excluding the software cost, the gross profit margin of NPM products is between 30% and 40% and 70% to 75% respectively. (3) From January to September 2021, NPM products have received 14 customers and formed 11 customers with orders in hand or intended orders. The company predicts that the number of customers of the project will maintain a high growth rate during the construction period, return to a reasonable level during the operation period, and the number of customers is expected to reach 177 in the last year of the operation period.
Please explain to the issuer: (1) after the upgrading of the company's NPM products, whether the business model is a separate service charge or a service charge combined with DEM / ADTD products; If the service charge is matched, how to distinguish the income of each product; (2) Reduce the specific impact of outsourcing software cost during the project construction period; (3) Whether the impact of the failure of self-study of the simulation calculation software module on the income calculation of the issuer's raised investment project will lead to the loss of the project, and supplement the risk prompt according to the situation; (4) During the construction period and operation period of the project, NPM product customers, performance prediction data and basis, and whether the above prediction is cautious and reasonable.
Please report to the accountant for verification (2) (3) (4) and express clear opinions.
reply:
1、 Issuer description
(I) after upgrading the NPM products of the company, whether the business model is separate service charge or service charge combined with DEM / ADTD products; If the service charge is matched, how to distinguish the income of each product
The company's NPM products can be sold alone or combined with other products. The business model of the products mainly depends on the actual needs of customers.
Under the business model of multiple product portfolio sales, the company will first list each product and its individual selling price in the contract, and agree with the customer on the total transaction price of all products in the contract. If the total transaction price is equal to the sum of the individual selling prices of each product, when each product meets the revenue recognition conditions agreed in the contract, The company recognizes the revenue according to the separate selling price of each product; If there is a discount in the total transaction price and the price after discount of each product is not listed, the company will apportion the total transaction price according to the relative proportion of the original separate selling price of each product, and recognize the revenue respectively after meeting the revenue recognition conditions. Therefore, whether it is sold separately or in combination, the revenue of each product of the company can be clearly distinguished.
The refinancing raised investment project continues to optimize and upgrade based on the existing NPM products. After the construction of the raised investment project, the business model of NPM products is expected to be consistent with the existing NPM products.
(II) reduce the specific impact of outsourcing software cost during the project construction period
At present, the cost of purchased software is not perfect, and the main function of purchased software is NPM. One of the main R & D objectives of the project is to optimize and improve the data acquisition capability of the product.
If the project is successfully developed, the company can use the self-developed NPM data acquisition module to replace the purchased function module, so as to reduce the cost of purchased software and improve the gross profit margin of the project. According to the calculation, if the company succeeds in R & D during the construction period of the project, the cost of purchased software will be reduced year by year, and finally 0. The gross profit margin of the project will increase year by year, which are 35.44%, 50.29% and 65.13% respectively. In addition, by using the self-developed data acquisition module successfully developed by the company and reducing or even no longer outsourcing software, the company can make the overall delivery cycle of its own NPM products more controllable, and the data uniformity of the integrated IT operation and maintenance solution is higher. If customers have customization needs, the flexibility of self-developed products is also higher.
During the construction period of the project, the premise of reducing the cost of purchased software is the success of R & D. if the R & D fails, resulting in the failure to reduce the cost of purchased software, it will have an impact on the expected income of the raised investment project. The difference between the expected income of the raised investment project and the expected income when the R & D failure fails to reduce the cost of purchased software is the impact of reducing the cost of purchased software. For detailed analysis on reducing the cost of purchased software, see
(III) whether the impact of the failure of the self-study of the simulation calculation software module on the income calculation of the issuer's raised investment project leads to the loss of the project, and supplement the risk prompt according to the situation ".
(III) whether the impact of the failure of self-study of the simulation calculation software module on the income calculation of the issuer's raised investment project will lead to the loss of the project, and supplement the risk prompt according to the situation
1. Details of purchased software of the project
The R & D goal of this raised investment project is to comprehensively improve the data acquisition ability, it environment adaptability and functional comprehensiveness of NPM products on the basis of existing NPM products. Among the above three technical indicators, the data acquisition capability and the adaptability of the data acquisition software module in various IT system environments are mainly related to the purchased software.
The main function of NPM products is to collect a series of data in network traffic, standardize it, and further analyze it, so as to help diagnose and locate complex faults of network performance. NPM product operation includes three core links: data acquisition, data processing and data analysis.
Bonree reesii, a self-developed NPM product launched by the company in 2019, has technical capabilities in the above three core links and strong technical advantages in data processing and analysis. However, due to the short time the company has been involved in the NPM field, the NPM data acquisition capability needs to be improved. However, due to the differences in customer IT system environment and business scale, the demand for NPM product data collection capability is also different. Therefore, even if the data acquisition capacity of the company's self-developed NPM products is limited, it can meet the needs of some customers.
Since the company first launched NPM products, the market has responded well. In order to meet the needs of NPM monitoring with more complex IT system environment and larger data scale, and expand the scale of customers, the company has purchased NPM data acquisition modules since 2020. In 2020 and January September 2021, the company's NPM product revenue increased by 36.46% and 38.14% respectively over the same period of last year, The growth rate is relatively large. Considering the high collaborative value between NPM products and its core APM products, the large market space of NPM and the increasingly strong demand for integrated IT operation and maintenance in the market, the company decided to invest in the construction of the project and improve the data of self-developed products through optimization
Collection technology and other functions can cover more types of customer needs, improve the revenue scale of NPM products, and strengthen the ability of integrated IT operation and maintenance solutions.
2. R & D objectives during the construction period of the project
NPM technical indicators include three dimensions: collection ability, adaptability and product function. Based on the existing technology, the company has clearly planned the R & D objectives of each year during the project construction period, and selected representative indicators to disclose as follows:
Self developed product technology R & D objectives of this raised investment project
Project situation
First year of construction period second year of construction period third year of construction period
Capture performance 4gbps 10Gbps 20gbps 40Gbps
L2 to L4 can be achieved, L2 to L4 can be achieved, and the acquisition of L2 to L4 network indicators can be achieved. The protocol analysis of L4 network indicators can achieve the acquisition and statistics of L2 to network indicators; HTTP acquisition and statistics; And statistics of L4 network indicators; Technical acquisition and statistics of more than 50 protocols of HTTP and database protocols and real-time analysis of database protocols; L7 real-time analysis; Real time analysis of indicators real-time analysis of service load layer real-time analysis of service load layer
Traditional IDC physical adaptation environment traditional IDC physical traditional IDC physical ring traditional IDC physical ring environment, cloud native environment, cloud native environment, cloud native environment, virtualization environment, etc
IDC environment is IDC environment and cloud. IDC environment and cloud mixed it environment are self-developed product owners, network data business owners, network business owners Network data is applicable to the monitoring needs of high-end NPM monitoring of medium NPM monitoring with small data traffic scale compared with basic NPM monitoring with large traffic scale
According to the above R & D objectives, during the construction period, the company can improve the data acquisition capacity of self-developed NPM products to a higher level every year. Self-developed products can gradually cover the needs of customers with more complex IT environment and larger network data flow scale. The needs of customers who need to be met by outsourcing data acquisition software are reduced year by year, so the cost of outsourcing software is reduced year by year, Finally, after the successful completion of research and development of the project, it will be reduced to 0.
3. Quantitative impact of self-study failure in each stage
As mentioned above, there are specific R & D objectives every year during the construction period of the project, and the realization of R & D objectives in the second year is based on the success of R & D in the first year. Therefore, if the project R & D fails in the first year, the company will not carry out subsequent large-scale construction investment for the overall economic benefit. In this case, the quantitative impact of self-study failure in each stage during the project calculation period is shown in the following table:
Unit: 10000 yuan
Project internal rate of return (IRR) average annual net profit
R & D failure in the first year -7.83% - 386.87%
Success in the first year and failure in the second year - 1.84% - 109.60%
Success in the first and second years and failure in the third year: 4.20% 285.03
Successful project R & D 10.08% 743.00
If the research and development of the project fails in the first year, the internal rate of return of the project is - 7.83%, the average annual net profit is -3868700 yuan, and the project has a loss in the 8-year calculation period.
If the project succeeds in research and development in the first year but fails in the second year, the internal rate of return of the project is - 1.84% and the average annual net profit is -1096000 yuan; Although the project has a loss in the 8-year calculation period, the accumulated loss is low, which has no significant impact on the company's operation. According to the calculation results, the project will continue to operate after the ninth year of operation
