Securities code: 603616 securities abbreviation: Beijing Hanjian Heshan Pipeline Co.Ltd(603616) Announcement No.: 2022-015 Beijing Hanjian Heshan Pipeline Co.Ltd(603616)
Stock trading risk warning announcement
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
Important content tips:
The price earnings ratio of the company is high and the stock price fluctuates greatly. The company’s shares rose again on February 22, 2022. As of the closing, the latest static P / E ratio of the company was 157.24 times, significantly higher than the average level of Listed Companies in the same industry.
Risk of judicial freezing of controlling shareholders’ shares. 41863031 shares of the company held by Beijing Hanjian Group Co., Ltd., the controlling shareholder of the company, were frozen by the judiciary due to arbitration preservation, accounting for 31.31% of the shares of the company and 10.98% of the total share capital of the company. The freezing period is from January 13, 2022 to January 12, 2025.
The pledge proportion of the company’s controlling shareholders is relatively high. As of the date of this announcement, Beijing Hanjian Group Co., Ltd., the controlling shareholder of the company, holds 133697200 shares, accounting for 35.06% of the total share capital of the company. The cumulative number of Pledged Shares is 78881348, accounting for 59% of the total shares of the company and 20.68% of the total share capital of the company.
The gross profit margin of the company’s main business is lower than the average level of the same industry. The company’s main business is the production and manufacture of prestressed steel cylinder concrete pipe (PCCP). The PCCP business income accounts for 49.37% of the total operating income and the gross profit margin is 16.13%. The gross profit margin of PCCP business is generally lower than the average level of the company in the same industry.
Goodwill impairment risk. At present, the original book value of the company’s goodwill is 396.0417 million yuan. If the future operating performance of the subsidiary fails to meet the expected indicators, there is a risk of withdrawing the provision for goodwill impairment.
The balance of the company’s creditor’s rights is large. At the end of the third quarter of 2021, the total amount of accounts receivable and contract assets of the company was 800.6678 million yuan, accounting for 32.56% of the total assets of the current period. There is a certain recovery risk.
The risk of reduction of restricted shares in circulation and listing. The company’s non-public offering of restricted shares has been lifted and listed for circulation on February 9, 2022. The number of the above-mentioned shares is 88008000 shares, accounting for 23.08% of the company’s total share capital. If the above-mentioned relevant shareholders reduce their shares in the secondary market, it may have a certain impact on the market. Please pay attention to it and pay attention to investment risks.
The company, its controlling shareholders and actual controllers have no material information that should be disclosed but not disclosed, including but not limited to major asset restructuring, issuance of shares, acquisition of listed companies, debt restructuring, business restructuring, asset stripping and asset injection.
Beijing Hanjian Heshan Pipeline Co.Ltd(603616) (hereinafter referred to as “the company”) shares had a cumulative deviation of more than 20% from the closing price on February 17, February 18 and February 21, 2022. The company disclosed the announcement on abnormal fluctuations in stock trading (Announcement No.: 2022-013) on February 22, 2022, and the company’s shares rose again on February 22, 2022. In view of the large fluctuation of the company’s stock price in the short term, the relevant matters and risks are described as follows:
1、 The price earnings ratio of the company is high and the stock price fluctuates greatly
The deviation of the closing price increase of the company’s shares has reached more than 20% in three consecutive trading days on February 17, February 18 and February 21, 2022. According to the relevant provisions of the trading rules of Shanghai Stock Exchange, it belongs to the abnormal fluctuation of stock trading. The company’s shares rose again on February 22, 2022. The turnover rates on February 17, 18, 21 and 22, 2022 were 17.48%, 15.75%, 27.83% and 30.33% respectively. The turnover rate and trading volume were significantly higher than the previous level, and the company’s share price fluctuated greatly in the short term. According to the industry P / E ratio data of China Securities Index Co., Ltd., on February 22, 2022, the latest static P / E ratio of C30 non-metallic mineral products industry of the company’s CSRC industry was 17.17 times, and the latest static P / E ratio of the company was 157.24 times, which was significantly higher than the average level of Listed Companies in the same industry. The company respectfully invites investors to pay attention to the transaction risks in the secondary market, make rational decisions and invest prudently.
2、 The shares of the controlling shareholder of the company are frozen
As of the date of this announcement, 41863031 non tradable shares of the company held by Hanjian group, the controlling shareholder of the company, have been applied for judicial freezing by Xiamen Gangyi Group Co., Ltd. and Xiamen junchuang Investment Co., Ltd., accounting for 31.31% of the shares of the company and 10.98% of the total share capital of the company. The freezing period is from January 13, 2022 to January 12, 2025. Please pay attention to investment risks.
3、 The pledge proportion of the company’s controlling shareholders is relatively high
As of the date of this announcement, Beijing Hanjian Group Co., Ltd., the controlling shareholder of the company, holds 133697200 shares, accounting for 35.06% of the total share capital of the company. The cumulative number of Pledged Shares is 78881348, accounting for 59% of the total shares of the company and 20.68% of the total share capital of the company.
4、 The gross profit margin of the company’s main business is 16.13%, which is lower than the average level of the company in the same industry
The company belongs to the non-metallic mineral products industry of China Securities Regulatory Commission. Its main business is the production and manufacture of prestressed steel cylinder concrete pipe (PCCP), which is mainly used for large and medium-sized water diversion, water transfer and other water conservancy projects. Large and medium-sized water diversion projects mainly depend on the national policy guidance and investment arrangement. There are uncertainties in the landing and implementation of national key water conservancy construction projects. The PCCP sales contract of the company is mainly obtained through bidding. The market competition in the industry is fierce, and there is a risk of bidding and failure to win the bid. According to the latest audited annual report of the company, in 2020, the company’s PCCP business revenue accounted for 49.37% of the total operating revenue, and the gross profit margin was 16.13%. The gross profit margin of PCCP business was generally lower than the average level of the company in the same industry. The net profit margin of the company is 2.91%. Please pay attention to business risks.
5、 Goodwill impairment risk
The original book value of the goodwill formed by the company’s acquisition of Hebei Hezhong building materials Co., Ltd. and Qinhuangdao Qingqing environmental protection equipment Co., Ltd. is 396041700 yuan. If its future operating performance does not meet the expected indicators or faces major changes in policies, markets and technologies, there may be a risk of reputation impairment, which will have a negative impact on the company’s current net profit. Please pay attention to the risk of goodwill impairment.
6、 The balance of creditor’s rights is large and there is a risk that it can not be recovered
Due to the long construction period of water conservancy and municipal projects, which are usually implemented across years, the company delivers goods in batches and recovers the payment in installments according to the requirements of contract orders, and there are often large amounts of accounts receivable at the end of the period. By the end of the third quarter of 2021, the total amount of accounts receivable and contract assets was 800.6678 million yuan, accounting for 32.56% of the total assets of the current period. The ending balance of the company’s creditor’s rights is large, which increases the company’s liquidity risk and may have a certain impact on the capital turnover of the company’s business. With the continuous expansion of the company’s business scale, the ending balance of the company’s creditor’s rights is also increasing, and there is a certain recovery risk.
7、 Risk of reduction of non-public restricted shares in circulation and listing
The company’s non-public offering of restricted shares has been lifted and listed on February 9, 2022. The number of the above-mentioned shares is 88008000, accounting for 23.08% of the company’s total share capital. If the above-mentioned relevant shareholders reduce their shares in the secondary market, it may have a certain impact on the market. Please pay attention to the investors and pay attention to the investment risks.
8、 The company and its controlling shareholders have no material information that should be disclosed but not disclosed
As of the disclosure date of this announcement, the internal and external business environment of the company has not changed significantly, the company has no matters that should be disclosed but not disclosed according to relevant regulations or planning, negotiation, intention and agreement related to such matters, and there are no major matters affecting the abnormal fluctuation of the company’s stock trading price, The controlling shareholders and actual controllers have no material information that should be disclosed but not disclosed, including but not limited to major asset restructuring, share issuance, acquisition of listed companies, debt restructuring, business restructuring, asset stripping and asset injection.
The company specially reminds investors to make rational decisions, invest prudently and pay attention to investment risks. The designated information disclosure media of the company are Shanghai Securities News, securities times and the website of Shanghai Stock Exchange (www.sse. Com. CN), Relevant information shall be subject to the relevant announcements disclosed in the above designated media. Please pay attention to investment risks.
It is hereby announced.
Beijing Hanjian Heshan Pipeline Co.Ltd(603616) board of directors February 22, 2022
