Securities code: 002485 securities abbreviation: Cedar Development Co.Ltd(002485) Announcement No.: 2022-022 Cedar Development Co.Ltd(002485)
Announcement on the reply to the letter of concern of Shenzhen Stock Exchange
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.
Cedar Development Co.Ltd(002485) (hereinafter referred to as " Cedar Development Co.Ltd(002485) " or "the company") received the attention letter on Cedar Development Co.Ltd(002485) Co., Ltd. (company Department attention letter [2022] No. 146) (hereinafter referred to as "the attention letter") issued by the second Department of management of listed companies of Shenzhen Stock Exchange on February 16, 2022. According to the requirements of the letter of concern, the company has carefully analyzed and verified the relevant problems one by one, and now replies to the relevant questions as follows:
Recently, some media reported that some trust products of cedar Holdings Group Co., Ltd. (hereinafter referred to as "Cedar Holdings") were overdue, and the supply chain business related to its underlying assets was suspected of "idling" trade. In 2020, your company added new supply chain business. In the first half of 2021, your company's supply chain business revenue was 785 million yuan, accounting for 81.82% of the operating revenue.
Our department pays close attention to this and asks your company to verify and explain the following matters:
1. Please describe the specific situation of your company's supply chain business, including but not limited to the company's procurement and sales process, pricing policy, settlement mode, credit policy, physical object and capital flow of main goods and services, and explain the revenue recognition method of supply chain business from the perspective of "control" in combination with the new revenue standard.
reply:
The company's supply chain management business is mainly to provide customers with the purchase and sales services of steel, coal coke, oil products and other products, realize rapid resource matching for suppliers and customers, and improve the operation efficiency and value of the supply chain.
1. Company procurement and sales process
The company's main products include steel, coal and coke (hereinafter referred to as coal coke) and oil products. According to the market demand characteristics of their respective products, different procurement and sales modes are adopted, including:
The steel business adopts the business mode of centralized purchase and distribution, that is, sign an annual long-term agreement with the steel plant every year to lock the monthly purchase volume, and then distribute it to the downstream small and medium-sized traders or end customers. At present, the upstream cooperative steel mills include Zhongtian steel and Jiangsu Yonggang.
The business model of coal coke and oil products is mainly based on sales. After receiving the purchase demand of downstream customers, the company will make comprehensive pricing in combination with the market price of goods, supply and demand, resource channels provided by the company, procurement, logistics and storage, select the best to purchase from upstream suppliers, and transport the goods to the designated place downstream within the agreed time for delivery and settlement. The main cooperative upstream customers include Sinopec, CNOOC and other oil products, the main designated sales companies and coking plants, and the downstream customers include the steel plants under Hegang group and the power plants under Huadian Group.
2. Pricing policy
The company makes comprehensive pricing in combination with the market price, supply and demand of goods, resource channels, procurement, logistics and warehousing provided by the company. The steel shall be subject to the corresponding proportion of premium based on the open price recognized by the industry such as "my steel network"; For oil products and coal coke, the appropriate profit is added to the purchase price. The purchase price is generally determined by comparing three suppliers and selecting the best.
3. Settlement mode
Mainly cash (bank wire transfer), supplemented by bank acceptance bill and commercial acceptance bill.
4. Credit policy
The company adopts prudent credit policies for the upstream and downstream of supply chain management business, and formulates different credit policies for different trading partners. After comprehensive credit evaluation, the company will grant certain prepayment / credit lines to qualified central enterprises, state-owned enterprises and listed companies; In principle, exposure limits are not granted to small and medium-sized traders or customers with general qualifications, and the company provides services to partners within strict limits.
5. Goods circulation
The company purchases from upstream suppliers according to the procurement needs of downstream customers, and the upstream suppliers or through the third-party logistics company deliver the goods to the designated downstream place within the agreed time. The logistics link checks in real time through the online platform, maintains real-time communication with the driver, tracks the logistics dynamics, and collects transportation documents such as loading and unloading bill of lading and the signed receipt document of the customer after arrival as the cargo right certificate.
6. Capital circulation
The company purchases from the upstream according to the needs of downstream customers, and makes settlement and payment according to the time limit agreed in the contract. The downstream of coal coke business is mainly sold on credit, that is, the downstream customers will settle the accounts on a monthly basis after receiving the goods, and then pay the corresponding payment to the company according to the time limit agreed in the contract. The oil business mainly focuses on prepayment. After the contract is signed, the company pays and orders to the upstream, and the downstream customers pay a certain proportion of deposit to the company at the same time. Before taking delivery, the company pays the full amount to the company. The upstream of steel business is mainly prepayment, that is, the company pays and picks up the goods to the steel factory regularly according to the annual agreement signed with the steel factory, and the downstream customers pay first and then pick up the goods.
7. Time point recognition and revenue recognition conditions of commodity risk transfer
After the goods are transported to the place designated by the downstream customer, the control of the goods shall be transferred to the customer by signing the receipt according to the terms agreed in the contract, so as to complete the transfer of commodity risk. When the contract between the company and the customer meets the following conditions at the same time, the revenue is recognized when the customer obtains the control over relevant goods:
1) The parties to the contract have approved the contract and promised to perform their obligations;
2) The contract specifies the rights and obligations of the parties to the contract related to the transferred goods or the provision of services;
3) The contract has clear payment terms related to the transferred goods;
4) The contract has commercial essence, that is, the performance of the contract will change the risk, time distribution or amount of the company's future cash flow;
5) The consideration that the company is entitled to obtain due to the transfer of goods to customers is likely to be recovered.
Specifically, the company's business personnel look for and comprehensively match appropriate suppliers and customers of steel, coal coke and oil products in the market, sign purchase and sales contracts with upstream and downstream respectively, and agree on terms such as commodity name, specification, manufacturer, quantity, transportation mode, goods receipt conditions, settlement price determination method, etc, Undertake the obligations of purchasing goods from upstream and delivering goods to downstream respectively, and pay the purchase price and collect the payment for goods respectively according to the settlement terms of the contract.
After receiving the purchase order from the downstream customer, the company will transport the goods to the designated place through the upstream supplier or the third-party logistics, and the goods right will be transferred to the company after signing for confirmation. After the goods are received and confirmed by the responsible person designated by the downstream customer, both parties sign a receipt to confirm the transfer of goods rights, and the company recognizes the revenue and carries forward the cost accordingly.
As mentioned above, the company has signed procurement and sales contracts with upstream and downstream companies respectively to clarify the rights and obligations of both parties in the procurement and sales process, participate in and lead the procurement and sales process of supply chain business in the whole process, and improve the company's control over transaction prices and risks in the transaction process through comprehensive services of centralized procurement and resource integration. So,
The company has undertaken the primary obligation in the process of supply chain business, which does not only play an intermediary role between the supplier and the demander,
The company adopts the total amount method to recognize the revenue of supply chain business.
The company recognizes revenue in strict accordance with the above accounting policies, and the relevant accounting treatment is in line with the enterprise accounting standards
The provisions of the.
2. Please list the top five customers of your company's supply chain business in 2020 and 2021
Specific information of the supplier, including but not limited to name, establishment time, registered capital, main business and sales
The amount and proportion of sales or purchases, and self check the relationship between the above customers and suppliers and your company and your holding company
Whether shareholders and their related parties, directors and supervisors have related relationships, or other factors that may lead to interest preference
Department. In addition, please list the main storage warehouse information of bulk commodities involved in your company's supply chain business,
Including warehouse location, commodity category, quantity, etc.
reply:
1、 Details of the top five customers and suppliers of the company's supply chain business in 2020 and January June 2021
The information is as follows:
Top five customers of supply chain business in 2020
Serial number name time of establishment registered capital (10000 yuan) proportion of main business amount (yuan)
1 unit a November 18, 2003 79406.45 thermal power 195215258.3 12.80%
2 unit B may 6, 1992 316629.6642 special steel production and equipment manufacturing 75837788.76 4.97%
Housing construction; Housing construction engineering design services;
3. Unit C 40000.00 municipal public works construction on December 16, 1993; Mechanical and electrical equipment installation engineering discipline 48544341.74 3.18% contracting, etc
4 unit D December 18, 2012 3000.00 gasoline, diesel and other refined oil, base oil and lubricating oil trade 27356007.07 1.79%
Sales of chemical products (excluding licensed chemical products); gold
It belongs to ore sales; Sales of coal and products; Construction material pin
5. Unit e sold at 5000.00 on November 13, 2020; Manufacturing of petroleum products (excluding hazardous chemicals); Run2188851.77% and 1.43% lubricating oil sales; General cargo warehousing service (excluding dangerous goods)
Learning products and other items requiring approval)
Total 368834247.6 24.17%
Top five customers of supply chain business from January to June 2021
Serial number name time of establishment registered capital (10000 yuan) proportion of main business amount (yuan)
Steel e-commerce platform, mainly engaged in: steel and metal
1 unit a February 15, 2008 103840.8702 materials, metal products, iron ore products, pig iron, 222482310.79, 23.20% billet, coke, coil, etc
2 unit B July 3, 2013 / coal wholesale operation 199136869.25 20.76%
3 unit C may 6, 1992 316629.66 special steel production and equipment manufacturing 158369495.06 16.51%
4 unit D 1050.00 steel trading business on March 10, 2009 35800463.28 3.73%
5 unit e 1888.00 steel trading business on November 21, 2013 26612209.86 2.77%
Total 642401348.24 66.97%
Top five suppliers of supply chain business in 2020
Serial number name establishment time registered capital (10000 yuan) main business amount (yuan)
