On the evening of March 30, Beijing Unistrong Science & Technology Co.Ltd(002383) ( Beijing Unistrong Science & Technology Co.Ltd(002383) , SZ) issued a revised announcement on the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will be 85-95 million yuan in 2021, and the non net profit loss deducted will be 676686 million yuan.
Just two days ago (on the evening of March 28), Beijing Unistrong Science & Technology Co.Ltd(002383) released the performance forecast for the first time. At that time, the listed company also expected to turn losses into profits in 2021. What did Beijing Unistrong Science & Technology Co.Ltd(002383) experience from pre profit to pre loss?
from pre profit to pre loss
In the previously released performance forecast, Beijing Unistrong Science & Technology Co.Ltd(002383) it is estimated that the net profit attributable to the parent company will be 25-37.5 million yuan in 2021, deducting the loss of non net profit of 646659 million yuan.
At that time, Beijing Unistrong Science & Technology Co.Ltd(002383) said that the reason for the performance change was the communication integration business engaged by the joint-stock company Beidou Navigation Technology Co., Ltd. (hereinafter referred to as Beidou navigation). During the reporting period, there were concentrated violations of overdue payment by customers and overdue supply by suppliers, and there were risks that the relevant accounts receivable and prepayments could not be recovered and the inventory could not be fully realized.
In view of the above operational risks, Beijing Unistrong Science & Technology Co.Ltd(002383) combined with the actual situation of communication and communication integration business and the progress of relevant litigation, based on the principle of prudence, the provision for asset impairment of long-term equity investment is 80 million yuan, and the investment loss is about 300 million yuan according to the asset loss in Beidou navigation’s own statement, affecting the net profit of – 380 million yuan in total.
In addition, the equity transfer of Zhengzhou HANGGANG xingpai Technology Co., Ltd., a wholly-owned subsidiary of Beijing Unistrong Science & Technology Co.Ltd(002383) achieved an investment income of 615 million yuan, which belongs to non recurring profit and loss.
However, on the evening of March 30, Beijing Unistrong Science & Technology Co.Ltd(002383) revised the above performance forecast Beijing Unistrong Science & Technology Co.Ltd(002383) said that the reason for the performance correction was that with the advancement of the audit work, combined with the actual situation of the business and the expectation of future performance, after the preliminary calculation of the asset appraiser, the company made up the provision for asset impairment for goodwill, long-term equity investment, intangible assets and inventory, which was higher than that in the previous notice.
At the same time, for the projects of Beijing Unistrong Science & Technology Co.Ltd(002383) some subsidiaries, the customers failed to issue the acceptance report on time due to the impact of the epidemic, resulting in the delayed recognition of income, which is lower than the recognition of income in the previous notice.
is “communication integration” or “private network communication”
According to the description of Beijing Unistrong Science & Technology Co.Ltd(002383) 2021 semi annual report, due to the integrated communication and guidance business, the company signed the order and sales contract with Nanjing yuanbozhong Technology Co., Ltd. (hereinafter referred to as Nanjing Yuanbo) and Beidou navigation. According to qixinbao information, Nanjing Yuanbo is a wholly-owned subsidiary of Beidou navigation.
As of December 31, 2020, the book value of prepayments and accounts receivable of the communication integration business of listed companies was 1.233 billion yuan and 760 million yuan respectively. As of the disclosure date of the semi annual report, all batches of contracts related to the prepayment and accounts receivable have been overdue.
On March 31, 2021, the listed company signed an agreement with Nanjing Yuanbo and Beidou navigation to transfer the balance of prepayments and accounts receivable of the above communication integration business of 1.233 billion yuan and 801 million yuan, totaling 2.034 billion yuan, to Zhengzhou HANGGANG Youhe Technology Co., Ltd. (hereinafter referred to as Youhe Technology), a wholly-owned subsidiary of the listed company.
The board of directors of the listed company passed a resolution on April 27, 2021 to transfer 100.00% of the equity of Youhe technology to Henan Puzhi Technology Center (limited partnership) (hereinafter referred to as Puzhi Technology), and the equity transfer amount is 2700 yuan. On the same day, the listed company signed an equity transfer agreement with Puzhi technology. Prepayments and accounts receivable related to communication integration business will be transferred out of the listed company with the disposal of Youhe technology’s equity.
According to the announcement on the disclosure of equity transfer, Puzhi technology was established on December 8, 2020, has not yet carried out actual business, and there is no specific financial data. On May 21, 2021, the listed company received the equity transfer payment of 2700 yuan from Puzhi technology, and completed the industrial and commercial change registration procedures for the equity transfer of Youhe technology on June 3, 2021.
What exactly is the communication integration business? Maybe we can see something from the annual report of haigao communication. Statistics show that the actual controllers of haigao communication are Sui Tianli and Liu Qing, and Sui Tianli is the key figure involved in the “private network communication” business explosion of dozens of A-share listed companies.
According to the 2018 annual report of haigao communication, Beidou navigation is its largest customer, with an annual sales amount of 587295 million yuan, accounting for 35.89% of the annual sales. The accounts receivable balances of Beidou navigation and Nanjing Yuanbo are 7.785 million yuan and 365355 million yuan respectively. Haigao communication has withdrawn 30% of the bad debt reserves for the above accounts receivable respectively because they exceed the contract payment period.
According to the semi annual report of haigao communication in 2021, the book balance of accounts receivable of Beidou navigation and Nanjing Yuanbo is 8.8619 million yuan and 376155 million yuan. Haigao communication has fully accrued bad debt reserves for the reason that it is expected to be difficult to collect.
