Gem risk tips
After this stock issue, it is planned to be listed on the gem, which has high investment risk. GEM companies have the characteristics of large investment in innovation, uncertainty about the success of the integration of new and old industries, still in the growth stage, high operation risk, unstable performance and high delisting risk. Investors are facing greater market risks. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
Guoneng Rixin Technology Co., Ltd
State Power Rixin Technology Co., Ltd.
(No. 227, second floor, building 1, Xisanqi building materials City, Haidian District, Beijing)
Initial public offering and listing on GEM
Prospectus
Sponsor (lead underwriter)
(28th floor, No. 1198, Century Avenue, China (Shanghai) pilot Free Trade Zone)
Overview of this offering
Type of shares issued: RMB ordinary shares (A shares)
The number of shares issued is 17.73 million, accounting for 25.01% of the total share capital after issuance. All of them are new shares, and do not involve the public offering of shares by shareholders
The par value of each share is RMB 1.00
The issue price per share is 45.13 yuan / share
Issue date: April 15, 2022
Stock exchanges and sectors to be listed Shenzhen Stock Exchange gem
The total share capital after issuance is 7089263 shares
Sponsor (lead underwriter) Changjiang Securities Company Limited(000783) underwriting sponsor Co., Ltd
Signing date of prospectus: April 21, 2022
Statement
Any decision or opinion made by the CSRC and the exchange on this issuance does not indicate that they guarantee the authenticity, accuracy and completeness of the registration application documents and the information disclosed, nor do they indicate that they make substantive judgment or guarantee on the profitability, investment value of the issuer or the income of investors. Any statement to the contrary is a false statement.
According to the provisions of the securities law, the issuer shall be responsible for the changes in the operation and income of the issuer after the shares are issued according to law; Investors independently judge the investment value of the issuer, make investment decisions independently, and bear the investment risks caused by the changes in the operation and income of the issuer or the changes in the stock price after the shares are issued according to law. The issuer and all directors, supervisors and senior managers promise that there are no false records, misleading statements or major omissions in the prospectus and other information disclosure materials, and bear corresponding legal liabilities.
The controlling shareholder and actual controller of the issuer promise that there are no false records, misleading statements or major omissions in this prospectus, and bear corresponding legal liabilities.
The person in charge of the company, the person in charge of accounting and the person in charge of the accounting agency shall ensure that the financial and accounting materials in the prospectus are true and complete.
The issuer and all directors, supervisors, senior managers, controlling shareholders, actual controllers, sponsors and underwriting securities companies promise to compensate investors for losses in securities issuance and trading due to false records, misleading statements or major omissions in the issuer's prospectus and other information disclosure materials.
The sponsor and the securities service institution promise to compensate the investors for the losses caused to the investors due to the false records, misleading statements or major omissions in the documents prepared and issued for the issuer's public offering.
Tips on major issues
The company specially reminds investors to pay attention to the following major matters and carefully read the text of this prospectus. 1、 The company specially reminds investors to pay attention to the following risks in the "risk factors" (I) the risk of policy changes in downstream industries
In recent years, China Shanxi Guoxin Energy Corporation Limited(600617) power generation policy has undergone a series of changes, mainly reflected in the decline of new energy subsidies and the promotion of new energy parity.
In 2019, the national development and Reform Commission and the National Energy Administration successively issued documents such as the notice on actively promoting the work related to the on grid price of wind power and photovoltaic power generation without subsidies (FGGY [2019] No. 19), the notice on improving the on grid price mechanism of photovoltaic power generation (fgjg [2019] No. 761), and the notice on improving the on grid price policy of wind power (fgjg [2019] No. 882), Provide a number of policy support for non subsidized and affordable grid access projects, change the benchmark grid access price of photovoltaic and wind power to the guidance price, and require the newly approved wind power and photovoltaic power generation projects to determine the grid access price through competition in principle. In June 2021, the national development and Reform Commission issued the notice on matters related to the new energy on grid tariff policy in 2021 (fgjg [2021] No. 833), which made it clear that from 2021, the central government will no longer subsidize the newly filed centralized photovoltaic power stations, industrial and commercial distributed photovoltaic and newly approved onshore wind power projects and implement parity on grid.
In May 2021, the National Energy Administration issued the notice on matters related to the development and construction of wind power and photovoltaic power generation in 2021 (Guo Neng FA Xin Neng [2021] No. 25) (hereinafter referred to as the notice), which proposed that each provincial energy competent department should determine the annual new wind power required to complete the minimum weight according to the regional non hydropower renewable energy consumption responsibility weight and the goal of rational utilization rate of new energy Grid connection scale and newly approved (filed) scale of photovoltaic power generation projects, and do a good job in project development, construction and reserve; Under the background of comprehensive and affordable access to new energy, the notice has established a weight guidance mechanism for consumption responsibility, so as to improve the initiative, autonomy and enthusiasm of all provinces in developing new energy through the implementation of consumption responsibility; The notice also proposes that the guaranteed grid connection scale of wind power and photovoltaic power in 2021 shall not be less than 90gw, and the proportion of national wind power and photovoltaic power generation in the power consumption of the whole society will reach about 11% in 2021.
In the long run, although the fair price access will be conducive to the healthy development of the new energy industry, due to the cancellation of the new energy price subsidy after the fair price access, the economic benefits of the new energy power station need to be realized through the reduction of the construction cost of the power station and the promotion of power consumption. Therefore, the industry still exists the problems of wind power The construction of photovoltaic power generation projects is slow, and the weight of non hydropower renewable energy consumption responsibility in all provinces cannot be realized. The company has the risk that the growth of market space will slow down and the operating performance will be affected due to the change of feed in tariff policy in downstream industries.
(II) performance decline risk
Since 2018, China Shanxi Guoxin Energy Corporation Limited(600617) subsidy policies have been intensively introduced to promote the Internet access of new energy parity by reducing the online guidance price and resource competitive allocation. These policies may reduce the yield of new energy power station investment and have a negative impact on the downstream market of the company. Meanwhile, according to the notice on improving the on grid tariff policy of wind power (fgjg [2019] No. 882) issued by the national development and Reform Commission: "for onshore wind power projects approved before the end of 2018, if the grid connection has not been completed before the end of 2020, the state will no longer subsidize; for onshore wind power projects approved from January 1, 2019 to the end of 2020, if the grid connection has not been completed before the end of 2021, the state will no longer subsidize", As a result, China's wind power industry will usher in a rush to install in 2020 and will continue until the end of 2021. During the reporting period, the company's main business income was 147655200 yuan, 1636673 million yuan, 2422782 million yuan and 1146349 million yuan respectively. The growth of income was related to the "rush tide" caused by the adjustment of new energy subsidy policy. With the end of the "rush tide" and the implementation of affordable Internet access, The company may face the risk of shrinking product market space and declining performance due to the early release of downstream demand by the "rush to load" or the decline in the return on investment of downstream power stations. (III) risk of unsustainable business growth
In each period of the reporting period, the company realized the main business income of 147655200 yuan, 1636673 million yuan, 2422782 million yuan and 1146349 million yuan, and the net profits attributable to the owners of the parent company after deducting non recurring profits and losses of 199428 million yuan, 353810 million yuan, 521931 million yuan and 152056 million yuan, benefiting from the continuous growth of the main business, and the company's operating performance showed an increasing trend.
The development of the company's main business is affected by the development of downstream new energy power generation industry, new energy industrial policies, industrial competitive environment and the company's competitive strength. Benefiting from the rapid development of the downstream new energy power generation industry, the company's business grows rapidly. However, if the demand of the downstream industry is depressed due to rising costs and insufficient power grid consumption capacity, or the demand is reduced due to the stable development of the industry and the saturation of market demand, the company's business growth will be affected; At the same time, the company may reduce its business demand due to changes in new energy industry policies, as well as its profitability and growth due to intensified industry competition and declining competitive position. Affected by multiple factors, the company has the risk of unsustainable business growth. (IV) risk of technological innovation failure
The software and information technology service industry in the company has the characteristics of rapid technological change and short life cycle, and has high requirements for the advanced technology. At the same time, based on the characteristics of the rapid development and innovation of the downstream new energy industry, if the company's own technology R & D speed and product technology content cannot continue to be better than the overall technical level of the industry in the development process, or the company fails to make a correct judgment on the development trend of products, technology and downstream industries, the company will have the risk of weakening the competitiveness of the company due to the failure of technological innovation or new product development.
In addition, technological innovation and the development of new products need to invest a lot of funds and personnel, which can be successful only through continuous attempts. The company has the risk of R & D failure due to the failure of key technologies or the failure of product specific performance, indicators and development progress to meet expectations in the development process. (V) market competition risk
Although the number of enterprises in the field of new energy informatization is small, there are large enterprise groups with strong strength in the new energy industry or power industry, such as NARI Group and Xinjiang Goldwind Science And Technology Co.Ltd(002202) etc. Although the fields of the company's main products are not the business focus of the above-mentioned large enterprise groups, if the company cannot continue to maintain its own technical and competitive advantages, or the above-mentioned enterprise groups focus on the main business fields of the company such as power generation forecasting, the company will face greater market competition risks. (VI) risk of delayed or unrecoverable accounts receivable
At the end of each reporting period, the net book value of the company's accounts receivable was 704338 million yuan, 885853 million yuan, 1397868 million yuan and 1469359 million yuan respectively, accounting for 46.60%, 52.27%, 56.32% and 123.27% of the current operating revenue respectively. The balance of accounts receivable aged within one year was 595485 million yuan, 747395 million yuan, 1226525 million yuan and 1243468 million yuan respectively, accounting for 77.92%, 76.50% of the balance of accounts receivable And 97.78%.
Although the company has always attached importance to the recovery of accounts receivable and formulated a strict accounts receivable management system, with the expansion of the company's business scale, the balance of accounts receivable will increase accordingly, and the large amount of accounts receivable will affect the company's capital turnover speed and bring certain pressure to the company's working capital. In the future, if the customer's credit status changes or the collection measures are not effective, the company will have the risk that the payment for goods cannot be recovered in time, which will have an adverse impact on the company's asset quality and operation. (VII) investment risk of raised funds
The proposed investment project of the raised funds of the company is closely related to the main business and future development strategy, and conforms to the national industrial policy and market environment. The construction of the investment project with raised funds will optimize the company's product functions, improve the company's technical level and service capacity, further consolidate the existing business and cultivate new profit growth points for the company, which is of great significance to the sustainable development of the company. The company's investment projects with raised funds have been subject to scientific and careful feasibility demonstration, but due to the uncertainty of technology development, technology substitution, changes in macroeconomic policies, market changes and other factors, the above projects still have the risk of failing to meet the construction expectations; In addition, in case of force majeure, the above projects cannot be completed on schedule or can not operate normally, which will also affect the company's income and bring risks to the company. (VIII) risk of core technology disclosure
As a knowledge and technology intensive enterprise, most products are independently developed and have independent intellectual property rights in core technologies. In order to maintain market competitiveness, the company has established a strict technical confidentiality system, technical R & D control process and guarantee system, and signed confidentiality agreements with all core technicians. Although the company has never disclosed technology due to the flow of technical personnel in the past, the company still faces a certain risk of disclosure of core technology. (IX) global covid-19 epidemic risk
Since January 2020, the outbreak of New Coronavirus has broken out in China. In order to ensure the life, health and safety of people everywhere, epidemic prevention and control measures such as isolation, delayed resumption of work, traffic control and prohibition of personnel gathering have been taken all over the country, and all walks of life have been affected to varying degrees. Affected by the epidemic, the construction speed of the company's downstream new energy power station slowed down significantly in the first half of 2020, and there were few new acceptance projects. The company's revenue mainly comes from the sales revenue of information systems such as one-time power prediction system and grid connected intelligent control system and the continuous power prediction service. Since the power prediction service does not involve personnel mobility and on-site work, the company's power prediction service revenue is not significantly affected by the epidemic. In the second half of 2020, the project construction progress of the company's downstream new energy power generation industry was significantly accelerated, and the annual new installed capacity increased significantly year-on-year. Therefore, the company's annual operating revenue in 2020 increased by 46.46% compared with 2019, and the company's operation was less affected by the epidemic.
In the future, if the Chinese epidemic
