Stock abbreviation: Jiayuan Technology Stock Code: 301117 Jiayuan Technology Co., Ltd
Jiayuan Science and Technology Co.,Ltd.
(No. 1, floor 17 and floor 18, building 10, No. 399, west section of Fucheng Avenue, Chengdu hi tech Zone, China (Sichuan) pilot Free Trade Zone)
Initial public offering and listing on the gem
Listing announcement
Sponsor (lead underwriter)
(North block, excellence Times Plaza (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province) January 2002
hot tip
The shares of Jiayuan Technology Co., Ltd. (hereinafter referred to as "Jiayuan technology", "the company", "the company" or "the issuer") will be listed on the gem of Shenzhen Stock Exchange on January 17, 2022.
The company reminds investors to fully understand the stock market risks and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Section I important statements and tips
1、 Important statements and tips
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the information disclosed in the listing announcement, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shenzhen Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read the information published on http://www.cn.info.com.cn Www.cs.com.cn China Securities Network (www.cn. Stock. Com.) Securities Times (www.stcn. Com.) Securities Daily (www.zqrb. CN.) And economic reference network (www.jjckb. CN.) The contents of the "risk factors" chapter of the company's prospectus, pay attention to risks, make prudent decisions and make rational investment. The company reminds the majority of investors that investors are invited to refer to the full text of the company's prospectus for relevant contents not involved in this listing announcement.
Unless otherwise specified, the abbreviations or terms in this listing announcement shall have the same meanings as those in the prospectus of the company. 2、 Investment risk tips
The company reminds investors to pay attention to the investment risk at the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risk and rationally participate in the trading of new shares. Specifically, the risks at the initial stage of listing include but are not limited to the following:
(I) relaxation of price limit
The competitive trading of GEM stocks is subject to a wide range of rise and fall restrictions. For stocks that are IPO and listed on the gem, there are no rise and fall restrictions in the first five trading days after listing, and then the rise and fall restrictions are 20%. On the first day of listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit ratio is 44%, the decrease limit ratio is 36%, and the increase and decrease limit ratio from the next trading day is 10%. Gem further relaxed the restrictions on the rise and fall of stocks in the early stage of listing, and increased the trading risk.
(II) risk of less circulating shares
After this issuance, the total share capital of the company is 92.2633 million shares, and the number of A-share tradable shares with unlimited sales conditions is 19804209 shares, accounting for 21.46% of the total share capital after this issuance. At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity.
(III) the shares can be used as the subject matter of margin trading on the first day of listing
GEM stocks can be used as the subject of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin call risk and liquidity risk. Price fluctuation risk means that margin trading will aggravate the price fluctuation of the underlying stock; Market risk means that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the changes in the original stock price, but also the risks caused by the changes in the stock price of new investment, and pay corresponding interest; Margin increase risk means that investors need to monitor the guarantee ratio level throughout the transaction process to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk.
(IV) the risk that the company's issuing P / E ratio is higher than the average level of the same industry
According to the industry classification guidelines for listed companies (revised in 2012) issued by the CSRC, the industry of the company is "I65 software and information technology service industry". As of December 29, 2021 (T-4), the average static P / E ratio of "I65 software and information technology service industry" released by China Securities Index Co., Ltd. in the latest month is 61.11 times. As of December 29, 2021 (T-4), the P / E ratio of listed companies whose main business is similar to that of the issuer is as follows:
2020 deduction not 2020 deduction not T-4 day stock corresponding static City securities code securities abbreviation pre EPS (yuan / post EPS (yuan / closing price earnings ratio - deduction not before earnings ratio - deduction not after shares) shares) (yuan / share) (2020) (2020)
300020 Enjoyor Technology Co.Ltd(300020) 0.2405 0.2083 8.43 35.05 40.48
300253 Winning Health Technology Group Co.Ltd(300253) 0.2288 0.1738 15.97 69.79 91.87
002268 Westone Information Industry Inc(002268) 0.1907 0.1739 54.36 285.02 312.55
300799 Beijing Zuojiang Technology Co.Ltd(300799) 0.9173 0.8538 77.15 84.10 90.36
Arithmetic mean 118.49 133.81
Data source: wind information, data as of December 29, 2021
Note 1: there may be mantissa difference in the calculation of P / E ratio, which is caused by rounding.
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day.
The issuance price of 46.80 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 82.01 times lower than the average static P / E ratio of comparable companies in 2020, but higher than the average static P / E ratio of the industry in the latest month released by China Securities Index Co., Ltd., with an excess range of 34.20%, There is a risk that the future decline of the issuer's share price will bring losses to investors.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders. The issuer and the lead underwriter remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally. 3、 Special risk tips
The company reminds investors to carefully read the "risk factors" section of the prospectus and pay special attention to the following matters:
(I) innovation risk
In recent years, in response to the national "network power" strategy of "information driven modernization as the main line, building a network power as the goal, and striving to enhance the national information development capacity", the central state organs, government departments at all levels, public institutions, national defense and military industrial units have continuously increased their investment in information and network information security. Information technology products have the characteristics of fast technology update and short product iteration cycle. With the rapid development of society, new needs of all kinds of users continue to emerge. At the same time, the end users of network information security software and hardware products are mainly key units of national defense and military industry. They have the characteristics of many models, wide technical range, high technical complexity and difficult technical management. Customers have high requirements for the safety and stability of products, and then have high requirements for the technical level of enterprises in the industry, And enterprises are facing the pressure of continuous innovation and looking for new performance growth points.
The company needs to accurately grasp the technology and market trend and industry development direction, and continue to carry out technology R & D and product update to meet customer needs and maintain the competitive advantage of the industry. If the company fails to timely adjust the technical development direction of products and services according to the market development trend and relevant technical iterations for various reasons, or the company's core technology, product quality and other factors fail to meet the needs of customers' technical development direction in the future, or the innovation is slow or failed for various reasons, it will have an adverse impact on the development of the company, There are risks affecting the company's operation and profitability.
(II) risk of qualification renewal
During the reporting period, the company has various qualifications and licenses required for business operation, but these qualifications need to be re certified or licensed after a certain number of years. If the company cannot continuously obtain these qualifications for some reason in the future, there will be certain risks to production and operation. At the same time, due to the application for listing, the company needs to strip or cancel the relevant secret related qualifications held by the listed subject of the company, and the subsidiary of the company applies again. If the company's subsidiaries cannot obtain relevant qualifications again, it will have a certain negative impact on the company's business development.
With the vigorous development of the company's network security products, during the reporting period, the company's military related business revenue accounted for 1.53%, 23.35%, 68.78% and 44.28% respectively, and the military related business revenue continued to rise. At present, the company has relevant qualifications related to military business. If the qualification cannot be renewed normally after expiration, it will have a significant adverse impact on the company's production and operation.
(III) network information security business sustainability risk
Due to the late start of the company's network information security business and the limited number of customers, customers were relatively concentrated during the reporting period. In the future, if the issuer is unable to maintain its advantages in the supplier system of its main customers and the cooperative relationship with its main customers, the operating performance of the company will be greatly affected. At the same time, if the existing customers' demand for the company's main products changes or the company's competitor's products are superior to the company in technical performance, it will have an adverse impact on the sustainability of the company's operating performance.
(IV) recovery risk of accounts receivable
At the end of 2018, 2019, 2020 and June 2021, the book value of the company's accounts receivable was 101.2766 million yuan, 130.3449 million yuan, 131.7677 million yuan and 204.4722 million yuan respectively, showing an increasing trend year by year. From the perspective of aging composition, the company's accounts receivable are mainly concentrated within 1 year. The company's main customers are the government, public institutions, state-owned enterprises and military industrial units. Such customers are affected by their payment approval process. The payment progress is often affected by their capital budget and the allocation of superior competent departments, and the payment cycle is generally long. Although the company's customers are mainly governments, public institutions, state-owned enterprises and military industrial units with high reputation, and the risk of bad debts is low, due to the large amount of single accounts receivable of such customers, once the customer's payment is delayed or the payment cannot be recovered, it will bring certain losses to the company.
(V) risk of insufficient operating cash flow
In each period of the reporting period, the net cash flow from operating activities of the company was -22.6194 million yuan, 14.2869 million yuan, 377800 yuan and -29.2148 million yuan respectively. The net operating cash flow and net profit of the company are different and fluctuate greatly, which is mainly due to the rapid growth of the company's business and is greatly affected by the fluctuation of operating receivables and payables. Although the company's customers are mainly government agencies, institutions and national defense industrial enterprises with high reputation, and the credit risk of accounts receivable collection of the company is small, the net cash flow generated from operating activities is negative or lower than the net profit due to the relatively slow collection of downstream customers of the company. Although the company's working capital is in good condition by strengthening the management and collection of accounts receivable and the combination of various financing methods, if the company cannot effectively budget and control the receipt and payment of working capital in the future, it may lead to the risk of insufficient operating cash flow.
(VI) risk of adverse impact of covid-19 pneumonia on the company's operation
In 2020, affected by the epidemic of New Coronavirus pneumonia, the company's information integrated solution business was adversely affected. The customer groups of the company's information products and services are mainly hospitals, governments, schools, national defense and military enterprises and other institutions. During the epidemic period, government departments and medical institutions at all levels were the leading and leading institutions for epidemic prevention and control, and epidemic prevention and control was the focus of the year. Individual customers directly stopped production and shutdown, resulting in the inability of the original projects under implementation to continue to be implemented at the customer's site, and the bidding work and contract signing of new businesses were suspended. With the current slowdown of the epidemic in China, government departments at all levels and customers of medical institutions have gradually resumed operation, and enterprise customers have successively resumed work and production, and started the bidding of new projects.
The outbreak and continuation of the covid-19 virus epidemic has led to a certain lag in the bidding process, implementation progress and project acceptance time of the information comprehensive solution business. If the subsequent epidemic breaks out again, it will have an adverse impact on the production and operation of the company.
(VII) exempt from the risk that the disclosure of some information may affect investors' judgment on the value of the company
Since some of the company's information involves state secrets, the confidential information mainly includes the real name of the other party, specific product model name, unit price and quantity, main technical indicators and other contents in some sales, procurement and R & D contracts signed between the company and customers in the field of national defense and military industry. The above confidential information shall be exempted from disclosure. The classified information also includes the sales volume of main products in each period during the reporting period and the classified customers among the top five customers in each period during the reporting period
