Securities code: 300256 securities abbreviation: Jiangxi Firstar Panel Technology Co.Ltd(300256) Announcement No.: 2022-004 Jiangxi Firstar Panel Technology Co.Ltd(300256)
Announcement on the reply to the remaining questions in the inquiry letter of the semi annual report 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.
Jiangxi Firstar Panel Technology Co.Ltd(300256) (hereinafter referred to as “the company” or “Star Technology”) received the semi annual report inquiry letter on Jiangxi Firstar Panel Technology Co.Ltd(300256) (GEM semi annual report inquiry letter [2021] No. 5) (hereinafter referred to as “semi annual report inquiry letter”) issued by the management department of gem company of Shenzhen Stock Exchange on August 22, 2021. After receiving the semi annual report inquiry letter, the company attached great importance to it and immediately organized relevant departments and intermediaries to study and implement the problems mentioned in the semi annual report inquiry letter one by one.
In view of the large number of matters involved in the semi annual report inquiry letter, the heavy workload of verification, and some matters need the opinions of relevant intermediaries, in order to make a good reply, the company applies to Shenzhen stock exchange for an extension of reply. For details, see the company’s reply on August 30, 2021, September 6, 2021 and September 14, 2021 respectively Announcement on delaying the reply to the inquiry letter of semi annual report of Shenzhen Stock Exchange (Announcement No.: 2021-0099, 2021-0102, 2021-0107, 2021-0113) and announcement on delaying the reply to the inquiry letter and concern letter of semi annual report of Shenzhen Stock Exchange (Announcement No.: 2021-0118) disclosed on September 23, 2021 and September 30, 2021.
On October 14, 2021, the company replied to questions 6, 7, 19, 20 and 21 in the inquiry letter of semi annual report. For details, see the announcement on reply to some questions in the inquiry letter of semi annual report of Shenzhen Stock Exchange and further extension of reply to some questions disclosed by the company on October 14, 2021 (Announcement No.: 2021-0127).
On December 30, 2021, ZTE caiguanghua Certified Public Accountants (special general partnership) reissued the 2019-2020 annual audit report for the corrected financial statements of the company. According to the new audit report and the company’s corrected financial statements, the company and the intermediary institutions sorted out and replied to the remaining questions in the semi annual report inquiry letter. Due to the heavy workload of reply, in order to do a good job in reply, the company applied to Shenzhen stock exchange for an extension of reply, For details, see the announcement on delayed reply to the remaining questions in the inquiry letter of semi annual report of Shenzhen Stock Exchange (Announcement No.: 2021-0185 and 2022-002) disclosed by the company on December 31, 2021 and January 8, 2022.
So far, the company has replied to the remaining 16 questions in the inquiry letter of semi annual report. The remaining 16 questions in the semi annual report inquiry letter are replied as follows:
Unless otherwise specified, the abbreviations or terms in this reply announcement have the same meaning as those in Jiangxi Firstar Panel Technology Co.Ltd(300256) 2021 semi annual report.
The mantissa difference or inconsistency of the data involved in this reply announcement is caused by rounding.
1、 Correction of financial data errors in 2020 Annual Report
Question 1 The announcement on correction of previous accounting errors (hereinafter referred to as the announcement on correction of errors) disclosed that your company corrected the accounting errors in 2020, involving multiple subjects of the financial statements, resulting in the net assets of your company’s consolidated financial statements turning from positive to negative at the end of 2020 and the net profit of 2020 turning from profit to loss. Please your company:
(1) Explain the reasons for the correction of accounting errors, and explain the specific reasons for correcting the relevant subjects in the 2020 consolidated financial statements and the parent company’s financial statements one by one, as well as the determination basis and calculation process of the corrected amount. (2) The specific amount of operating revenue and operating cost reduced in the consolidated financial statements shall be listed according to the sales products, cost composition types and customers and suppliers, and the basic information of the customers and suppliers involved shall be explained, including but not limited to the name, place of registration, time of establishment, ownership structure, time of establishing business relationship with your company, occurrence of purchase and sales business The purchase and sales amount in the last three years, the transaction scale between your company and relevant customers and suppliers before and after the reduction of income and cost, and whether there is an association relationship between relevant customers and suppliers and your company; It also explains whether the business activities involved in the reduction of income and cost actually occur in combination with capital transactions and goods delivery.
(3) List the specific amount of accounts receivable (including accounts receivable and notes receivable) and accounts payable (including accounts payable and notes payable) in the consolidated financial statements according to the aging and transaction objects, and explain the basic information of the transaction objects involved, including but not limited to the name, registration place, establishment time, ownership structure, time of establishing business relationship with your company Settlement mode, credit policy, current account scale in the last three years, the scale of accounts receivable and accounts payable before and after the reduction of relevant transaction objects, whether the relevant transaction objects belong to the subject scope involved in the reduction of operating revenue and operating cost, and whether there is an association relationship between the relevant transaction objects and your company; In combination with the above situation, explain whether the reason for reducing relevant receivables and payables is that the above accounts are not supported by real business activities, and whether your company falsely increases operating revenue and operating cost through fictitious purchase and sales business. (4) The specific amount of inventory reduction in the consolidated financial statements is presented according to the inventory type, indicating whether the relevant inventory is reduced because there is no real business activity support, and whether the relevant inventory exists in the previous period; Whether the amount is reduced due to the decline of inventory value. If so, please explain the specific signs of inventory falling price, the specific time point of falling price signs and the basis for determining the falling price amount.
(5) List the specific amount of other payables increased in the consolidated financial statements according to the project and transaction object, explain the occurrence time and specific contents of the matters involved in the increase of other payables, the specific contents of other payables with related parties, whether the review procedures and disclosure obligations are fulfilled, and whether the relevant funds are generated based on the real transaction background, The reason why the current funds are not correctly listed in the previous period, and whether your company has actually received the funds involved in the increase of other payables; In combination with the foregoing, explain whether your company transfers benefits to related parties through fictitious transactions.
(6) Explain the specific signs of serious deterioration in the operating conditions of your wholly-owned subsidiaries Xingxing touch technology (Shenzhen) Co., Ltd. and Xingxing precision technology (Shenzhen) Co., Ltd. and the time point of relevant signs, the basis and specific calculation process of making up the provision for goodwill impairment in full for relevant subsidiaries, and whether the financial data of relevant subsidiaries need to be corrected.
(7) List the specific composition of the asset impairment loss adjustment amount in the consolidated financial statements and the parent company’s financial statements by category, the reason for the impairment loss, the calculation process and basis of the impairment amount, and whether the asset corresponding to the relevant impairment actually existed in the previous period.
(8) In combination with the above, explain whether the 2020 annual report and financial statements disclosed by your company comply with the provisions of Article 78 of the securities law, and whether there are major defects in your company’s internal control related to financial reporting.
reply:
1、 Explain the reasons for the correction of accounting errors, and explain the specific reasons for correcting the relevant subjects in the 2020 consolidated financial statements and the parent company’s financial statements one by one, as well as the determination basis and calculation process of the corrected amount.
(I) causes of accounting error correction
When disclosing the semi annual report of 2021, the company found that there were accounting errors in the financial statements of 2020. After comprehensively combing and verifying the financial statements of 2020 in accordance with the accounting standards for business enterprises and the company’s accounting policies, the company corrected the errors in the financial statements of 2020.
There are four situations for the correction of accounting errors in 2020, as follows:
1. Reduce operating income and operating costs
In 2020, the operating income decreased by 3127148200 yuan, the operating cost decreased by 1205633700 yuan and the inventory decreased by 42584000 yuan.
2. Increase other payables
In case that the company’s current fund is not listed in other payables, the other payables in 2020 are increased by RMB 1156827900.
3. Supplementary provision for goodwill impairment
The operating conditions of the wholly-owned subsidiaries Pingxiang Xingxing Touch Technology Co., Ltd. and Xingxing precision technology (Shenzhen) Co., Ltd. deteriorated seriously, and the goodwill impairment loss of 729202800 yuan was made up in 2020.
4. Modify consolidation scope
Due to the revision of the consolidation scope, the total assets need to be reduced by 9.4468 million yuan and the total liabilities need to be reduced by 0 million yuan in 2020
The net profit is -2100 yuan.
(II) specific reasons for relevant subjects in 2020 consolidated financial statements and parent company’s financial statements
1. Before and after the adjustment of the items in the consolidated balance sheet in 2020 are as follows:
Unit: RMB
December 31, 2020
Amount of affected items before correction accounting error correction amount after correction amount cause analysis
(“-” indicates reduction)
Monetary capital 684430016.26 -99061.75 684330954.51 due to the revision of the consolidation scope
Accounts receivable 2943408852.35 – 2020747637.17 922661215.18 due to correction of income errors
Prepayment 20059317.06 – 600000.00 due to reclassification of 19459317.06 account
Other receivables 169359633.94 518027145.38 687386779.32 are mainly due to account reclassification
Inventory 1294589402.29 -425839964.63 868749437.66 is mainly due to supplementary provision for inventory falling price reserves
Other current assets 49228633.04 681420.03 due to reclassification of 49910053.07 accounts
Total current assets 5625834007.83 -1928578098.14 3697255909.69
Investment in other equity instruments 9597701.12 -8524601.12 1073100.00 due to the revised consolidation scope
Goodwill 875922351.46 – 875922351.46 – due to supplementary provision for goodwill impairment
Deferred income tax assets 87097288.19 5594122.25 92691410.44 accounting error correction adjustment profit
Other non current assets 648859573.37 -608086964.06 40772609.31 account reclassification
Total non current assets 5086339717.19 -1486939794.39 3599399922.80
Total assets 10712173725.02 – 3415517892.53 7296655832.49
Accounts payable 1636234982.64 -334245809.47 1301989173.17 is mainly caused by correction and adjustment of accounting errors
Contract liabilities 55661303.96 63270880.43 118932184.39 are mainly accounting error correction
