Shen Zhen Shengxunda Technology Co.Ltd(300518) ( Shen Zhen Shengxunda Technology Co.Ltd(300518) . SZ) gave the answer in the annual report. According to its annual report, the gross profit margin of the company’s related businesses exceeded 98%. Therefore, on May 19, the Shenzhen Stock Exchange issued the annual report inquiry letter to Shen Zhen Shengxunda Technology Co.Ltd(300518) .
According to the annual report, Shen Zhen Shengxunda Technology Co.Ltd(300518) ‘s main businesses include game business, live e-commerce business, Internet advertising agency business and Internet direct sales business.
In 2021, Shen Zhen Shengxunda Technology Co.Ltd(300518) achieved an operating revenue of about 480 million yuan, an increase of 135.67% year-on-year. In the same period, the net profit attributable to the parent company was about 209 million yuan, an increase of 41.74% year-on-year.
Specifically, 97.02% of the revenue of Shen Zhen Shengxunda Technology Co.Ltd(300518) in 2021 came from the Internet industry, of which the revenue from game business accounted for about 14.07% of the total operating revenue of the current period, a decrease of 20.88% compared with the same period of last year, while the proportion of live broadcasting and cargo business reached 76.12%, an increase of 684.88% compared with the same period of last year.
Meanwhile, the main businesses of Shen Zhen Shengxunda Technology Co.Ltd(300518) have extremely high gross profit margins. In 2021, the gross profit margins of Shen Zhen Shengxunda Technology Co.Ltd(300518) game business and live delivery business were 94.73% and 98.16% respectively. The gross profit margin of live delivery business of the latter even decreased by 1.84% compared with the previous year.
In view of the high gross profit margin of the live broadcast delivery business, the Shenzhen Stock Exchange asked Shen Zhen Shengxunda Technology Co.Ltd(300518) to supplement and list the service fee, product sales share and other income of the top 30 customers of the live broadcast delivery business, and list the live broadcast frequency, order quantity, average consumption amount and other data of relevant customers according to the live broadcast channel.
In addition, Shen Zhen Shengxunda Technology Co.Ltd(300518) ‘s live delivery business started soon. In September 2020, the company signed the equity transfer agreement with Xinxuan holdings controlled by Xin Youzhi, and the company transferred 49% equity of shengxun cloud business, a subsidiary of Xinxuan holdings. At the same time, Xin Youzhi’s team joined shengxun cloud business and carried out live e-commerce related businesses through shengxun cloud business.
In fact, the involvement of Xin Youzhi’s team has indeed enabled Shen Zhen Shengxunda Technology Co.Ltd(300518) performance to rebound. In 2020, shengxun cloud business realized a live broadcast e-commerce business revenue of 46.53 million yuan, accounting for 22.86% of Shen Zhen Shengxunda Technology Co.Ltd(300518) revenue, contributing 35.15% of the gross profit to the company, and enabling Shen Zhen Shengxunda Technology Co.Ltd(300518) to make a turnaround in the current year.
At present, the live broadcast delivery business of Shen Zhen Shengxunda Technology Co.Ltd(300518) is mainly concentrated in the snack food market. In 2021, the company will expand the delivery platform to Taobao, Kwai and other platforms, surpassing the game business to become the company’s largest source of revenue.
In the inquiry letter of the annual report, the Shenzhen Stock Exchange also asked the company to explain whether the live delivery business still relies heavily on Xin Youzhi’s team in combination with the main customers and cooperative anchor sources of shengxun cloud business, as well as the respective roles played by the company and Xin Youzhi’s team in resource docking and business development, and to explain whether the company can effectively control shengxun cloud business in combination with corporate governance, decision-making mechanism of major matters and other factors.
In addition, it is worth mentioning that according to the annual report, Shen Zhen Shengxunda Technology Co.Ltd(300518) other receivables had a closing balance of 66.47 million yuan in other current accounts, of which the company and Guangzhou Xinxuan, a minority shareholder of shengxun cloud business, had a collection and payment business. In 2021, the cumulative expenditure was 240 million yuan, the cumulative recovery was 219 million yuan, and the balance of current accounts receivable was 30.23 million yuan. In addition, the balance of other receivables from the parent company to shengxun cloud business was 99.28 million yuan.
Shenzhen stock exchange requires Shen Zhen Shengxunda Technology Co.Ltd(300518) to supplement the nature of the current account between the company and Guangzhou Xinxuan, the actual business content, the necessity of the transaction, whether it has business logic, and whether there is a situation of falsely increasing business income through capital circulation. The company is required to supplement the nature of other receivables from shengxun cloud business, the deposit of relevant funds and whether they are occupied by related parties.
