On January 17, Huasu Holdings Co.Ltd(000509) released the first 2021 annual report of the two cities. On January 18, Huasu Holdings Co.Ltd(000509) received the annual report inquiry letter. According to the annual report inquiry letter, many financial details and data details in the company’s annual report are significantly different from those mentioned in the reply to the restructuring inquiry letter of Shenzhen Stock Exchange in September 2021.
Huasu Holdings Co.Ltd(000509) the annual report shows that since the company completed major asset restructuring and acquisition of Tianji Zhigu in 2021, Tianji Zhigu was included in the scope of the company’s merger, the company’s operating performance has been greatly improved, and September 30, 2021 is the merger date. According to the annual report finally handed over, the total operating revenue of Tianji Zhigu recognized by the company as incorporated into the merger was 242.384 million yuan, accounting for 82.28% of the company’s operating revenue in 2021.
On September 24, 2021, the reply to the restructuring inquiry letter disclosed by Huasu Holdings Co.Ltd(000509) showed that the operating revenue of Tianji Zhigu in the fourth quarter of 2019 and 2020 were 119.9604 million yuan and 156.3933 million yuan respectively, accounting for 34.13% and 30.81% of the annual operating revenue of the corresponding year respectively; Tianji Zhigu’s expected operating revenue in the fourth quarter of 2021 is 180 million yuan, accounting for 28.70% of the annual operating revenue, which is quite different from the actual operating revenue of Tianji Zhigu in the fourth quarter of 2021 of 242.384 million yuan, accounting for 37.09% of the annual operating revenue.
In view of this, the inquiry letter requires the company to explain the reasons and rationality of the significant increase in the operating revenue of Tianji Zhigu in the fourth quarter of 2021 compared with the previous years in combination with the changes in the macro environment, market demand and product price trend in the fourth quarter of 2021, and the reasons for the great difference from the expected situation when replying to the reorganization inquiry letter.
In addition to the “uncertainty” of business data, Huasu Holdings Co.Ltd(000509) was also found to have different sales statements, inventory details and restructuring inquiry letter announcements.
For the case of large data differences, Kuang Yuqing, founder of lens research, told the Securities Daily that it may be the result of unaudited data submitted before M & A, or that the business of M & A enterprises changed greatly in the fourth quarter, resulting in an obvious data gap.
However, from the financial details such as the gross profit margin of products, Tianji Zhigu also has some incomprehensible points: the restructuring report shows that the gross profit margin of Tianji Zhigu from 2019 to January June 2021 is 7.60%, 9.00% and 6.95% respectively; The annual report shows that the gross profit margin of electronic products is 11.09%. In view of this, the inquiry letter of the annual report requires the company to explain the reason and rationality of the annual increase in the gross profit margin of Tianji Zhigu in the past three years, and supplement the disclosure of the gross profit margin of Tianji Zhigu in the second half of 2021. In combination with the changes in raw material prices and downstream market demand, the reason and rationality of the large difference between the gross profit margin of the first half of 2021 and that of the whole year are said, Whether there are situations such as falsely increasing income and untimely cost carry forward.
For Huasu Holdings Co.Ltd(000509) related matters, Securities Daily will continue to pay attention to and report.
