Guoguang Electric Company Limited(002045)
Reply to the letter of concern of Shenzhen Stock Exchange
Securities code: 002045 securities abbreviation: Guoguang Electric Company Limited(002045) No.: 2022-7
The company and all members of the board of directors guarantee that the contents of the announcement are true, accurate and complete without false records, misleading statements or major omissions.
Guoguang Electric Company Limited(002045) (hereinafter referred to as “the company”) disclosed the announcement on joint investment in the establishment of Guangzhou zhidu universe Technology Co., Ltd. and related party transactions on January 17, 2022. The company invested and established a joint venture with Genimous Technology Co.Ltd(000676) (hereinafter referred to as ” Genimous Technology Co.Ltd(000676) “) and zhidu Group Co., Ltd. (hereinafter referred to as “zhidu group”), Focus on promoting social game projects based on VR environment and digital art meta universe community projects. On the same day, the company received the attention letter on Guoguang Electric Company Limited(002045) issued by the second Department of listed company management of Shenzhen Stock Exchange (company Department attention letter [2022] No. 15). The board of directors of the company attached great importance to the issues mentioned in the attention letter. After checking item by item, the reply on relevant matters is as follows:
1. Please specify the relationship between your company’s existing business and metauniverse, the development of relevant existing business, the proportion of revenue and profit, whether your company has the talent, technology and business reserves necessary to carry out this new business, and the necessity for your company to invest in this business.
Description and reply: the company currently supplies acoustic modules for VR / AR equipment. The company supplies acoustic modules for model a VR equipment of M customers. From January to September 2021, the sales revenue of this kind of business accounted for 4.04% of the sales revenue of audio and electroacoustic business and 3.54% of the company’s operating revenue. The company has not separately accounted for relevant products and has no relevant profit data. The company has won the bid for M customer. The other two models of VR equipment acoustic modules and one model of VR equipment supporting acoustic accessories will be put into operation in 2022 and 2023 respectively. The company has won the bid for the pre research and development of acoustic module of model B ar equipment of M customer. At present, it has not entered the stage of product trial production and has not realized sales revenue. The company has developed molds for P customers and plans to put them into operation in the second half of 2022.
The company has focused on acoustics for 70 years, continuously ploughed deep into the field of acoustics and actively distributed many fields. VR / AR equipment is the key development direction of the company, and there are plans to carry out VR / AR machine production business in the future. The company has 70 years of speaker production experience, accumulated a large number of process know-how, and has a team of nearly 800 R & D personnel. Guoguang Electric Company Limited(002045) the research institute has strong acoustic research ability in the field of sound effect algorithm. At present, its independently developed sound effect enhancement algorithm, Bluetooth module and other technologies have been fully recognized by customers.
The company invested and established a joint venture with zhidu group and Genimous Technology Co.Ltd(000676) to seize the development opportunity of yuancosmos, take advantage of the company’s position in the VR industrial chain at the entrance of yuancosmos, and make full use of the technical and experience advantages of other shareholders to develop social game projects and digital art yuancosmos community projects in VR environment. At the same time, VR equipment is the hardware entrance of metauniverse, and the company’s experience in VR equipment will also help the development of the joint venture project. The joint venture established by the company, zhidu group and Genimous Technology Co.Ltd(000676) can achieve win-win results.
The company attaches great importance to the industrial opportunities of VR / AR hardware. The company participates in the joint venture this time to layout the yuanuniverse ecology in this way, so as to obtain a large amount of industrial information about the interaction between VR / AR hardware and software, which is conducive to the company to obtain a large amount of technical and market information in VR / AR acoustic modules and complete machines, so as to promote the development of the company’s VR / AR hardware business. It is necessary for the company to participate in the investment in the joint venture.
2. Please explain your specific role in the joint venture and the specific forms of cooperation, and fully disclose the investment and operation risks related to the cooperation in combination with the feasibility of the project, the relevant business development of the partner and technical reserves.
Description and reply of the company: the company invested 2 million yuan to establish a joint venture with zhidu group and Genimous Technology Co.Ltd(000676) and holds 10% equity of the joint venture. By participating in the joint venture, the company can better understand the development trends of the industry, which is conducive to expanding the company’s layout in VR / ar. The joint venture company will make full use of the technical and experience advantages of other shareholders and the company’s position and role in the VR equipment industry chain. The three parties will cooperate to develop meta universe related businesses, meet users’ immersive experience needs, and initially focus on jointly developing social games and digital art meta universe projects based on VR environment.
In 2020, the total (audited) direct business income of Genimous Technology Co.Ltd(000676) blockchain technology was 353200 yuan, accounting for 0.0033% of the total operating income (audited) in Genimous Technology Co.Ltd(000676) 2020, accounting for a relatively small proportion. Genimous Technology Co.Ltd(000676) blockchain technology related businesses do not yet constitute the main source of Genimous Technology Co.Ltd(000676) operating revenue, but blockchain technology related businesses are still being expanded and implemented. Among them, the blockchain based supply chain financial services business has formed a profit model and business growth plan.
Project feasibility analysis:
(1) Have talent advantages
Genimous Technology Co.Ltd(000676) core technicians have rich experience and rich reserves of scientific and technological talents. Genimous Technology Co.Ltd(000676) has talents in software development, content design, blockchain development and other fields, and is familiar with content manufacturing, product development and operation, underlying design and other fields. In addition, the management team of zhidu group has rich asset business integration capabilities and can output management resources for joint ventures in many fields such as enterprise management, human resources, production and operation, financial planning and so on, significantly improving the operation efficiency of the enterprise.
(2) Technical and experience advantages
Genimous Technology Co.Ltd(000676) has self-developed blockchain technology and has launched a self-developed large-scale open license chain. Blockchain is one of the infrastructures of the meta universe, which can enrich the ecology of the meta universe and be applied to the financial, social, game and other fields of the meta universe project. Genimous Technology Co.Ltd(000676) blockchain technology is mainly applied to the company’s supply chain financial service platform. At present, the company’s “blockchain + supply chain finance” service platform has carried out relevant cooperation and provided services with 4 core enterprises, more than 200 small and medium-sized enterprises and 4 financial institutions, including financing support services, capital settlement support services, credit consulting and financing management services
To solve the problem of “difficult and expensive financing” for small and medium-sized enterprises. By June 2021, the total amount of loans completed was 230 million yuan (Unaudited).
(3) Role and contribution of the company in the joint venture
The company is a supplier of acoustic modules for VR products and is planning to carry out VR / AR complete machine business. VR equipment is the hardware entrance of metauniverse. The company is familiar with the functions and technical trends of VR hardware, such as multi person remote and same space positioning function of VR equipment, whether it has touch feeling, etc., which will greatly help the adaptive development and advanced development of software application projects of the joint venture.
The company is familiar with VR hardware manufacturers, which helps the joint venture establish closer cooperation with VR hardware manufacturers. For example, application software is pre installed on VR glasses for promotion.
Risk tips:
Metauniverse is in the early stage of development, involving many fields and concepts. The corresponding links and interactions between virtual and reality still need some time to verify and realize. It does not rule out obstacles at the future economic or technical level. At the same time, there is a risk that the infrastructure construction, equipment and technology supporting metauniverse may be less than expected. There is great uncertainty in the pattern of each link of the meta universe concept, and the relevant industries are still in the investment exploration period. Investors are invited to fully understand the stock market risks and the risk factors disclosed by the company, make prudent decisions and invest rationally;
Affected by macroeconomic, industrial policy changes, technical risks, market risks, operation and management and other factors, the future operation status of the joint venture is uncertain, and there may be a risk that the investment will not achieve the expected benefits. It is uncertain whether the social game project based on VR environment and digital art meta universe community project promoted by the joint venture can complete resource integration in a short time or whether the integration effect can reach the expectation. The joint venture is planned to be established in January 2022, and its products are expected to be launched in February 2022. At present, it is not profitable and is still in the stage of investment and development. Other shareholders of the joint venture may not be able to establish the company and carry out yuancosmic business as planned according to the joint venture agreement, and there is a performance risk. Please invest rationally and pay attention to risks.
3. The registered capital of the joint venture established by this joint investment is 20 million yuan. Your company plans to subscribe and contribute 2 million yuan, with a small subscription amount. In combination with the answers to questions 1 and 2, please explain whether your company’s relevant information disclosure is prudent and whether there is any situation that violates the hot concept of “meta universe” and misleads investors.
Description and reply of the company: the company is a hardware enterprise, Genimous Technology Co.Ltd(000676) has experience in Internet media, digital marketing, game development, blockchain, brand marketing and other fields, and zhidu group has capital advantages and resource integration ability. The joint venture focuses on social games and digital art meta universe projects based on VR environment. It is a software enterprise. The joint venture is operated by zhidu group and Genimous Technology Co.Ltd(000676) which is more conducive to its development and growth. Therefore, the company’s participation share is small.
The company invested and established a joint venture with zhidu group and Genimous Technology Co.Ltd(000676) . Genimous Technology Co.Ltd(000676) is a listed company in Shenzhen Stock Exchange. According to relevant laws and regulations and transaction amount, Genimous Technology Co.Ltd(000676) needs to be submitted to the board of directors for deliberation and disclosure. Based on this, zhidu group and Genimous Technology Co.Ltd(000676) are related parties of the company. Based on the principle of prudence, the company submitted the above transaction to the board of directors for deliberation and disclosure, fully disclosed the feasibility analysis and project arrangement of the joint venture in the announcement, and also made sufficient risk tips. The company, zhidu group and Genimous Technology Co.Ltd(000676) jointly invested and established a joint venture, which has certain business background and technical support, and the project is feasible. Due to the high attention of the meta universe concept market, the company believes that relevant information should be disclosed in a timely and detailed manner to avoid misunderstanding by investors.
At present, the company has invested 2 million yuan to establish a joint venture, with a shareholding ratio of 10%. However, it does not rule out the possibility that the joint venture will develop well in the future and the shareholders of all parties will increase their investment. The company will perform the approval and disclosure procedures in accordance with relevant laws and regulations. To sum up, the company believes that there is no case of violating the hot concept of “meta universe” and misleading investors.
4. Please check your controlling shareholder, actual controller, shareholders holding more than 5%, directors, supervisors, senior managers and their immediate family members’ purchase and sale of the company’s shares in the past month and the reduction plan in the next three months, and whether your company and relevant parties have used this transaction to hype the stock price and illegally buy and sell the company’s shares.
Description and reply of the company: after verification, the controlling shareholders, actual controllers, shareholders holding more than 5%, directors, supervisors, senior managers and their immediate family members of the company do not buy or sell the company’s shares in recent one month, and there is no reduction plan in the next three months. The company and related parties did not use this transaction to hype the stock price or illegally buy and sell the company’s shares.
5. Other matters that your company thinks should be explained.
Description and reply of the company: the company has no other matters to be explained.
It is hereby announced
Guoguang Electric Company Limited(002045)
Board of directors
January 19, 2022
