connaughtbingo| Shenzhen Stock Exchange moves! Zhangzi Island was "soul tortured"

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2024-05-19
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In recent years, the annual report inquiry letter can be received every year, which seems to have become the "routine action" of Zhangzi Island.

On May 17, Zhangzi Island received a letter of inquiry from the Shenzhen Stock Exchange about the company's 2023 annual report. The text of the inquiry letter is more than 3000 words long and has as many as seven pages, which can be called "soul torture". The inquiry covers the impact of the company's financial indicators, inventory of market concern and disposal of related assets on operating performance.

Key indicators are concerned

The inquiry of the annual report focuses on the relevant indicators with large changes in Zhangzi Island.

In 2023, Zhangzi Island achieved revenue of 16.Connaughtbingo7.7 billion yuan, down 16.98% from the same period last yearConnaughtbingoThe net profit of returning to the mother was 8.5882 million yuan, an increase of 118.17% over the same period last year; the net profit of non-return was 3.5443 million yuan; and the net cash flow generated by the company's operating activities in the current period was 190 million yuan, an increase of 99.94% over the same period last year.

For the reasons for the substantial year-on-year increase in net cash flow from operating activities during the reporting period, the Shenzhen Stock Exchange requires Zhangzi Island to explain in the light of business characteristics, business arrangements, credit policies of downstream customers and recognition time and policies of operating income and expenses.

Specific to the operating indicators of related business, the inquiry letter pointed out that in 2023, the company's aquaculture industry contributed 234 million yuan in revenue, down 56.85% from the same period last year; the new technical service business income in the current period was 40.0049 million yuan, with a gross profit margin of 95.27%. The main reason is that the business cooperation model of Qingdao Frontier Marine Oyster Seedling Company has been adjusted from the entrusted production mode to the technical service model.

In addition, the company's main products are sea cucumbers, shrimp scallops, conch and others. Among the varieties, revenue from sea urchin products decreased by 34.75% compared with the same period last year, and gross profit margin decreased by 20.87% compared with the same period last year; revenue from abalone products increased by 17.22% year-on-year, and gross profit margin decreased by 26.08%.

In this regard, the Shenzhen Stock Exchange requires to explain the reasons for the adjustment of Qingdao frontier marine oyster seedling business model from entrusting production mode to providing technical service model, the main business contents of technical service business, and comparing the similarities and differences of different business models before and after, and quantitatively analyze the impact of this business model adjustment on the current aquaculture business income and cost, and explain the compliance of the relevant revenue recognition time point under the technical service mode.

In addition, comparing the situation of comparable companies in the same industry, this paper explains the differences and related reasons of gross profit margin of main products such as sea cucumber, shrimp scallop, conch, sea urchin, abalone, etc., combined with changes in culture environment, cost input structure and previous differences, explains the reasons for the sharp decline in gross profit margins of products such as sea urchins and abalone, and the reasons and rationality for the continued substantial losses in the conch business.

Accounts receivable are also of concern. The annual report shows that the final book balance of the company's accounts receivable is 303 million yuan. Among them, the final balance of accounts receivable for more than three years was 50.4279 million yuan, an increase of 103.33% over the same period last year. In this regard, the Shenzhen Stock Exchange asked it to explain the details of large accounts receivable with an age of more than 3 years, and to analyze and explain whether the recovery risk of the relevant funds has been fully identified and the provision for bad debts has been made.

The inquiry also pointed out that the company spent 16.0046 million yuan on advertising in 2023, an increase of 129.92 percent over the same period last year. In this regard, it is required to explain the main mode of expenditure, the content of expenditure and the match with the current business development.

The process of inventory taking has been paid attention to.

The inventory situation of Zhangzi Island has been highly concerned by the market. In the inquiry of the annual report, the Shenzhen Stock Exchange asked Zhangzi Island to make a further explanation on the inventory situation.

According to the annual report, at the end of 2023, the book balance of Zhangzi Island inventory was 737 million yuan, which was mainly composed of raw materials, products in process, goods in stock, turnover materials and consumable biological assets. At the end of the period, the balance of the company's inventory price reduction provision or contract performance cost impairment provision is 5.3378 million yuan. The provision for the reversal or resale of inventory decline in the current period is 15.2192 million yuan.

In this regard, the Shenzhen Stock Exchange requires Zhangzi Island to itemize the main composition of various types of inventory, and to explain the specific calculation process, basis and adequacy of the provision for the decline of the relevant inventory, the difference between the proportion of the provision for the decline of the company's previous inventory, and so on. At the same time, combined with the inventory types and details of the provision for inventory decline, the specific calculation process, basis, rationality and accuracy of the provision for reversal or resale in the reporting period are described in detail.

It is worth noting that the Shenzhen Stock Exchange specifically asked Swangzi Island to explain the warehousing of the relevant inventory and the specific process of inventory count, including, but not limited to, the specific inventory procedures, methods, time, quantity, results and accuracy of different types of consumptive biological assets, such as floating raft farming products and broadcast farming products.

Request to clarify the impact of the relevant transfer and disposal

According to the annual report, in 2023, Dalian Ganjingzi District Development and Construction Service Center purchased and compensated the land use rights and above-ground (underground) attachments of Dalian Zhangzi Island FRP Shipbuilding Co., Ltd. located in Qianyancun, Dalian Bay Street, Ganjingzi District, with a total purchase price of 58.6 million yuan and asset disposal income of 7.2773 million yuan.

connaughtbingo| Shenzhen Stock Exchange moves! Zhangzi Island was "soul tortured"

In addition, on December 14, 2023, Zhangzi Island issued a notice on the listing and transfer of some assets, saying that the relevant inefficient assets were transferred by public listing through the Dalian property Exchange. it includes the former abalone factory assets, the assets of the former nursery factory and part of the sea area use rights of the company located in Zhangzidao Town, Changhai County. The transfer price of the first public listing of this transaction is not lower than the total evaluation value of the underlying assets by the asset appraisal institution is 102.3928 million yuan. As of the date of disclosure of the annual report, the project is still in the stage of soliciting the intended transferee.

In this regard, the Shenzhen Stock Exchange requires clarification on the reasons for the above transfer of land use rights, sea area use rights and related assets, the transaction background, and the original use of the relevant land or sea areas, and the impact on the company's production and operation planning and main business development areas; to calculate the amount of impact on the relevant financial data of the company in 2024 if the relevant assets currently listed for transfer are successful.

Review: Xiong Yonghong

Editor: ya Wenhui

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