The development history of Zhiou Technology is inseparable from a senior shareholder, and now it has been listed, that is, Anke Innovation Technology Co., Ltd. (hereinafter referred to as Anke Innovation). However, as a shareholder, Zhiou Technology has many doubts and contradictions in the process of acquiring equity. Coupled with the tight cash flow of Zhiou Technology, the focus of this listing is to save lives; In research and development; Zhiou Technology independently develops very weak chickens, and its business income from independent research and development is less than one fifth. The review of Zhiou Technology at this meeting can be described as trembling.
Major shareholders have many doubts, and there are many contradictions in increasing capital and shares.
The development of science and technology in Europe is inseparable from repeated capital increase, and there is a lingering figure in the process of repeated capital increase, that is, the major shareholder Anke innovation.
In fact, the original name of Anke Innovation is called Hunan Haiyi Electronic Commerce Co., Ltd. (hereinafter referred to as Haiyi Electronics). According to the prospectus, in May 20 18, Zhiou Limited increased its capital for the second time, and Anke Innovation became a shareholder for the first time. 20 18, 10 In May, Zhiou Co., Ltd. passed the resolution of the shareholders' meeting and agreed to increase the registered capital by 22.95 million yuan. Among them, Anke Innovation contributed 20 million yuan in cash to subscribe for the newly-increased registered capital of 6.5438+0.20 million yuan, and the premium part of 6.5438+0.88 million yuan was included in the capital reserve. After this capital increase, Anke's innovative registered capital is 6,543.8+0.2 million, accounting for 4.85%, making it the fourth largest shareholder.
However, the problem is coming. In the announcement of foreign investment of Hunan Haiyi Electronic Commerce Co., Ltd. with announcement number: 20 18-002, Haiyi Electronic's foreign investment should refer to this capital increase. The announcement shows:
The company plans to increase the capital of Zhengzhou Zhiou Network Technology Co., Ltd. (hereinafter referred to as "Zhengzhou Zhiou"), and the company has subscribed to contribute 20,000,000.00 yuan, of which 65,438+0,080,000 yuan is included in the registered capital, and the remaining 65,438+08,920,000 yuan is included in the capital reserve. After the capital increase is completed, the company will hold 3.9823% equity of Zhengzhou Zhiou.
The monetary contribution is 20 million yuan, but the registered capital shown in the announcement is 6,543,800 yuan+200,000 yuan, which is 820,000 yuan less than the prospectus, accounting for 39,823% of the equity and 4.85% of the prospectus. So, why should the prospectus falsely increase the registered capital?
In addition, Anke's innovative listing registration draft shows that the unaudited total assets of Zhiou Technology invested in 20 19 years are 66 1750500 yuan, the net assets are 446 178300 yuan and the net profit is 165098400 yuan.
However, Zhiou Technology's own prospectus shows that the audited total assets, net assets and net profit of that year were 653.859 million yuan, 426.5482 million yuan and 654.3807943 million yuan respectively.
There is a serious deviation from Anke's innovative registration draft. The total assets are less than 9.99 1 0.5 million yuan, the net assets are less than10,963.05438+0.0 million yuan, and the net profit is less than 5710.045438+0.0 million yuan. With such a huge data difference, which company is making fraud? The regulatory authorities should take a good look!
The cash flow is tight and broken.
Abundant cash flow comes from being able to create more operating income, and the net profit is more after deducting various expenses. However, although Zhiou Technology has a large operating income, its net profit is very low. The proportion of net profit to operating income is very low.
During the reporting period, the operating income was 65.438+0.595 billion yuan, 2.326 billion yuan, 3.97/kloc-0.00 billion yuan and 5.967 billion yuan respectively, but the net profit was only 40.6386 million yuan, 65.438+0.08 billion yuan, 380 million yuan and 207 million yuan. Especially from 2020 to 20021year, the operating income increased by nearly 2 billion yuan, but the net profit decreased by 45. %.
At the same time, the book value of the company's inventory is 252,898,900 yuan, 858,653,500 yuan and
105 and 1708600 yuan, accounting for 40.82%, 53.83% and 50 10% of current assets respectively. Inventory will inevitably take up a lot of money. Therefore, the ending inventory depreciation reserve is 8,554,400 yuan, 1.357654388+0.500 yuan and 22,987,000 yuan respectively, increasing year by year.
Another important indicator is that the asset-liability ratio of Otto Technology is 34.76%, 27.27% and 55.04% respectively. At the end of 20021,the asset-liability ratio of 202 1 increased significantly and doubled compared with the end of last year.
The book value of accounts receivable is 64,574,500 yuan,114,049,700 yuan and125219,600 yuan respectively, accounting for 10.42% and 71respectively. Although it is decreasing, the absolute amount is increasing.
It is precisely because of the low net profit, high inventory, high asset-liability ratio and increased accounts receivable that Ott's cash flow is very tight. 20 18-202 1 year net cash flow generated from operating activities is -3282 1 1 ten thousand yuan, 88.996 million yuan,-207 million yuan and 265 million yuan respectively.
If the extremely unstable cash flow continues, it will inevitably lead to the nervous collapse of funds, but this technology mainly relies on overseas markets, especially Amazon platform, and the sales revenue realized through Amazon platform accounts for 89.32%, 8 1. 13%, 7 1.8%, 69. 1%. Under the current situation of Sino-US relations, it is bound to be influenced by political factors. If this situation cannot be changed, there will be great risks in the future.
Weak chicken independent research and development
The research and development of Zhiou technology can only be described as weak chicken, because the independent research and development capability is almost less than 20%.
During the reporting period, the R&D expenses were 20 18-202 1 year, and the company's R&D expenses were 4 163200 yuan, 10429500 yuan, 12769300 yuan and 2769300 yuan respectively.
The R&D expense rates of Zhiou Technology are 0.45%, 0.32% and 0.4 1% respectively, which are far lower than the average levels of 2.79%, 2.77% and 3.66% in the same industry.
Moreover, from the perspective of revenue from R&D, the revenue from R&D independently developed by Zhiou Technology accounts for 1 1.99%, 17.35%, 26. 19% and 27.64% respectively. It can be seen that the company does not attach importance to independent research and development because it sells well in foreign markets by using the Internet platform, so in this case, it can certainly make money by not attaching importance to research and development, and the company's development has deviated. However, in the long run, if it does not attach importance to independent research and development, once risks arise, it will inevitably have various unfavorable tendencies in intellectual property rights, and the income brought by non-independent research and development results will account for the vast majority. In the long run, once it gets stuck, the consequences will be unimaginable.
During the reporting period, there were 9 cases of third-party product design infringement caused by employees' misunderstanding of intellectual property rights and other factors, which is obvious proof.
For Zhiou Technology, it is better to practice hard for a few years than to change your serious injury. As the capital market becomes more and more mature, the elimination rate of inferior enterprises is getting higher and higher. As of July 13, the number of delisted companies has increased to 46 this year. It can be seen that only high-quality enterprises have the opportunity to exist in A shares, and this trend can only be more and more in the future. Therefore, instead of rushing to go public, it is better to practice internal strength first in order to be long-term!