20 1 1 is a seemingly ordinary year in Zhongguancun, and the domestic internet BAT pattern has not been broken. That year, Tang Wenbin, Yin Qi and Yang Mu founded Defiance Technology Co., Ltd. (hereinafter referred to as Defiance Technology) in an office of only 90 square meters.
After the curtain of the three-person AI entrepreneurship was opened, in 20 12, Defiance Technology launched the AI vision open platform "Face++", which became one of the largest open platforms for face recognition in the world in just 1 year. After more than ten years of establishment, the road of ignoring the impact of technology on capital is not smooth.
After listing in Hong Kong on 20 19, without any new progress, Defiance Technology hit the science and technology innovation board this time, facing the dilemma of huge losses and "blood loss" for years. Coupled with the high credit sales of Defiance Technology, its asset-liability ratio has crossed the "red line" for many years, and will exceed 300% by 2020, and it is "abnormal" higher than the average level of its peers. Looking back on history, Defying Science and Technology Subsidiary once went to court with the retired product project director, and the labor dispute involved that former employees violated their non-competition obligations and "took away" 10 employees, which was embarrassing. In addition, the subsidiary of Defiance Technology once had the vision of "collision" with other enterprises, and the former shareholders and former directors of this enterprise have the same names as the shareholders of another subsidiary of Defiance Technology and the executives of Defiance Technology respectively.
First, it is caught in the dilemma of huge losses and "blood loss" for years. The asset-liability ratio far exceeds the red line, and credit sales are high.
In recent years, the performance of defiance technology is not satisfactory, not only the growth rate of revenue declines, but also the dilemma of sustained losses.
According to the registered prospectus dated September 27th, 20021year (hereinafter referred to as the "prospectus") and its application draft dated March 7th, 20021year (hereinafter referred to as the "March prospectus"), 20 17-2020 and 202/kloc-0.
According to the research of North Capital Center of Jinzhengyan, from 20 18 to 2020, the business income growth rate of Shi Kuang Science and Technology will be1819%, 47.47% and 10.38% respectively.
According to the prospectus and prospectus in March, the net profit of Defiance Technology for 0-6 months was-775 million yuan,-28 million yuan,-6.643 billion yuan,-3.326 billion yuan and-1 respectively.
Not only has the net profit been losing money year after year, but contempt for technology is also facing the dilemma of serious "blood loss".
According to the prospectuses and prospectuses in March, the net cash flows generated by neglecting scientific and technological business activities in 20 17-2020 and 20021-June were-65,438+68 million yuan,-747 million yuan and-159,6438 respectively.
In addition, the gross profit margin of contempt technology is not equal to the average level of peers.
According to the prospectus, the gross profit margin of Defiance Technology was 62.23%, 42.55%, 33. 1 1% and 34.45% in June, respectively.
According to the prospectus, Defiance Technology selected six companies in the field of artificial intelligence as comparable companies. They are Yi Tu Science and Technology Co., Ltd. (hereinafter referred to as Yi Tu Science and Technology), Congyun Technology Group Co., Ltd. (hereinafter referred to as Congyun Technology), Shenzhen Tian Yun Li Fei Technology Co., Ltd. (hereinafter referred to as Tian Yun Li Fei), Zhongke Cambrian Technology Co., Ltd. (hereinafter referred to as Cambrian), Shenzhen Huiding Technology Co., Ltd. (hereinafter referred to as Huiding Technology) and Hongruan.
From 20 18 to 2020, the CAMBRIAN gross profit margin was 99.9%, 68. 19% and 65.38% respectively. The gross profit margin of Ding Hui Science and Technology is 52. 18%, 60.4% and 5 1.53% respectively. The gross profit margin of Hongsoft Technology is 94. Tian Yun Li Fei's gross profit margin is 56.34%, 43. 17% and 36.74%, Yi Tu science and technology's gross profit margin is 54.55%, 63.89% and 70.99% respectively, and Congyun science and technology's gross profit margin is 265, 438+0.7%, 40.89% and 43.5089.0000000606
In the same period, the average gross profit margins of the above comparable companies were 63. 16%, 6 1.72% and 59.57% respectively.
It can be seen that in 2020, the gross profit margin of Defiance Technology decreased by more than 29 percentage points compared with 20 18, which was lower than the average level of the industry in 20 18-2020.
According to the prospectus, in 20 18-2020 and 2021/6 years, the asset-liability ratio of Defiance Technology was 208.54%, 253. 18%, 3 18.37% and 383 respectively.
From 20 18 to 2020, the CAMBRIAN asset-liability ratio was 83.2 1%, 6.68% and 12.0 1% respectively, and the Ding Hui science and technology asset-liability ratio was 23. 16% and/kloc-0 respectively. The asset-liability ratio of ArcSoft Technology is 65,438+05.56%, 9.07% and 65,438+00.39% respectively. The asset-liability ratio of Tian Yun Li Fei is 28. 15%, 65,438+002.19% and 24.58% respectively. The asset-liability ratio of Congyun Technology is 66. Among them, Yi Tu Science and Technology has not disclosed the data in 2020, and its asset-liability ratio of 20 18-20 19 is 166.7% and 302.52% respectively.
From 20 18 to 2020, the average asset-liability ratio of comparable companies in the same industry in defiance of science and technology is 63.96%, 78.78% and 2 1. 1% respectively.
However, ignoring the other side of the high debt repayment pressure of science and technology, its credit sales are also very high.
According to the prospectus, at the end of 20 18-2020 and 2002116, the accounts receivable of Defiance Technology were 596 million yuan, 83 10 million yuan, 899 million yuan and 944 million yuan respectively.
In the same period, the accounts receivable of Defiance Technology accounted for 69.74%, 65.99%, 64.64% and 65,438+040.95% of the current operating income respectively.
It can be seen from the above situation that in 20 18-2020, Defiance Technology not only experienced a decline in revenue growth and a loss in net profit, but also faced the dilemma of high debt repayment pressure and credit sales. The gross profit margin was lower than the average level of peers, and it despised the sustainable profitability or pressure of technology in the future.
Second, the original product project director of the subsidiary violated the non-competition restriction and "led the team away" to become a competitor.
Looking back on history, the contempt technology subsidiary once went to court with its former employees, and the labor dispute involved that the former employees violated the obligation of non-competition.
According to the prospectus, Beijing Kuang 'an Technology Co., Ltd. (hereinafter referred to as "Beijing Shi Kuang") is a subsidiary of Shi Kuang Technology, and its cancellation date is 2065438+June 28, 2008. Beijing Shi Kuang Science and Technology Co., Ltd. (hereinafter referred to as "Beijing Shi Kuang") is a subsidiary of Shi Kuang Science and Technology. It was established on 20110, and its main business is technology development and product sales.
According to the document (20 18), Jing 0 108 at the beginning of the Republic of China 15533, Shi Kuang of Beijing once filed an application with the Labor and Personnel Dispute Arbitration Commission of Haidian District, Beijing on the grounds that Ma Yuan had to pay liquidated damages for violating the obligation of non-competition during his tenure, and the Commission issued the final word of Jing Hai Lao Ren [2017.
Ma Yuan joined Mine Safety Technology on March 2, 20 15, and terminated his labor relationship with Jingkuangan on October 26, 20 1 16. 20 15 12 1 joined Beijing Shi Kuang as product project director, and signed labor contract, confidentiality and intellectual property protection agreement and non-competition agreement with Beijing Shi Kuang. 2065438+On June 22nd, 2007, Ma Yuan resigned from Beijing with contempt.
In the above-mentioned labor dispute cases, Beijing Defiance claimed that Ma Yuan violated the obligation of non-competition during his tenure, including: Ma Yuan provided services for Wuxi Zhiyong Technology Co., Ltd. (hereinafter referred to as "Wuxi Zhiyong") which had a competitive relationship with Beijing Defiance during his tenure, and bid in the name of Wuxi Chuangshi Saiwei Technology Co., Ltd. (hereinafter referred to as "Chuangshi Saiwei"), which violated the obligation of non-competition for a long time; During his tenure in Ma Yuan, he founded Genesis Saiwei, which competed with Defiance. During his tenure in Ma Yuan, 15 members of the project team all left his job in Defiance, Beijing, but when he joined Genesis Saiwei, it caused very high losses to Defiance, Beijing.
One of the controversial points in this case includes "whether Ma Yuan violated the obligation of non-competition after leaving Beijing". In this regard, the ruling of the first instance found that Ma Yuan's provision of services to the above-mentioned two competing enterprises after leaving the company violated the agreement that he had the obligation of non-competition after leaving the company as stipulated in the third paragraph of Article 1 of the Non-competition Agreement signed with Defiance in Beijing.
Then, the China government ignored Ma Yuan and took him to court.
According to the document (20 18) Jing 0 1 Zhong Min 4 126, Beijing No.1 Intermediate People's Court made a final ruling, and the court of first instance found that Ma Yuan should have the obligation of non-competition during his tenure, and there was nothing wrong with it.
Specifically, Beijing Defiance claims that Ma Yuan provides services to Wuxi Zhiyong and Chuangshi Saiwei, while Wuxi Zhiyong and Chuangshi Saiwei compete with Beijing Defiance. The contact numbers of Wuxi Zhiyong's 20 14 to 20 16 annual reports are all mobile phone numbers, and Ma Moumou, the emergency contact, is the supervisor of Wuxi Zhiyong. Moreover, the industrial and commercial archives of Chuangshi Saiwei submitted by Beijing contempt show that the information office of the legal representative of Chuangshi Saiwei shows Ma Yuan's contact information, which is mutually confirmed with the notarized webpage content, proving that Beijing contempt advocates that Ma Yuan is closely related to Chuangshi Saiwei and holds a post. To sum up, the court of first instance found that Ma Yuan violated the prohibition of business strife, and there was nothing improper.
In addition, the final judgment found that Ma Yuan provided services to Wuxi Zhiyong and Chuangshi Saiwei, which were competitive with Beijing Defiance, and played a leading role in the two competing enterprises, which seriously violated the provisions of the non-competition agreement.
At this point, Ma Yuan, the product project director of Defiance Technology Subsidiary, not only founded a competitive company Chuangshi Saiwei during his tenure, but also violated the obligation of non-competition after leaving the company, "taking away" a team of more than 10 people, which is very embarrassing.
Third, the subsidiary has been confused with other enterprises, and behind this collision, there is Dong He, a shareholder with the same name.
Out of the oil pan into the fire pit. Historically, the subsidiary of Defiance Technology once had the vision of "collision" with other enterprises, and the former shareholders and former directors of this enterprise have the same names as the shareholders of another subsidiary of Defiance Technology and the executives of Defiance Technology respectively.
According to the data of the Market Supervision Administration, 20 15-20 16, the corporate telephone number despised by Beijing is 010-62508611; 20 17 Beijing defiance enterprise telephone 625086 13.
According to the data of the Market Supervision Administration, the telephone number of Beijing Century Cloud Map Data Co., Ltd. (hereinafter referred to as "Century Cloud Map") is 010-62508611; 20 17, the enterprise telephone number of Century Cloud Map is 0 10-625086 13.
It can be seen that 20 15-20 17, Century Cloud Map "overlaps" with Beijing Kuangshi, a subsidiary of Kuangshi Technology.
In addition, Century Cloud Map and Defiance Technology have cancelled their subsidiaries or are now "acquaintances".
According to the information of the Market Supervision Administration, Century Cloud Map was established on August 29th, 20th14th. As of the inquiry date of 65438+20221October 20th, the shareholder of Century Cloud Map is Shi Xinxin. 2065438+On August 23rd, 2004, Ni Xiaohai subscribed for 30,000 yuan of Century Cloud Map. 2065438+On March 5, 2009, Ni Xiaohai transferred his equity in Century Cloud Map to Shi Xinxin and withdrew from Century Cloud Map. Prior to this, there was no other changes in equity record in the Century Cloud Map.
That is, from the establishment of Century Cloud Map to March 4, 20 19, Ni Xiaohai was the controlling shareholder of Century Cloud Map.
According to the information of the Market Supervision Administration, Beijing Mine Safety was established on February 28th, 20 15 and cancelled on June 28th, 20 18. The shareholders are Ni Xiaohai and Beijing Shi Kuang respectively. According to the annual report of 20 15, the shareholder of Beijing Kuang 'an is Ni Xiaohai, and the subscribed capital contribution is 30,000 yuan. According to the annual report of 20 16, the shareholders of Beijing Kuang' an are Ni Xiaohai and Beijing Shi Kuang, of which Beijing Shi Kuang subscribed 29,700 yuan and Ni Xiaohai subscribed 3,000 yuan.
This means that Defiance Technology has cancelled its subsidiary Beijing Kuang 'an, and Ni Xiaohai was one of its shareholders before the cancellation.
According to the data of Tianyancha, the original shareholder of Century Cloud Map is "Ni Xiaohai", and the enterprise as a shareholder also includes Beijing Mine Safety. Is Ni Xiaohai, the former shareholder of Century Cloud Map, the same person as Ni Xiaohai, one of the shareholders of Beijing Kuanan?
Not only that, but also ignored the director of science and technology, or once "appeared" on the world cloud map.
According to the prospectus, Cao Zhimin is the senior vice president of Defiance Technology, and his term of office started from 2065438+April 1 in 2009.
According to the data of the Market Supervision Administration, on 20 18 1654381October 9, Cao Zhimin withdrew from the list of directors of Century Cloud Map. Previously, Century Cloud Map had no information about Cao Zhimin's withdrawal from Dong.
That is, from the establishment of Century Cloud Map 20 14 to 20181.8, Cao Zhimin has been working in Century Cloud Map.
According to the data of Tianyancha, Dong used to be "Cao Zhimin" in the cloud picture of the century, and his enterprises also despised technology. Are they the same person? Or I should ask a question mark.
That is to say, from 20 15 to 20 17, Century Cloud Map uses the telephone number of Beijing Shi Kuang, a subsidiary of Shi Kuang Science and Technology. Behind the business chaos, before the cancellation of Kuang 'an, a former subsidiary of Defiance Technology, Ni Xiaohai, a former shareholder of Century Yuntu, and Cao Zhimin, a former director of Dong, also had the same name as Ni Xiaohai, a shareholder of Jingkuangan, and Cao Zhimin, an executive of Defiance Technology. Is it a coincidence? Or is the aforementioned Ni Xiaohai and Cao Zhimin the same person? Especially famous.
Faced with the above problems, it is still unknown whether technology can "reverse Gankun".
This article is from Kim.