Kok Tuo shares the IPO for the second time, and the regulatory authorities were questioned by 20 questions in response to overdue account receivables and irregular contract processing.

Picture source: Oriental IC

Recently, Xiamen Kotuo Communication Technology Co., Ltd. (hereinafter referred to as "Ko Tuo Co., Ltd.") responded to the second round of review inquiry letter issued by the previous regulatory authorities, which involved as many as 20 issues such as main business, related relationships, and capital flowing water. Essence

Since its establishment in 2006, Ko Tuo's focus on the smart parking industry has reached sixteen years. It has now become a comprehensive parking industry group that integrates parking consulting, R & D, design, manufacturing, platform development, and operation management. In 2017, Ko Tuo's shares have impacted the IPO, and after five years, they broke through the GEM again.

The prospectus shows that while Koto's share revenue and net profit increase, the balance of accounts receivable has also increased rapidly, which brings greater financial risks. Whether Ko Tuo shares surrounded by controversy can successfully dream the IPO, it has to let the bullet fly for a while.

Behind revenue and net profit, more than 30 % of accounts receivables have overdue

On May 23, 2022, Kok Tuo's updated prospectus showed that operating revenue in 2021 was 719 million yuan, a year -on -year increase of 22%; net profit attributable to the owner of the parent company was 94.9 million yuan, an increase of 20%year -on -year. From the perspective of income structure, the proportion of main business income in each period is more than 99%; other business income accounts for a low proportion of operating income.

It is worth noting that at the end of each issue of 2019, 2020 and 2021, the account balances of Koko's account receivables were 199 million yuan, 273 million yuan, and 367 million yuan, respectively. With 59.82 million yuan, the book value was 167 million yuan, 230 million yuan, and 307 million yuan, respectively, showing a growth trend.

Based on the book value calculation, at the end of the reporting period, the proportion of Ke Tuo's account receivables accounted for about 38%, 41%, and 43%of operating income, respectively.

In addition, the overdue amount of accounts receivable was 67.61 million yuan, 92.48 million yuan, and 137 million yuan, respectively, accounting for 33.91%, 32.13%, and 35.87%of the balance of accounts receivable and contract assets.

Ko Tuo pointed out that overdue account receivables are mainly derived from the smart parking management system and the pedestrian gate system business. At the end of each period of the reporting period, the overdue percentage of accounts receivable of smart parking management systems and sidewalk system business was 35.58%, 34.64%, and 38.61%. From the end of 2021 to the first half of 2022 It has affected, and at the same time, the state has continued to strengthen regulation on the real estate industry, and some customers' repayment time is delayed.

Taking 2021 as an example, the top three customers of Kok Tuo's shares include China Shipping Group and China Architecture, Vanke Group and Longhu Group, accounting for 4.50%, 2.74%, and 1.96%of the current operating income. It can be seen that in addition to creating income to Ko Tuo's shareholders, real estate group customers also face the risk of overdue accounts.

Ko Tuo also listed a large amount of accounts receivable as a risk factor, and frankly said that although the overall capital of the main customers is good, the possibility of large bad debts in receivables receivable is less, and a more cautious account receivable will be adopted Policies for bad accounts. However, if major accounts receivable cannot be recovered and a large amount of bad debt loss occurs, it will adversely affect the company's financial status and operating results.

The troubles of Ko Tuo shares are far more than that. On June 2, the regulatory authorities issued 20 "soul torture" to it. More than a month later, Ko Tuo's shares replied one by one.

On -site supervision found that there are many problems such as inverted contracts and lack of documents

In the second round of inquiry issues issued by Ko Tuo shares, the application materials that supervised and submitted through on -site supervision and submitted to their existing business problems, financial data, and corporate positioning were raised as many as 20 questions.

Among them, it is worth noting that during the on -site supervision of the business, the regulatory authorities found that Ko Tuo shares have irregularities in signing contracts, income confirmation, and preservation documents.

On -site supervision found that the delivery date of 162 sales contracts of COTO shares was earlier than the contract signing date, of which the largest span was the first delivery date earlier than the contract signing date of 199 days; The date of trial, accounting for 8.98%of the relevant contract.

In response, Ko Tuo's replies said that before the new contract approval system was enabled, there was an error caused by hand -entered the contract. It emphasized that during the reporting period, the date of contract delivery and the income confirmation date was earlier than the active income of the contract review date.

According to Ko Tuo's shares, the scope of manual entry is limited. Employees can manually modify the order are limited to the order date, but the order date of the purchase order set by the system is default and cannot be modified.

In order to ensure that the order date of the purchase order in the system is in line with the actual situation, Ko Tuo's shares have closed the business personnel to manually modify the authority of the order date. After the material is closed, the original order is closed, and the system will be re -executed.

It is worth noting that 6 of the 54 construction contracts selected by the supervision team are inverted contracts. Koko's shares further explained that the number of contracting contracts accounted for 15.65%, 9.33%, and 5.29%, respectively, and the amount of inverted contracts accounted for 20.14%, 9.23%, and 4.26%, respectively. The proportion decreases year by year. In terms of the main business smart parking management system, it has the problem of lack of goods signing or engineering acceptance of the original voucher, which is used as a confirmation income time when receiving the customer's except for the sales payment. In month, the relevant income amount was 19.949 million yuan, 45.735 million yuan, 42.992 million yuan and 19.3188 million yuan, respectively.

In this regard, the interpretation of Ko Tuo's shares is that due to the small amount of a single contract, some customers do not cooperate with the process of signing or accepting the seal of the seal on the grounds of cumbersome processes and their obligations. Confirm the document.

The irregularity of the contract processing process has caused many questions about the relevant financial data and application materials of Koto's shares, and it is unknown whether it affects its listing process.

Reasonable tax avoidance, decline in gross profit margin

It is impossible to ignore that the actual controller of Kokoto has changed its shares at a low price at a low price of the company to make a reasonable tax avoidance.

In November 2014, Mingpin Catering Management (Suzhou) Co., Ltd. (hereinafter referred to as Mingpin Catering) increased capital and invested in the issuer. Yuan. In February 2015, Mingpin Catering transferred its equity to Huamong Venture Capital and Yu Yunhui, and transferred the corresponding overall valuation level of about 250 million yuan.

A reporter from Blue Whale Finance found in Tianyan that Mingpin Catering was renamed Mingpin (Suzhou) Environmental Technology Co., Ltd. on April 24, 2020. In September of the same year, the legal representative changed from gold to Xiang Shan. The two branches in Shanghai have shown cancellation, and the cancellation time is September 2015 and January 2016, respectively.

In the response, Ko Tuo pointed out that after obtaining a lower valuation increase, the issuer shares was sold at a higher valuation to Hua Benchuang and Yu Yunhui.

According to the provisions of Article 3 of the Personal Income Tax Law of the People's Republic of China (2011 Amendment), which is valid at the time, "... the income obtained from property transfer, accidental income and other income, the proportion tax rate, the tax rate is percentage of percentage twenty."

At the same time, according to Article 5 of the Enterprise Income Tax Law of the People's Republic of China at the time, "the total income of each tax annual income of the enterprise is reduced, the tax exemption income, the deduction of various deductions, and the previous year after the previous year's losses that are allowed to make up The balance is the taxable income. "

In order to save the tax and fees involved in the transfer of shares, after negotiating with other shareholders, Gold Trainee arranges 100%of the losing money companies with a loss of money to obtain the shares by increasing capital, and the subsequent transfer of the shares to Huadongchuang Investment and Yu Yunhui Essence

Although tax avoidance has relevant legal basis, it will increase the uncertainty of corporate income to a certain extent. From the perspective of the prospectus, although the net profit of Ko Tuo's shares is growing, the decline in the level of gross profit margin has still become one of the risk factor.

In 2019, 2020 and 2021, the comprehensive gross profit margin of Ko Tuo shares was 45.71%, 46.51%, and 45.86%, respectively, with a certain risk of decline. Compared with the same industry, the average comprehensive gross profit margin during the reporting period of Jeshun Technology and Cube Holdings is more than 50%, of which the gross profit margin during the reporting period of Cube Holdings exceeded 54%.

Ko Tuo pointed out that in 2020, it was mainly due to the increase in the proportion of smart parking operation management services and the increase in gross profit margin, and the gross profit margin of the main business increased; in 2021, the gross profit margin of the smart parking management system business decreased, and the gross profit margin of the main business business business business decline. During the reporting period, the gross profit margin of the smart parking management system was 48.24%, 49.17%, and 45.74%, respectively.

In addition to internal concerns, what challenges do Ko Tuo shares are facing in the field of smart parking management?

Over 90 % of the urban parking space utilization rate is low. Can Kok Tuo's shares be dreaming for the second time?

According to the statistics of Sino -Gold Enterprise Credit, more than 90%of cities in my country are below 50%, and the use of parking spaces in four major first -tier cities in Beijing, Shanghai, Guangzhou, and Shenzhen are 49%, 40%, 48%, and 55%. Essence

Corresponding to it is the rapid growth of car ownership. Data show that the number of car ownership increases by about 20 million vehicles each year, while the number of parking spaces increases only about 10 million each year. The gap is still increasing. The contradictions of less parking are increasingly prominent.

Zhang Xiang, Dean of the New Energy Vehicle Technology Research Institute of Jiangxi New Energy Technology Vocational College, pointed to the Blue Whale Finance reporter that the smart parking industry is relatively low. Most of the parking lots belong to the property party. Methods to solve certain employment problems. In addition, the utilization rate of urban parking lots is not high, and information can improve utilization, which is the advantage.

Against this background, smart parking companies represented by Ko Tuo shares have a broad pioneering space, and the intelligent transformation needs in the parking lot field are still sufficient.

It is reported that Kok Tuo plans to publicize the publicly issue to the public that no more than 30 million RMB ordinary shares will be publicized, and the raised funds will be used for the construction of intelligent manufacturing technical reforms in the parking industry, the smart parking operation management, and the construction of the R & D center. Among them, the investment in Sudao smart parking operation management project accounts for about 25%of the total. Zhang Xiang believes that the core competitiveness of smart parking is funding and technology. The greater the number of cities and smart parking facilities, the stronger the competitiveness of the enterprise. In addition, due to technical issues, the industry threshold is relatively high, and huge investment costs are required. At present, the degree of intelligent parking space is relatively low, and this industry is still in the stage of primary development. Relatively speaking, there is no phenomenon of burning money and drainage.

As of December 31, 2021, Kok Tuo's parking lot channels were providing smart parking operation management services of 118,800, and the number of parking lots was 3491. Cities covered by the mainland include other provincial capitals other than Tibet. Most of the municipalities and most prefecture -level cities in Zhejiang and Jiangsu.

In 2021, Kok Tuo's research and development costs reached 45.9473 million yuan, accounting for 6.39%of operating income. Among them, R & D expenses are mainly labor costs, accounting for 90.51%of R & D expenses.

As of December 31, 2021, Ko Tuo and its subsidiaries have obtained 3 invention patents, 14 practical new patents, and 37 appearance design patents; Jetshun Technology has more than 200 patent technologies; Cube Holdings has 79 items Patent technology (including 4 invention patents). It can be seen that in terms of R & D results, there is still a certain gap between Ko Tuo's shares compared with the company in the industry.

"Expanding the parking market horizontally and deeply cultivating the parking ecology" is the future development direction of Kakoto's shares. This time, whether it can break through the IPO for the second time, whether it can be "exhibited in the field of smart parking", it also needs to be given to time verification.

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