In the first half of the year, revenue decreased year -on -year by more than 30 % of the Bo Dashan shares.

Recently, Jiangsu Boda New Materials Technology Co., Ltd. (hereinafter referred to as Boda shares) has made new progress in the launch of the new three boards, and the company has received the second feedback from the National Stock Transfer Company Listing Examination Department.

Data source: Reporter sorted out the visual Chinese map Yang Jing map

Boda Co., Ltd. is mainly engaged in the research and development, production and sales of high -pressure decorative boards. The products are mainly used in the fields of furniture manufacturing, commercial and civil interior decoration. During the reporting period (2020 and 2021), the company realized operating income of 172 million yuan and 182 million yuan, respectively, and realized net profit of 29.817 million yuan and 23.829 million yuan, respectively.

"Daily Economic News" reporter noticed that the post -operating conditions disclosed by Boda shares showed that the operating income from January to June 2022 was about 60.87 million yuan (unaudited), and the revenue of the same period in 2021 was 92.26 million yuan ( Without auditing), a year -on -year decrease of 34.02%. In this regard, the second feedback opinion requires the company to further explain whether there are other factors that may affect the continuous operating capabilities after the reporting period, and check whether the relevant risks are sufficient.

Income is affected by downstream demand

The business model of Boda shares is to purchase chemical raw materials and paper raw materials, processing production into high -pressure decorative board products, and sells to domestic and foreign customers such as dealers, traders, furniture manufacturers, and decoration materials manufacturers.

From the perspective of operating performance, Boga's operating income increased in 2021, but net profit declined. The reason for the decline in net profit was affected by changes in the international and domestic economic development cycle and market supply and demand relationship. In 2021, the company's main raw material procurement price increased from the previous year, and operating costs increased by 19.40%year -on -year.

Since July 2020, the prices of chemical raw materials of Boda stocks have continued to rise. The average procurement price of chemical raw materials in 2021 has increased by 48.70%from 2020. At the same time, the prices of noodle paper and core paper procurement have also risen since 2021.

While the price of raw materials rose, the price of major products in Boda's major stocks rose to a certain lag. Among the three major products, the average sales price of thin fireproof boards in 2021 was the same as that of 2020. The average sales price of CNC processing boards and anti -Bei special sales in thick fireproof board increased by 5.68%and 0.65%respectively. Core customers' sales prices have been reduced.

The above factors led the company's gross interest rates in 2021, and in 2020 and 2021, the gross profit margins were 41.56%and 34.18%, respectively.

From January to February 2022, the procurement of the procurement price of the main chemical raw material procurement disclosed by Boda shares showed that the procurement unit price of the highest proportion of phenols increased by 21.17%, and procurement accounted for relatively high melamine and formaldehyde procurement prices of 8.11%and 2.73%, respectively. Compared with more than 40%in 2021, from January to February 2022, the increase in major chemical raw materials was small.

According to Boda shares, after the reporting period, the company's main customers, the sales price of the main product, and the procurement price of major raw materials have not changed. However, as the new crown epidemic is still repeated, end users may suspend opening or closing stores, and downstream industry demand for the company's product has declined. From January to June 2022, the company's operating income declined significantly with the comparison of the same period.

In terms of profitability, the net profit of Boda shares declined in 2021, with a net profit loss of 519,600 yuan from January to February 2022. In this regard, the listing review department requires the company to further explain the main business structure, profit source and development trend after the reporting period, and whether there is a large impact on the downstream catering and real estate industries.

In fact, the company's revenue in 2021 has been affected by the downstream industry. In 2021, the operating income of Boda's shareholding increased, but the sales revenue of thick fireproof boards and non -burning boards declined. It is mainly due to the slowdown in the expansion of customers such as hotel catering industry in the main downstream application fields in this type of product, and the reduction of product demand. In addition, the company's products are mainly domestic sales, but in 2021, the domestic sales revenue and proportion have declined. The main reasons are also due to the decline in customer demand for chain industry such as domestic catering hotels.

During the reporting period, the existence of transfer financing

"Daily Economic News" reporter noticed that in order to meet their own funds arrangements, from January to April 2020, there was a signing of a procurement agreement with a real transaction background to transfer financing. New Materials Technology Co., Ltd. (hereinafter referred to as Wanbo New Materials) and non -related party Changzhou Yujia Decoration Material Co., Ltd. (hereinafter referred to as Yujia Decoration).

Boda shares signed decorative paper procurement agreements with Wanbo New Materials and Yujia Decoration three times, but the agreement was not executed. Through Wanbo New Materials Transfer financing, Boda shares received 16.9 million yuan in bank loans; through Yujia Decoration to loan financing, Boda shares received 25.5 million yuan.

According to Boda shares, the above procurement agreement has not been included in the company's procurement costs, and there is no such thing as a false increase in the company. The company's bank account does not exist in in vitro circulation; although the company's transfer behavior does not meet the financial management regulations, there is no case of being punished by administrative penalties for transfer.

At present, the company has repaid the relevant funds. In response to the above -mentioned loan behavior, Boda shares said that the company has adopted a variety of measures to regulate the transfer behavior. Since May 2020, the company has not re -loan. In fact, Boanda shares mainly meet the financing activities of bank loans to meet the needs of daily operating funds. The "disadvantage of financing channels" is one of the company's competitive disadvantages. The company said that the application for the new three boards can broaden the company's financing channels, accelerate business development, further improve the company's product quality, and improve the company's core competitiveness.

At the end of 2020 and at the end of 2021, the balance ratio of Boanda's assets was 57.15%and 58.60%, respectively, and the short -term borrowing balances were 350.26 million yuan and 50.457 million yuan, respectively. The risk of Boda shares indicates that during the reporting period, the company's asset -liability ratio is higher, the short -term borrowing amount is large, the flow ratio and speed ratio are low, the short -term liquidity is tight, and there is a certain risk of debt repayment.

According to Boda shares, the company's actual capital shortage risk is low in the short term, which is mainly the company's currency funds high, which can cover the company's main capital needs of the company; the company's inventory capacity is strong, and the receivables can be recovered in time; the company has good Financial institutional relations and a certain scale of credit.

Regarding the relevant matters related to the listing of the New Third Board, on August 3, 2022, the reporter of "Daily Economic News" called Boda shares to try to understand the relevant situation, but the company's staff did not accept an interview.

Daily Economic News

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