Behind Dongxu's blue sky strange "three consecutive boards": the first half of the year still lost money to the mystery to become a mystery

Author:Securities daily Time:2022.08.12

Our reporter Li Yuzheng on August 11, Dongxu Blue Sky's stock price has risen in a daily limit. Since then, the company's stock price has closed the daily limit board for the third trading day. Earlier on the evening of August 10, Dongxu Blue Sky issued an announcement saying that the company's stock price increased from 20%or more within two consecutive transactions on August 9 and August 10, and the stock transactions fluctuated abnormally. From August 8th to August 11th, the stock price of Dongxu Blue Sky has reached 39.13%during the short four trading days, close to 40%. Behind the daily limit of the stock price, Dongxu's blue sky did not see good news. The company stated in the announcement that there is no major matters about the company's disclosure or not disclosed or in the planning stage. In addition, Dongxu Blue Sky reminded that the company's performance in the first half of the year is expected to lose money, and it is expected that the net profit of the mother in the first half of the year is 160 million yuan to 1.90 million yuan. Regarding the abnormal fluctuation of the stock price, the staff of Dongxu Blue Sky Securities Department told the Securities Daily that the company's operation was normal and did not notice the reason for the fluctuation of the stock price. In the first half of the year, the loss of more than 160 million yuan Dongxu Blue Sky, which was announced on July 15th, the 2022 semi-annual performance forecast showed that the company is expected to lose net profit at the first half of the year to a loss of 160 million to 130 million yuan, which is still in a state of losses. In the same period in 2021, Dongxu's blue sky lost 197 million yuan. Regarding the narrowing of losses, Dongxu Blue Sky explained that the company's operating performance improved compared with the same period of the previous year, mainly due to the promotion of the company's main business. Dongxu Lantian is mainly engaged in ecological environmental protection and new energy business. The financial report shows that in recent years, due to the influence of industry policies such as PPP projects, Dongxu Blue Sky Ecological Environmental Protection's revenue continued to decline, from 3.117 billion yuan in 2018 to 1821 in 2021, a decrease of 94.10%. While the income of ecological and environmental protection business declines, Dongxu Blue Sky's non-main business supply chain business has emerged. The revenue from 2018-2021 is 226 million yuan, 1.884 billion yuan, 1.542 billion yuan, and 1.275 billion yuan. It will surpass the main ecological environmental protection business. However, the so -called supply chain business of Dongxu Blue Sky refers to providing silk mesh raw materials for the entry of Hebei Huarong Environmental Protection Industrial Park, which only has a role in supporting scale and has a little impact on performance improvement. In 2020 and 2021, the gross profit margin of the supply chain business was -0.23%and -0.06%, respectively, in a state of loss. At present, Dongxu Blue Sky depends on the new energy business mainly based on photovoltaic power generation at the income level. The business achieved revenue of 2.275 billion yuan in 2021, accounting for 58.67%of total operating income, close to 60%. The annual report shows that as of the end of 2021, Dongxu Blue Sky Self -held 57 Photovoltaic Power Station, and the grid -connected machine volume was about 1GW. However, the development of Dongxu's blue sky new energy business is not so smooth, and the income has declined a few years ago. In the highest peak in 2017 and 2018, Dongxu Blue Sky New Energy's annual revenue exceeded 5 billion yuan. In 2021, Dongxu's blue sky loses a net profit of 621 million yuan, a third consecutive year. In 2022, the company did not show signs of turning losses. Most of the monetary funds have been analyzed that the abnormal fluctuations of Dongxu Blue Sky's stock price are related to the concept of photovoltaic. On August 10, Dongxu Blue Sky answered investors' questions on the interactive platform that as of the end of 2021, the company's own photovoltaic power plant business assets accounted for about 60%of the company's total assets of 25.9 billion yuan. However, there may be many hidden dangers behind Dongxu Blue Sky assets. On April 26, 2022, ZTE Caiguanghua Accounting Firm (special common partnership) issued an audit report with the reservation opinion of the East Xu Blue Sky in 2021, which reserved opinions covering prepaid, other non -current assets and other issues. , Emphasizing the issue of the matter is related to the restrictions of deposit withdrawal. On May 9, Dongxu Blue Sky received an inquiry letter from the Shenzhen Stock Exchange, and was required to explain the issues such as monetary funds and pre -collection. The annual report shows that as of the end of 2021, Dongxu Blue Sky has been limited to 2.987 billion yuan in monetary funds, accounting for nearly 90 % of the ratio of currency funds. The company explained that these restricted monetary funds are mainly the controlling shareholder Dongxu Group Financial Co., Ltd. (hereinafter referred to as "financial company") deposit, deposit deposit, judicial frozen funds, bank pledge and co -management funds, deposited investment funds Essence It is understood that in 2018, Dongxu Blue Sky will temporarily deposit idle funds in a financial company, aiming to obtain interest income higher than major commercial banks, and hedge the interest expenditure generated by hedge the financing of some projects. With the thunderstorm of Dongxu Group, in 2019, the financial company has difficulty in liquidity, and Dongxu Blue Sky Deposit has been restricted since then. According to Dongxu Lan Sky's response to the annual report inquiry, as of the end of 2021, Dongxu Blue Sky's deposit balance in the financial company was 2.892 billion yuan. In the case of limited funds, the high debt is superimposed, and Dongxu Blue Sky has a lot of debt repayment pressure. The annual report shows that as of the end of 2021, Dongxu Blue Sky Financial's interest liability book balance was 9.138 billion yuan, of which the principal and interest of the debt was not repaid on schedule of 1.043 billion yuan. As of the financial report approval, the newly added debt to 800 million yuan as scheduled to repay the debt 800 million yuan as scheduled The company is communicating with financial institutions and signing the exhibition agreement.

According to Dongxu's blue sky, as of the end of the first quarter, the company's short -term borrowing and non -current liabilities expired within one year were about 6.284 billion yuan. In addition to restrictions on monetary funds, Dongxu Blue Sky also has large prepaid preparations. According to the annual report, as of the end of 2021, Dongxu Blue Sky prepaid payment was 3.754 billion yuan, accounting for 14.36%of the assets; other non -current assets including prepaid project funds and prepaid investment funds was 3.514 billion yuan, accounting for 13.43%of the assets. Total 7.268 billion yuan, accounting for 27.79%. In addition, according to Dongxu Lan Sky's response to the annual report inquiry, the proportion of funds for more than 2 years in non -liquid assets is as high as 93.13%. These prepaid payments have flowed to suspected "empty shell companies". Taking the prepaid payment as an example, according to Dongxu Blue Sky's response to the annual report inquiry letter, the top five companies in Dongxu Blue Sky Prepaid Payment are Ulanchabu Anda Fenghua Technology Co., Ltd. (hereinafter referred to as "Anda Fenghua"), and Tianjin Zhaowei Technology Development Co., Ltd., Hebei Lanjian New Energy Technology Co., Ltd., Ruikang Yingfu (Tianjin) Technology Co., Ltd. (hereinafter referred to as "Ruikang Yingfu"), Tianjin Jiheng Jufu Technology Co., Ltd. "). According to industrial and commercial information, the registered capital of these enterprises ranges from 20 million yuan to 50 million yuan, but most of the actual payment capital is 0, the number of participants is 0, and the establishment time is relatively short. With an example of Anda Toyota, it was established on April 20, 2018. The registered address is a shop in Ulanchabu, Inner Mongolia. 566 million yuan, as of the end of the end of the prepaid period at the end of last year, the total amount of the balance of the prepaid period was as high as 15.07%, ranking first. There is also an unusual connection between these prepaid objects. Data from Tianyan Check shows that Dongxu Blue Sky Prepaid Jin Yu (Beijing) International Environmental Engineering Co., Ltd. shared the same phone number with Ruikangyingfu and Ji Heng Jufu. The legal representatives and registered addresses of the three companies are different, and the scope of business is also large. "Securities Daily" reporter tried to dial the number, as of press time failed to connect. As of the end of 2021, the prepaid balance formed by Dongxu Blue Sky and the above three companies was 575 million yuan, 350 million yuan, and 350 million yuan, respectively. An analyst who was unnamed named told the Securities Daily that the historical problems of Dongxu Blue Sky have always been very large, and the authenticity of the prepayment data is worth examining. It is worth mentioning that Dongxu Blue Sky Annual Accountant said in the 2021 audit report that failed to obtain sufficient and appropriate audit evidence to determine whether the relevant contracts can be fulfilled in accordance with the agreed contract, whether the relevant contract target or payment can be safe There is an uncertainty. In response to the issue of stock price fluctuations and prepaid flow, the reporter of the Securities Daily interviewed Dongxu Blue Sky. The relevant staff said that the regular report was inconvenient to be interviewed before and after the release. Picture | Site Cool Hero Bao Map.com