During the year, the first case of resumed listing *ST Yingfang dual risk to be solved

For the past two and a half years,*ST Yingfang (000670) is back. On the evening of August 21,*ST Yingfang disclosed that the company's shares will be resumed on August 22. The company "stars and picking up hats" on the first day of the listing, the stock is referred to as "Yingfang Wei", which is the first in the year. Restore listed stocks. Although*ST Yingfang has made great efforts to restore the listing, and can get the "Pass Permit" also explains the performance level, but in the first half of the year, the sharp decline in non -net profit and the large -scale goodwill were still hanging on the head. Enterprise's future life door.

Deducting non -net profit is still negative

It is understood that due to the negative value of the three consecutive accounting years in 2017, 2018, and 2019, the*ST profit was suspended from April 7, 2020. At that time, the company's last trading day stayed on March 19, 2020. This time returning to A shares,*ST Yingfang resumed the closing price of the previous day of the real -time market display on the first day of the listing. On the 22nd, the company's stocks had no restrictions on rising declines, and the daily rising decline limit from August 23 was 10%.

Back traceability*ST Yingfang resumes a long way to listing. After the 2020 annual report disclosure, the company's revenue, net profit, net assets and other factors meet the requirements of resumption of listing. Therefore Essence

Today, for more than a year,*ST Yingfang has finally returned to the A -share capital market. As of now, the number of shareholders of*ST Yingfang has 66,700 households.

Financial data shows that in 2020 and 2021,*ST profitable party realized operating income of about 700 million yuan and 2.89 billion yuan, respectively; the corresponding net profit was about 10.12 million yuan and 3.238 million yuan, respectively; The net profit was about 2.105 million yuan and 2.713 million yuan, respectively.

On July 28 this year,*ST Yingfang also disclosed the company's performance in the first half of 2022, achieving operating income of approximately 1.264 billion yuan, a year -on -year decrease of 7.24%; %; Correspondingly, the net profit after deduction is negative, which is about -45.21 million yuan, a year-on-year decrease of 752.38%.

It is worth mentioning that the performance of the*ST Yingfang in the first half of the year also had a "face change". On July 15th,*ST Yaifang had expected that the company to achieve net profit after deduction in the first half of the year was 4.07 million to 5.57 million yuan, an increase of 489.86%-707.25%year-on-year. Although the performance of the first half of the year has appeared "face change", this does not affect the company's resumelition process. Whether the company can restore the listing mainly depends on the performance of the 2020 (that is, the first year after the listing). plate.

455 million yuan in goodwill on the head

Behind the resumption of listing,*ST Yingfang also made a lot of effort.

In September 2020,*ST Yingfang completed the acquisition of 51%equity of Shenzhen Huaxinke Technology Co., Ltd. (hereinafter referred to as "Huaxinke") and World Style Technology Holdings Limited (hereinafter referred to as "World Style"). The main business is newly added to the distribution of electronic components, which has formed a dual main business model for electronic component distribution+integrated circuit chip development and development.

According to the annual report of*ST Yingfang in 2020 and 2021, the distribution of electronic components has also become the company's revenue pillar. During the reporting period, the company's distribution business revenue was 698 million yuan and 2.884 billion yuan, respectively, accounting for 99.74%, respectively, respectively, respectively, and 99.74%, respectively. 99.8%; and the income of integrated circuit chip research and development design business revenue was 1.822 million yuan and 5.8135 million yuan, respectively, accounting for 0.26%and 0.2%, respectively.

However, there is also a hidden goodwill behind the acquisition. As of June 30, 2022,*ST Yingfang formed by the above acquisition of 455 million yuan. According to the "Corporate Accounting Guidelines", the goodwill formed by the acquisition will not be amortized, but the impairment test will be performed at the end of the year in the next year.

*ST Yingfang also stated that according to the situation of goodwill impairment testing in 2022, the company's goodwill does not have impairment. The risk of the company's operating performance is adversely affected. In response to related issues, a reporter from the Beijing Commercial Daily called the Office of the Secretary of the Director of the Fang Yingfang for an interview, but no one answered the phone.

In addition, due to the general accounting period of the downstream customers of*ST Yingfang Electronic Component distribution business, the company's account receivables are also large. As of June 30, 2022, the company's account receivable book value was 735 million yuan The proportion of total assets is 49.08%.

Independent economist Wang Chikun told a reporter from Beijing Commercial Daily that there is a certain financial risk in the large scale of accounts receivable. If the company's customer's financial status worsens or cannot be paid on time, the company will face greater pressure on operating funds.

Beijing Commercial Daily reporter Ma replaced

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