An Tianlin GEM positioning and the necessity of fundraising projects are doubtful: "pulling" level of research and development, and fundraising is mostly used for "building"

After the second round of inquiries, Anhui Antianlixin Engineering Management Co., Ltd. (hereinafter referred to as "Antianli Xin") IPO has stepped up. However, a reporter from the "Public Securities Daily" Mingjing Financial Studio found that An Tianli Xin, who seemed to be listed on the GEM, and the income of engineering cost consulting business accounted for less than 20%of the main income. In the context of the rigorous review of the GEM position, whether An Tianli Xin can attract attention.

In addition, from the perspective of raising funds, most of the company has invested in buying land and building buildings, and An Tianlixin said in the prospectus that the "bidding does not meet" opening bid evaluation model. A large number of online bid opening and bid evaluation work, all bidding agency projects have been managed through electronic bidding platforms, improving the management efficiency and business level of bidding services. According to what it refers, why does An Tianlin use a large number of raised funds to buy land to build buildings and increase the number of bid evaluation rooms?

Weak challenge "Sanchuang, Four New" positioning

The GEM registration system has been implemented for two years. Since the beginning of this year, the regulatory authorities have continued to strictly put the "entry barrier". For listed companies that intend to impact the GEM, they often ask about the positioning of GEM during the inquiry. "". It is worth noting that Antianlixin, which is planned to be listed on the GEM, appears to be incompatible in the interpretation of the GEM positioning.

Antianlixin is mainly engaged in professional technical services such as bidding agents, engineering cost consulting and architectural design. In the introduction of its own "three innovations and four new" situation, An Tianlixin said that the engineering consulting service provided by the company belongs to the high -tech and productive service industry: "According to the" State Council on accelerating the development of productive services to promote the adjustment and upgrading of the industrial structure, Guidance "", the engineering consulting service provided by the issuer is a high -tech and productive service industry. Entering the industry requires a certain level of technical level and innovation capabilities. The industry has strong professionalism, high technical content, high added value, innovative and innovative and innovative and innovative and innovative and innovative and innovative and innovative and innovative. Features such as strong radiation force. "

However, inquiring the foundation of Antianlin's main business income, the proportion of engineering cost consulting business during the reporting period does not exceed 20%, and the main income accounts for a relatively high bidding agent, close to 80%. The architectural design business was also newly added by the absorption of the Anhui Du Design Institute in July 2021. It accounted for only 7.76%of the revenue of building design business that year. In terms of patents, the five patents held by Antianlin are all practical new types, and there are 17 software copyrights.

In addition, in terms of R & D, An Tianlixin did not disclose the number of R & D personnel and salary in the first prospectus. And unlike the technical personnel or R & D personnel who declared the GEM listed company's prospectus separately, An Tianlin's prospectus merged the business personnel and technicians to disclose 446 people, accounting for 86%(see Figure 1).

Figure 1: The composition of the employee

Based on engineering cost consulting business income, the proportion of main income is low, and there is no invention authorization patent. Whether An Tianlixin is in line with the "three innovations and four new" positioning of the GEM? , Is it acquired for listing? Why do the business personnel and technicians be disclosed in the prospectus, not disclosed without separate disclosure? What is the number of R & D personnel? On the above question, Mingjing Financial Studio wrote to An Tianli Xin in mid -June. As of press time, no positive reply was received.

In fact, the Shenzhen Stock Exchange also paid attention to the above -mentioned issues raised, and asked in two rounds of review inquiries. In July of this year, An Tianlixin announced the response to the first round of review of the inquiry letter. The first question of the inquiry letter is whether the company meets the positioning of the GEM and requires Antianli to "further explain the core competitiveness of the issuer and whether it meets whether it is satisfied Related requirements for GEM positioning. "

In the second round of inquiries, the number of R & D personnel of Antianlixin attracted the attention of the Shenzhen Stock Exchange. The Shenzhen Stock Exchange requires "explaining the number of issuers, academic structure, salary situation, and rationality of R & D personnel during the reporting period. Whether it can meet the needs of the issuer's business development, R & D design, personnel equipment, and product innovation. "In the second round of review of the inquiry letter published on September 8, the number of R & D personnel of An Tianlixin finally was public — —— 2020 and 2021 were only 11 and 35 respectively (see Figure 2), and there were no R & D personnel in 2019. The number of R & D personnel is far away from the 446 people who merged the business personnel and technicians in the first prospectus.

Figure 2: On September 8th, the number of R & D personnel in the inquiry letter and other situations

It is worth noting that the average salary of R & D personnel in Antianlin is relatively high. The average salary of R & D personnel in 2020 and 2021 was 216,800 yuan and 179,700 yuan (see Figure 3). An Tianlixin said in the response to the opinion: "The average salary of issuer R & D personnel is basically the same as the average salary of R & D personnel in the same industry."

Figure 3: On September 8th, the average salary of R & D personnel compared with the company's comparison company

In fact, this may not be the case. In the response to the inquiry letter, An Tianlixin compared the average salary of R & D personnel with comparable companies in the same industry. It can be found that the two companies with high average salary of R & D personnel Guang Councing International and Guoyi bids are in Guangzhou. The location of Antianli is Hefei, Anhui, and the salary level of Guangzhou and Hefei is objective. Further inquiring about the specific situation of the research and development costs, it was also found that the salary of Antianlixin R & D personnel accounted for a relatively high salary. In 2020 and 2021, 54%and 66%, respectively. In addition, outsourced research and development. The ratio is 100%, 32%, and 22%(see Figure 4). An Tianlin R & D personnel are highly paid. Is it to increase research and development costs and increase the proportion of R & D investment?

Figure 4: The specific situation of the research and development cost of Antianlinxin

Even by increasing R & D personnel's salary increase, research and development expenses are proportioned to the main income. Compared with listed companies in the same industry, the R & D cost of Antianlixin's R & D cost is significantly lower than the average level of the same industry (see Figure 5).

Figure 5: Compared with listed companies in the same industry

The raised funds for 200 million yuan are used for "building"

The necessity of the Antianli CITS fundraising project is also doubtful. Most of the IPO raised funds have been invested in buying land and building buildings.

The prospectus shows that the IPO raised funds of 285 million yuan will be used for the construction, information construction, marketing and service network upgrade projects of the headquarters base and operation research and development center. 190 million yuan. Judging from the investment budget of the headquarters base and the operating research and development center construction project, the total investment of the project is about 225 million yuan, including the land fee of 34.7958 million yuan, the construction and installation engineering fee of 163.179 million yuan, the project construction costs of 18.308 million yuan, the reserve fee of 9.0744 million Yuan, we can see that most of the funds are used for land buying and building buildings.

Antianlixin said that the headquarters base and the operating R & D center construction project "will increase the operating venues such as bidding and evaluation rooms and add R & D venues to create basic conditions for the company's innovation business R & D work, which is conducive to the company's subsequent introduction of outstanding talents, enhancing various businesses The professional service capabilities of the sector, enhance the added value of the company's services and economic benefits, and lay the foundation for the company's future business. "

However, in the prospectus, An Tianlixin stated that it has developed an electronic opening bidding system that has not seen the entire process on the "Xinxin E" platform. All bidding agency projects have been managed by electronic bidding platforms: "The self -epidemic occurred Since then, the issuer has developed an electronic opening bidding system that has not met on the "Xin E acquisition" platform, and realized the "bidding without meeting" bid evaluation model. The bidder does not need to enter the bid opening site, and the bidding documents can be performed online. The network decryption, watching the bid opening site online, the operations of 'clarification, answering, inquiry, and multiple rounds of quotation' are performed online. The bidding documents are carried out online, and the bidding documents are carried out online. And 'zero infection'. "" In recent years, the issuer has adhered to the development trend of the electronicization of bidding, and actively responded to the "Internet+'business model of bidding bidding, which has built an electronic bidding platform -" Xin E Cai "and completed it. A large number of online bid opening and bid evaluation work has achieved good results. At present, all the issuer's bidding agency projects have been managed through the electronic bidding platform, improving the management efficiency and business level of bidding services. "

Now that the "bidding does not meet" has been realized, a large number of online bid opening and bid evaluation work has been completed through "Xin E, Management efficiency and business level, why does An Tianlixin use a large number of raised funds to buy land to build buildings and increase the number of bid opening rooms? Is the two of the two? Is the form of "have been preliminary with the entire process engineering consulting service"? Most of the funds raised by the raised funds are invested in buying land and building buildings. In combination with the weak R & D, is it to expand the power of R & D or build a building?

In fact, in the industry where Antianli Xin is located, many companies are actively establishing an electronic bidding system platform, such as the "Fuyi Cai Electronic Bidding System" of the bidding shares, the "National E Platform" of Guoyi Bidding, and Guang Cou The international "Guang Cou -Teral Bidding Trading Platform" and so on. Is the "letter E and acquisition" platform of An Tianlin's "Xin E and picking" platform strong, and is the replaceable technical content and services high?

For the above questions, the two rounds of inquiries in the Shenzhen Communications are also paid attention to. In the second round of inquiries, the Shenzhen Stock Exchange requested Antianli to explain the functions that can be realized in a plain and easy -to -understand language. In other related functions, the implementation of the entire process of electronicization; explain whether the technology is advanced by the technology of "Boxing E" compared to "Fu Yicai". Orders, customer expansion and personnel, etc., indicate that after the investment project is put into production, the impact of the company's production and operation venues, production capacity, and output, whether the new production capacity can be sold smoothly, and the impact of new land and real estate on the company's business; combined with the above -mentioned above; combined with the above -mentioned above; The content further analyzes the necessity and feasibility of the project; explains the planning purpose of the corresponding land of the fundraising project. At present, the construction and production progress of the land involves construction related supporting facilities, and whether there are disguise in real estate development. In addition, the newspaper will continue to pay attention to issues such as Antianlin's related transactions, equity holdings, and complaint reports. Reporter Cheng Shu

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