Hua Ling Co., Ltd. is listed on the listing of the North Stock Exchange to review the question letter, and the higher concentration of customers has attracted attention

On July 5th, Capital State learned that the New Third Board Enterprise Hualing (430139.NQ) recently received a review and inquiry letter from the Beijing Stock Exchange's listing declaration document.

Hua Ling Co., Ltd., the company's full name is Shanghai Huaing Integrated Circuit Technology Co., Ltd., established on April 28, 2001. The current general manager Qian Wei. test.

This inquiry focuses on the analysis of the basic situation, business and technology, financial accounting information and management, and a total of 11 questions raised funds and other matters have been conducted in detail.

It should be noted that in this inquiry, the customer concentration is high and the stability of cooperation, the compliance of income confirmation and the sustainability of performance, whether the operating performance is largely dependent on government subsidies, etc. Need to pay attention.

Customer concentration and stability of cooperation

According to the reporting documents, during the reporting period, the sales of the top five customers in Hualing shares were 61.69%, 70.89%, and 67.90%, respectively. The sales of customers C and Customer B have increased rapidly.

(1) The way to obtain customers and pricing principles.

Require Hualing shares instructions:

① Compared with the integrated manufacturer of seal testing, Hua Ling shares to obtain customer methods and customer acquisition advantages, the characteristics of the test service orders, and the differences in the content of the test.

② The pricing mechanism of the test service is different from whether the pricing of comparable companies in the same industry is different.

③ During the reporting period, the product of chip finished products, the average sales of the wafer test and the market price, and whether the comparable company in the same industry has significant differences and rationality.

④ Based on obtaining customer methods, customer certification cycles, and Hualing's competitive advantage, analyzing the rationality of Huiling Co., Ltd. has more well -known customers.

(2) Reasons for changes in the stability and sales amount of main customers.

Require Hualing shares:

① Division of two dimensions: wafer, finished chip product test, and mid -to -high -end test platform, indicating the names, sales amount and proportion of the top five customers under each dimension.

② Explain the number of customers in each period of the reporting period and the sales amount of a single customer, and in accordance with the classification of chip design enterprises, wafer manufacturing enterprises, packaging enterprises, and IDM companies, the income contribution of new and old customers in each period, Hua Ling shares expand new customers Specific measures and effects can effectively expand and maintain customer resources in the competition with the integration of the company.

③ Explain the reason why the test service revenue provided to Customer A has declined sharply from 2019, the impact on the performance of Hualing shares and whether future cooperation is sustainable; combined with the development of the industry, the customer industry chain extension, etc. The income of other major customers has declined sharply, such as existence, explaining specific conditions and response measures.

④ Combining the transactions and types of testing services provided by Customer B, C and Hualing shares during the reporting period, the reasons why Hualing Co., Ltd. increased its sales to customers B and C. Whether it is consistent, whether the payment of the payment after the previous customer is good, combined with customer operation and subsequent demand to explain whether the future sales continue to stabilize; explain whether there is an unfavorable situation that affects the main customer operations, which causes major changes in customer needs. Explain the specific situation and response measures.

⑤ In conjunction with the proportion of the test service types and service volume purchased from the main customers to Hualing shares, the proportion of the customer testing service overall purchase volume, explain whether Hualing shares are the core supplier of the customer, and analyze whether the Hualing shares have been replaced by replacement risks of.

Revenue confirmation compliance and performance growth sustainability

According to the declaration document:

(1) During the reporting period, Hualing's operating income was 145.8901 million yuan, 191,685,300 yuan, and 284.4259 million yuan, respectively. The continued growth of revenue but the growth rate was lower than that of the same industry.

(2) After the test is completed according to the test service contract, Hualing shares will provide the customer with a test report. After the customer has no objection to the test report, the company will notify the company to send back to the measured integrated circuit. Confirm the income after signing.

(1) Compliance of income confirmation.

Require Hualing shares instructions:

① Provide test services from the specific process of receiving the customer's test to the specific process, the main node, and the custody of the testing objects of different nodes. Based on whether the current revenue confirmation policy is in accordance with the provisions of enterprise accounting standards.

② The customer's income confirmation involves specific documents or evidence, and whether the customer has not received the test results of the test or after the period of uncertainty.

③ The general time interval and responsibility of the test report to the delivery period after submitting the test report, is there any inspection and acceptance clause on the sales contract, whether the accuracy of the confirmation of the revenue of the Huiling stock test service, whether the income confirmation policy meets the accuracy The provisions of the corporate accounting standards are different from whether the company is comparable to the company.

(2) Sustainable performance growth.

Require Hualing shares:

① Based on factors such as industry development, customer demand, and realization of production capacity during the reporting period, further analyze the rapid growth of performance. ② Explain the comparison of operating income, net profit growth, and comparable companies in the same industry, analyze differences and reasons, and analyze whether future operating income and net profit will remain continuously growing in the situation of hand orders.

③ Explain the reasons for the decline in the price of the test service unit year by year, whether due to the fierce competition in the industry, whether to maintain a downward trend in the future, and improve the relevant disclosure according to the actual situation.

There is a large dependence on whether the operating performance is on government subsidies

According to the reporting documents, during the reporting period, the government subsidies for the current profit and loss of Hualing were 500.335 million yuan, 344.71 million yuan, and 25.5231 million yuan, respectively, accounting for 124.76%, 52.73%, and 24.59%of the current total profit. It is relatively high.

Require Hualing shares:

(1) Discover the proportion of total government subsidies and tax incentives for each phase of the government, and in a targeted risk disclosure and major prompts.

(2) Explain the specific basis for determining the government subsidies related to income or asset -related government, explain the original value, amortization method, period and its determination basis for government subsidies related to assets, amortization at the beginning of the amortization. The specific situation, the reasons for the long -term confirmation of the profit or loss; explain the confirmation point of the government subsidy related to the income, whether there is a cross -over time, and combine the terms stipulated in the subsidy document to explain whether the income confirmation meets the provisions of the accounting standards.

(3) Explain the rationality of the continuous decline in government subsidies, and quantify the analysis of the continuous decline in government subsidies for the stability of Huiling's operating performance 13 sounds, requiring Huiling to improve major issues and risks.

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