The daily limit is constantly, and Weichun's shares ushered in Liu Danhua?

Picture source: Oriental IC

A few days ago, Weichun's stock price rose.

The new regulations of the Trusted Early Educational Education will be rejuvenated. On July 5, Weichun's shares closed up 10.05%.

On the evening of July 12, Weichuang issued a performance report in the first half of 2022, which is expected to increase significantly. The next day, Weichun's shares rose again.

Until July 15, Weichun's stock market reached a maximum of 4.76 yuan, a peak of the stock price since April.

The stock market is proud, the performance has risen, and Welcho shares Liu Danhua?

Complete stock incentive assessment?

Judging from the performance trailer disclosed by Weixian Co., Ltd., the performance in the first half of 2022 can be described as unlimited.

It is expected that the net profit of the first half of the year is 24-30 million yuan, which is expected to increase by 170.15%-237.69%year-on-year from the 8.8839 million yuan in the same period of the previous year. After deducting non-recurring profit or loss, it may achieve a turnover and profitability. It is expected to make a profit of 16-22 million yuan, and the loss of 1.9795 million yuan in the same period last year.

Among them, the upper limit of the net profit range is expected to complete the assessment target of the stock incentive plan released earlier.

In May this year, for the enthusiasm of the backbone of the company's directors, senior managers, middle management personnel, and core technology (business), it effectively combined the interests of shareholders, the interests of the company, and the personal interests of the core team, so that all parties should pay attention to the joint attention. "The company's long -term development", Weichun's shares introduced a stock incentive plan.

A total of 187 people, including directors, senior management personnel, middle management personnel, core technology (business) backbones, and granted a total of 9.99 million restricted stocks for a granted price of 1.92 yuan/share At the time of the release, the total share capital of Weixian shares was 1.07%.

In the draft plan, the company's performance also put forward assessment requirements. The assessment goal is that the net profit attributable to shareholders of listed companies in 2022 is not less than 30 million; in 2023, it does not be less than 60 million yuan. If the company does not meet the above assessment goals, all the incentive objects shall not be relieved of restrictions on the sales restricted stock that year, and the company will be repurchased at a grant price.

According to the number of performance previews, Weichun's shares may be able to complete the above assessment indicators half a year in advance. This also made Weixiong's second daily limit since July.

However, in 2021, Weixiong has just experienced huge losses.

According to the financial report data, in 2021, the net loss of Weixiong shares was 396 million yuan, from profit to loss, a sharp drop of 1205.76%year -on -year. After deducting non -recurring profit or loss, it lost 417 million yuan, an increase of 55.14%year -on -year.

Judging from the first quarter report disclosed before, the business level has not changed significantly. How does WTC have completed their performance over half a year?

Large asset impairment annual report inquiry letter

In the 2021 annual financial report, Weixiong gave a explanation of large -scale losses- "Due to the provision of asset impairment, the net profit is negative."

According to financial reports, in 2021, Weichun's total asset impairment losses occurred by 369 million yuan, accounting for 94.55%of the total profit, and investment income loss of 72 million yuan.

Among them, Weixiong's three targets for Beijing Kerry Alliance, Beijing Kerr Education, and Inner Mongolia Dingqi Preschool Early Children's Make -ups were accounted for 231 million yuan, 67 million yuan, and 0.13 million yuan. The value is 0 yuan, 6.6059 million yuan, and 5.366 million yuan, respectively.

Such a large -scale accrual asset impairment has also attracted the attention of the regulatory authorities. In June of this year, the Shenzhen Stock Exchange issued an inquiry letter to Weichun's annual report, pointing directly to the above issues, requiring it to explain the basis and rationality selection of parameters in the operation and financial status of relevant companies in the process of managing and long -term equity investment impairment testing.

In response, Weixiong replied that the main business of the Kerry Alliance is offline English training, and its business brand is Sesame Street English. Affected by the epidemic in 2020, its revenue declined sharply and suffered losses. After the "double reduction" policy in 2021, the Sesame Street English -operated and franchise centers have been suspended and suspended. Submit the company's operational situation, personnel, funds, unsuccessful classes, and refund plans to avoid public opinion and group incidents related to refund fees. The normal operation of the original business of the Kerry Alliance has basically stopped, leading to a significant loss of operation. As of December 31, 2021, the net assets of the Kerry Alliance were -91.5862 million yuan.

In addition to the affected K12 business, its early early childhood education companies also occupy a large proportion of this impairment. Among the three companies, the three companies, the three companies, which are mainly engaged in the early education business, have achieved their performance in 2021, but did not escape the fate of impairment in 2021.

In this regard, Weixiong said that with the gradual advancement of the Preschool education inclusive system in various places, Kerrium Education has declined as a whole in the past three years. Therefore, although Keer Education's revenue increased by nearly 8 million yuan year -on -year in 2021, the company's recyclable amount was 30.269 million yuan after evaluation based on the current value of the income.

Regarding the golden cradle, Weichuang said that because of the policy restrictions and the decrease in the new population, the Golden Cradle has not newly added the income of kindergartens and franchise service fees. At present Gradually decrease and lose. As a result, even when the net profit of the gold cradle in 2021 increased the year -on -year increase of more than 20 million yuan, the company also chose to use the provision of the merchant reputation to preparation of 54 million yuan. Both of the above -mentioned two companies have not escaped the fate of being provided for impairment, and Wichun will not be soft -hearted to Dingqi preschool education. Weixuang said that due to the dual influence of the new crown epidemic and inclusive policies, Dingqi Children's Early Childhood Education has a severe decline in operating performance in 2020 and 2021, and its future operations will have major uncertainty. The possibility of Dingqi Early Children's Management determines that the future net profit is negative, so the income method is not applicable.

Regarding the above problems, some analysts pointed out that Weichuang may want to "use the asset impairment measurement to clarify the loss at one time." However, this is not the first time that Weichun's shares have "used asset impairment to adjust profits."

As early as 2020, Wichun issued a correction announcement of the performance trailer, saying that the net loss in 2019 was 1.231 billion yuan, which was due to the large -scale meter's reputation and other assets to impair 1.2 billion yuan. Regarding the inquiry of the Shenzhen Stock Exchange based on the above issues, its feedback is also the influence of the new policy of the pre -school education industry and gradually implementing it to evaluate the recovery amount of assets and its book value comparison, thereby providing impairment.

After that, in 2020, it turned into a profit, with a net profit of 35.796 million yuan, of which 340 million yuan in property assets were disposed of in the external disposal of 340 million yuan. If the above part is put aside, its 2020 losses may be 269 million yuan.

This time, Weichun's shares also issued a correction announcement on July 21, which will delete the relevant disclosure content of 262 million yuan in the assets of cocoa education. For the reason for correction of the above data, Welcho shares did not disclose in the announcement.

The lawsuit is involved, and the chairman is both a job?

In addition to the above -mentioned fundamental problems, management turmoil has always troubled Weichun's shares. The Shenzhen Stock Exchange had questioned the chairman of Weixian Co., Ltd.

The Shenzhen Stock Exchange pointed out that the annual report shows that Gu Guixin, the chairman of the company, is also the general manager and financial leader of the company. It is required to explain whether Gu Guixin has sufficient ability and energy to fulfill the responsibilities and obligations of the above three positions at the same time. Whether the governance structure and related internal control of listed companies are perfect.

In response, Weixian Co., Ltd. replied that Gu Guixin had many years of practical experience in the accountant and chief financial officer, and could lead the company's financial team to do a good job in the company's accounting accounting, accounting supervision, and financial management decision -making. Gu Guixin has full ability and energy to fulfill the responsibilities and obligations of chairman, general manager, and financial leader. At the same time, the company established the board of directors and the board of supervisors, and established a relatively complete legal person governance structure and a sound internal control system.

If it comes to the chairman's part of the position, I am afraid that the wave of departure from Weichuang Co., Ltd. is inseparable.

Since 2021, one chairman and general manager, 5 deputy general manager, 1 securities representative, and one head of the internal audit department resigned. Among them, less than two months in early 2021, a total of five senior executives of chairman, three deputy general managers, and COSCO were resigned. This departure rate is not common among cross -border education A -share companies.

In addition to the "internal worry" of the speed of leaving the senior management, there is also the "external trouble" of the original shareholders of the company.

In the inquiry letter, the Shenzhen Stock Exchange pointed out that at the end of the report period, among other receivables of Weichun's shares, the balance of equity transfer was 76 million yuan, and the company's current period of the company's transfer of children's transfer was reserved by RMB 64 million. The company is requested to explain the method and basis of the target company and bad debt reserve involved in relevant equity transfer models.

Weixian stated in the reply that at the end of the reporting period, the company's receivables were transferred 75.7657 million yuan, including the collection of 48%equity of 48%equity of Erocare of Erocal Education for receivables, and the receivable of Zhai Qianyu and others transferred 30%of Dingqi preschool education. Equity funds are 8.8207 million yuan.

Weixing pointed out that according to the agreement signed by the two parties on January 27, 2021, Liu Kefu and Echo paid the first 80 million yuan transfer on February 25, 2021, and the second and third strokes were in two consecutive periods. The total amount of default was 49.8 million yuan, and the proportion of transfer of unpaid equity transfer was 61.25%.

The company issued a letter to Liu Kefu and echo the letter from April to December 2021 to urge the above transfer models and liquidated damages to the response. In June 2021, a lawsuit was filed with the People's Court of Chaoyang District of Beijing. The court accepted in August of that year and signed an application for additional lawsuit submitted by Weichuang in June 2022. In the "Application", Weixiong increased the request to pay the equity transfer payment of 30 million yuan and liquidated damages to the unpaid equity of the income on November 25, 2021, requesting the other party to pay the remaining equity transfer model of 31.5 million yuan in advance.

Weixuang said that Liu Kefu and echoed had no willingness to pay, and there were intentions to avoid debt and transfer property. The relevant company's equity and bank deposits held by Liu Kefu and echoed, and the relevant property is far less enough to make up for the company's receivable transfer amount.

As for the 8.8207 million yuan equity of Zhai Qianyu and others who transferred 30%of the equity of Dingqi Elderly Education, Weichuang also said that the company received the first equity transfer payment of 11.65 million yuan by Zhai Qianyu and others on May 20, 2021,On April 11, 2022, the second equity transfer and overdue interest were 5.024 million yuan.Corresponding to the transfer of equity transfer of Zhai Qianyu and others, the impairment calculation of the accounting age combination method, and the amount of preparation for bad accounts was 88,200 yuan.There are still various problems behind the impairment of large asset impairment, the chairman of the chairman and the duties of administrative finance, and the impairment of the underlying company ... The stock price of Weixiong has risen.

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