Is the "first share of art test training", is Ether Stars dazzling enough?

The scores of the college entrance examination in 2022 are approaching, and data shows that the number of applicants for college entrance examinations in the country this year has reached a record high. Among them, the number of art students in a total of 22 provinces across the country increased.

The surge in the number of art candidates has also caused the admission rate of art colleges to universal. Some analysts have pointed out that if the score line has not changed significantly, nearly half of the art students will fall on the list.

This also makes the vertical track of art examination training entering a high -speed growth period. The only dozens of institutions across the country created a total market income of 574 million yuan in 2020.

A few days ago, the first listed company on this track was about to be born. However, from various aspects, this "new star" company is listed on the market. Eating is not good, and there are hidden dangers behind it.

The debt ratio rose sharply to 92%, and the shareholders' large dividends

This artistic test training content supplier, which has attracted capital attention, was established in 2008.

At that time, the Li family and Xu Xiaomei founded Chongqing Yijuan Company, mainly engaged in art design. In 2016, the two founded Chongqing Tori Bird Company, and in January 2017, they started operating art examination training apps to "draw". It was also in 2017, Chongqing Yijuan Company began to engage in physical book business about the unified art examination.

Then, the above two businesses were packaged and formed a billionaire Holdings Co., Ltd. (referred to as "Yitai Xingxing"), and first submitted a prospectus on the Hong Kong Stock Exchange at the end of November 2021. On June 16 this year, Yitai Xingxing released released on June 16 this year. The updated prospectus.

According to the prospectus data, in 2021, the Yitai star earnings of 560.39 million yuan, an increase of 16.55%year -on -year; a decrease of 3.55%from 2019.

In terms of business, the "can draw" APP subscription fee of 360.76 million yuan, contributing more than 60%to total income, an increase of 9.12%year -on -year. The sales income of art books was 19.691 million yuan, accounting for 35.1%of the total income, an increase of 35.37%year -on -year.

Regarding the fluctuation of revenue, Yitai Xingxing said in the prospectus that the decline in revenue in 2020 was mainly due to the impact of the epidemic. Interrupt. As the impact of the epidemic gradually faded, the company's income recovered in 2021. However, despite the recovery, there is still a distance from the scale of revenue in 2019.

In terms of profit, the company realized net profit of RMB 24.194 million in 2021, an increase of 16.35%year -on -year, a decrease of 11.12%from 2019. During the period, gross profit was 42.82 million yuan, and the gross profit margin was as high as 76.4%.

It is worth noting that in 2021, the company's asset -liability ratio rose significantly to 92%, only 19.6%in the same period last year, and it was lower in 2019, only 15.4%. Regarding the reason why the asset -liability ratio increased sharply, the company said that the total debt increased by about 7.5 million yuan, and the total equity decreased by about 16.7 million yuan.

However, the sharp increase in debt has not forgotten the dividend of shareholders. According to the disclosure of the prospectus information, Yitai Xingxing conducted four cash dividends in 2019-2021, and the 2021 before submitting the prospectus was densely dividend twice.

In the four dividends, Yitai Xingxing distributed 35 million yuan, 24 million yuan, 20 million yuan, 15 million yuan, and a total of 94 million yuan to the equity holders at the time. In the four years of 2018-2022, the total net profit of the company was only 98.944 million yuan.

According to the prospectus, Li's friends and Xu Xiaomei couples holding 90.2%of the shares of the company's issuance of the company also means that the couple can be divided into nearly 85 million yuan.

Some analysts pointed out that "the dividends of the original shareholders before the public offering, superimposed on the uninterrupted trade receivables and impairment of financial assets in recent years, perhaps the direct reason for the sudden rise in Yitai's asset -liability ratio."

And Yitai Xingxing admitted in the prospectus that as of the end of 2021, the company's cash and cash equivalents were only 5.772 million yuan. "Considering our past asset -liability ratio and the interest expenditure generated will damage our financial status, debt financing is not desirable. In contrast, this is a good opportunity for the company to enter the capital market."

If it is really a big dividend before listing, he will empty the company, and then publicly raise funds from investors through the IPO to solve the "urgent urgent" of asset -liability ratios and cash flow pressure. Subsequent development such as business layout to attract investors for a long time, so this kind of eating is very ugly.

What's more, aside from the current performance, the future development of Yitai Steel is a hidden danger.

Content quality is difficult to standardize, excessive dependence on third parties

The biggest risk lies in Yitai star itself. The prospectus risk reminder partly indicates that its business depends on the quality of independent content creators. If it fails to retain or attract content creators, it may have a negative impact on sales and reputation.

Yitai Xingxing pointed out that for a long time, it mainly purchases fine art training content from third -party content suppliers (well -known artists, mentors and art institutions), but the company has not entered up a long -term contract with the above -mentioned creators, and it cannot guarantee that the future can be long -term in the future. Maintaining cooperative relationships cannot guarantee that the appropriate substitute supplier can be found in time, and the quality of the content of art training provided by the content creator cannot be maintained. Once the above situation occurs, the attractiveness of the company's art training content may decline significantly, and the company's goodwill and financial status may be greatly adversely affected. At the same time, Yitai star also reminded that some content creators who have a cooperative relationship with them are teachers who are hired by various art schools. The employment contracts of these teachers may have restrictions. If this situation, these teachers may not be able to make art content and sell their works to Yitai Steel, and the content that Yitaixing can get may be restricted accordingly.

As an educational company, the content of the curriculum depends on third -party providers and does not have its own teacher team. The quality of the content cannot be guaranteed. I am afraid that it will be the fragile destiny of the billionaire to maintain market competitiveness.

In addition to relying on third -party "feeding", the company's company's operations are inseparable from the "blessing" of third parties.

The prospectus shows that the physical art book of Yitai Star relies on the publishing license of a third -party publisher. Yi Tai star said that it can only be allowed to issue books or other print publications in China because of the regulations only holding an effective publishing license issued by the State Administration of Press, Publication, Radio, Film and Television, and the regulations. Therefore, it has entered into an agreement with a state -owned publisher, and it is granted to the third -party publisher to the copyright of the artistic book protected by copyright in exchange for the version tax.

In addition to the physical book business, its "can draw" APP business is also closely linked to third parties. In the risk reminder, Yi Tai Xingxing said that in accordance with relevant laws and regulations, only the entities with a valid network publishing permit can be allowed to publish and publish content on the Internet in China. And the "can draw" APP is a registered education application. In order to ensure the relevant rules, Yitai Steen has signed an agreement with a third -party application content service provider with the above license "The content of the app.

Yitai star also frankly stated that if it has a deteriorate relationship with the above -mentioned third -party publishers, or the regulatory agency believes that the above -mentioned cooperation arrangements violate relevant laws and regulations, the above -mentioned main business will be greatly affected.

From the data disclosed by the prospectus, we can clearly see the "control" of third -party suppliers to Eichi Star. From 2019-2021, the purchases from the largest suppliers from Yitai Star accounted for 85.87%, 70.92%, and 61.53%of the total procurement volume, respectively; the purchases from the five major suppliers accounted for 92.67%and 83.81%of the total purchase amount, respectively. And 74.62%.

What is more noteworthy is that the number of customers of Yitai star settled in the third direction. In 2019 and 2020, the third -party payment was approximately 6.01 million yuan and 1.1 million yuan, respectively, accounting for about 10.4%and 2.3%of the total income of the year.

In this regard, Yitai Xingxing admits that the company is likely to face an appeal about refund funds and money laundering risks.

From the perspective of internal causes, Yitai's production and operation are involuntary. In terms of foreign causes, Emperor Yitai may face the crowding of market competitors.

Data show that in 2022, the admission rate of art colleges declined. The undergraduate enrollment plan of the Chinese Academy of Fine Arts is 1690, and the official announcement of about 50,000 people take the preliminary examination, with an admission rate of about 3.38%; in 2022, the undergraduate enrollment plan is 895, the number of applicants is more than 50,000, and the admission rate About 1.79%, and 2.14%in 2021.

At the same time, colleges and universities attach importance to the scores of the joint entrance examination for art majors are the current overall trend. The six major academies of the Arts collectively cancel the school exams for art majors this year; universities such as Lumei and Guangmei use the scores of joint examinations as the threshold for school exams; most of the major colleges and universities of colleges and universities The test score is the professional examination score of the candidate ...

Although the results of the joint entrance examination means that the professional requirements of art students have been greatly reduced, to a certain extent, the number of competitors may be more than the school exam, which exacerbates competition between art students. This is bound to give birth to the development of the art examination training track, but it will also further exacerbate the competition of the core capabilities of various training institutions.

As the first listed company in the training track of the art examination training track, it has no standardized content of the system and has no strong innovative capabilities; on the book, shareholders continue to divide the money, asset -liability rates, rising, and cash in their hands. Red lanterns and core financial indicators have continued to fluctuate, and the road to listing is obstructive.

At the same time, the number of arts unified examinations and the scale of training has been in a relatively stable stage for a long time, and there are currently no stable dividends in the three aspects: growth, enrollment difficulty, and policy support. If the Yitai star is really successfully listed, it is difficult to attract the long -term recognition of capital to follow.

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