Customer concentration is high and far -end.

After 4 years of delisting in the New Third Board, Zhejiang Yuantu Technology Co., Ltd. (hereinafter referred to as Yuantu Co., Ltd.) submitted the application materials to the national stock transfer system again, and planned to raise 10 million to 22 million yuan through the listing of innovative layers for supplementing mobile funds At present, the first feedback of the listing review department has been replied.

The public transfer manual (declaration draft) shows that Wu Junhong, the controlling shareholder of Yuantu shares, signed a gambling agreement with six shareholders. Under the acquisition of listed companies in China, six shareholders can ask the controlling shareholders to repurchase the shares.

Yuantu shares said that the company will choose to apply for listing in the Beijing Stock Exchange in 2023, but due to certain uncertainty in operating performance, if the operating performance fails to meet the listing conditions in 2022, it may cause repurchase matters. "Daily Economic News" reporter noticed that the net profit of Yuantu shares in 2020 and 2021 was losing money.

The company has two consecutive years of net profit and loss

Yuantu's main business is the research and development, production, sales and services of medical information software. The main products are urban -level health brain products and solutions, smart service products and solutions. The company mainly expands customers through the "Silver Medical Cooperation" model. In 2020 and 2021, the five customers are mostly banks, and the corresponding terminal customers are mainly the Health Commission and hospitals in various places.

Yuantu (predecessor, distant map interconnection) was listed on the New Third Board from October 2015 to June 2018. "Daily Economic News" reporter reviewed regular reports during the listing of Yuantu shares, and found that compared with 2015 and 2016, the company's income in the past two years has increased, its net profit has suffered losses. In 2020 and 2021, the company realized operating income of 96.9528 million yuan and 145 million yuan, and its net profit lost 15.603 million yuan and 8.6837 million yuan, while the company was profitable in 2015 and 2016.

Regarding the reasons for continuous losses, Yuantu shares stated that one is that the company's R & D investment is large, and the research and development costs have increased significantly; the second is that the company is still in a period of growth, the scale of operating income is relatively small, and the operating gross profit is difficult to cover the cost of the period; the third is the epidemic situation. The influence is limited by the company's project expansion. At the same time, the advancement of hospitals in various local hospitals has slowed down, which has led to lagging progress in some of the company's project development, and the acceptance progress of the corresponding projects slows down.

However, the post -disclosure performance of Yuantu shares showed that from January to May 2022, the company's unaudited operating income was 86.4759 million yuan, and the net profit was 12.656 million yuan, achieving a profitable loss.

The public transfer manual (declaration draft) shows that in 2020 and 2021, the company's top five customers' sales accounted for 38.79%and 45.70%, respectively, and the customer concentration was high in 2021. However, when the company fails to disclose the company's request to consolidate the calculation of "the same actual controller, the company shall be consolidated", the top five sales customers, such as the top three customers in 2021 are the Shenzhen Branch of CITIC Bank, CITIC Bank Qingdao Branch, CITIC, CITIC, and CITIC respectively. Bank Zhengzhou Branch.

According to the above requirements, the proportion of operating income of the five major customers in 2020 and 2021 was 56.25%and 71.56%, respectively. The customer concentration was high. The main is the company to expand its business through the "silver medical cooperation" model. At the same time, the company supplemented the corresponding risk: if the company cannot further expand new customers and reduce customer concentration. Once the procurement of major customers decreases, the company's operating income may decline.

However, even if the top five customers' sales accounted for 38.79%and 45.70%, such customer concentration was far higher than 4 listed companies in the same industry. In 2020 and 2021, the sales amount of the top five customers of the four listed companies accounted for about 10%, and the highest was only 22.85%. In this regard, Yuantu shares stated that the same industry listed companies have richer business territory and product structure, and the business model is more diversified, with a large number of customer types and quantities and scattered. Single and operating income is relatively small.

Shareholders' listing time for gambling

According to the public transfer instructions (declaration draft), Wu Junhong, the controlling shareholder of Yuantu Co., Ltd., and the actual controller Wu Junhong and Hangzhou Weixing Zhichen Equity Investment Partnership (Limited Partnership) (hereinafter referred to as Weixing Investment) The terms of the terms may trigger the repurchase clause.

Most of the agrees of repurchase clauses are centered on IPO targets. For example, as of December 31, 2023, the target company failed to achieve the listing of A -share IPOs or was acquired by domestic listed companies. Listing conditions, or due to the failure to achieve the listing goals of the company's historical revolution, or due to major faults and business mistakes, the company cannot be listed due to major faults and business errors.

Yuantu shares said that the company is expected to achieve a significant increase in business revenue in 2022, and the net profit will increase significantly. The company will choose the applicable Beijing Stock Exchange listing standard according to the relevant financial indicators in 2022. List.

However, due to certain uncertainty of the company's operating performance, if the operating performance failed to meet the listing conditions in 2022, it may cause repurchase matters.As for other reasons such as historical revolution, business management, and actual controller transfer of more than 20%, it is less likely to have repurchase.The six shareholders including Weixing Investment all obtained the company's equity through equity transfer, capital increase and expansion from August to October 2020."Daily Economic News" reporters saw on the official website of Zhejiang Securities Regulatory Bureau that in September 2020, two years after the new three boards were delisted, the IPO counseling filing of Yuantu (Yuantu Interconnection), Everbright Securities also released several counseling counseling several counselingWork progress report.

The Yuantu shares disclosed within the feedback response. As of now, the company has not met the conditions for the listing of the Shanghai Stock Exchange, Shenzhen Stock Exchange and the Beijing Stock Exchange in the past three years.

Regarding the relevant matters related to the application for the New Third Board, from July 7th to 8th, 2022, the reporter of "Daily Economic News" called Yuantu shares and sent an interview email on the 7No reply.

Daily Economic News

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