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Interface journalist Zhang Xiaodi
After the restructuring, * ST Zhengbang (002157) has turned losses into profits and achieved a net profit of 85% in 2023.32redpokerRecently, * ST Zhengbang also applied to the Shenzhen Stock Exchange to withdraw the delisting risk warning.
However, due to the recent performance of Zhengbang's sustainable operation and related party transactions in the past three years,32redpokerAfter receiving the inquiry letter from the Shenzhen Stock Exchange, the Shenzhen Stock Exchange put forward 12 specific inquiries to Zhengbang on the Zhengbang annual report. whether the delisting risk warning can be withdrawn depends on Zhengbang's response to these inquiries.
According to the company's annual report, * ST Zhengbang's net profit after deducting non-recurring profits and losses belonging to shareholders of listed companies in 2021-2023 was negative, and the net cash flow generated by operating activities in 2021-2023 was negative. Operating income decreased year by year in 2021-2023, and operating income decreased by 51% compared with the previous year.32redpoker.50%.
In 2023, the gross profit margins of Zhengbang aquaculture business and feed business were-25.43% and 7.42% respectively, up 22.65% and 5.33% over the previous year.
In this regard, the Shenzhen Stock Exchange requires Zhengbang to combine industry factors such as the pig cycle and the company's business strategy after the completion of the restructuring, indicating that the net profit and the net cash flow generated by operating activities continue to be negative. Whether the decline in operating income year by year indicates that there is significant uncertainty and judgment basis for its sustainable operating ability. And explain the reason and rationality of the gross profit margin of its aquaculture business and feed business.
Like most listed breeding companies, the main business models of Zhengbang pig breeding business are self-breeding mode and "company + peasant household" cooperative breeding model. Under this mode, whether there are situations such as cash expenditure forming extracorporeal capital circulation, etc.32redpoker?
In this regard, the Shenzhen Stock Exchange requires Zhengbang to list the amount of operating income realized by the pig farming business under the two modes during the reporting period on the basis of the annual report disclosure. It also explains whether there is an agreement on guaranteed income with farmers under the "company + peasant household" cooperative farming mode during the reporting period, and whether it has a significant impact on the production and operation of the company. In addition, the Shenzhen Stock Exchange also requires Zhengbang to list the amount and proportion of cash transactions under the "company + peasant household" cooperative farming mode during the reporting period, and to explain its rationality, and whether there is an extracorporeal capital circulation formed through cash payout. The situation of falsely increasing business income.
In addition to detailed investigation of the funds exchanged between Zhengbang and cooperative farmers, the Shenzhen Stock Exchange also asked Zhengbang to elaborate on the capital exchanges between the main customers and suppliers upstream and downstream of Zhengbang.
According to the annual report, the total sales of the first five customers of the Shenzhen Stock Exchange in 2023 accounted for 17.38% of the total annual sales, and the related party sales accounted for 11.52% of the total annual sales of the first five customers. At the same time, the total procurement amount of Zhengbang's former five suppliers accounted for 38.81% of the total annual procurement, and the related party procurement accounted for 17.79% of the total annual procurement of the former five suppliers.
In this regard, the Shenzhen Stock Exchange requires Zhengbang to list in detail the names, establishment time, product categories and cooperation history of the top five customers and suppliers in 2022 and 2023, explain the changes, reasons and rationality of the changes of the top five customers and the top five suppliers in the two years.
Explain the necessity of related sales and procurement, the fairness of the sales price, whether the related transactions fulfill the necessary examination and approval procedures and information disclosure obligations.
In addition, the Shenzhen Stock Exchange also requires Zhengbang to explain whether the company has sales dependence on related parties in combination with the company's future business strategy.
At present, Zhengbang has completed its restructuring, and the annual report reveals that Zhengbang has recognized 17.599 billion yuan in debt restructuring income during the reporting period. In this regard, the Shenzhen Stock Exchange requires Zhengbang to explain the specific calculation process and the basis and rationality of the recognition of the income from debt restructuring during the reporting period, combined with the relevant accounting treatment methods, to explain whether it conforms to the relevant provisions of the Accounting Standards for Enterprises.
It is worth noting that Zhengbang recently submitted an application to withdraw the delisting risk warning, and the Shenzhen Stock Exchange also said that Zhengbang should check whether it meets the conditions for withdrawing the delisting risk warning in conjunction with the reply to all the questions in the inquiry letter. and check whether there is a case of stock termination of listing as stipulated by the Shenzhen Stock Exchange and should be subject to delisting risk warning or other risk warning.
