Making profits at the end of the year? What is the meaning of Aikang technology’s proposed sale of photovoltaic power station asset package?

Making profits at the end of the year? Last year’s huge loss was 1.6 billion, and the net profit in the first three quarters of this year fell by 75%. What’s the meaning of Aikang technology’s plan to sell the asset package of photovoltaic power station? < / P > < p > after a huge loss of 1.6 billion yuan last year and a 75% decline in net profit in the first three quarters of this year, Aikang Technology (002610) recently announced that it plans to sell the photovoltaic power station asset package at 376 million yuan, but this issue has quickly attracted the attention of the regulatory authorities. On December 16, Shenzhen Stock Exchange issued a concern letter to Aikang technology. Shenzhen stock exchange requires the company to specify the reason why only 51% or 50% of the shares of the above project company are sold in this transaction, explain the expected profit and loss of the transaction and the specific impact on the current and future financial situation and operating results of the listed company in combination with the progress of equity delivery, and whether there is a sudden profit at the end of the year in the form of asset statement. According to the data, Aikang technology was founded in 2006 and landed on the SME Board of Shenzhen Stock Exchange in August 2011. It is mainly engaged in photovoltaic frame, bracket manufacturing, power station EPC and other businesses. In terms of performance, the company lost more than 1.6 billion yuan last year. According to its annual report in 2019, the annual operating revenue was 5.126 billion yuan, an increase of 5.65% over the same period of last year; the net profit loss attributable to shareholders of listed companies was 1.612 billion yuan, compared with 116 million yuan in the same period of the previous year, a sharp decrease of 1494.96% over the same period of last year. < / P > < p > as for the reasons for the huge losses, Aikang technology once said in the performance notice that it mainly includes the impairment of assets related to the photovoltaic power station business, the operating loss and asset impairment of long-term equity investment of Aikang Energy Engineering Co., Ltd. caused by the photovoltaic policy, and the loss and impairment of Qinghai BEIXIANG power station due to the increase of power limit loss The adjustment of the consideration of equity transfer results in the loss of equity transfer funds, and the contingent loss caused by external guarantee. < / P > < p > on February 2, this year, Aikang technology released the performance forecast for 2019, and the company’s annual performance in 2019 is expected to be a loss of 1.2 billion yuan to 1.7 billion yuan. On the evening of February 5, Aikang technology announced that it had received the rating report issued by rating agency united credit rating Co., Ltd. (hereinafter referred to as United rating), and decided to adjust the company’s rating outlook to negative. As early as January 3, the United rating put Aikang technology on the credit rating observation list. Now the rating outlook is adjusted to negative, and the possible impact on the company’s main body and “18 Aikang 01” credit level will be timely evaluated and revealed. < / P > < p > in the first half of 2020, the net profit attributable to shareholders of listed companies was about 26.96 million yuan, a year-on-year decrease of 17.76%, and the operating income was about 1.740 billion yuan, a year-on-year decrease of 31.08%. In the first three quarters, the net profit attributable to shareholders of listed companies was about 11.9299 million yuan, a year-on-year decrease of 75.80%, and the operating revenue was about 2.434 billion yuan, a year-on-year decrease of 35.95%. < p > < p > on December 15, 2020, Aikang technology disclosed the announcement on the company’s sale of photovoltaic power station asset package, and proposed to transfer the control right of 16 holding power station subsidiaries including Nanzhao Zhongji Guoneng Power Co., Ltd. to Taixing Zhiguang talent Technology Plaza Management Co., Ltd. (hereinafter referred to as “talent Plaza”), with a total transfer consideration of 37, After the completion of this transaction, the above power station project company will no longer be included in the scope of consolidated statements. < / P > < p > it is worth noting that Aikang technology and the project company have shareholders’ current account. In this transaction, talent Plaza will provide the project company with loans in the form of shareholding proportion to repay some shareholders’ current account, totaling 3065.602 billion yuan, and the remaining uncollected shareholders’ current account will form financial assistance. At the same time, Aikang technology continued to provide guarantee for the project company, with a total amount of 1893.67 million yuan of external guarantee added. On December 16, Shenzhen Stock Exchange issued a letter of concern to Aikang technology. Shenzhen stock exchange is required to specify the reason why only 51% or 50% of the equity of the above project company is sold in this transaction, explain the expected profit and loss of the transaction and the specific impact on the current and future financial situation and operating results of the listed company in combination with the equity delivery schedule, and whether there is a sudden profit creation at the end of the year in the form of asset statement. < / P > < p > Beijing Tianjian Xingye Assets Appraisal Co., Ltd. adopts the income method as the final appraisal result for the appraisal report issued by each project company with September 30, 2020 as the benchmark date. The total audited net assets of all the project companies are 330.5541 million yuan, the assessed value is 737.82 million yuan, and the assessed value-added rate is 123.2%. It is required to explain the fairness and rationality of the valuation in combination with the setting and selection basis of the valuation parameters and the specific valuation process. < / P > < p > after the transfer of the control right of the above project company, Aikang technology will continue to provide guarantee for the existing loans of the project company within the original guarantee limit and guarantee period, and talent Plaza will provide counter guarantee according to the shareholding ratio, and the counter guarantee method is joint and several liability guarantee. It is required to explain the rationality of continuing to provide large amount guarantee by Aikang technology after the sale of assets, and analyze the enforceability and sufficiency of the above credit counter guarantee measures in combination with the financial data and performance ability of the counter guarantor. < / P > < p > it can be seen from some information in the announcement on the company’s sale of photovoltaic power station asset package disclosed by the company that these 16 subsidiaries were established from 2013 to 2015. In 2019, these 16 companies still have large losses, of which 14 have negative net profits. However, in the first three quarters of 2020, almost all of these subsidiaries achieved profits. In general, the cumulative net profit of 16 companies in 2019 is – 671 million yuan, while the net profit from January to September 2020 is 96.6672 million yuan. < / P > < p > it is worth noting that Aikang technology only achieved a net profit of 11.9299 million yuan in the first three quarters of this year. Based on the shareholding interests of Aikang technology subsidiary in the 16 home appliance station project companies, the above projects contributed a total net profit of 90.3582 million yuan to Aikang technology from January to September 2020. If the performance contribution of the 16 home appliance station project companies is excluded, the performance of Aikang technology in the first three quarters of this year is still a loss. < / P > < p > the company was issued with a warning letter because the repurchase of shares was not carried out. In January this year, Aikang technology disclosed that as of October 24, 2019, the repurchase period expired, and the company has not yet repurchased any shares. There is a serious difference between the actual implementation of the repurchase and the repurchase plan, and the corresponding decision-making procedures have not been fulfilled in time to terminate the repurchase plan. The Jiangsu Securities Regulatory Bureau issued a warning letter. < / P > < p > in addition, the controlling shareholder of Aikang technology also received administrative supervision measures to order correction due to illegal fund occupation. According to the historical announcement, the company and its controlling shareholders received the decision on administrative supervision measures from Jiangsu Securities Regulatory Bureau on November 5. The reason for the punishment lies in the failure to disclose the non operating capital occupation of the controlling shareholder and other related parties, the financial assistance provided by the controlling shareholder to the company and other related transactions, and the failure to disclose the financial assistance to Donghua aluminum as required. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. 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