Yangzi new material’s net profit in the third quarter fell by 328% – 623%, warning letter issued

Yangzi new material in recent years can be said to be a bad thing! After the Shenzhen Stock Exchange issued a decision on issuing a notice of criticism to Suzhou Yangzi River New Materials Co., Ltd. and related parties, it recently received the decision of Jiangsu securities regulatory bureau of China Securities Regulatory Commission on taking measures to issue a warning letter to Suzhou Yangzi River New Material Co., Ltd.. To make matters worse, the company disclosed a net profit of three quarters The profit was reduced by 328% – 623%. On September 23, the Shenzhen Stock Exchange issued a decision on issuing a notice of criticism to Suzhou Yangzi River New Material Co., Ltd. and related parties. Finally, the Shenzhen Stock Exchange made the following punishment decisions: 1. To give a notice of criticism to Suzhou Yangzi River New Materials Co., Ltd.; 2. To give a notice of criticism to the chairman and general manager of Suzhou Yangtze River New Materials Co., Ltd., Hu Weilin, then general manager, and Qin Wei, chief financial officer. As for the above-mentioned illegal behaviors of Suzhou Yangtze River New Materials Co., Ltd. and related parties and the punishment given by the exchange, the exchange will record them into the integrity archives of listed companies and make them public to the public. < p > < p > on October 16, Yangzi new materials announced that the company received the decision of Jiangsu securities regulatory bureau of China Securities Regulatory Commission on October 13, 2020 [2020] No. 93 on measures to issue warning letter to Suzhou Yangtze River New Material Co., Ltd. < p > < p > after investigation, Yangzi new material has the following violations: Yangzi new material disclosed the “performance forecast for 2019” on January 2, 2020, and it is estimated that the net profit attributable to the listed shareholders in 2019 (hereinafter referred to as the net profit) will be 4 million to 5.8 million. On June 30, 2020, the company disclosed the 2019 annual report, and the audited net profit of the company in 2019 was – 310 million yuan. There is a big difference between the net profit disclosed in the performance forecast and the actual net profit of Yangzi new material in 2019, so it fails to correct the performance forecast in time as required. < p > < p > the above behavior of Yangzi new material does not comply with the provisions of Article 2 of the administrative measures for information disclosure of listed companies. In accordance with the provisions of Article 59 of the measures for the administration of information disclosure of listed companies, it is hereby decided to issue a warning letter to Yangzi new materials, which shall be recorded in the integrity archives of the securities and futures market. According to the data of < p > < p > data, Yangzi new materials Co., Ltd. was launched in 2012, mainly engaged in the research and development, production and sales of organic coated plates, and the main products include the series of organic coated plates. On October 15, Yangzi new material released the performance forecast for the first three quarters. The data showed that the net loss attributable to shareholders of Listed Companies in the first three quarters of 2020 was expected to be 27.5 million yuan to 37 million yuan, a year-on-year decrease of 321% – 398%; the basic earnings per share loss was 0.0537 yuan to 0.0723 yuan. It is estimated that in the third quarter of 2020, the net loss attributable to shareholders of listed companies will be 13.78-23.28 million yuan, with a year-on-year decrease of 328% – 623%; and the loss of basic earnings per share will be 0.0269 yuan to 0.0455 yuan. The main reason for the performance change is that the production and sales of overseas subsidiaries are affected by the continuous epidemic situation in Russia and the impact of exchange rate fluctuations. The production and sales volume of the first three quarters decreased significantly compared with the same period last year, leading to the expansion of losses of overseas subsidiaries. Domestic business was less affected by the epidemic, and it basically recovered to the same level in the third quarter. In the first half of 2020, the company realized 1.072 billion yuan of operating revenue, a year-on-year decrease of 3.45%, and a net profit loss of 13.7225 million yuan, a sharp decrease of 187.69%. In addition, the data show that in recent years, the company’s asset liability ratio has continued to rise, as of the first half of this year, the company’s asset liability ratio has reached 77.12%. There are still many major problems in the company’s asset restructuring. On June 24, 2020, Yangzi new material signed an agreement of intent on acquisition with Mr. Hu Weilin, the actual controller of Suzhou Kaiyuan Minsheng Technology Co., Ltd. (hereinafter referred to as “Minsheng technology”), intending to pay Mr. Hu Weilin cash to purchase 33.73% shares of Minsheng technology held by him. The company and Mr. Hu Weilin signed the framework agreement on share transfer of Suzhou Kaiyuan Minsheng Technology Co., Ltd. (hereinafter referred to as “framework agreement”) on June 28, 2020. In order to continuously improve the profitability and sustainable development ability of the company, the company plans to pay Mr. Hu Weilin cash to purchase 33.73% shares of Minsheng technology. < p > < p > on September 26, the company disclosed the progress announcement on planning major asset restructuring. The progress shows that on September 23, 2020, the company and Mr. Hu Weilin signed the supplementary agreement to the framework agreement on share transfer. At the same time, it is also mentioned in the risk tips that the transaction is still in the planning stage, the transaction scheme needs further demonstration, communication and negotiation, and there are still significant uncertainties in the specific implementation content and progress, which shall be subject to the formal agreement signed by both parties. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. 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