poker card games

The financial disclosure work for 2023 has been completed, but the regulatory work on financial statements disclosed by listed companies is still continuing. Recently, the Shenzhen Stock Exchange issued a letter of inquiry on the 2023 annual report disclosed by listed companies such as Yuanwang Technology. Among them, for the 2023 annual report disclosed by Yuanwang Technology, in view of the year-on-year increase in revenue and the loss of net profit nearly tripled, the provision for bad debts of accounts receivable exceeded 300 million yuan during the reporting period, more than tripling that of the same period last year, and the company's funds were occupied by other related parties. Shenzhen Stock Exchange raised "26 questions" in its inquiry letter.

Net profit loss nearly tripled

Gross profit margin of core revenue industry is only 1.12%

Through the financial results, Qiangwang Technology 2023 year-on-year increase in income, net profit is still a year-on-year loss and loss nearly tripled. Public data show that from 2021 to 2023, the growth rate of technology revenue was recorded respectively.Infini88slot: 30.70%, 38.75%, 22.48%. In the same period, the net profit was-700 million yuan,-265 million yuan and-1.05 billion yuan respectively.

In terms of revenue, from the perspective of specific business, according to the industry, the Internet advertising industry, which accounts for 90% of revenue, and the clothing and footwear industry, which accounts for less than 10% of revenue, recorded revenue of 4.368 billion yuan and 400 million yuan respectively during the reporting period, with growth rates of 22.21% and 25.71%, respectively. From the perspective of specific product division, revenue from new media advertising, self-brand and brand distribution, social e-commerce and clothing and footwear recorded 2.375 billion yuan, 265 million yuan, 1.729 billion yuan and 400 million yuan respectively, with year-on-year growth rates of 91.19%, 408.56%,-24.19% and 25.71%, respectively.

Although the growth of many businesses in the Internet advertising industry is obvious, the gap is also obvious in terms of gross profit margin. From the perspective of industry division, during the reporting period, the gross profit margins of Internet advertising and clothing and footwear were 1.12% and 10.78% respectively, down 15.33% and 20.58% respectively from the same period last year. From the perspective of specific products, the gross profit margins of new media advertising, self-brand and brand distribution, social e-commerce, clothing and footwear were 1.78%, 5.08%,-0.38% and 10.78%, respectively, down 4.62%, 1.98%, 22.61% and 20.58% respectively from the same period last year.

It should be pointed out that in the inquiry letter of the annual report, the Shenzhen Stock Exchange pointed out that looking at the 2022 annual report shows that the company's main business is Internet advertising, Internet advertising agencies, social e-commerce services and other brands, which cannot correspond to the business and revenue disclosed in the 2023 annual report.

In this regard, the Shenzhen Stock Exchange asked Yuanwang Technology to explain in detail the connections and differences between the new media advertising business, proprietary brand and brand distribution business, social e-commerce business and the Internet advertising business, Internet advertising agency business, social e-commerce service business and other brand business in the 2023 annual report, and the reason and rationality of adjusting the business classification in your 2023 annual report. And according to the caliber of the 2022 annual report, the income realized by the related business in 2023 will be restored. "

At the same time, in view of the decline in gross profit margin, the Shenzhen Stock Exchange asked Qianwang Technology to "explain in detail the specific composition of the Internet advertising business, as well as its corresponding revenue and cost recognition methods. On this basis, it quantitatively analyzes the reason and rationality of the sharp decline in the gross profit margin of the company's Internet advertising business compared with the same period last year, and whether the gross profit margin of the Internet advertising business is replaced by the 'net method' in the revenue composition of the Internet advertising business. And whether the company's operation is sustainable when the gross profit margin of the Internet advertising business is declining year by year. "

In addition, in view of the increase in income from footwear and the decline in gross profit margin, the Shenzhen Stock Exchange pointed out that the operating income of the clothing and footwear industry reached 400 million yuan, an increase of 25.71% over the same period last year, and the gross profit margin decreased by 20.58%. However, in 2022, when the operating income of the clothing and footwear industry fell by 40.86%, the gross profit margin reached 31.36%, an increase of 16 percentage points over the same period last year.

Shenzhen Stock Exchange requires "quantitative analysis of the clothing and footwear business gross profit margin growth in 2022, business revenue decline in 2023 year-on-year decline in the reasons and rationality, whether in line with the industry law."

Provision for bad debts tripled

"false increase of accounts receivable masks false increase of income or transfer of benefits"Infini88slot?

Looking back at the fact that the net loss of science and technology nearly tripled in 2023, the provision for bad debts was an important factor.

According to the announcement on impairment of assets issued by Yuanwang Technology, the provision for impairment of assets in 2023 will be 47%.Infini88slot, 934100 yuan. Among them, the new plan for the reporting period is 47.Infini88slot, 934100 yuan (about 471 million yuan), accounting for 44.86% (over 30%) of the company's last audited net profit of-1.0496858 billion yuan (about-1.05 billion yuan) belonging to shareholders of the listed company in 2023. Among them, the provision for bad debts of accounts receivable is about 318 million yuan. It should be noted that at the beginning of the period, the provision for bad debts of accounts receivable was about 186 million yuan, while the final balance was nearly 505 million yuan.

In the inquiry letter of the annual report, the Shenzhen Stock Exchange pointed out that the annual report showed that the company's accounts receivable at the end of the reporting period had a book balance of 1.52 billion yuan at the end of the reporting period, and 505 million yuan had been set aside for bad debts. The provision for bad debts increased by 318 million yuan in the current period, an increase of 221.21% over the same period last year.

Among them, the accounts receivable of Hangzhou Hongzhen and Hangzhou Honghua were separately included in the provision for bad debts in 2023, and the provision for bad debts totaled 375 million yuan by the end of the reporting period. According to the top five end-of-period balances collected by the defaulting party, the final balance of accounts receivable amounts to 784 million yuan, and a cumulative provision for bad debts of 364 million yuan has been made.

With regard to the provision of bad debts, some investors asked distant Technology on the interactive easy platform in early March this year: "apart from the huge accounts receivable of your shoe sales, have you taken measures to clear up the bad debts?" Do you resort to legal solutions? " .

According to the 2023 annual report of Qianwang Technology, during the reporting period, the company stepped up efforts to promote and clean up the inventory of footwear, resulting in operating losses in the footwear business. Affected by the decrease in selling prices and the increase in the rate of discounted expenses, the provision for a reduction in the price of inventory for the whole year is 15.8024 million yuan. In addition, the return of accounts receivable in the company's footwear business was lower than expected, and the increase in the age of accounts receivable significantly increased the provision for bad debts for the whole year, and the amount of bad debts for accounts receivable for the whole year was 276.4125 million yuan (about 276 million yuan).

The Shenzhen Stock Exchange requires Yuang Technology to "list the specific composition of the bad debt reserve for newly added accounts receivable in the current period, including but not limited to the business and transaction background of the accounts receivable, the name of the debtor, the contract amount, the accrual amount, the time when the accounts receivable are formed, whether the debtor has a related relationship with your company, your company's directors, supervisors, or more than 5% of the shareholders or other relationships that may lead to a tilt of interests. On this basis, explain the reasons and rationality for the significant increase in the provision for bad debts of accounts receivable in the current period compared with the same period last year, and whether the provision in previous years was prudent and sufficient."

At the same time, the Shenzhen Stock Exchange required Yuang Technology to "explain in detail the reasons and rationality for adjusting the accounts receivable of Hangzhou Hongzhen and Hangzhou Honghua to be accrued on a single basis in this period, whether the reasons for the single accrual have occurred in the past year, and whether the company has made careful and sufficient provision for bad debts of accounts receivable of Hangzhou Hongzhen and Hangzhou Honghua in previous years."

and "a list stating the business background of the top five accounts receivable, the name of the debtor, the contract amount, the accrual amount, the time when the accounts receivable were formed, the debtor and the company, the company's directors and supervisors, and whether more than 5% of the shareholders There is an association or other relationship that may lead to a tilt of interests."

Regarding these three major questions, the Shenzhen Stock Exchange required Yuang Technology to "combine the replies to the above-mentioned questions and explain in detail whether the company's accounts receivable and the transactions corresponding to the accounts receivable actually exist and have the essence of the transaction, and whether the company has falsely increased accounts receivable. Cases where accounts cover up inflated income or transfer benefits to related parties."

Funds occupied by multiple related parties

The total occupied balance exceeds 40 million yuan

In the above-mentioned annual report inquiry letter, the Shenzhen Stock Exchange also raised several questions about the situation in which Yunwang Technology funds were occupied by multiple related parties.

The Shenzhen Stock Exchange pointed out that on April 30, 2024, Yuang Technology disclosed the "Special Explanation on the Funds Occupancy of Controlling Shareholders and Other Related Parties of Foshan Yuang Technology Co., Ltd."(hereinafter referred to as the "Special Explanation on Fund Occupation") shows that other related parties of the company and their subsidiaries Hangzhou Hongzhen, Hangzhou Yaoyu Network Technology Co., Ltd.(Hangzhou Yaoyu), Hangzhou Shining Moment Network Technology Co., Ltd.(hereinafter referred to as "Hangzhou Shining Moment"), Hangzhou