Yahua Electronics was suspected of increasing tens of millions of revenue in three years, and a large amount of lending was questioned outside the body's capital cycle

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Yahua Electronics was suspected of increasing tens of millions of revenue in three years, and a large amount of lending was questioned outside the body's capital cycle

2022-06-24 12:35:35 3 ℃

Source of this article: Times Business School Author: Sun Mulin

Source | Times Business School

Author | Sun Mulin

Edit | Sun Yiming

"Accounting Error Correction" has long been a habitual trick for listed companies to cover up financial fraud. In 2019, Kangmei Pharmaceutical issued a announcement of major accounting errors. Nearly 30 billion yuan disappeared. The so -called "accounting error" became the "back pot man" of its financial fraud.

And Shandong Yahua Electronics Co., Ltd. (hereinafter referred to as "Yahua Electronics") has adjusted key financial data such as operating income and net profit for three consecutive years. Is there more hidden feelings behind its major accounting errors? Essence

Yahua Electronics is a comprehensive comprehensive solution provider of software and hardware integrated software and hardware in the well -known hospital in China. The main business is the research and development, production and sales of the hospital's intelligent communication interaction system. On June 24, 2022, the IPO of Yahua Electronic GEM is about to be reviewed. The sponsor is Soochow Securities, and the sponsor representative is Cao Fei and Pang Jiaxing.

【Overview】

Research on Times Business School found that there is a huge difference in data disclosed during the listing period of the new third board when the Yahua Electronic Planning Book is listed. Due to the over -confirmation income, major accounting errors are corrected. From 2017 to 2019, the reduction of operating income of 23.635 million yuan, respectively. , 20079,600 yuan, 7.127 million yuan, the authenticity of the financial report data, or the possibility of artificial regulation.

The adjustment of large financial data has aroused great attention from the Municipal Party Committee, asking Yahua Electronics to explain whether there is a continuous confirmation of large -scale confirmation of large income and its rationality. The previous ten major projects of the Times Business School calculated that there were one project in about every 4 projects of Yahua Electronics. There was a case of cross -date confirmation of income. Although the amount of a single project contract was small, the number of projects was large.

The actual controller of Yahua Electronics Geng Yuquan, Yahua Electronics, and Central Asia Huaxin had large amounts of funds for lending. In combination with its large dividend during the reporting period, Yahua Electronics was questioned by the listed committee. Circulation forms a sales money or bear cost. In addition, most of the listed companies in the industry sell products to end customers such as hospitals through public bidding, but 75%of Yahua Electronics' income comes from hospital construction integrators, and only 10%-16%sold to end customers such as hospitals. This Perhaps a lot of room for financial fraud for Yahua Electronics.

On June 21, Times Business School asked Yahua Electronics on the relevant issues, but as of press time, the other party had not received the other party.

1. During the listing of the New Third Board, it was suspected of increasing income tens of millions of yuan

Yahua Electronics was founded in 1998 and has always taken the ward interaction system as its core product. On August 25, 2016, Yahua Electronics was listed and transferred publicly in the national SME shares transfer system (that is, the New Third Board). The securities code was 838234. Essence

The prospectus (declaration draft) disclosed by Yahua Electronics on June 25, 2021 shows that from 2018 to 2020, Yahua Electronics' operating income was 112.5074 million yuan, 164.665 million yuan, and 234.101 million yuan, which belonged to the parent company The net profit of the owner was RMB 15.1346 million, 40.128 million yuan, and 55.2335 million yuan, respectively.

It is worth noting that according to the annual report disclosed by Yahua Electronics during the New Third Board, from 2017 to 2019, the operating income of Yahua Electronics was 106.316 million yuan, 132.587 million yuan, and 171.809 million yuan, which belonged to the listed company The net profit of shareholders was 23.789 million yuan, 24.099 million yuan, and 412.72 million yuan, respectively, which was huge different from the operating income and net profit data disclosed by the company's prospectus.

Why are the core financial indicators such as operating income and net profit so major adjustment?

Yahua Electronics stated in the prospectus that the company's 2018 and 2019 existence of part of the income period is mainly due to the sales of goods that were originally negative only with debugging obligations. In the case of inconsistent caliber, the sales of goods that have a negative installation and/or debugging obligation will be uniformly confirmed after the installation and commissioning and passed the customer's acceptance.

As a result, Yahua Electronics made a series of adjustments to the 2018 and 2019 financial statements due to income cousins, of which the operating income of 2018 and 2019 decreased by 200.796 million yuan and 712,700 yuan, respectively.

After the accounting error adjustment, the net profit after Yahua Electronics fell from 23.789 million yuan in 2017 to 129.692 million yuan in 2018, causing the attention of the Shanghai Municipal Party Committee, and asked Yahua Electronics in the first round of inquiry letters in 2018 The reasons and rationality of the performance declined significantly in 2017.

Yahua Electronics adjusted the 2017 report in accordance with the financial data adjustment period and the caliber of the reporting period, which reduced the 2017 operating income to 82.681 million yuan, and adjusted the net profit of the mother to 13.5094 million yuan. The main business performance indicators such as income and net profit have increased year -on -year from 2017.

At the request of the Shanghai Municipal Party Committee, Yahua Electronics further disclosed the detailed project of accounting errors. Regarding the income section, the financial statements of Yahua Electronics in 2018 and 2019 were reduced operating income of 200.796 million yuan and 7.127 million yuan, respectively. 25.46665 million yuan and 33.4683 million yuan, respectively reduced tax payables of 1.7327 million yuan and 1.2619 million yuan, correspondingly reduced operating costs of 68.41 million yuan and 2.1975 million yuan, respectively increased inventory of 19.46 million yuan and 22.722 million yuan; 2018; 2018 The annual application of financial statements reduced the loss of asset impairment of 408 million yuan. In addition, the project that is corrected by accounting errors also involves the preparation of inventory prices, fixed assets, and receivables. Only one operating income, the reduction of the amount of AAC Electronics from 2017 to 2019 was 23.635 million yuan, 200.796 million yuan, and 7.127 million yuan, the amount was large, and the time was longer.

The cross -date confirmation of income is a strict execution of corporate accounting standards. It is suspected of increasing or decreased income, profits, costs, taxes and other accounting accounts, which will cause corporate profits to be unreal, income and costs are not matched. Reflecting the profit and loss of the enterprise.

As Yahua Electronics was listed on the New Third Board for three consecutive years, the income was confirmed for three consecutive years. It only made major accounting corrections when it was declared that the GEM is listed, reflecting that its basic accounting work is weak; Detailed disclosure.

From a different perspective, if you have to log in to A shares, Yahua Electronics will continue to confirm income from time to time, increase income and profits, and disclose false financial statements to investors. Can such companies really reassure investors?

As a public company, the relevant information disclosure requirements of Yahua Electronics when they were listed on the New Third Board were basically equivalent to the supervision requirements of listed companies.

From the perspective of regulatory levels, Yahua Electronic Series Accounting error correction occurs during the listing of the New Third Board, suspected of false information disclosure of major information, and the possibility of being investigated and tracing punishment by the regulatory layer.

Second, the sales model is very different from the peers, and the actual control of the people's major borrowing funds has been questioned by the cycle of funds outside the body.

Is there more "hidden love" behind the over -on -term confirmation of large income?

In this regard, the Shanghai Municipal Party Committee repeatedly questioned the details of the confirmation of Yahua Electronics and the verification of the flow of funds, and requested the details of the main project during the reporting period of the Yahua Electronics explanation, whether there is a continuous confirmation of large income and its rationality.

Under the pressure of inquiry, Yahua Electronics only disclosed the basic information of the top ten projects from 2019 to 2021, and said that during the reporting period, a small number of projects had continuously confirmed income in a small number of projects, and the amount of incidence was not significant. The situation of the income of cross -period confirmation is mainly due to the pre -sale of a small amount of trial products or in the batches of different centers and different departments, which is reasonable.

So, how much is this so -called "small amount"?

The inquiry letter replied document shows that the cumulative contract amount of Yahua Electronics from 2019 to 2021 was 18.6418 million yuan, 31,371,300 yuan, and 29.5138 million yuan, respectively, accounting for 11.33%and 13.4%of the current operating income, respectively. , 10.26%.

Among them, in the 30 projects disclosed by Yahua Electronics, there were 7 cousin confirmation income. In other words, there are one project in about every 4 projects that have a cross -date confirmation income. As of 2021, Yahua Electronics has served about 8,500 hospitals. If this calculates, the number and amount of the number of projects that Avan Electronics confirmed the income is quite amazing.

It is worth noting that Geng Yuquan is the actual controller of Yahua Electronics, holding 79.17%of Central Asia Huaxin, while Central Asia Huaxi holds 61.73%of Yahua Electronics. During the reporting period, Geng Yuquan and Yahua Electronics and Central Asia Huaxin had large amounts of funds.

During the reporting period, Yahua Electronics dividends of 14.4 million yuan, 14.918 million yuan, and 15.63 million yuan, respectively, with a large amount. Combined with the above -mentioned large amount of funds, Yahua Electronics's revenue is more suspicious. The Municipal Party Committee requested Yahua Electronics to explain whether there is a closed loop of funds, whether the in vitro funds is formed or the cost fee is afforded in the review letter of the review opinion. Whether the internal control is complete and effective, and whether the financial statements are risks of major wrong reporting.

In addition, Times Business School consulted relevant information and found that the sales model of Yahua Electronics is largely different from those in the same industry.

The downstream customers of medical information enterprises are mainly hospitals, health and health commissions, medical insurance bureaus, and their subordinate units at all levels. They usually use public bidding methods to choose suppliers. Ning Health (300253.SZ), He Ren Technology (300550.SZ), Jiahe Meikang (688246.SH), etc. System integrators sell software.

The prospectus shows that from 2019 to 2021, Yahua Electronics ’revenue accounted for 10.67%, 16.33%, and 12.45%of the income from bidding bidding directly with medical institutions such as medical institutions, which accounted for less. The revenue of its sales of integrated integrators to hospitals accounted for 74.8%, 73.45%, and 75.36%, respectively, and the rest of the sales customers were traders, accounting for about 12%. It is worth mentioning that the gross profit margin sold by Yahua Electronics to hospitals is far lower than the gross profit margin sold directly to medical institutions. From 2019 to 2021, the gross profit margin sold by Yahua Electronics to medical institutions such as medical institutions was 66.69%, 60.80%, and 62.99%, respectively, and the gross profit margin sold to hospitals was 55.56%, 51.99%, and 50.89%, respectively.

Why does Yahua Electronics focus on end customers such as hospitals like their peers, but instead build more integrated integrators and traders for hospitals?

Times Business School believes that Yahua Electronics Business is biased towards the reasons for the integration of hospital construction or weak competitiveness, and cannot get more orders in public bidding. In addition, deal with hospital construction integrators and traders instead of public bidding. The information is relatively opaque and leaves a lot of room for financial fraud or leave a large operating space.

【Reference Information】

"Yahua Electronics's first public offering of stocks and listing prospectus on the GEM (declaration draft, draft draft)". Shenzhen Stock Exchange

"A reply to the review and inquiry letter of the application document of the GEM listing on the GEM". The Shenzhen Stock Exchange

"Yahua Electronics's first public offering of shares and the second round of review of the inquiry letter of the application document on the GEM list. The Shenzhen Stock Exchange

"Reply on the Opinions of the Opinions of the Reviewing Center of Yahua Electronics for the first public offering of shares and listing on the GEM". The Shenzhen Stock Exchange

"Yahua Electronics 2017 Annual Report, 2018 Annual Report, 2019 Report".