Zebra consumption Ren Jianxin

Transformationnew energyFailureHangzhou GaoxinPrepare to cross the border game industry again and become a change after being questioned by the exchange.

After the listing of Hangzhou Gaoxin in 2015, the main business was sluggish. In 2017, it acquired the Austrian power supply and formed the dual main business of polymer cable materials and new energy. While the company's performance has been boosted, it has also brought about a greater crisis. The inventory, accounts receivable, and cash flow collectively deteriorated, directly jeopardizing the normal operation of listed companies.

After the original road was sold back to Aoneng Power, Hangzhou Gaoxin announced on March 3 that it plans to acquire a fast tour with a cash payment of 250 million yuan.Technology 100% equity.

Game industry adjustment, fast-track technology value-added 649% is worth it? Fast Travel Technology also has high receivables. As of the end of September 2018, the accounts receivable is more than three times its net profit for the same period; the fast performance technology's three-year performance commitment of 136 million yuan can be completed... Point, the exchange sent a letter to ask.

On the evening of March 13, Hangzhou Gaoxin said that the acquisition will be adjusted; the original plan to review the acquisition at the March 19th extraordinary general meeting has also been cancelled.

Once listed, it was forced to transform, and the bamboo basket was filled with water.

In June 2015, Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd. (referred to as “Hangzhou High-tech”), whose main business is polymer cable materials, finally landed after many impacts.gem.

After 20 years of dedicated development, Hangzhou Gaoxin becameWanma shares(002276.SZ), Shanghai Kaibo's famous cable industry small giant.

However, as soon as it went public, Hangzhou Gaoxin (300478.SZ) disappointed investors.

From 2015 to 2017, the operating income of the company's main polymer cable materials was 542 million yuan, 562 million yuan, and 589 million yuan, respectively, with slow growth; while its gross profit margin declined year by year, at 23.32% and 21.18%, respectively. 19.86%, net profit also fell.

No way, after more than one year of listing, Hangzhou Gaoxin planned to transform and acquire Hangzhou Aoneng Power Equipment Co., Ltd. (referred to as “Aoneng Power”) for 560 million yuan in cash.

The main business of Aoneng Power is new energy charging piles, customers are power grids, automobile manufacturers,real estateBusiness and so on. At that time, new energy vehicles have become a popular outlet, and the supporting industries have also emerged. The performance of Aoneng Power's 2017-2019 is 36 million yuan, 50 million yuan and 65 million yuan.

After Hangzhou Gaoxin successfully acquired 100% equity of Aoneng Power in 2017, the target company had an immediate effect on the performance of listed companies.

In 2017, Hangzhou Gaoxin's operating income was 652 million yuan, a year-on-year increase of 16.02%, net profit was 42.34 million yuan, an increase of 19.89%; in the first three quarters of 2018, the company's operating income was 620 million yuan, a year-on-year increase of 40.18%, net profit of 26.45 million yuan. , an increase of 57.40%.

On the surface, Aoneng Power boosted the performance of listed companies, but it has laid a bigger hidden danger.

Hangzhou Gaoxin said in the semi-annual report of 2018 that "the production mode of Aoneng Power Supply is to produce by sales and to produce and process according to the sales order signing". However, the inventory of Aoneng Power is not optimistic.

In 2017, Aoneng Power's products produced 3,395 sets, sold 2,418 sets, and stocked 5,650 sets. As of the end of 2017, the balance of Hangzhou high-tech inventory was 118 million yuan, an increase of 105.27% compared with the end of 2016.

As of the end of the third quarter of 2018, Hangzhou Gaoxin's inventory balance was 150 million yuan, an increase of 27.12% from the end of 2017.

In addition, accounts receivable has always been one of the troubles of Aoneng Power. According to the draft of Hangzhou Gaoxin's acquisition of Aoneng Power, as of December 31, 2016, the book value of Aoneng Power's accounts receivable was 64,701,300 yuan, accounting for 44.34% of the total assets.

After the completion of the acquisition, Aoneng Power boosted the size of the accounts receivable of listed companies.

At the end of 2017, Hangzhou Gaoxin accounts receivable of 244 million yuan, an increase of 65.90% compared with the end of 2016; at the end of the third quarter of 2018, the company's accounts receivable amounted to 466 million yuan, an increase of 90.98% compared with the end of 2017.

Although Aoneng Power made money on the books, the money could not be recovered, which led to the extreme deterioration of the operating cash flow of listed companies.

In 2017, Hangzhou Gaoxin's operating cash flow was 11.41 million yuan, down 73.80% year-on-year; in the first three quarters of 2018, it continued to decline 396.94% to -250 million yuan.

In desperation, in December 2018, Hangzhou Gaoxin sold the original energy source of the original energy source at the original price.

After more than a year of tossing, Hangzhou Gaoxin returned to the original point. The company also lost thousands of financial expenses in vain due to the payment of the consideration.

It is worth mentioning that one of Hangzhou Gaoxin's accounts receivable is from the controlling shareholder's happy holding. This amount of money is not much, only 120,000 yuan, but the time owed by the controlling shareholder is a bit long, and has been preparing for bad debts for many years. It seems that the controlling shareholder is really short of money. The key point is that listed companies still pay dividends every year, and the controlling shareholders can only enter?

Ready to acquire a game company, be asked to change

Hangzhou Gaoxin's acquisition of Aoneng Power not only failed to solve its own business crisis, but also fell deeply into the shackles of “making money and not getting it”.

In order to continue to solve the problem of weak performance, the company launched a new merger and acquisition case, trying to reinvigorate by entering the game industry.

On the evening of March 3, Hangzhou Gaoxin announced that it intends to acquire 100% equity of Xiamen Fast Travel Network Technology Co., Ltd. (referred to as “Quyou Technology”) for 250 million yuan in cash. Xiamen Express Tour promised 2019-2021 The net profit is not less than 36 million yuan, 45 million yuan, and 55 million yuan respectively.

The main business of Fast Travel Technology is the development of page games and mobile games. The online works include "The Secret History of the Thorn Qin", "The Eternity of the Devil", "Hong Meng Tian Zun", "Yu Jian Meng Xian Chuan", "Taoyuan Lingjing", "Drawing Fox" and "The Devil" .

In 2017, Express Travel Technology's operating income was 30,940,400 yuan and net profit was 9,674,700 yuan. In the first three quarters of 2018, Express Travel Technology's operating income was 4,255.6 million yuan and net profit was 20,185,100 yuan.

For example, the acquisition of fast-paced technology can also boost the performance of Hangzhou Gaoxin: Hangzhou Gaoxin Performance Express disclosed that in 2018, the company's operating income was 854 million yuan, but the net profit was only 24,302,700 yuan.

Looking at profitability alone, this is another good target. If the acquisition is successful, Hangzhou Gaoxin will once again have the second main business.

However, Fast Travel Technology also has a problem of high receivables.

As of the end of September 2018, Express Travel Technology accounts for 65.71 million yuan, accounting for 195% of its net assets. The sum of the net profits of Express Travel Technology in 2017 and the first three quarters of 2018 is less than 30 million yuan.

Hangzhou Gaoxin acquired Ao Neng Power, which was deeply affected by accounts receivable. Why did you step on the same pit twice?

Moreover, the good times of the game industry have long since passed. Why does Hangzhou Gaoxin add 649% to the acquisition of fast-paced technology?

The acquisition plan disclosed by Hangzhou Gaoxin is very simple. The latest performance, valuation basis, industry comparison, and operational data of core products are not available, so that the exchange directly sends inquiries and even directly questions the authenticity of the fast-paced technology business. .

On the evening of March 13, Hangzhou Gaoxin announced that in order to ensure the smooth and orderly development of the company and the fast-paced technology, and avoid integration risks, the company intends to make changes to the transaction object, transaction price, and acquisition ratio of the acquired fast-track technology.

In addition, the company originally planned to review the “Proposal on the Acquisition of 100% Equity of Xiamen Fast Travel Network Technology Co., Ltd.” at the first extraordinary shareholders meeting held in 2019 on March 19, which was also cancelled.