/Junyi Digital’s last year’s revenue was 350 million and receivables were 380 million. It changed the accounting error and gave a warning – yqqlm
Junyi Digital’s last year’s revenue was 350 million and receivables were 380 million. It changed the accounting error and gave a warning – yqqlm

Junyi Digital’s last year’s revenue was 350 million and receivables were 380 million. It changed the accounting error and gave a warning – yqqlm

K图 836106_0

China Economic Net Editor’s Note : 5 On March 26th, Sichuan Junyi Digital Technology Co., Ltd. (hereinafter referred to as “Junyi Digital”) first application will be at the meeting
, the sponsor organization (Lead underwriter) is Hualin Securities , the sponsor representatives are Cheng Yi and Wang Cuicui.

Junyi Digital is a professional Smart City A comprehensive solution provider whose main business is to provide systems for smart city customers Products and services such as integration services, operation and maintenance services, and self-developed product sales.

The company’s main business is outstanding, and the main business income accounts for operating income The proportion of the amount is above 99%. In terms of business areas, during the reporting period, the main business income of Junyi Digital in the southwest region accounted for 76.68%, 70.81% and 81.18% of the total main business income, of which the main business income in Sichuan Province. The proportion of total main business income is 46.89%, 56.78% and 79.61% respectively. The proportion of revenue in Sichuan Province and the southwest region is still relatively high, and there is a risk of relatively concentrated business areas.

Divided by customer types, the proportion of non-private enterprises in the reporting period was 94.76%, 93.22% and 97.30% respectively. The above non-private units are mainly state-owned enterprises, government departments, financial institutions, public institutions, etc.

Last year, Junyi Digital net profit was year-on-year rose by 8.29%, while the net cash flow from operating activities fell by 71.15% year-on-year. From 2019 to 2021, Junyi Digital’s operating income was 293.2238 million yuan, 327.7107 million yuan, and 354.0470 million yuan, respectively. The cash received from the sales of goods and the provision of labor services was 285.2595 million yuan, 394.9245 million yuan, and 387.6386 million yuan, respectively. The net profit RMB 54.3676 million, RMB 62.2968 million and RMB 67.4584 million respectively. Net profit attributable to owners of the parent company after deducting non-recurring gains and losses was RMB 52.4631 million, RMB 60.6165 million and RMB 62.9273 million respectively. The amounts were RMB 16.841 million, RMB 70.3389 million and RMB 20.2902 million respectively. In each period, the company’s net-to-now ratios were 0.31, 1.13, and 0.30.

From the end of 2019 to the end of 2021, the book balances of Junyi Digital’s accounts receivable were RMB 292.954 million and RMB 288.4072 million respectively. , RMB 372,061,600, provision for bad debts was RMB 26,095,600, RMB 33,767,700, and RMB 43,873,300, respectively, and the book value of accounts receivable was RMB 266,858,500, RMB 254,639,500, and RMB 328,188,400, respectively, showing an upward trend.

From the end of 2019 to the end of 2021, Junyi Digital’s bills receivable were 3.4155 million yuan, 1.2903 million yuan, and 7.2569 million yuan, respectively, and bad debt provisions were 60,100 yuan, 39,500 yuan, and 172,800 yuan. The book value is 3.3553 million yuan, 1.2508 million yuan and 7.0841 million yuan respectively.

According to the calculation by a reporter from China Economic Net, the accounts receivable (balance of receivables + notes receivable) of Junyi Digital at the end of each period were 296.3695 million yuan, 289.6975 million yuan and 379.3185 million yuan respectively.

According to the prospectus of Junyi Digital, the balance of accounts receivable at the end of 2020 was slightly lower than that at the end of 2019, mainly due to the reclassification of the warranty money to “ Contract Assets” and “Other Non-Current Assets”. At the end of 2020 and the end of 2021, the book balance of Junyi Digital’s contract assets was RMB 23.4190 million and RMB 29.8021 million respectively. According to the prospectus of Junyi Digital, contract assets refer to the right of the company to transfer the goods to the customer and the right to receive consideration, and the right depends on factors other than the passage of time.

The Shenzhen Stock Exchange issued three rounds of inquiry letters to Junyi Digital, all of which asked about the accounts receivable of Junyi Digital. On May 16, 2022, the Shenzhen Stock Exchange website disclosed Junyi Digital’s reply to the implementation letter of the review center’s opinions issued by the Shenzhen Stock Exchange, which still asked Junyi Digital’s accounts receivable.

The letter of implementation of the opinions of the audit center pointed out that at the end of each period of the reporting period, the issuer’s accounts receivable balance for more than one year showed an increasing trend, and some projects were subject to completion and settlement audit, government audit and other factors. Affecting payment is slower. At the end of each period of the reporting period, the proportion of the issuer’s accounts receivable letter confirmation and replies were 11.32%, 10.33% and 29.81%, respectively.

The letter of implementation of the opinion of the audit center requires Junyi Digital to update the overall situation of the collection of accounts receivable after each period and the collection of overdue accounts receivable after the period so far, explaining that The specific situation of the corresponding projects of accounts receivable with more than one year at the end of 2021, the continuous cooperation with customers and the collection of the project, whether there is a collection arrangement for the uncollected part and the actual implementation, combined with the discussion on the adequacy of the provision for bad debts, relevant The implementation of the project completion settlement review and government audit, and the estimated time of payment. Sponsors and reporting accountants are requested to express clear opinions, and explain the reasons for the non-conformance of the accounts receivable replies at the end of each reporting period, the reasons for the increase in the proportion of non-conformance letters in 2021, and the verification procedures and conclusions for the non-conformity of the reply letters. .

According to Junyi Digital’s reply, at the end of 2019, 2020 and 2021, the balance of Junyi Digital’s accounts receivable (including quality assurance funds) were 292,954,000 yuan, 326,413,200 yuan, and 42,097.92 yuan respectively. RMB 201.5408 million, RMB 131.6156 million and RMB 64.9289 million respectively after the accounts receivable period, and the proportion of receivables after the period of accounts receivable was 68.80%, 40.32% and 15.42% respectively; overdue accounts receivable The balances of the overdue accounts receivable were RMB 93,053,200, RMB 89,622,800, and RMB 79,318,500, respectively. The amount of overdue accounts receivable after the collection period was RMB 71,354,800, RMB 54,489,900, and RMB 25,999,700, respectively. The proportion of overdue accounts receivable collected after the period They were 76.68%, 60.80%, and 32.78%, respectively.

According to Junyi Digital’s reply, at the end of each period of the reporting period, the reasons why the company’s accounts receivable replies did not match include: “The contract amount is a tentative amount, and the actual settlement amount shall prevail. “resulting in discrepancies in the replies, the percentages of discrepancies are 7.46%, 9.70%, and 11.24% respectively; the reason for the discrepancy caused by the calibre of the letter; the other party confirms by invoicing, the company confirms by the progress settlement data, and the discrepancy between the two parties’ account calibers leads to discrepancies; lead to inconsistency; other reasons lead to inconsistency (Note).

On March 28, 2016, the company’s shares were listed and publicly transferred on the National Equities Exchange and Quotations by means of agreement transfer. Securities referred to as “Junyi Digital”, and the stock code is “836106”.

On April 27, 2021, the twenty-first meeting of the second board of directors held by Junyi Digital reviewed and approved the “Proposal on Correction of Early Accounting Errors”, and in 2021 On April 29, the “Previous Accounting Error Correction Announcement was disclosed in the stock transfer system. )”, ShineWing issued the “Audit Report on the Special Explanation of Accounting Error Correction Matters of Sichuan Junyi Digital Technology Co., Ltd.” (No. XYZH/2021CDAA40071) for the above-mentioned error correction matters.

The above accounting errors are mainly due to the company’s decision to make smart cities before 2020 Information system integration business was changed from “recognizing revenue by percentage of completion method” to “recognizing revenue after completion acceptance”, and a small number of other accounting errors in the previous period were corrected. Correction of accounting errors caused by changes in the above-mentioned system integration business revenue recognition method and other matters The specific impact is:

Before the adjustment, the total assets of Junyi Digital at the end of 2019 were 408.6010 million yuan, after the adjustment it was 537.3275 million yuan, and the impact amount was 128.7264 million yuan , the impact ratio is 31.50%; before the adjustment, the company’s total liabilities at the end of 2019 were 165.9495 million yuan, after the adjustment it was 330.7084 million yuan, the impact amount was 164.7589 million yuan, and the impact ratio was 99.28%; before the adjustment, the company’s undistributed profit at the end of 2019 was 12,784.48 RMB 10,000, adjusted to RMB 92,416,700, the amount of impact was RMB -35,428,100, and the impact ratio was -27.71%; The impact amount is -36,032,500 yuan, and the impact ratio is -14.85%; before the adjustment, the company’s total owner’s equity in 2019 was 242,651,500 yuan, after the adjustment, it was 206,619,000 yuan, the impact amount was -36,032,500 yuan, and the impact ratio was -14.85% ; Before the adjustment, the company’s weighted average return on net assets (before non-deduction) in 2019 was 26.95%, after the adjustment it was 26.51%, and the impact was -0.44%; after adjustment) was 26.06%, after adjustment was 25.58%, and the number of influence was -0.48%; before the adjustment, the company’s operating income in 2019 was 339.9342 million yuan, after the adjustment it was 293.2238 million yuan, the number of influence was -46.7105 million yuan, and the impact ratio was -13.74%; before the adjustment, the company’s net profit in 2019 was 63.7261 million yuan, after the adjustment it was 54.3676 million yuan, the impact amount was -9.3585 million yuan, and the impact ratio was -14.69%; before the adjustment, the company was owned by the parent company in 2019 The net profit (before non-deduction) was 63.7261 million yuan, adjusted to 54.3676 million yuan, the impact amount was -9.3585 million yuan, and the impact ratio was -14.69%; before the adjustment, the company’s net profit attributable to the owner of the parent company in 2019 The profit (after deduction of non-fee) was 61.6223 million yuan, and the adjusted value was 52.4631 million yuan, the impact amount was -9.1592 million yuan, and the impact ratio was -14.86%.

In August 2021, the National Equities Exchange and Quotations Co., Ltd. issued the “Notice of Delivery of Oral Warning to Sichuan Junyi Digital Technology Co., Ltd. and relevant responsible entities” ( Company Supervision No. 1 [2021] Supervision No. 580), because Junyi Digital disclosed the “Announcement on Correction of Early Accounting Errors of Sichuan Junyi Digital Technology Co., Ltd.” in April 2021, the accounting errors involved in the 2019 annual financial report were made. Explain and make retrospective adjustments, violating the relevant provisions of the “National Small and Medium Enterprise Share Transfer System Business Rules” and “National Small and Medium Enterprise Share Transfer System Listed Companies Information Disclosure Rules”, which constitutes information disclosure violations, and Junyi Digital Chairman Zeng Lijun, Finance The person in charge, Yang Daiqun, is responsible for the aforementioned behavior, so he decided to take self-discipline and supervision measures of verbal warning against Junyi Digital, its chairman Zeng Lijun, and the financial person in charge Yang Daiqun.

Smart city comprehensive solution provider plans to raise 320 million yuan

Junyi Digital is a professional smart city integrated solution provider. Its main business is to provide products and services such as system integration services, operation and maintenance services, and self-developed product sales for customers in the smart city field.

On March 28, 2016, the company’s shares were listed and publicly transferred on the National Equities Exchange and Quotations by means of agreement transfer. Securities is abbreviated as “Junyi Digital”, and the stock code is “836106”. In January 2018, the transfer method of the company’s shares was changed from “agreement transfer” to “call auction transfer”. In May 2020, the national SME share transfer system transferred the company to the list of listed companies in the innovation layer.

According to the prospectus of Junyi Digital, the application materials for the company’s initial public offering and listing on the Growth Enterprise Market have been submitted to the Shenzhen Stock Exchange on June 20, 2021. According to the relevant provisions of the System Business Rules (for Trial Implementation), the company’s shares will be listed in the National Equities Exchange and Quotations System from June 21, 2021. Suspension , pending the company’s initial public offering of shares and listing application to obtain Shenzhen After being approved by the Securities Exchange and approved by the China Securities Regulatory Commission for registration, the company will apply to the National Equities Exchange and Quotations to terminate the listing of stocks.

In addition, Junyi Digital submitted an application to the China Securities Regulatory Commission for an initial public offering and listing on the Growth Enterprise Market on May 20, 2019. On May 27, 2019, the company’s application was officially accepted by the China Securities Regulatory Commission. Due to the adjustment of the issuer’s listing plan, after deliberation at the tenth meeting of the second board of directors in 2019, the company applied to the China Securities Regulatory Commission on July 11, 2019 to withdraw its initial public offering and listing on the Growth Enterprise Market. On July 22, 2019, the company received the “Notice of the China Securities Regulatory Commission on Termination of Review of Administrative License Application” ([2019] No. 233) issued by the China Securities Regulatory Commission, and the China Securities Regulatory Commission decided to terminate the review of the company’s administrative license application.

According to the company’s prospectus disclosed on May 19, 2022, as of the prospectus signing date, Zeng Lijun held 43.48% of Junyi Digital’s shares, which is the company’s holding shareholder and actual controller, serving as chairman and general manager of the company.

Junyi Digital plans to publicly issue on the Shenzhen Stock Exchange Growth Enterprise Market 30.8 million new shares , accounting for 25% of the company’s total share capital after the issuance. It is planned to raise 321 million yuan, of which 132.8819 million yuan will be used for “intelligent management and operation of underground integrated pipe gallery” Platform upgrade construction project”, 120.5208 million yuan for “new smart city comprehensive solution improvement project”, 67.6367 million yuan for “R&D testing and data centerconstruction project”.

Last year, the net cash from operating activities decreased by 71% year-on-year, and the net cash ratio was only 0.3

Last year, Junyi Digital’s net profit increased by 8.29% year-on-year, while the net cash flow from operating activities decreased by 71.15% year-on-year.

From 2019 to 2021, Junyi Digital’s operating income was 293.2238 million yuan, 327.7107 million yuan and 354.0470 million yuan respectively, and the cash received from the sale of goods and the provision of labor services was 285.2595 million yuan respectively , RMB 394,924,500, RMB 387,638,600, and net profits were RMB 54,367,600, RMB 62,296,800, and RMB 6,745,000, respectively. The net profit attributable to owners of the parent company after deducting non-recurring gains and losses was RMB 52,463,100, RMB 60,616,500, and RMB 62,927,300, respectively. The net cash flows from operating activities were RMB 16,841,000 and RMB 70,338,900, respectively. RMB 20.2902 million. In each period, the company’s net-to-now ratio was 0.31, 1.13, and 0.30, respectively.

From January to March 2022, the company achieved an operating income of 18.2021 million yuan, A year-on-year increase of 132.99%; net profit attributable to shareholders of the parent company was 1.7775 million yuan, a year-on-year increase of 152.07%; net cash flow from operating activities was -40.4325 million yuan, compared with -89.480 million yuan in the same period last year.

According to Junyi Digital’s prospectus, the issuer’s operating income and operations from January to March 2022) The performance

increased more than the same period of the previous year mainly The project is subject to the completion acceptance and confirmed income from January to March 2022, and the project will increase compared with the same period in 2021, and will be settled in 2022 by the completed project in 2020, “The Second Bidding Section of Weak Current Intelligent Project of Luohe Central Hospital Teaching and Training Comprehensive Building”. It was due to the increase in confirmed income of RMB 1.200 million.

Junyi Digital stated that the large amount of net cash outflow from operating activities from January to March 2022 was mainly due to the influence of factors such as the characteristics of the company’s industry. The cash settlement is generally concentrated in the second half of the year. At the same time, due to the relatively high cash paid by the company to purchase goods, accept labor services, and pay corporate income and value-added tax in the current period, the net cash flow from operating activities in the first quarter of 2022 will be outflow. big. Compared with the same period of the previous year, the net cash flow from operating activities in the first quarter of 2022 increased more than the same period of the previous year mainly because more cash was received from the sales of goods in the current period, and the cash paid for the purchase of goods and the acceptance of labor services. lower than the same period last year.

Reporting period Dividends 30.8 million yuan

During the reporting period , the company implemented a dividend distribution. In 2019, Junyi Digital distributed 4 yuan in cash (tax included) for every 10 shares, with a total dividend of 30.800 million yuan.

Accounting errors reduce the total liabilities of 165 million yuan in 2019, the impact ratio exceeds 99%

On April 27, 2021, the 21st meeting of the second board of directors held by Junyi Digital reviewed and approved the “Regulations on Correction of Accounting Errors in the Previous Period”. On April 29, 2021, the “Previous Accounting Error Correction Announcement” was disclosed in the stock transfer system. ShineWing issued the “Special Project on Accounting Error Correction Matters of Sichuan Junyi Digital Technology Co., Ltd.” Illustrated Audit Report” (No. XYZH/2021CDAA40071).

The above accounting errors are mainly caused by the company’s change of the smart city information system integration business before 2020 from “recognizing revenue by percentage of completion method” to “recognizing revenue after completion acceptance”, and the correction of a small amount in the previous period other accounting errors. For the above-mentioned change in revenue recognition method, considering the prudence and comparability of accounting information reported by the company to be listed, and the fact that the company’s external environment, sales model, business nature, etc. have not changed, the company will directly recognize the above-mentioned change in revenue recognition method. It is an accounting error, and in accordance with the relevant provisions of “Accounting Standards for Business Enterprises No. 28 – Accounting Policies, Changes in Accounting Estimates and Error Correction”, the financial statements of the comparative period were corrected by retrospective adjustment method.

The specific impact of the correction of accounting errors caused by the changes in the above-mentioned system integration business revenue recognition method on the company’s 2019 financial statements is:

Before adjustment , Junyi Digital’s total assets at the end of 2019 were 408.6010 million yuan, adjusted to 537.3275 million yuan, the impact amount was 128.7264 million yuan, and the impact ratio was 31.50%;

Before the adjustment, Junyi Digital 2019 At the end of the year, the total liabilities amounted to RMB 165,949,500, which was adjusted to RMB 330,708,400, and the impact amount was RMB 164,758,900, with an impact ratio of 99.28%;

Before the adjustment, the undistributed profit of Junyi Digital at the end of 2019 was RMB 127,844,800, adjusted to RMB 92,416,700, the impact amount was RMB -35,428,100, and the impact ratio was -27.71%;

Before the adjustment, Junyi Digital was owned by the parent company in 2019 The total equity of the owner was RMB 242.6515 million, adjusted to RMB 206.6190 million, the amount of impact was RMB -36.0325 million, and the proportion of impact was -14.85%;

Before the adjustment, the owner of Junyi Digital in 2019 The total equity is RMB 242,651,500, adjusted to RMB 206,619,000, the impact amount is RMB -36,032,500, and the impact ratio is -14.85%;

Before the adjustment, the weighted average net profit of Junyi Digital in 2019 The return on assets (before non-deduction) was 26.95%, 26.51% after adjustment, and the impact factor was -0.44%;

Before adjustment, the weighted average return on equity of Junyi Digital in 2019 (after deduction) was 26.06%, after adjustment was 25.58%, and the impact was -0.48%;

Before adjustment, Junyi Digital’s operating income in 2019 was 339.9342 million yuan, after adjustment

Before the adjustment, the net profit of Junyi Digital in 2019 was 63.7261 million yuan, after the adjustment it was 54.3676 million yuan

Before the adjustment, Junyi Digital’s net profit attributable to the owner of the parent company in 2019 (before deduction) ) was 63,726,100 yuan, adjusted to 54,367,600 yuan, the impact amount was -9,358,500 yuan, and the impact ratio was -14.69%;

Before the adjustment, Junyi Digital belonged to the parent in 2019 The net profit of the owners of the company (after deductions) is RMB 61,622,300, adjusted to RMB 52,463,100, the number of impacts was -9,159,200, and the impact ratio was -14.86%.

Junyi Digital stated in the prospectus that the above-mentioned There is no continuous and repeated self-change and abuse of accounting policies or accounting estimates in the correction of accounting errors, which is in line with the relevant provisions of “Accounting Standards for Business Enterprises No. 28 – Accounting Policies, Accounting Estimates Changes and Error Correction”. The above corrections can more objectively, fairly and prudently reflect the company’s financial status and operating results, provide investors with more reliable and accurate accounting information, comply with relevant laws, regulations and the company’s articles of association, and there is no damage to the interests of the company and shareholders. situation.

The company, its chairman Zeng Lijun, and its chief financial officer Yang Daiqun were verbally warned last year

Because the above accounting errors constitute information disclosure violations, Junyi Digital, its chairman Zeng Lijun, and its financial controller Yang Daiqun have been given verbal warnings by the National Small and Medium Enterprise Share Transfer System Co., Ltd.

In August 2021, the National Equities Exchange and Quotations Co., Ltd. issued the “Notice of Delivery of Oral Warning to Sichuan Junyi Digital Technology Co., Ltd. and relevant responsible entities” ( Company Supervision No. 1 [2021] Supervision No. 580), because Junyi Digital disclosed the “Announcement on Correction of Early Accounting Errors of Sichuan Junyi Digital Technology Co., Ltd.” in April 2021, the accounting errors involved in the 2019 annual financial report were made. Explain and make retrospective adjustments, violating the relevant provisions of the “National Small and Medium Enterprise Share Transfer System Business Rules” and “National Small and Medium Enterprise Share Transfer System Listed Companies Information Disclosure Rules”, which constitutes information disclosure violations, and Junyi Digital Chairman Zeng Lijun, Finance The person in charge, Yang Daiqun, is responsible for the aforementioned behavior, so he decided to take self-discipline and supervision measures of verbal warning against Junyi Digital, its chairman Zeng Lijun, and the financial person in charge Yang Daiqun.

Last year, nearly 80% of the revenue came from Sichuan, and the bulk of the revenue came from state-owned enterprises and government departments

During the reporting period, Junyi Digital’s operating income remained basically stable, the company’s main business was outstanding, and the proportion of main business income to operating income was over 99%.

Junyi Digital’s “other business income” is mainly the income generated by the company’s sales of a set of properties in 2020, and the 2020 The rental income generated by the company’s external rental properties in 2020 and 2021; in 2020 and 2021, the company’s other business income accounted for 0.42% and 0.02% of the total operating income, respectively, accounting for a small proportion.

Divided by business type, during the reporting period, the operating income of Junyi Digital’s system integration services accounted for 93.79%, 95.38% and 96.27% respectively, which were the main income components of the issuer.

System integration service refers to the issuer’s provision of technical consulting, solution design, Integrated comprehensive services for software and hardware custom development, material procurement, project implementation, after-sales service, etc. The performance carrier of the issuer’s system integration service is a scientific, efficient, interconnected and intelligent information system that meets specific management and use functions.

In terms of business areas, during the reporting period, the main business income of Junyi Digital in the southwest region accounted for 76.68%, 70.81% and 81.18% of the total main business income respectively. Among them, the main business income in Sichuan Province accounted for 46.89%, 56.78% and 79.61% of the total main business income respectively. The proportion of revenue in Sichuan Province and the southwest region is still relatively high, and there is a risk of relatively concentrated business areas.

According to the prospectus of Junyi Digital, during the reporting period, the company’s main business income approached or exceeded half It is still concentrated in Sichuan Province, and the company is mainly registered in Sichuan. After years of development, it has a certain reputation and competitive advantage in Sichuan Province, and has a strong ability to obtain business in Sichuan Province. By comparison, in general, the issuer and comparable companies in the same industry have a higher proportion of revenue in the main business area, and the issuer’s revenue in Sichuan Province in 2019 and 2020 is lower than the average of comparable companies in the same industry. , 2021 is lower than Tian Yima
2021 data, but higher than the average of comparable companies in the same industry.

Junyi Digital said that in 2021, revenue in Sichuan Province will account for a relatively high proportion, mainly because on the one hand, due to the influence of industry characteristics, the distribution of large-scale system integration service projects is uneven, and it will be issued in 2021. There are many large-scale projects completed and accepted by people in Sichuan Province (such as the Chengdu High-tech Zone Sports Center Project (the venue for the 31st Summer Universiade in 2021), the Chengdu Tianfu International Airport Comprehensive Pipe Gallery Project, and the Sichuan University West China Hospital Tianfu New District project, etc. ) resulted in a relatively large amount of revenue realized in Sichuan Province; on the other hand, affected by factors such as the repeated COVID-19 epidemic in some areas outside Sichuan Province, the implementation progress of projects outside Sichuan Province was less than expected, and the delivery and acceptance were delayed, making 2021 This is due to the small amount of confirmed revenue from projects outside Sichuan Province in 2018.

Divided by customer types, the proportion of non-private enterprises in the reporting period was 94.76%, 93.22% and 97.30% respectively. The above non-private entities are mainly state-owned enterprises, government departments, financial institutions, public institutions, etc. Such customers have relatively good credit conditions, high credibility, financing ability and repayment ability, and are less likely to have credit risks.

The balance of accounts receivable at the end of last year reached 370 million RMB 79.32 million overdue

From the end of 2019 to the end of 2021, the book amounts of Junyi Digital’s accounts receivable were RMB 292,954,000 and RMB 288,407,200 respectively , RMB 372,061,600, provision for bad debts was RMB 26,095,600, RMB 33,767,700, and RMB 43,873,300, respectively, and the book value of accounts receivable was RMB 266,858,500, RMB 254,639,500, and RMB 328,188,400, respectively, showing an upward trend.

According to the prospectus of Junyi Digital, the balance of accounts receivable at the end of 2020 is higher than that at the end of 2019 There was a slight decrease, mainly due to the reclassification of warranty funds to “Contract assets” and “Other non-current assets”. During the reporting period, the issuer’s account receivable balance was relatively large, and the main reasons for the increase year by year were: the project completion settlement cycle was relatively long, and part of the payment had to be paid after the completion settlement; the issuer’s accounting for unfinished project progress settlement payment method; due to factors such as customer fund scheduling, fund payment approval process and other factors, some funds could not be recovered in time.

From the end of 2019 to the end of 2021, the overdue amounts of Junyi Digital’s accounts receivable were RMB 93,053,200, RMB 89,622,800, and RMB 79,318,500 respectively, of which the amount of accounts receivable overdue for more than one year 28,067,300 yuan, 64,122,900 yuan, and 30,938,400 yuan respectively.

Junyi Digital stated in the prospectus, At the end of each period of the reporting period, the overdue accounts receivable of the company were mainly from customers of state-owned enterprises and government departments. The overdue accounts receivable of the above two types of customers accounted for 79.94%, 85.66% and 85.55% respectively. The company’s main customers are state-owned enterprises, government departments, financial institutions and public institutions, etc. The above-mentioned customers have good credit status and strong financing capabilities. Because the construction funds of such customer projects are mainly financial funds or special funds at all levels, the approval process for project payment is generally long, and at the same time, due to factors such as customer fund scheduling arrangements, new crown epidemic emergencies, etc., there is a certain lag in payment. As a result, some customers’ repayments are overdue. However, although the above-mentioned customers of state-owned enterprises and government departments have overdue payment, their credit status has not changed significantly, and there is no credit deterioration.

According to the prospectus of Junyi Digital, the overdue amount of overdue accounts receivable from customers at the end of 2021 will accumulatively collect 25.9997 million yuan as of April 30, 2022, accounting for the accounts receivable at the end of 2021 32.78% of the overdue amount. According to accounting policies and accounting estimates, the company measures the loss provision for the above overdue customers according to the expected credit loss amount during the entire duration, and makes provision for bad debts.

In 2019, 2020 and 2021, the company’s accounts receivable turnover ratio was 1.19, 1.13 and 1.07, respectively, which was lower than the average accounts receivable turnover ratio of comparable companies in the same industry during the same period value, but within the metric range of comparable companies in the same industry. At the end of each period of the reporting period, the company’s accounts receivable turnover rate was consistent with the change trend of the average level of comparable companies in the same industry over the same period, showing a downward trend. In 2019, 2020 and 2021, the company’s accounts receivable turnover ratio continued to decline mainly because the increase in the company’s accounts receivable balance was greater than the increase in operating income.

The balance of bills receivable at the end of last year was 726 The book balance of 10,000 yuan contract assets was 29.8 million yuan

From the end of 2019 to the end of 2021, Junyi Digital’s notes receivable were 3.4155 million yuan and 1.2903 million yuan respectively , 7,256,900 yuan, bad debt provisions were 60,100 yuan, 39,500 yuan, 172,800 yuan, and book values ​​were 3,355,300 yuan, 1,250,800 yuan, and 7,084,100 yuan.

At the end of 2020 and the end of 2021, the book balance of Junyi Digital’s contract assets were RMB 23,419,000 and RMB 29,802,100 respectively, impairment provision was RMB 5,231,300, RMB 7,346,700, and book values ​​were RMB 18,187,600 and RMB 22,455,400 respectively.

According to the prospectus of Junyi Digital, the contract assets refer to the The company has transferred the goods to the customer and has the right to receive consideration, and this right depends on factors other than the passage of time. In accordance with the provisions of “Accounting Standards for Business Enterprises No. 14 – Revenue”, the company reclassified the eligible accounts receivable at the end of 2020 to contract assets based on the relationship between the company’s performance obligations and customer payments. At the end of 2020 and at the end of 2021, the book values ​​of the company’s contract assets were RMB 18,187,600 and RMB 22,455,400, respectively, mainly composed of warranty funds due within one year. The warranty funds for system integration service projects implemented by the company are usually agreed to be equal to the total contract amount. Between 3%-5%.

Junyi Digital said that with the continuous expansion of its business scale, the company’s balance of accounts receivable and contract assets was relatively large and continued to increase. At the end of each period of the reporting period, the book values ​​of the company’s accounts receivable and contract assets were RMB 266,858,500, RMB 272,827,100 and RMB 350,643,800 respectively. The main reasons for the large balance of accounts receivable and contract assets of the company at the end of each period in the reporting period are: the company has implemented many large-scale projects, and the project completion settlement cycle is long, and part of the payment needs to be paid after completion and settlement; the company’s system integration service projects use Completion acceptance method is used to confirm revenue. For unfinished projects, the company confirms the accounting method of accounts receivable according to the settlement amount of the project progress; some projects are affected by factors such as the fund scheduling and fund payment approval process of state-owned enterprises and other customers, and some funds cannot be recovered in time. due to the influence of other reasons. On the one hand, the large balance of accounts receivable and contract assets occupies the company’s working capital, which brings certain pressure to the company’s daily operations; on the other hand, although the company’s main customers are state-owned enterprises, government departments, financial institutions, and public institutions However, if there are major adverse changes in the macroeconomic environment at home and abroad, industry conditions and other factors in the future, the company’s accounts receivable may not be recovered on time, resulting in the risk of bad debts, which will affect the company’s assets. quality and financial condition are adversely affected.

At the end of last year, the balance of accounts receivable (including quality assurance funds) amounted to 420 million yuan, and the proportion of non-conformance letters and replies accounted for 29.8%

The Shenzhen Stock Exchange issued three rounds of inquiry letters to Junyi Digital, all of which asked about the accounts receivable of Junyi Digital. On May 16, 2022, the Shenzhen Stock Exchange website disclosed Junyi Digital’s reply to the implementation letter of the review center’s opinions issued by the Shenzhen Stock Exchange, which still asked Junyi Digital’s accounts receivable.

The letter of implementation of the opinions of the audit center pointed out that at the end of each period of the reporting period, the issuer’s accounts receivable balance for more than one year showed an increasing trend, and some projects were subject to completion and settlement audit, government audit and other factors. Affecting payment is slower. At the end of each period of the reporting period, the proportion of the issuer’s accounts receivable letter confirmation and replies were 11.32%, 10.33% and 29.81%, respectively.

The letter of implementation of the opinion of the audit center requires Junyi Digital to update the overall situation of the collection of accounts receivable after each period and the collection of overdue accounts receivable after the period so far, explaining that The specific situation of the corresponding projects of accounts receivable with more than one year at the end of 2021, the continuous cooperation with customers and the collection of the project, whether there is a collection arrangement for the uncollected part and the actual implementation, combined with the discussion on the adequacy of the provision for bad debts, relevant The implementation of the project completion settlement review and government audit, and the estimated time of payment. Sponsors and reporting accountants are requested to express clear opinions, and explain the reasons for the non-conformance of the accounts receivable replies at the end of each reporting period, the reasons for the increase in the proportion of non-conformance letters in 2021, and the verification procedures and conclusions for the non-conformity of the reply letters. .

According to Junyi Digital’s reply, at the end of 2019, 2020 and 2021, the balance of Junyi Digital’s accounts receivable (including quality assurance funds) were 292,954,000 yuan, 326,413,200 yuan, and 42,097.92 yuan respectively. RMB 201.5408 million, RMB 131.6156 million and RMB 64.9289 million respectively after the accounts receivable period, and the proportion of receivables after the period of accounts receivable was 68.80%, 40.32% and 15.42% respectively; overdue accounts receivable The balances of the overdue accounts receivable were RMB 93,053,200, RMB 89,622,800, and RMB 79,318,500, respectively. The amount of overdue accounts receivable after the collection period was RMB 71,354,800, RMB 54,489,900, and RMB 25,999,700, respectively. The proportion of overdue accounts receivable collected after the period They were 76.68%, 60.80%, and 32.78%, respectively.

Accounts receivable collection and overdue at the end of 2021 The proportion of accounts receivable collected after the period is relatively low, mainly because the statistical period for the collection of accounts receivable after the period is relatively short, and some of the funds need to be paid after auditing and settlement.

According to Junyi Digital’s reply, at the end of each period of the reporting period, the reasons why the company’s accounts receivable replies did not match include: “The contract amount is a tentative amount, and the actual settlement amount shall prevail. “resulting in discrepancies in the replies, the percentages of discrepancies are 7.46%, 9.70%, and 11.24% respectively; the reason for the discrepancy caused by the calibre of the letter; the other party confirms by invoicing, the company confirms by the progress settlement data, and the discrepancy between the two parties’ account calibers leads to discrepancies; lead to inconsistency; other reasons lead to inconsistency (Note).

After verification, the sponsor Hualin Securities and the reporting accountant ShineWing And the accounting firm (special general partnership) believes that: the main reason for the inconsistency of the accounts receivable replies at the end of each period in the reporting period is that the contract amount of some projects of the issuer is a tentative amount, and the actual settlement amount shall prevail. The tentative amount of the contract or the reported settlement amount is recognized as revenue and accounts receivable. Since the final settlement has not been completed, the customer believes that the final amount has not yet been determined, so some of the customer’s replies do not match. The inconsistencies in the accounts receivable replies at the end of the reporting period did not have a significant impact on the balance of the period-end statement. After the sponsor and the reporting accountant performed alternative procedures, the inconsistencies could be confirmed, or the amount was small and did not have a significant impact on the statement. be adjusted.

The book balance of inventory at the end of last year was 250 million yuan

At the end of 2019- At the end of 2021, the book balances of Junyi Digital’s inventories were RMB 145,601,500, RMB 170,725,700, and RMB 249,124,200, respectively, and the book values ​​of inventories were RMB 145,601,500, RMB 170,606,900, and RMB 247,943,200, respectively. Among them, the balance of engineering construction accounts for more than 90%, which is the main component of inventory.

According to the prospectus of Junyi Digital, during the reporting period, the issuer’s inventory balance increased year by year, and the main reason for the large balance was Affected by the issuer’s revenue recognition policy, after the completion and acceptance of the project, the cost will be carried forward at one time when the revenue is recognized. At the end of each period of the reporting period, there were many unfinished projects under implementation, which resulted in a large balance of construction at the end of each period of the reporting period.

At the end of each period, Junyi Digital’s inventory turnover ratios were 1.55, 1.35, and 1.11, respectively. The average values ​​of listed inventory turnover ratios of comparable companies in the same industry were 3.33, 4.03, and 3.68, respectively. The median values ​​were are 2.44, 2.97, 2.46.

At the end of each period of the reporting period, although The issuer’s inventory turnover index is lower than the average of comparable listed companies in the same industry, but within the range of comparable companies, and higher than Hengfeng Information
data for the same period. During the reporting period, the company’s inventory turnover rate showed a downward trend, mainly due to the large number of engineering projects implemented by the company in recent years. At the end of the reporting period, the number of unfinished projects gradually increased, resulting in a large inventory balance at the end of the period, and the inventory turnover rate decreased.

hair Interest Rate
Decrease

During the reporting period, Junyi Digital’s comprehensive gross interest rate were 35.76%, 34.39% and 34.31% respectively, showing a downward trend, and the averages of comparable listed companies in the same industry were 35.59%, 31.57% and 30.85%, respectively.

According to According to the prospectus of Junyi Digital, the company’s gross profit margin in 2019 is basically close to that of comparable companies in the same industry; in 2020, the company’s comprehensive gross profit margin is higher than that of comparable companies in the same period, mainly due to Xiling information

2020 gross profit margin Lower, lowering the average comprehensive gross profit margin of comparable companies in the same industry in 2020; if excluding Xiling Information , the average comprehensive gross profit margin of comparable companies in the same industry in 2020 is 35.95%, slightly higher than the issuer’s 34.39%; in 2021, Roput
2021 The comprehensive gross profit margin of 32.37% is slightly lower than the issuer’s 34.31%, and at the same time, it has dropped significantly compared with its comprehensive gross profit margin level of 46.93% in 2020. Roput
2021 annual report shows that due to the impact of the epidemic
The gross profit margin of orders of Roput
has declined, which is caused by the combined factors of rising raw material prices and transportation costs; The comprehensive gross profit margin of Tianyi Ma
in 2021 is 25.19% compared to its 30.28 in 2020 % decreased significantly. According to its 2021 annual report, it was mainly affected by its upstream supply chain, which led to a large increase in its procurement costs, resulting in a decline in gross profit margins. To sum up, during the reporting period, the change trend of the issuer’s comprehensive gross profit margin with comparable companies in the same industry was consistent, and there was no significant difference with the comprehensive gross profit margin of comparable companies in the same industry.

Three administrative penalties during the reporting period

According to Junyi Digital’s IPO Book, December 2019 Issuer participates in a During the project bidding activities, it is planned to purchase products from a company and ask it to provide information to cooperate with the relevant bidding activities. Because the company did not notify the issuer after modifying the names of some of the computer software registration certificates it provided, the issuer caused the issuer to list in the project bidding documents. The software name recorded in the provided “Computer Software Copyright Registration Certificate” is inconsistent with the registration information of the China Copyright Protection Center. In this regard, on August 17, 2020, the Ministry of Finance imposed an administrative penalty of RMB 10,847.00 on the issuer.

In addition to the above-mentioned administrative penalty by the Ministry of Finance, the company and its subsidiary Junyi Digital have been fined by the taxation department in two cases; the first is the Henan Branch on October 1, 2018 As of December 31, 2018, the income tax was not declared on time and was fined 100.00 yuan in January 2019. The company has paid the aforementioned fine on January 23, 2019; On August 31, 2017, the withholding and payment of personal income tax was not made on time and was fined 50.00 yuan in August 2019. Junyi Digital has paid the aforementioned fine on August 7, 2019.

(article source: China Economic Net)

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