blackgold2megaways| Be careful! Under the new regulations on financial delisting, these listed companies in the five northwest provinces may face the "big test"

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Interface News reporter | Chen Huidong

The new "National Nine articles" proposes to "tighten financial delisting indicators", and the Securities Regulatory Commission points out that "increase loss-making companies"Blackgold2megawaysDelisting indicators of operating income, increase the delisting efforts of poor performance companies. The exchange further quantified and raised the operating income target of the loss-making companies on the main board from the current "100m yuan" to "300m yuan", while gem and Science and Technology Innovation Board kept the "100m yuan" unchanged. The dimension of loss investigation increases the total profit.

The change to compulsory delisting in the financial category will come into effect on January 1, 2025, meaning that the 2024 annual report of listed companies will be the first applicable annual report, the exchange said. After the disclosure of the 2023 annual report, the listed companies will continue to implement * ST, cancel * ST, or terminate the listing in accordance with the provisions of the financial category of the original rules; among them, the companies that have implemented * ST will withdraw the * ST or terminate the listing in accordance with the new rules after the disclosure of the 2024 annual report.

The CSRC previously answered questions about dividends and delisting, saying that the delisting index adjustment was aimed at strengthening efforts to clear the "zombie shell" and "black sheep", not aimed at "small-cap stocks". Safe arrangements have been made in the standard setting and transitional arrangements, which will not have an impact on the market in the short term.

Interface News combs the listed companies in the five northwestern provinces that have disclosed their annual reports in 2023, and touches the risk of financial delisting through Wind data summary statistics, that is, there are 7 main board companies with operating income of less than 300 million yuan and return to home net profit as a loss. In addition, there are a number of gem companies whose performance is in a state of net loss, and the revenue scale has just exceeded 100 million.

Shaanxi plate

Broadcom shares (600445Blackgold2megaways.SH) did not meet the revenue threshold of 300 million yuan. The company was founded in 1994 and landed in A shares in 2004. The main business of the listed company is higher education, which is carried out by the City College of Xi'an Jiaotong University, which is 70% owned by the company. Achieve revenue in 2023 2Blackgold2megaways.63 billion yuan, an increase of 10.71% over the same period last year; and the net profit returned to the mother was 28.37 million yuan, an increase of 5.69% over the same period last year. In addition, Broadcom shares have been paid zero dividends since their listing.

Shaanxi plate also has * ST Insurance (300116.SZ), Da Gang Holdings (300103.SZ), Western Test (301306.SZ) three gem companies return to the net profit for the state of net loss.

* in only seven trading days, the share price of ST Insurance has plummeted from 0.65 yuan per share to the current 0.14 yuan per share, falling 18.18 percent on May 10 alone, and the market capitalization has dropped to an all-time low of 620 million yuan. The company has also issued eight reminder announcements that the stock may be terminated because the share price is below par value.

According to the financial report, * ST Insurance achieved a revenue of 136 million yuan in 2023, a decrease of 28.68% over the same period last year, a net profit loss of 188 million yuan per share and a basic earnings loss of 0.04 yuan per share. And Zhongxingcai Guanghua Accounting firm (Special General Partnership) issued reservations for the company's annual report.

Gansu plate

Gansu plate has Huangtai Liquor Industry (000995.SZ), * ST Mogao (600543.SH), Lanzhou Yellow River (000929.SZ) three companies in 2023 revenue scale of less than 300 million yuan, and return to the net profit of the net loss state. These three enterprises are all wine enterprises. Huangtai Wine Industry and * ST Mogao are located in Wuwei City, Gansu Province.

Huangtai Liquor Industry was founded in 1985 and listed on the Shenzhen Stock Exchange in August 2000. Its main business is liquor brewing and sales, wine brewing and sales, wine grape cultivation. However, in the more than 20 years since it went public, the company's revenue has never exceeded 300 million yuan, with a peak of 178 million yuan in 2016. In 2023, the company lost 15 million yuan.

Huangtai Liquor Industry disclosed on the interactive platform of the exchange on May 8 that as of April 30, the number of shareholders of the company was 30728, 166fewer than the previous period (April 20), a month-on-month decrease of 0.54%. This is the fourth consecutive decline in the number of shareholder households of the company, with a cumulative decline of 4.25%, that is to say, the chips are continuously concentrated.

* ST Mogao recently said on the interactive platform that in 2024, the company plans to organize the planning and construction of the 500T brandy expansion project and the technology center upgrading project. The main business is grape cultivation and wine production and sales, the production base is located in Wuwei, Gansu, founded in 1981. Since 2015, the revenue of * ST Mogao has been less than 300 million yuan, with a revenue peak of 422 million yuan in 2008. From 2021 to 2023, the company's net profit is at a loss.

Lanzhou Huanghe River was established in 1993 and listed in 1999. Since 2020, the company's revenue has declined rapidly. From 2019 to 2023, the revenue scale of the Yellow River in Lanzhou showed an overall downward trend, with year-on-year changes of-10.45%,-32.68%, 0.62%,-13.63% and-9.47% respectively, and continued losses after deducting non-net profits of-9 million yuan,-23 million yuan,-25 million yuan,-16 million yuan and-37 million yuan, respectively.

A few days ago, the Shenzhen Stock Exchange asked Lanzhou Yellow River to take into account the situation of the company's industry, competition, development of main business, gross profit margin and changes in fees during the reporting period. explain the reasons why the company's operating income has declined for many years and the net profit has been negative for five consecutive years, which is quite different from the industry trend and comparable companies in the same industry. Combined with the specific composition of the cash flow generated by the company's operating activities, this paper explains the reason and rationality of the sharp decline in the net cash flow generated by the operating activities in the reporting period compared with the same period last year, and whether there is a shortage of funds in the company; combined with the answers to the above questions, explain whether there is significant uncertainty in the company's sustainable operating capacity.

Two companies in Ningxia Plate hit delisting criteria

Ningxia plate has * Steningke (rights protection) (600165.SH) and Baota Industrial (000595.SZ) two companies with revenue of less than 300 million yuan in 2023, and the net profit is in the state of net loss.

In April this year, * ST Ningke important holding subsidiary Ningxia Zhongke Biomaterials Co., Ltd. (hereinafter referred to as "Ningxia Zhongke Biomaterials Co., Ltd."Blackgold2megawaysAfter the current batch of product packaging was put into storage on February 7, 2024, it is still in a state of temporary suspension of production. In view of the fact that the company still has liquidity problems and there is no clear solution, Sinoke Xincai is not expected to resume normal production within a month, and listed companies are officially wearing hats. On May 10, according to the official website of the Shanghai Stock Exchange, the Shanghai Stock Exchange recently issued a decision on disciplinary action against * Steinko and those responsible. In 2023, * ST Ningke realized revenue of 286 million yuan, a decrease of 58.06% compared with the same period last year, and realized a net profit loss of 466 million yuan, a decrease of 229.02% over the same period last year.

Baota Industry mainly engaged in the production and sales of bearings and marine electrical appliances. From 2020 to 2023, the company's revenue was less than 300 million yuan. In 2023, the company achieved revenue of 298 million yuan, an increase of 18.98% over the same period last year, and a net profit loss of 163 million yuan, a decrease of 81.22% over the same period last year. At the end of 2023, the controlling shareholder of the listed company, the Northwest Refining and Chemical giant of Ningxia Baota Petrochemical Group, which was famous for bill fraud, was filed for bankruptcy. By the end of 2023, 398 million of its shares in Pagoda Industries had been frozen and waiting to be frozen.

Qinghai plate

As the company's net profit before and after deducting non-recurring profit and loss for the last three consecutive fiscal years was negative, and the accounting firm issued an unqualified "audit report" with an emphasis on significant uncertainties related to continuing operations, ST Spring (600381.SH) wore a hat at the end of April. In 2023, the company achieved revenue of 214 million yuan and net profit loss of 268 million yuan. During the four years from 2020 to 2023, the company's net profit was in a state of loss.

In addition, Qinghai Huading (600243.SH) is also in a state of net profit loss, and the revenue scale has just reached the standard. The company was founded in 1998, listed in 2000, mainly engaged in CNC machine tool products, elevator accessories and other research and development, production and sales. From 2021 to 2023, the company's net profit is at a loss.

Xinjiang plate

The revenue of Xinjiang Plate quasi-Oil shares (002207.SZ) in 2023 is less than 300 million yuan, and the return net profit is a net loss. Quasi-oil shares were established in 2001 and listed in 2008. It is the first listed company in China's onshore oil restructuring enterprises. The main business is petroleum technical service. From 2020 to 2023, the company's revenue has been less than 300 million yuan in four years, and its net profit has been at a loss for two consecutive years.

* ST Tianshan (rights protection) (300313.SZ) and Xiling Information (rights protection) (300588.SZ) two gem companies are also losing money, and their revenue has just exceeded 100 million.

* ST Tianshan was founded in 2003 and listed in April 2012. Main breeding cattle, cow breeding, sales and import and export and so on. From 2017 to 2023, the company's revenue was less than 300 million yuan, and its net profit was at a loss from 2021 to 2023.

Xiling Information was founded in 1999 and listed in 2017. The main business is to provide government agencies and enterprises in public security, transportation, emergency, energy and other industries with a variety of industry application software and full-stack intelligent solutions in smart city and digital government scenarios, belonging to software and information technology services. From 2019 to 2023, the company's revenue was less than 300 million yuan, and from 2020 to 2023, the company's net profit was at a loss.