How about Changsha Yushun car?

Recently, *ST Yushun (002289. SZ), namely Yushun Electronics, published the annual report of 20 19. The company sold 100% shares in Changsha, making a profit, and the shell was successfully protected. *ST Yushun achieved an operating income of 204 million yuan in 20 19, a year-on-year decrease of 36.95%; The net profit of returning to the mother was 6.5438+0.3033 million yuan, turning losses into profits year-on-year; However, the net profit returned to the mother after deduction is still a loss of 75.0938+0 million yuan.

For this reason, Yushun Electronics received an inquiry letter from the annual report of the small and medium-sized board. The inquiry letter shows that the management department of the small and medium-sized board company believes that Yushun Electronics' net profit has been negative for eight consecutive years, and requires Yushun Electronics to specify the following matters:

(1) According to the development of the industry and your company's market position, explain the reasons for the sharp decline of your company's operating income by product, and whether it conforms to the changing trend of the industry.

(2) The reason why your company's net profit has been negative for eight consecutive years after deducting non-profits, whether there is significant uncertainty in the sustainable profitability of its main business, and the measures and effects taken to improve its operating performance.

With the increasing expectation of the "registration system" in the capital market, the market's valuation of ST shares is getting lower and lower, and Yushun Electronics' share price has recently dropped from hesitation to today's limit.

Yushun Electronics got up early, but caught a late episode. When it is used as a display, display module and touch screen, there are no large display touch manufacturers such as Shenzhen Eurofilm Technology Co., Ltd., lt and Helitai in the market. Yushun Electronics was listed as a display module in 2009, and the touch screen production capacity was built in Changsha. Shenzhen Ou Mo Technology Co., Ltd. went public on 20 10, and established touch screen production capacity in Nanchang. Helitai also went to the capital market after the backdoor of United Chemical. However, when Shenzhen Eurofilm Technology, lt and Helitai flourished in the capital market, Yushun Electronics did not catch up with Shenzhen Eurofilm Technology, lt and Helitai as the industry imagined and became the so-called "white horse" in the electronics industry.

Although everyone's touch display project was sold at a "big loss" in the end, Helitai's business still relies entirely on the cameras and fingerprint identification modules held by Shenzhen Eurofilm Technology Co., Ltd. and SASAC, and their turnover figures are acceptable. The difference is that Yushun Electronics has gone from bad to worse since its listing.

In fact, Yushun Electronics has also made efforts. During the explosion of domestic smartphone production capacity, it not only participated in the expansion of module production capacity, but also acquired peer ATV. At the peak of 20 15, the revenue scale also reached 3.38 billion yuan.

The earliest development of Yushun Electronics can be traced back to Shenzhen Jinghaoda in 1990s, when its main business was black and white TN liquid crystal business. Later, it contracted and leased the original 770 LCD factory of Shuguang Electronics Group Co., Ltd., which was the earliest engaged in TN LCD research and development in China, and entered the supply chain of state-owned enterprises.

Since then, with the help of Japanese customer relations, Hao Jingcheng has become the main supplier of home appliance enterprises in the Pearl River Delta, working for Japanese enterprises. With a group of insiders of home appliance enterprises in the Pearl River Delta coming out to start businesses in consumer electronics industries such as telephones, mobile phones and audio-visual players, Jing Haoda has also been brought to the consumer electronics industry. After accumulating enough industry resources, Jinghaoda began to integrate industry resources to establish Yushun Electronics, providing comprehensive display and touch module products and services for the industry.

In 2007, Shenzhen Yushun began to reorganize, while maintaining the traditional TNLCD business, relying on the relevant resources of the original 770 factory to establish a production base in Changsha, focusing on the small and medium-sized TFTLCD module business.

After listing, YU Electronics used to be a supplier of ZTE and Huawei, and became an industry model for operators to sell standard products to the extreme in custom machine era. However, with the emergence of Internet brand mobile phones, the price of China mobile phone market began to collapse, and the cost of the mobile phone industry chain was quickly uploaded to the module processing enterprises with inflexible cost control at that time. Yushun Electronics also bears the brunt, becoming the most severe link in the supply chain to reduce the purchase unit price.

20 13 On August 30th, Yushun Electronics announced that it planned to acquire 0/00% equity of ATV Technology/kloc-0 for 145 billion yuan. Lin Meng, the original largest shareholder of ATV, received 65.438+03.804 million shares and 234 million yuan in cash. Lin Meng promised that the non-deducted net profit attributable to shareholders of ATV's parent company from 20 13 to 20 15 should be no less than RMB 83 million, RMB 0.108 million and RMB 65,438+400 million respectively.

However, it seems that ATV, which has unlimited funds, has not shown the appearance of "reorganization". In the following years, the performance of "Power of the Wild" did not increase, but decreased, and suddenly changed its face. It did not become the performance of the acquirer like other domestic display module enterprises "Golden Pig".

In 20 14, ATV only deducted 72 million yuan from non-net profit, and the performance commitment completion rate was 6 1.63%. In 20 15, ATV technology directly turned a loss of 48 million yuan after deducting non-net profit. In the first half of 20 16, the net profit loss attributable to shareholders of listed companies was 654.38+05.8 billion yuan, of which ATV's net profit loss exceeded 654.38+00 billion yuan, which made people stunned.

With the stop of Hubei Chibi project, Yushun Electronics, which was eliminated early in the 20 16 module capacity war, began to operate like a Buddha in the market and gradually lost its right to speak in the industry. It has become a "shell resource" captured by the capital market so far. During this period, in order not to be delisted, various "shell" operations have been going on.

20 15 12. Wei, the actual controller of ST Yushun, transferred 100% of the total share capital to Zhongzhi. At the same time, Wei irrevocably entrusted Zhongzhi to exercise the right to vote, accounting for 65,438+00.48% of the total share capital of ST Yushun. Zhongzhi Rong Yun also owns the voting rights of ST Yushun 13.97% and becomes the controlling shareholder. On July 8, 20 16, Wei transferred14,338,328 shares of the company to Zhongzhi (accounting for 7.67% of the company's total share capital) and completely let go of ST Yushun.

On September 19 and 10, Jingwei Hui Kai (SZ300 120) and ST Yushun (SZ002289) announced that Jingwei Hui Kai intends to purchase its wholly-owned subsidiary Changsha Yushun Display Technology Co., Ltd. (hereinafter referred to as "Changsha Yushun") from Shenzhen Yushun Electronics Co., Ltd. of ST Yushun.

This transaction constitutes a connected transaction. Zhangjiagang Free Trade Zone Fengrui Jiahua Enterprise Management Co., Ltd. (hereinafter referred to as "Fengrui Jiahua")

It holds 36.05 million shares of Jingwei Hui Kai, accounting for 7.76% of the total shares of the company. And Fengrui Jahwa and Shenzhen Yushun, the counterparty of this acquisition, are subject to the same actual controller and natural person Xie Zhikun, so this acquisition constitutes a connected transaction.

The sale of Changsha Yushun to Jingwei Hui Kai, a related party with stronger business ability, is actually an internal resource adjustment of Zhongshi Department. When the small and medium-sized display module market in Chinese mainland began to concentrate on panel enterprises and oligarchs took advantage of it, Yushun Electronics really needed to find a new way out for its own business, and it was indeed feasible to allocate resources within the system. Combining the production capacity of Jingwei Hui in Hunan and supplying overseas markets in a unified way has opened up a new situation for Changsha Yushun.

Now the "shell" has been saved, but the performance of Yushun Electronics has dropped from more than 3 billion in that year to 204 million in 20 19. During the four years from 20 15 to 20 19, Yushun Electronics accumulated a loss of13.48 million yuan.

Recently, the performance report for the first quarter of 2020 was released. According to the announcement, from June 65438+1 October1day in 2020 to March 3 1 day in 2020, the company realized an operating income of 20,436,376.46 yuan, down 57.04% year-on-year, mainly due to the change in the scope of consolidation and the decrease in sales orders. The net profit attributable to shareholders of listed companies is -6,125,604.47 yuan, and the loss is reduced. Basic earnings per share (RMB/share) -0.02 19 yuan.

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