One of the former eight-year-old small and medium-sized companies, the first batch of listed companies that were listed as small and medium-sized boards in the past, after experiencing the same industry changes in the mystery, now the glory of the original performance is gradually drifting away.
On October 26, Dehao Runda announced the third quarterly report. From January to September, Dehao Runda's total operating income was 1.945 billion yuan, down 5.49% year-on-year; net profit was 115 million yuan, down 57.41% year-on-year. As of September, the company's government subsidies have reached 164 million yuan, exceeding net profit. At the same time, the company's operating cash flow is not optimistic, it is -2.37 billion yuan, compared with -141 million yuan in the same period of last year; accounts receivable also showed an increasing trend, reaching 1.436 billion yuan, the beginning of the figure was 1.291 billion yuan.
This transcript shows that after Dehao Runda entered the LED industry for three years, the LED business's contribution to performance still disappointed investors. Three years ago, this company, which was born out of exporting small household appliances, insisted on changing its way and cutting into the strange LED industry. As a latecomer to this industry, Dehao Runda has raised a total of at least 7 billion yuan through plans for private placements, short-term financing bonds, corporate bonds, and bank loans. In the end, as some of the plans were not approved by the China Securities Regulatory Commission and the fundraising was shrunk, the actual funds raised were around 3 billion yuan.
On August 29 this year, on the day of its release of the 2012 interim report, it announced another debt plan. This time, Dehao Runda plans to issue a short-term financing bill with a scale of RMB 1 billion.
It seems that DeHao Runda's LED business has a thirst for capital.
Since the actual controller of Dehao Runda, Wang Donglei, has no interest in the main business of exporting small household appliances, he has begun to invest heavily in building an LED empire. In this transformation, which is known as the “backwatersâ€, Wang Donglei once said to the media that he should be “the top three global LED companies†(later become the “five strongâ€).
However, in the past three years, Wang Donglei's dream is still "mirror flower water month", the company's LED business has not been able to get rid of the "eat subsidy to earn performance" situation.
Not only that, the reporter survey found that in the development of LED business, Dehao Runda has many doubts.
First, in the first half of this year, Dehao Runda announced that it has signed five large orders for consecutive contracts. However, the reporter found that four of the five contracts totaling 1.075 billion yuan were framework agreements (about 1 billion yuan), and there was no default. Risk, the other is a sales contract, but so far there is no delivery record. At the same time that the huge lighting contract was signed and the high-profile announcement was made, the Wuhu base, the company's largest production base, was often undercharged.
Second, each of Dehao Runda's MOCVD equipment used to produce LED epitaxial wafers has received subsidies from the local finance bureau of Wuhu, but the reporter found that some of the company's equipment did not meet the government's 55-machine or more. The standard is suspected of being cheated.
Third, Dehao Runda was approved as a “high-tech enterpriseâ€, but the average R&D investment from 2008 to 2010 accounted for the operating income ratio of Dehao Runda, which is far lower than one of the qualification conditions for high-tech enterprises— - A standard of more than 3% per year.
The problem is not limited to this. When Dehao Runda issued a number of private placements, the company's promoters and strategic investors were crazy. Take Shihezi Shirong Equity Investment Co., Ltd., one of the promoters of the company, as an example. Since May 13, 2010, it has continuously reduced its holdings. As of July 31 this year, it has reduced its holdings by 12.71 million shares and cashed over 100 million yuan.
What kind of company is this? The reporter tried to uncover the unknown side of the LED "empire" through investigation.
Order truth
100 million shares will be added to the cold 1 billion LED orders
In the first quarter of the year, the investors of Dehao Runda were still excited. At that time, Dehao Runda announced a total of 1.075 billion yuan of LED "daily business major contract."
However, the three quarterly announcements announced on October 26 made people stunned: from January to September this year, DeHao Runda's total operating income was 1.945 billion yuan, down 5.49% from the same period of last year; net profit attributable to shareholders of listed companies was 115 million yuan. , a year-on-year decline of 57.41%. On the other hand, as of September, the company's government subsidies for the current profit and loss have reached 164 million yuan.
Along with the bleak performance, the above five contracts totaling about 1.075 billion yuan were only honored at 59.085 million yuan in the first three quarters of this year.
The reporter further investigated and found that there were more than 1 billion yuan in contracts for the total contract of 1.075 billion yuan (only the "contract five" order amount of the previous article is 54.21 million yuan for the formal sales contract). The purchaser has no default risk, and there are purchaser shareholders. Disclosure of information is not standardized.
On October 26, Dehao Runda announced the third quarterly report. From January to September, Dehao Runda's total operating income was 1.945 billion yuan, down 5.49% year-on-year; net profit was 115 million yuan, down 57.41% year-on-year. As of September, the company's government subsidies have reached 164 million yuan, exceeding net profit. At the same time, the company's operating cash flow is not optimistic, it is -2.37 billion yuan, compared with -141 million yuan in the same period of last year; accounts receivable also showed an increasing trend, reaching 1.436 billion yuan, the beginning of the figure was 1.291 billion yuan.
This transcript shows that after Dehao Runda entered the LED industry for three years, the LED business's contribution to performance still disappointed investors. Three years ago, this company, which was born out of exporting small household appliances, insisted on changing its way and cutting into the strange LED industry. As a latecomer to this industry, Dehao Runda has raised a total of at least 7 billion yuan through plans for private placements, short-term financing bonds, corporate bonds, and bank loans. In the end, as some of the plans were not approved by the China Securities Regulatory Commission and the fundraising was shrunk, the actual funds raised were around 3 billion yuan.
On August 29 this year, on the day of its release of the 2012 interim report, it announced another debt plan. This time, Dehao Runda plans to issue a short-term financing bill with a scale of RMB 1 billion.
It seems that DeHao Runda's LED business has a thirst for capital.
Since the actual controller of Dehao Runda, Wang Donglei, has no interest in the main business of exporting small household appliances, he has begun to invest heavily in building an LED empire. In this transformation, which is known as the “backwatersâ€, Wang Donglei once said to the media that he should be “the top three global LED companies†(later become the “five strongâ€).
However, in the past three years, Wang Donglei's dream is still "mirror flower water month", the company's LED business has not been able to get rid of the "eat subsidy to earn performance" situation.
Not only that, the reporter survey found that in the development of LED business, Dehao Runda has many doubts.
First, in the first half of this year, Dehao Runda announced that it has signed five large orders for consecutive contracts. However, the reporter found that four of the five contracts totaling 1.075 billion yuan were framework agreements (about 1 billion yuan), and there was no default. Risk, the other is a sales contract, but so far there is no delivery record. At the same time that the huge lighting contract was signed and the high-profile announcement was made, the Wuhu base, the company's largest production base, was often undercharged.
Second, each of Dehao Runda's MOCVD equipment used to produce LED epitaxial wafers has received subsidies from the local finance bureau of Wuhu, but the reporter found that some of the company's equipment did not meet the government's 55-machine or more. The standard is suspected of being cheated.
Third, Dehao Runda was approved as a “high-tech enterpriseâ€, but the average R&D investment from 2008 to 2010 accounted for the operating income ratio of Dehao Runda, which is far lower than one of the qualification conditions for high-tech enterprises— - A standard of more than 3% per year.
The problem is not limited to this. When Dehao Runda issued a number of private placements, the company's promoters and strategic investors were crazy. Take Shihezi Shirong Equity Investment Co., Ltd., one of the promoters of the company, as an example. Since May 13, 2010, it has continuously reduced its holdings. As of July 31 this year, it has reduced its holdings by 12.71 million shares and cashed over 100 million yuan.
What kind of company is this? The reporter tried to uncover the unknown side of the LED "empire" through investigation.
Order truth
100 million shares will be added to the cold 1 billion LED orders
In the first quarter of the year, the investors of Dehao Runda were still excited. At that time, Dehao Runda announced a total of 1.075 billion yuan of LED "daily business major contract."
However, the three quarterly announcements announced on October 26 made people stunned: from January to September this year, DeHao Runda's total operating income was 1.945 billion yuan, down 5.49% from the same period of last year; net profit attributable to shareholders of listed companies was 115 million yuan. , a year-on-year decline of 57.41%. On the other hand, as of September, the company's government subsidies for the current profit and loss have reached 164 million yuan.
Along with the bleak performance, the above five contracts totaling about 1.075 billion yuan were only honored at 59.085 million yuan in the first three quarters of this year.
The reporter further investigated and found that there were more than 1 billion yuan in contracts for the total contract of 1.075 billion yuan (only the "contract five" order amount of the previous article is 54.21 million yuan for the formal sales contract). The purchaser has no default risk, and there are purchaser shareholders. Disclosure of information is not standardized.
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