crashtime2| False income? Several senior executives of Zotye Automobile resigned, and the exchange paid close attention to it!

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Inflate your income? A number of senior executives left, the exchange rushed to pay attention!

On the evening of May 7, another listed company received a letter of inquiry about the exchange's annual report.

Zhongtai Automobile (000980) announced that it had received a letter of inquiry about the annual report of the Shenzhen Stock Exchange, which conducted detailed inquiries on the financial data, including the reasons why the company's supervisor, Lou Guohai, could not guarantee the authenticity, accuracy and completeness of the relevant periodic reports; whether revenue recognition and cost accounting are true, accurate and complete, and whether income or profits have been falsely increased.

According to the annual report, Zhongtai Motor achieved operating income of 7% in 2023.Crashtime2.34 billion yuan, down 6.28% from the same period last year; the net loss of homing was 927 million yuan, and the loss increased by 0.7% compared with the same period last year.

In this regard, Zhongtai Automobile explained that the main reason is that after the resumption of production, the vehicle business is still in the recovery stage, coupled with the impact of the external environment, vehicle production and sales during the reporting period is not large, the total sales revenue is low. At the same time, the company made provision for impairment of assets and provision for bad debts, so the company lost money on its overall performance in 2023.

According to the annual report, Zhongtai Automobile is committed to restorative production after the resumption of work and production in 2023, and the business income of the whole vehicle plate is about 168 million yuan, an increase of 152.57% over the same period last year.

After the bankruptcy restructuring was announced in 2021, the auto-related business was no longer Zhongtai's main source of revenue. In 2023, Zhongtai Automobile's main business, metal furniture manufacturing industry, achieved revenue of about 373 million yuan, accounting for 50.84% of revenue; and transportation equipment manufacturing industry achieved revenue of about 361 million yuan, accounting for 49.16%.

In terms of sales data, Zhongtai Automobile sold 1112 vehicles in 2023, including 42 new energy vehicles.

The Shenzhen Stock Exchange asked it to explain the specific situation of the company's vehicle sales in 2023, including but not limited to the names of major customers and suppliers, related relationships, transaction amount, etc., and combined with the relevant business model, revenue recognition policy and gross profit margin, net profit, cash flow of operating activities and other major financial data to show whether the company's operating situation is quite different from the industry average and reasonable. Whether the revenue recognition and cost accounting are true, accurate and complete, and whether there is a false increase in income or profit during the reporting period.

At the same time, it is also necessary to explain the technical sources, property rights ownership and real production capacity of the new energy vehicle Jiangnan U2, and the specific situation that the model is still in the process of improving product quality and optimizing the production line since it was launched in 2023. Whether the relevant description is consistent with the actual situation, and combined with the current competition in the new energy vehicle market to explain whether it is commercially reasonable to continue the production of this model.

The 2023 annual report of Zhongtai Automobile shows that the R & D expenditure during the reporting period is 98 million yuan, the R & D projects are mainly new energy models, the capitalized amount is 54 million yuan, and the capitalized R & D investment accounts for 55.27% of the R & D investment.

The Shenzhen Stock Exchange asked Zhongtai Automobile to explain the main achievements of research and development in the past three years and their contribution to operating income, the basis for judging and confirming the capitalization conditions of the relevant projects in the reporting period, and whether the relevant accounting treatment conforms to the provisions of enterprise accounting standards.

At the same time, Zhongtai Automobile also needs to take into account the substantial reduction in R & D personnel during the reporting period and the cash flow at this stage, to add that the main positions of existing R & D personnel are distributed, whether there are core technical personnel among R & D personnel, and if so, add an explanation of the impact on the company.

The inquiry letter also shows that since the reporting period, a number of directors and senior managers of Zhongtai have left. After the director and president of Zhongyuan just left office, the current senior managers of the company have no experience in vehicle manufacturing.

The exchange asked Zhongtai Motor to explain in detail the specific impact of the above changes on the company's daily operation, related business development and governance, and the risk prevention measures that the company intends to take or has already taken. and give a hint of the risks in the development of the company's related business.

In addition, the annual report showed that Zhongtai Automobile Supervisor Lou Guohai could not guarantee the authenticity, accuracy and completeness of the relevant periodic reports, and abstained from voting on other motions except the "motion on the company's proposed re-employment of accounting firms". The reason is that there is no reasonable time to verify the relevant content due to the late notice of the company.

In the inquiry letter of Shenzhen Jiaotong, it is pointed out that it is necessary for Lou Guohai to explain the real reasons and major concerns why the annual report cannot be guaranteed to be true, accurate and complete, and whether the full text of the periodic report has been carefully read, and focus on whether there are major errors or omissions in the preparation of the periodic report, whether the duty of loyalty and diligence has been fulfilled, and provide relevant supporting materials.

At the same time, the exchange is also concerned about whether Zhongtai Automobile will send periodic reports and relevant materials to all directors and supervisors before the annual report is examined by the board of directors and the board of supervisors, and whether sufficient time will be reserved for review by relevant personnel. and it is necessary to explain the performance of all directors, supervisors and senior managers for the compilation of the annual report one by one.