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Source: Huaxia Times

Li Moxuan and Chen Feng reporting from Beijing by Huaxia Times reporter

During the financial reporting season, the new "National Nine articles" and "opinions on the strict implementation of the delisting system" have been released for a week, what are the new changes in the market?Coinspinmaster?

As of April 20, according to the reporter's incomplete statistics, since April 12, 20 A-share listed companies have issued an announcement revising the 2023 performance notice, of which nine have been revised downwards. what's more, the performance of Dow Technology and Hongbo shares (rights protection) has directly changed from profits to losses.

Yang Delong, chief economist of the Qianhai Open Source Fund, told the Huaxia Times that the introduction of the new "National Nine articles" makes listed companies pay more attention to the truthfulness and accuracy of information disclosure, and some listed companies correct their performance in a timely manner. it is helpful for investors to correctly judge the investment value of enterprises and crack down on financial fraud.

90% of the next revision

Liu Zhigeng, a well-known finance and tax audit expert and senior certified public accountant, told the Huaxia Times that the reason for revising the performance forecast may be that some people overestimated or even deliberately miscalculated the performance before. There may be cases of deliberately concealing potential losses or not squeezing out water, and there may be cases of confirming income and performance in advance, and so on.

According to the reporter's incomplete statistics, since the introduction of the "National Nine articles" on April 12, 20 A-share listed companies have issued an announcement to amend the 2023 performance forecast, of which 18 are revised downwards. Since the beginning of this year, nearly 70 listed companies have issued performance correction notices, most of which are performance downgrades.

From the detailed list of individual stocks, since April 12, the companies that have revised the performance forecasts since April 12 are Guangkang biochemical, Kanglongda (rights protection), Hongbo shares, Mingjiahui, ST Zhongli (rights protection), ST rich (rights protection), psychic shares, an Jubao, Penghui energy, Boxin shares, Yidong Electronics, Dow Technology, Star Ring Technology, League of Nations aquatic products, science and technology information, scenery shares, ST Dinglong (rights protection), Smith Barney clothing. Only Zhongnan shares, Rendu biological revision notice.

The reporter found that the phenomenon of overestimating performance is obvious, in addition, the amendment announcement was issued intensively after nearly two Fridays.

On the evening of April 19, Kechuang Information announced that the loss is expected to expand, and the net profit loss attributed to shareholders of listed companies in 2023 is expected to be 1.Coinspinmaster54 billion yuan to 174 million yuan, before that, the loss is expected to be 72 million yuan to 92 million yuan.

Kechuang Information explained that based on the principle of prudence, a specific project does not have the conditions for revenue recognition, so it has reduced the recognized operating income and operating costs of the project in 2023, while making full provision for bad debts for the related transactions involved in the specific project. The adjustment of this matter reduces the net profit attributed to the shareholders of the listed company by 81.79 million yuan, resulting in the need to revise the financial indicators in the company's performance forecast.

On the evening of the same day, there were many announcements, such as the expected profit of Meibang clothing shrank, the net loss of aquatic products of the League of Nations expanded and so on.

Dow Technology and Hongbo shares changed from profit to loss

In a number of downgrade announcements, Hongbo shares, whose earnings forecasts changed directly from profits to losses, and Dow Technology attracted particular attention from investors, both of which were related to their subsidiaries.

On the evening of April 19th, Dow Technology Bulletin estimated that the net profit loss attributable to shareholders of listed companies in 2023 is 23 million yuan to 29.5 million yuan, while before the revision, the profit is expected to be 33 million yuan to 43 million yuan. It is worth mentioning that this is the first time Dow has lost money since it went public in 2014.

As for the performance change, the explanation of Dow Technology is that based on the principle of prudence, the company flushed back about 22 million yuan of the book deferred income tax assets formed by the historical losses of Jiangxi Hongrui, and prepared about 13 million yuan for impairment of related long-term assets. the provision for impairment of the goodwill of the relevant asset group is about 6.1 million yuan; the above-mentioned termination items add up to a total adjustment of the company's net profit of about 41.1 million yuan.

In the past, Hongbo shares were also due to the revised performance of the subsidiary InBev math division. April 13, Hongbo shares revised 2023 results forecast that the net profit loss of 50 million yuan-58 million yuan, deducting non-net profit for a loss of 65 million yuan-75 million yuan.

And its January performance forecast shows that the net profit in 2023 is expected to be 37.4 million yuan-56.1 million yuan, deducting non-net profit of 28.4 million yuan-42.6 million yuan.

Hongbo shares said that InBev Digital Division cooperated with Beijing Jingneng in 2023 in purchasing equipment for the construction of the Intelligent Computing Center. As of December 31, 2023, the company had received the first contract payment of about 500 million yuan from Beijing Jingneng for the above-mentioned cooperative project. The company has delivered some of the equipment and obtained a phased equipment acceptance confirmation form. However, the Shanghai Accounting firm believes that the company should not recognize revenue until all equipment for the project has been delivered and the final deployment has been completed, and the related income shall be deducted from the operating income. Therefore, the company corrects the financial indicators in the performance forecast.

Regulatory penalties and falling share prices

Judging from the results of the revised performance, the reporter found that being regulated and punished and the stock price falling is the most direct performance at present. For example, after the performance of the above Hongbo shares changed, they quickly received a warning letter from the Fujian Securities Regulatory Bureau and a letter of concern from the Shenzhen Stock Exchange. at the same time, the company's share price fell by the limit for two consecutive days.

On April 12, the State Council issued the third "National Nine articles" on the capital market, and immediately the CSRC issued the supporting policy "opinions on the strict implementation of the delisting system", proposing further strict mandatory delisting standards around the delisting system. Listed companies will be forced to delist if they fake more than 200 million yuan a year and more than 30 percent in one year, 300 million yuan in two years and more than 20 percent in two years, and more than three consecutive years, according to the new rules.

Liu Zhigeng told the Huaxia Times that the new "National Nine articles" takes strengthening supervision, preventing risks, and promoting high-quality development as the main line, and constructs a new order of China's capital market in the next decade from nine aspects.

"on the one hand, this has greatly improved some listed companies' understanding of the quality of information disclosure; on the other hand, it has also deterred some listed companies from strengthening supervision, so they have consciously adjusted their performance to ensure the authenticity of their performance." Liu Zhigeng said.