May 21, Shenzhen Stock Exchange to * ST has a tree (that is, "there is a tree")Totalcasinobonus20freespins; SZ300209, share price 2Totalcasinobonus20freespins.67 yuan, with a market value of 1.127 billion yuan) issued a letter of inquiry for the 2023 annual report.
In 2023, * ST Youshu realized operating income of 464 million yuan, down 40.01% from the same period last year, and its net profit lost 485 million yuan. The company's gross margin on cross-border e-commerce sales fell to-1.92%. * ST Youshu said in its annual report that apart from historical debt and financial pressure, the recovery of cross-border e-commerce business in 2023 was also less than expected, with asset impairment and credit impairment totaling more than 200 million yuan.
In the inquiry letter, the Shenzhen Stock Exchange inquired about many questions such as the provision of bad debts of * ST's accounts receivable, the substantial reduction of the balance of goods in inventory, the provision of goodwill, and the decline in performance, and asked the company to give a written explanation.
At the end of last year, net assets were negative.
By the end of 2023, * ST had a book balance of 438 million yuan in accounts receivable, of which the book balances of individual and combined accounts receivable were 345 million yuan and 94 million yuan, respectively, and the proportion of provision for bad debts was 99.69% and 53%, respectively. The accounts receivable according to the combination are divided into B2B business age combination, B2C business age combination and other business age combination. The corresponding proportion of bad debt provision is 56.73%, 0.58% and 61.52%. Among them, all the accounts receivable of the B2B business age combination are overdue, and 70.13% of the accounts receivable of other business age combinations are overdue.
* the ST tree annual report shows that the book balance of goods in stock at the end of 2023 was 228 million yuan, a decrease of 60.37% compared with the beginning of the period, and the provision for inventory price decline was 183 million yuan, or 80.55%, an increase of 14.04% compared with the beginning of the period.
In addition, * ST Youshu acquired goodwill of 867 million yuan from Shenzhen Youju Technology Co., Ltd. (hereinafter referred to as "Shenzhen Youshi Tree"), and the impairment provision was 790 million yuan at the end of 2022. At the end of 2023, the company has a provision of 77.11 million yuan for impairment of goodwill related to a tree in Shenzhen, and has made full provision for impairment of goodwill.
In view of the above problems, the Shenzhen Stock Exchange requires * ST to explain one by one, and point out whether the relevant inventory at the beginning of the period really exists, whether there is a false increase in assets, and whether the provision for impairment of goodwill in the current and prior periods is reasonable, and whether it conforms to the relevant provisions of enterprise accounting standards.
By the end of 2023, the net assets of * ST belonging to shareholders of listed companies were-407 million yuan, down 653.38% from the same period last year. The Shenzhen Stock Exchange requires the company to explain the main reasons why the large amount of net assets is negative, whether the accounting of the amount of net assets at the end of the period is accurate, and whether there is excessive or insufficient provision for the impairment of relevant assets in the light of the responses to the above-mentioned questions and the actual operating conditions during the reporting period.
The company has entered into pre-restructuring.
* ST Youshu changed its name from Tianze Information (300209) in 2022 after listed companies acquired a tree in Shenzhen and gradually transformed the cross-border e-commerce industry.
* ST has both trees and scenery, but it has lost money year after year in recent years. In the second quarter of 2021, the policy environment of Amazon platform changed, the control of cross-border sellers in China became stricter, and a large number of stores were closed. In July of that year, * ST issued a notice that the number of frozen sites under the company was about 340, and the frozen funds were about 130 million yuan.
Based on previous optimistic estimates of cross-border e-commerce business, * ST has made a large number of stock since the second half of 2020, especially for Amazon platform, and a large number of its stores on Amazon platform have been closed, resulting in narrowing of sales channels and unsalable large inventory.
Until February this year, * ST Youshu received a "notification letter" from the creditor Shenzhen Yuanyang Electronic Commerce Co., Ltd. (hereinafter referred to as "Shenzhen Yuanyang"). Shenzhen Yuanyang applied to the court to restructure the listed company on the grounds that the ST was unable to pay off the maturing debt, was seriously insolvent and obviously lacked solvency, but had the value of restructuring, and applied to start the pre-reorganization procedure first. The amount owed this time is only 1.25 million yuan.
On March 13, * ST Youshu announced that the Changsha Intermediate people's Court allowed creditors to apply for pre-restructuring of the company, and the time limit for pre-restructuring was 3 months. * ST has a tree that also suggests that this does not mean that the company has officially entered the reorganization process, and there is still significant uncertainty as to whether the subsequent company will be able to enter the reorganization process.