Huacan Optoelectronics (300323) performance snapshot of the face behind what is hidden?
Source Daily Business News
Huacan photoelectric (300323) the evening before the release of the 2013 results of the express revised announcement and the board of directors apologized for the announcement, the company's 2013 annual results from the previously forecast profit of 18.06 million yuan significantly downward revised to a loss of 8.61 million yuan. Although the company will amend the reason for the explanation and the auditor of the accounting policy of the understanding of the different, but the company had wanted to use this "adjustment of profits" of the fact can not be defended.
Huacan photoelectric at the end of February this year, released results, originally expected to achieve net profit of 18.06 million yuan in 2013, a year-on-year decline of nearly 80%. The company said, last year, LED chip market demand continued to grow, but the impact of irrational price competition in the market has not completely dissipated, resulting in chip prices are still at a low level, compared with the same period last year, the price of a larger year-on-year decline in the first half of this phenomenon is particularly prominent. In the second half of the year, with the accelerated growth in market demand, chip prices narrowed the rate of decline, the company's sales, product gross profit level, operating profit and other indicators quarter-on-quarter bottoming out trend.
But the real situation is obviously worse than the company described. According to the latest amendment announcement, in the process of preparing the performance report, the company's management believes that the Suzhou subsidiary for the relevant project to receive raw materials, spare parts, trial costs, etc. is used for the basic function of the equipment debugging, in the future normal production and research and development process no longer occurs, and therefore should all be included in the construction in progress (equipment), but did not get the accounting firm's endorsement, reduce the construction in progress of about 19.95 million yuan.
As a new company listed soon, the performance of the rapid "face" will bring pressure on the company in many ways. Huacan photoelectric listed in 2012, before the listing has maintained a high growth trend, 2009 to 2011, the company's operating income of 100 million yuan, 350 million yuan and 474 million yuan, the compound annual growth rate of 117.36%; net profit of 14.74 million yuan, 112 million yuan and 125 million yuan, the compound annual growth rate of 190.77%. But just listed that year, huacan photoelectric operating income slipped 30% to 330 million yuan, net profit also slipped about 30% to 87.34 million yuan, last year is the company listed in the second year, operating income continued to decline slightly at the same time, the performance of the performance even a loss, which will certainly cause the focus of the regulatory authorities.
2014-04-19
Huacan photoelectric (300323) performance face questioned
Source Mass Securities News
○ reporter Wang Peng
Every annual report intensive disclosure period, there will always be a number of listed companies have a sudden decline in performance, "stepping on the mine! Accounting treatment is different and lead to the performance of the face has become a major performance this year, huacan photoelectric is so, due to the audit agency does not recognize the company's accounting treatment, resulting in its 2013 results from the previous pre-profit of 18 million yuan into a loss of 8.6 million yuan.
Accounting treatment to the performance of the plummet
Huacan photoelectric yesterday released its annual report, the company realized operating income of 316.2 million yuan, a year-on-year decrease of 4.19%; net profit loss of 8.6166 million yuan, a year-on-year decline of 109.87%. It is worth mentioning that, just this Thursday, huacan photoelectric released performance report amendment announcement that the company's 2013 net profit was a loss of 8.6166 million yuan. And the company released on February 27th in the annual results flash report had said that the company's annual net profit of 18.064 million yuan. "Often shouted to avoid the thunder and lightning, the result is still stepped on." An investor said: "pre-profit ten million into a loss of millions, accounting on the professional things we do not understand, as a listed company also do not understand?"
For the reason of performance adjustment, huacan photoelectric said, mainly due to the company in the accounting treatment with the auditor Daxin accounting firm disagreement. The company's wholly-owned subsidiary Huacan Optoelectronics (Suzhou) Co., Ltd. in 2013, the installation of commissioning equipment, the company's management believes that the works of raw materials, spare parts, trial costs, etc. is used for the basic function of the equipment debugging, in the normal production of research and development process in the future will no longer occur, and therefore should be included in the construction in progress (equipment). Daxin Accounting Firm believes that some of the wear and tear in the company's commissioning costs should not be capitalized and should be recognized in the current period's profit and loss, and therefore reduced the construction in progress by 19.5945 million yuan.
On the other hand, the accounting firm believes that the 4-inch epitaxial chip is a new product of the company, and the expenses of the two research and development projects related to it are more reasonably categorized as the research stage, and do not meet the recognition conditions for capitalization of development expenses, and the related expenses should be charged to the current profit and loss, thus reducing the development expenditures by RMB 10,725,200.
Agreed to adjust or have other reasons
Huacan photoelectric said, the company's self-examination determined that the results of the fast report of the discrepancy for the company's financial staff of the construction in progress, development expenditures in the determination of the understanding of the existence of bias caused by. The company's management and Daxin accounting firm "although there are different understandings and opinions, but the company ultimately still respect the accounting firm's principle of prudence, agreed to make adjustments to the above." At the same time, huacan photoelectric issued the board of directors to apologize for the performance correction matters to the majority of investors.
"As far as I understand, the equipment in the trial process, even if the production of some defective products to do scrap processing, but also will bring a certain amount of revenue, the process of incurred costs should be included in the current profit and loss, and can not be capitalized." Jiangsu a listed company's finance department yesterday told the mass securities newspaper and financial news reporter: "If the amount is very small, this piece of accounting treatment on the company's practice is not excessive. The key is up to tens of millions of dollars, if the company's accounting staff to understand the existence of bias I'm afraid it can not be said."
Huacan photoelectric in June 1, 2012 landed on the A-share market, listed on the year the company's performance has declined, net profit fell 30% year-on-year. "Even according to the previous pre-profit of 18 million yuan, the company's 2013 performance is still down, but better than a loss sounds good." The above person told reporters. At the same time, he said, the auditing organization for the listed companies issued by the accounting statements after review, if found to have deviations, such as huacan photoelectric due to different accounting treatment which led to a significant change in the face of the performance, can be issued a negative audit report, which means that the company's accounting statements have lost value.
It is worth noting that in the huacan photoelectric suspension of the day before April 14, the company's share price had significant fluctuations. On that day, the stock opened up to 23.4 yuan, then suddenly lowered to close at 21.39 yuan.
2014-04-19
Many patches in annual reports, performance changes are the main theme
Source Chongqing Business News
Business Daily graphic Xu Qiaowei system
Business Daily reporter Zeng Fang
The disclosure of 2013 annual reports has entered the final stage of concentration, but some listed companies are busy with the annual report previews or performance snapshots of the corrections and Revision. Our statistics show that there are more than 80 listed companies in the two cities that have "patched" their annual report performance. In addition to the performance of frequent changes in the face, as well as give such as "power outages" and other god reasons, there are also company executives due to the annual report there are many errors by the regulatory authorities to interview, or the annual report of the listed company encountered the opposition of the sole director. In this issue of Investment Week, readers will find out more about the "joys and sorrows" in the disclosure of listed companies' 2013 annual reports.
Keyword: "interview"
Representative enterprise: S forward
Annual report "patching" of listed companies abound, but so by the regulator to talk to the executives of the matter, but seldom happened. Vanguard announced that it had received the administrative supervisory measures issued by the Sichuan Supervisory Bureau of the Securities and Futures Commission (SFC). Because the company disclosed on March 15, 2013 annual report there are a number of data, proportion and text presentation errors, in violation of the relevant provisions of the disclosure of listed companies, requiring the chairman of the board of directors, general manager, director of the secretary, financial director of the four executives to accept the interview.
Compare the updated annual report released on March 28, S forward can be found, the company's annual report last year as many as 11 errors. In this regard, the S front staff said, the reason for the errors is from a different perspective understanding and cognitive problems. However, this is not the first time that S Vanguard has been penalized for errors and omissions in its annual report. In July last year, the company received the China Securities Regulatory Commission Sichuan Supervision Bureau of the warning letter, the reason and the executive interview event is the same: "the company's 2012 annual report there are chapters, tables, currency units, dates, amounts and so on many errors and omissions, the top 10 shareholders of the affiliation between the relationship and the concerted action relationship is expressed vaguely, the quality of disclosure of information there is a problem. "
Keywords: "power outage"
Representative enterprises: Baode shares
Originally scheduled to disclose the 2013 annual report on April 11, Baode shares failed to release as scheduled, the company gave the reason for the postponement of the annual report is actually "power outage
The reason given by the company for the postponement of its annual report was "power failure". Sunday evening announcement said, because the company is located in the area of sudden power outage caused by network interruption for a long time, the relevant personnel are not enough to prepare, resulting in the annual report information can not be uploaded in time to the exchange information disclosure system, the company failed to disclose the annual report on schedule, and thus on April 11th temporary suspension of trading.
What's worth paying attention to is that before the annual report "came out", the company has successively provided the market with three versions of the annual report. January 28, Baoder shares released the first 2013 results forecast amendment announcement, will be disclosed on October 25 last year, net profit from a loss of 8 million yuan to 3 million yuan revised to Profit of 1 million yuan ~ 6 million yuan. But after only one month, Baode shares performance again be "repair", the results of the snapshot and the previous revision of the content is very different. This time, Baode shares in 2013 net profit and a substantial reversal, into a loss of 13 million yuan. April 12, the company finally disclosed the annual report shows a net loss of 11.0541 million yuan.
Keywords: "apologize"
Representative companies: Huacan Optoelectronics, JiuAn medical
In the annual report "patch" of the listed companies, for the performance "from profit to loss "The dramatic reversal, most companies give only a painless apology announcement. Listed less than two years of huacan photoelectric performance "face" to attack. april 16, the company's 2013 annual results from the previous forecast of profit 18.06 million yuan significantly revised downward to a loss of 8.61 million yuan, downward correction range of as high as 148%, the company's board of directors also publicly apologized for this.
This year's hot JiuAn medical performance also shocking reversal, 2013 net profit from 5.7980 million yuan into a loss of 8.389 million yuan, a year-on-year decline of 219.49%. When this news came out, the stock price on that day even plummeted 7.77%. Although the company's board of directors also publicly apologized, but the losses suffered by ordinary investors is not an "apology" can make up for?
Keywords: "against"
Representative company: Tianmu Pharmaceuticals
Despite Tianmu Pharmaceuticals annual report did not appear to "patch", but in the two extensions were subjected to their own family members. The annual report shows that in 2013, the net income of the company realized a net profit of $4.5 billion. The annual report shows that in 2013, a net profit of 2.108 million yuan, a loss of 88.84 million yuan in the same period of the previous year, to achieve a turnaround, so as to successfully avoid wearing a hat.
The strange thing is that, despite the two times "difficult" and good news annual report finally came out, but suffered the company's two independent directors of the opposition vote. The annual report shows that the two independent directors Zheng Lixin, Xu Zhuangcheng on the 2013 financial report and 2013 annual report of the two motions voted against, the reason is that "the authenticity of the relevant financial data can not be verified", but the specific comments were not disclosed. In contrast, the auditor issued a standard unqualified audit report.
It is worth mentioning that the main business of Tianmu Pharmaceuticals is still in the red, mainly relying on investment income and asset transfer income to protect the shell. At the same time, Tianmu Pharmaceuticals has been penalized by the Securities and Futures Commission (SFC) for violating information disclosure, etc., and the actual controller of the company has also suffered repeated changes.
2014-04-19
Huacan Optoelectronics: resumption of trading
Source Flush Financial Research Center Author Flush finishing
Huacan Optoelectronics Co. In order to ensure the fairness of information disclosure, protect the interests of investors and avoid abnormal fluctuations in the company's share price, the company's shares have been suspended since the morning of April 15, 2014 upon application.
At present, the company's recent significant matters have been disclosed, please refer to the announcements disclosed by the company from April 16 to April 19, 2014 for details. Upon application, the company's stock resumed trading since April 21, 2014 when the market opened.
Resolutions of the Twenty-ninth Meeting of the First Session of the Board of Directors
I. Convening of the Meeting of the Board of Directors
1. The notice of the Twenty-ninth Meeting of the First Session of the Board of Directors of Huacan Optoelectronics Company Limited (hereinafter referred to as the Company) was delivered to the directors on April 10, 2014, by telephone and mail. The notice of the Twenty-ninth Meeting of the First Session of the Board of Directors of Huacan Optoelectronics Co.
2. The meeting of the Board of Directors was held at 9:00 p.m. on April 18, 2014 at the Multi-Functional Conference Room on the second floor of 202nd floor of Huacan Optoelectronics Co.
3. 9 directors should be present at this board meeting, and 8 directors are actually present, of which director Chen Hongwu entrusted director Zhou Fuyun to vote on-site, and independent director Yang Hui participated in the meeting by telephone.
4. The meeting was chaired by Mr. Zhou Fuyun, Chairman of the Board of Directors, with Supervisors Wang Depeng, Yu Xinhua and Yang Zhongdong, Senior Management Han Jidong, Acting Securities Representative Li Qiong in attendance, and Continuing Supervisory Institution CITIC Securities He Feng attending the meeting by phone.
5. The convening of this Board meeting is in compliance with relevant laws, administrative regulations, departmental rules, regulatory documents and the Articles of Association.
II. Deliberations of the Board of Directors Meeting
1. The meeting considered and passed the "Proposal on Phase III LED Epiwafer Chip Project of Huacan Optoelectronics (Suzhou) Company Limited"
The company intends to plan to carry out the "Huacan Optoelectronics (Suzhou) Company Limited LED Epiwafer Chip Project" within the existing plant of the subsidiary in Suzhou. Ltd. LED Epiwafer Chip Phase III Project" in the existing factory of its Suzhou subsidiary, with a proposed investment of RMB 1.18 billion yuan, and a new annual production capacity of 656,000 pieces of 4-inch epiwafer and corresponding chips, including 42 sets of MOCVD equipment.
Specifically, please refer to the relevant announcement on April 18, 2014 on the information disclosure website designated by the Securities and Futures Commission. This proposal is still to be submitted to the shareholders' meeting for consideration.
2. The meeting considered and passed the "Proposal on the capacity target of Huacan Optoelectronics (Suzhou) Co. in the next three years" with 9 votes in favor, 0 votes against and 0 abstentions
The company plans to expand the capacity of its Suzhou subsidiary in the next three years (2014-2016) on the basis of its existing Phase I and Phase II projects in Suzhou subsidiary, to increase the capacity of its subsidiary in Suzhou to monthly production and processing of Equivalent 2-inch epitaxial 1 million pieces of the target, according to the current model estimates, equivalent to the acquisition of 200 sets of MOCVD and supporting PVD and other epitaxial chip supporting equipment equipment scale. In addition to the "Huacan Optoelectronics (Suzhou) Co., Ltd. LED Epitaxial Wafer Chip Phase III Project" considered by the Board of Directors, the company intends to start the construction of a new factory in the vicinity of the existing factory of its subsidiary in Suzhou, and the management of the company should make detailed planning on the construction of the new factory and the subsequent expansion project to form a new project feasibility plan and report to the Board of Directors and the shareholders for approval at the general meeting. The Board of Directors and the General Meeting of Shareholders shall approve the plan.
3. With 9 votes in favor, 0 votes against and 0 abstentions, the meeting considered and passed the "motion to increase the 2013 annual general meeting of shareholders"
According to the "Company Law" and "Articles of Association" of the relevant provisions of the meeting on the "Huacan Optoelectronics (Suzhou) Company Limited, the LED epitaxial wafer chip three projects" need to be reported to the general meeting. Consideration. Therefore, it is proposed to add the motion of the 2013 annual general meeting of the company and submit the above motion to this general meeting for consideration.
Notice of addition of motion for 2013 annual general meeting
The Twenty-ninth Meeting of the First Board of Directors of Huacan Optoelectronics Company Limited (hereinafter referred to as the "Company") considered and passed the "Motion on the LED Epiwafer Chip Phase III Project of Huacan Optoelectronics (Suzhou) Co. The motion needs to be submitted to the shareholders' meeting for consideration. The Board of Directors of the Company agreed to submit the motion to the 2013 annual general meeting of the Company.
Except for the addition of this motion, the other matters of the 2013 annual general meeting remain unchanged.
The specific matters for convening the 2013 Annual General Meeting of Shareholders are re-notified as follows:
I. Basic information of convening the meeting
1. Convener of the meeting: the Board of Directors of the Company.
2. The convening of this shareholders' meeting is in compliance with relevant laws, administrative regulations, departmental rules, regulatory documents and the Articles of Association of the Company.
3, meeting time: May 12, 2014 (Monday) starting at 10:00 a.m.
4, on-site meeting place: the company's No. 1 plant, third floor conference room
5, the share registration date: May 7, 2014 (Wednesday)
6, the meeting is held: this shareholders' general meeting to take the on-site voting method.
Including attendance in person and by filling out a power of attorney to authorize others to attend.
II. Attendance at the meeting
1. All shareholders of the Company registered in the Shenzhen Branch of China Securities Depository & Clearing Corporation at the close of business at 15:00 p.m. on Wednesday, May 7, 2014 (Wednesday) have the right to attend the general meeting and may appoint a proxy in writing to attend the meeting and participate in the vote (see the annex for the letter of authorization), and the proxy need not be a shareholder of the Company. The proxy need not be a shareholder of the Company.
2. Directors, supervisors and senior management of the Company.
3. The attorneys engaged by the Company.
4. Other relevant persons.
3. Matters to be considered at the meeting
1. Report on the work of the Board of Directors
2. Report on the work of the Supervisory Committee
3. 2013 Annual Report and its Summary
4. 2013 Annual Financial Accounts Report
5. 2013 Annual Profit Distribution Proposal"
6. "Proposal on Phase III LED Epitaxial Wafer Chip Project of Huacan Optoelectronics (Suzhou) Co.
7. "Proposal on the Election of the Company's Board of Directors and Nomination of Candidates for the Directors of the Second Session of the Board of Directors", including the following sub-proposals:
(1) Election of Mr. Zhou Fuyun as a Director of the Second Session of the Board of Directors
p>(2) Election of Mr. Liu Rong as a director of the Second Session of the Board of Directors
(3) Election of Mr. Ye Aimin as a director of the Second Session of the Board of Directors
(4) Election of Mr. Zhang Suyang as a director of the Second Session of the Board of Directors
(5) Election of Mr. Bian Difei as a director of the Second Session of the Board of Directors
(6) Election of Mr. Chen Haihui as a director of the Second Session of the Board of Directors
(7) To elect Ms. Guan Baiyu as an independent director of the second session of the Board of Directors
(8) To elect Mr. Xie Yubao as an independent director of the second session of the Board of Directors
(9) To elect Mr. Ye Zhizhen as an independent director of the second session of the Board of Directors
This motion will be submitted to the shareholders' meeting of the Company for election by way of a cumulative voting system, whereby the candidates for the position of independent director will be submitted for review and approval by the Shenzhen Stock Exchange. After no objection, it will be submitted to the shareholders' meeting for election.
8. "Resolution on the Election of the Supervisory Committee of the Company and the Nomination of Candidates for the Supervisory Committee of the Second Session of the Supervisory Committee"
(1) Election of Mr. Yu Xinhua as a Supervisor of the Second Session of the Supervisory Committee
(2) Election of Mr. Yang Zhongdong as a Supervisor of the Second Session of the Supervisory Committee
This resolution will be submitted to the shareholders' general meeting of the Company for election by means of the cumulative voting system.
Fourth, matters relating to the registration of the meeting
1. Registration time: May 9, 2014 (9:00 a.m. - 11:30 a.m. and 13:30 p.m. - 16:00 p.m.).
2. Place of registration: Securities Affairs Department of Huacan Optoelectronics Co., Ltd, No.8 Binhu Road, Donghu Development Zone, Wuhan City, China
3. Mode of registration:
(1) Legal person shareholders shall hold shareholders' account card, a copy of business license stamped with the official seal, the certificate of the representative of the legal person and ID card for the registration procedure; legal person shareholders entrusting the proxy shall hold the proxy's ID card (2) Natural person shareholders shall hold their own ID cards, shareholder account cards for registration procedures; natural person shareholders entrusted to the agent, shall hold the agent's ID card, power of attorney, the principal shareholder account card, ID card for registration procedures;
(3) shareholders of other locations Registration can be made by letter or fax, and shareholders are requested to carefully fill in the Shareholder Attendance Registration Form for registration confirmation. The fax or letter should be delivered to the Securities Affairs Department of the Company before 16:00 on May 9, 2014 (with the words "Shareholders' Meeting"). Telephone registration will not be accepted.
4. Tips for Participation in the On-site Meeting
(1) Participating shareholders are required to fill in the "Registration Form for Shareholders' Participation in the Meeting" (Attachment I) for the purpose of registration confirmation.
(2) The Company does not accept telephone registration.
5. Other matters:
(1) Provisional proposals should be submitted ten days before the meeting.
(2) Shareholders and shareholders' agents attending the on-site meeting are requested to bring the relevant original documents to the meeting venue half an hour before the meeting for check-in.
(3) The on-site meeting of the Shareholders' General Meeting will last for half a day, and the participants shall bear their own expenses for accommodation, food and transportation.
(4) Contact:
Contact: Ye Aimin, Li Qiong
Tel: 027-81929003
Fax: 027-81929091-9003
Correspondence address: Wuhan, Hubei province No.8 Binhu Road, East Lake New Technology Development Zone, Wuhan, Hubei Province, China Can Optoelectronics Corporation Li Qiong receipt (envelope please specify the word "shareholders meeting") Zip code: 430223
These are all the recent announcements of the ticket all the content of the announcement of the fourth announcement of the beginning of the announcement has already been explained that the stock will be tomorrow morning The stock will resume trading tomorrow morning at the opening of the market.