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Yangtze Business Daily News● Yangtze Business Daily reporter Xu Jia

Shortly after the case was filed, an important shareholder of Jinfu Technology (300128.SZ) urgently launched a plan to increase holdings to protect the stock price.

On the evening of August 4, Jinfu Technology announced that the company's controlling shareholder, Taixing Zhicheng Industrial Investment Fund (Limited Partnership) (hereinafter referred to as "Zhicheng Investment") and five senior executives plan to increase their holdings by a total of 62 million to 98 million yuan, of which the controlling shareholder Zhicheng Investment plans to increase its holdings by 50 million to 80 million yuan. On August 2, Jinfu Technology disclosed that the company was filed by the China Securities Regulatory Commission for suspected illegal information disclosure.

A reporter from the Yangtze Business Daily noticed that although Jinfu Technology did not directly disclose the reason for the case, the market speculated that it was related to the penalty imposed on Zhicheng Investment a few months ago.

In March this year, the Jiangsu Securities Regulatory Bureau issued a warning letter to Zhicheng Investment, Fu Guoping and Yang Xiaowei because the "private compensation" between Zhicheng Investment and the original actual controllers of Jinfu Technology, Fu Guoping and Yang Xiaowei, was not disclosed during the change of Jinfu Technology's controlling rights in 2019, and the equity transfer price and transaction price disclosed in the equity change announcement did not match the actual situation.

A reporter from the Yangtze Business Daily noticed that even after five years of change of ownership, Jinfu Technology, which has two main businesses of consumer electronics and new energy, still faces considerable operational pressure.

Data shows that from 2021 to 2023, Jinfu Technology's net profit and net profit after deducting non-recurring gains and losses (net profit after deducting non-recurring gains and losses, the same below) have been in the red for three consecutive years, with the cumulative losses of 796 million yuan and 924 million yuan, respectively.

Suspected of violating laws and regulations in information disclosure and being filed

On the evening of August 4, Jinfu Technology announced that based on its confidence in the company's future development prospects and recognition of its growth value, the company's controlling shareholder Zhicheng Investment plans to increase its holdings in the company's shares within 6 months from the date of disclosure of this announcement, with the amount of increase not less than 50 million yuan and not more than 80 million yuan.

At the same time, directors and senior executives including the company's chairman and general manager Gu Qing, deputy general manager Wang Xiaohu, deputy general manager Shi Zhenghong, deputy general manager Wang Jun, financial director and board secretary Zhang Rui, etc. plan to increase their holdings of Jinfu Technology shares by no less than 12 million yuan and no more than 18 million yuan.

In summary, in the two share purchase plans, Jinfu Technology's controlling shareholder and five senior executives plan to increase their holdings by a total of 62 million to 98 million yuan.

A reporter from the Yangtze Business Daily noticed that behind the important shareholder's urgent plan to increase holdings to protect the market, Jinfu Technology had just been filed a case by the China Securities Regulatory Commission.

On August 2, Jinfu Technology announced that the company recently received a "Notice of Case Filing" issued by the China Securities Regulatory Commission. Because the company was suspected of violating laws and regulations in information disclosure, according to relevant laws and regulations, the China Securities Regulatory Commission decided to file a case against the company.

Although Jinfu Technology did not directly disclose the reason for the case, the market speculated that it was related to the penalty imposed on Zhicheng Investment a few months ago.

In March this year, Jinfu Technology disclosed that the company's controlling shareholder Zhicheng Investment and the original actual controllers Fu Guoping and Yang Xiaowei received warning letters from the Jiangsu Securities Regulatory Bureau, indicating that the above-mentioned parties had violated regulations during the change of control of Jinfu Technology in 2019.

Specifically, on April 12, 2019, Zhicheng Investment signed the "Share Transfer Agreement III" (hereinafter referred to as "Agreement III") with Fu Guoping and Yang Xiaowei, a couple, stipulating that Fu Guoping and Yang Xiaowei would transfer 135 million shares of Jinfu Technology to Zhicheng Investment at a unit price of RMB 4.54 per share. On April 15 of the same year, Zhicheng Investment and Fu Guoping and Yang Xiaowei respectively announced the change in equity.

However, the Jiangsu Securities Regulatory Bureau discovered through on-site inspection that on the day when "Agreement Three" was signed, Zhicheng Investment, Fu Guoping and Yang Xiaowei also signed a supplementary agreement, stipulating that Fu Guoping and Yang Xiaowei must transfer a compensation of 180 million yuan to Zhicheng Investment, which will be directly deducted from the final equity transfer payment payable by Zhicheng Investment.

The Jiangsu Securities Regulatory Bureau pointed out that during the change of Jinfu Technology's controlling rights, the two parties to the transaction did not disclose the signing of the above-mentioned supplementary agreement in the relevant announcement of the equity change, and the equity transfer price and transaction consideration disclosed in the equity change announcement did not match the actual situation, resulting in untrue and incomplete information disclosure in the relevant announcement of the equity change.

In accordance with relevant regulations, the Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures against Zhicheng Investment, Fu Guoping and Yang Xiaowei by issuing a warning letter, and record it in the securities and futures market integrity file.

The layout of two main businesses has resulted in net losses for three consecutive years

Jinfu Technology, which has changed hands for many years, is facing considerable operational pressure.

According to data, Jinfu Technology went public in 2010. After going public, Jinfu Technology broke through the traditional LCD display business and entered the consumer electronics die-cutting procurement supply chain. However, due to the poor development of diversified businesses such as photovoltaics and data centers, the company's net profit in 2018 suffered its first loss since its listing.

In 2019, Fu Guoping and Yang Xiaowei transferred the controlling rights of Jinfu Technology to Zhicheng Investment, and the Management Committee of Jiangsu Taixing High-tech Industrial Development Zone became the company's new actual controller. With the change of the company's actual controller, Jinfu Technology has comprehensively reduced its original photovoltaic business and intelligent system and big data business, focusing on the development of optoelectronic material die-cutting business, backlight module business, and intelligent detection and automation equipment business in order to concentrate its superior resources.

After the state-owned assets took over, Jinfu Technology actively promoted capital operations. In September 2020, Jinfu Technology planned to reorganize Jiutai Precision to further expand the die-cutting business, but the reorganization was terminated the following year. In order to find new profit growth points, shortly after the above reorganization failed, Jinfu Technology acquired 53.42% of Shenjie Environmental Protection's equity for 480 million yuan. At present, Jinfu Technology's business covers two major fields: consumer electronics and new energy.

However, overall, Jinfu Technology's profitability is still relatively low. Data shows that after the change of ownership, from 2019 to 2023, Jinfu Technology achieved operating income of 1.579 billion yuan, 1.364 billion yuan, 972 million yuan, 1.402 billion yuan, and 1.743 billion yuan, respectively, and net profits of 14.7415 million yuan, 22.3539 million yuan, -346 million yuan, -226 million yuan, and -224 million yuan, and non-net profits of -75.0781 million yuan, 6.0956 million yuan, -347 million yuan, -244 million yuan, and -333 million yuan.

Among them, from 2021 to 2023, Jinfu Technology suffered losses in net profit and non-net profit for three consecutive years, with cumulative losses of 796 million yuan and 924 million yuan, respectively.

Regarding the loss in 2023, Jinfu Technology said that the revenue of each business line of the company has achieved a certain growth during the reporting period, but the gross profit margin of the consumer electronics industry and the power engineering and service industry has decreased year-on-year due to factors such as intensified market competition. Some of the new businesses launched in 2023 have not reached mass production scale, resulting in a negative gross profit margin. The comprehensive gross profit margin of the company's various businesses this year is 16.92%, a decrease of 6.46 percentage points year-on-year. At the same time, the company's period expenses during the reporting period increased significantly by 26.87% due to the investment in the layout of various new businesses, including an increase of 26.82% in management expenses and an increase of 85.90% in financial expenses.

In addition, the company's business development of three subsidiaries, Maizhi Technology, Aoying Optoelectronics, and Changshu Minglijia, was not as expected, and the company made a goodwill impairment loss of 60.0429 million yuan in this period; the deferred income tax assets corresponding to some deductible losses were not recognized at the end of this year, resulting in an income tax expense of 60.1866 million yuan this year. Taking all the above factors into consideration, the company's loss in 2023 will be relatively large.

In the first quarter of this year, Jinfu Technology achieved operating income of 387 million yuan, a year-on-year increase of 18.31%; net profit and non-net profit were losses of 58.5484 million yuan and 60.3877 million yuan respectively, a year-on-year decrease of 60.7% and 54.33%.

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