From the initial listing, it was optimistic about the "future star" of China's photovoltaic equipment industry. Nowadays, it is busy trying to protect the shell. In less than 7 years, Jiangsu Huasheng Tianlong Optoelectronic Equipment Co., Ltd. (hereinafter referred to as Tianlong Optoelectronics) It seems that I took a "roller coaster".
Recently, Tianlong Optoelectronics released a performance forecast. The company expects the net profit attributable to shareholders of listed companies from January to September 2016 - 30 million to -25 million yuan. It is worth noting that this is the company's second consecutive year of performance losses, and according to the new version of the "GEM Listing Rules", a continuous loss of 3 years will be directly delisted.
"Daily Economic News" reporter learned that according to the current situation, the first three quarters of this year, a loss of 25 million to 30 million yuan, Tianlong Optoelectronics want to achieve reverse profit and loss in the fourth quarter is not difficult. If the company's performance this year is still unable to pick up, the time left for Tianlong Optoelectronics is only one year left.
Performance year after year loss
In Tianlong Optoelectronics' "2016 first quarter performance forecast", from January to September this year, the company's shareholders' net profit attributable to listed companies lost 25 million to 30 million yuan, a loss of 35.43 million yuan in the same period last year.
For the company's performance continued to lose money, Tianlong Optoelectronics explained that the main cost is higher. It is estimated that the impact of non-recurring gains and losses on net profit from January to September is 13.257 million yuan.
This is Tianlong Optoelectronics' second consecutive year of losses, but the company's operation seven years ago can be described as another scene.
In December 2009, Tianlong Optoelectronics, which specializes in monocrystalline silicon growth furnaces, grinding machines, sapphire crystal growth furnaces and photovoltaic power plants, officially landed on the GEM of the Shenzhen Stock Exchange. At that time, the company achieved operating income of 290 million yuan, net profit of 68 million yuan, an increase of 16.17%.
By 2011, Tianlong Optoelectronics announced that its operating income was 842 million yuan, an increase of 86.10% year-on-year. The net profit attributable to shareholders of listed companies was 62 million yuan, down 27.08% year-on-year. The "Daily Economic News" reporter noted that the company said that it was affected by the global PV industry downturn.
In 2012, the company's operating income was only 176 million yuan, down 79.09% year-on-year. The net profit attributable to shareholders of listed companies was -511.1 million yuan, a year-on-year decline of 921.28%.
In fact, in 2013, the company’s performance did not appear to be a “miracle†to reverse the profit. The company’s net profit attributable to ordinary shareholders of listed companies was a loss of 130 million yuan. In the first three quarters of 2014, the company's loss was still as high as RMB 62 million. According to the regulations, the GEM listed companies will be directly delisted after three consecutive losses.
In this regard, Tianlong Optoelectronics announced on November 22, 2014 that since 2011, the subsidiary Jiangsu Zhonghao Semiconductor Equipment Co., Ltd. (hereinafter referred to as Jiangsu Zhonghao) has been losing money, the company believes that the transfer of Jiangsu Zhongyu Equity is the only way to achieve a turnaround in 2014.
Tianlong Optoelectronics also really "being the right treasure", the company achieved a turnaround in 2014, with a profit of 29.4732 million yuan.
However, due to the downturn in the company's main business, despite its profitability in 2014, Tianlong Optoelectronics once again suffered a huge loss of 360 million yuan in 2015. As of the first three quarters of 2016, the company is still mired in a downturn in performance.
The main business continues to be depressed
In addition to the company's performance has not been able to recover, Tianlong Optoelectronics is also tired of other things.
On August 18 this year, due to a loan dispute, Tianlong Optoelectronics was required to pay a total of 38 million yuan.
In addition, in September last year, Tianlong Optoelectronics was blamed for the violation of the regulations and was sued by four natural persons. In September of the same year, the company also received a civil judgment. Due to a financial loan contract dispute, the company's subsidiary Shanghai Jiemus Electronic Materials Co., Ltd. was required to compensate Nanjing Bank Shanghai Branch for 200,000 yuan.
Not only that, because Changzhou Noah Technology Co., Ltd., the controlling shareholder of Tianlong Optoelectronics Co., Ltd. (hereinafter referred to as Changzhou Noah), borrowed 35 million yuan from Tianlong Optoelectronics on March 4, 2015, and returned the loan on March 12, 2015. The Shenzhen Stock Exchange believes that Changzhou Noah’s borrowing from Tianlong Optoelectronics belongs to the controlling shareholder’s non-operating occupation of listed company funds. Therefore, Tianlong Optoelectronics and Changzhou Noah were publicly condemned by the Securities and Futures Commission.
In addition to the above issues, the "Daily Economic News" reporter noted that the actual controller of Tianlong Optoelectronics has also been frequently replaced in recent years.
In November 2014, Tianlong Optoelectronics announced that Beijing Lingguang Energy Investment Co., Ltd. (hereinafter referred to as Beijing Lingguang) plans to increase capital of 110 million yuan to Changzhou Noah. After the capital increase, Beijing Lingguang holds 81.48% of Changzhou Noah’s equity. Indirectly controlled 20.05% of Tianlong Optoelectronics and became the largest shareholder of Tianlong Optoelectronics. This also means that the actual controller of the company has also become Zhou Rongsheng and Gu Yi (when Shanghai Jingmei holds a 40% stake in Beijing Lingguang, and the above two holders hold the entire share capital of Shanghai Jingmei).
It is worth noting that the above-mentioned increase in holding behavior also saved Tianlong Optoelectronics in a certain sense. In the near future, the actual controller of the company changed hands again.
On July 20 this year, the company received a notice from the controlling shareholder, Changzhou Noah. Fujian merchant Chen Hua invested 80 million yuan in cash to acquire 40% equity of Beijing Lingguang held by Shanghai Jingmei and 20 million yuan in cash to acquire Beijing held by Hu Xiaoxing. 10% equity of Lingguang. Upon completion of the acquisition, Chen Hua will hold a 50% stake in Beijing Lingguang and indirectly control 40,455,200 shares of the listed company with a shareholding ratio of 20.23%. After the completion of the equity delivery, the actual controller of the listed company Tianlong Optoelectronics changed to Chen Hua.
It is still unclear what kind of changes will happen to Tianlong Optoelectronics, which is on the verge of delisting, under the control of the new actual controller. However, the current downturn in the company's main business is a fact.
"China's photovoltaic industry is developing rapidly, and technological progress is also very fast, but the core problem is that there are not many companies that make money at present." Lin Boqiang, director of the Xiamen University Energy Economic Research Center, told reporters.
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