Gao Cungao is borrowed be oppugned Dong Xuguang report hands in place greatly to ask ask by

Because domestic most investor is not professional one's previous experience, money newspaper identifies ability low, accordingly, appear on the market company financial problem is not easy by get behind.

On May 15 message, heibei appears on the market company Dong Xuguang report receives annals to ask ask case, hand in place greatly to ask its explain the company is in monetary fund remaining sum is maintained below higher case dozen put in a mother 's charge to have the necessity that ceases to be in debt and bear cost of finance affairs of high specified number and rationality; Whether does the specification exist with control a partner or the case such as other and associated square combination or condominium account or other agreement agreement.

Show according to announcement, up to the monetary fund remaining sum of Dong Xuguang report was end 2018 nineteen billion eight hundred and seven million yuan (include to suffer be restricted capital 4.89 billion yuan) , 27.29% what occupy company total assets; Have breath is indebted remaining sum is twenty billion four hundred and thirty-one million yuan (include to grow short-term loan, deal with the bond, blame that expires inside a year flow is indebted) , 28.15% what occupy company total assets. Inside report period, company interest expenses 1.204 billion yuan, financial cost is total 723 million yuan, 33.40% what take profit of 2018 year net profit.

Dong Xuguang report 2015, 2016, was not stock of fair development travel 3 years continuously 2017, collect capital total 18.7 billion yuan, up to on December 31, 2018, capital of 8.126 billion yuan of collect did not use company Shang Yu to finish.

Announcement shows, divide with outside buying the collect related equity to cast a project to already was finished as scheduled, the collect related to product line casts a project to make progress to all anticipate not as good as, partial collect casts a project to already adjourned for many times, the use efficiency of collect capital is inferior.

To this, hand in place greatly to ask the company is located the development state of affairs of the industry and metabolic trend, produce expansible actual condition, each collect related specification and product line construction cast a project to make progress the reason of slow, full delay.

Suffer the effect of this message, share price of 16 days of companies stops price open quotation with dropping, end closing quotation time, company share price drops 5.68% , the newspaper receives 5.48 yuan / .

Hold water at the Dong Xuguang report 1992, its are called oneself " home's banner photoelectricity shows material produces business and intelligence to make integrated service trade " , equipment of indication material of business contain photoelectricity, high end is made reach a system research and development of car of application of industrialization of Xi of compositive, black lead, new energy resources and make etc. Handing in place greatly to appear on the market 1996, 2010, the company recommends limited company of Dong Xu group. After realizing industrial transition, dong Xuguang report upgrades very quickly enter a country burgeoning industry.

Since after recommending Dong Xu group, company outstanding achievement promotes considerably, 2010, company total battalion receives seventy-eight million three hundred and fifty-three thousand yuan, increase 26.3%; net profit compared to the same period 5.945 million yuan, grow 118.35% compared to the same period. To 2018 year end, company total battalion closes to already amounted to twenty-eight billion two hundred and twelve million yuan, net profit 2.269 billion yuan. Battalion restrains growth 360 times, net rises 381.98 times.

Nevertheless, notable is, came 2010 2019 first quarter, company battalion closes add fast had appeared " hill car type " growth, especially this year first quarter, company battalion closes to drop compared to the same period 18.2% .

Report buckles Dong Xuguang be not profit of net putting in a mother 's charge to add fast also appear bigger glide, buckle first quarter be not profit of net putting in a mother 's charge to grow to be only compared to the same period 0.08% .

From above information can see, company outstanding achievement is added fast appear to put delay apparently.

Notable is, company imprest is aggregate 2018 5.215 billion yuan, such with great quantity whether does imprest money mean the cash on company Zhang to flow very abundant? However, rose 2015, the company manages the cash that the activity generates to shed net specified number to appear to drop apparently.

Additional, those who need an attention is 2018 capital of the money on company Zhang is total nineteen billion eight hundred and seven million yuan, have breath is indebted twenty billion four hundred and thirty-one million yuan (include to grow short-term loan, deal with the bond, blame flow that expires inside a year to be in debt) . Besides, equity of 10 thousand show large stockholder impawn of Dong Xu group occupy his to hold proportional 87.39% .

On one hand, the company appeared 2018 big and imprest money and big monetary fund, appear the company does not lack cash. On the other hand, the company has bigly breath negative, and what its hold impawn of large stockholder high proportion share, appear the corporation is special lack cash, contradict each other apparently.

Notable is, this is not company first time appears to put the case that borrows greatly greatly.

Rose 2015, the company begins to appear to have bigly breath is indebted reach big bank savings, most exaggerated was 2017, capital of the money on company Zhang is total twenty-seven billion three hundred and seventy-one million yuan, have interest is indebted and total twenty-one billion one hundred and seventy-two million yuan.

2018 company interest expenses 1.204 billion yuan, financial cost is total 723 million yuan, take a company 33.4% of net 2018 gain, of high specified number have interest is indebted and serious the gain that erodes a company.

Additional, 10 thousand must show, company tall valve left his post 2018 rate promote considerably. Company tall valve and trustee are aggregate 2017 leave one's post 2 people, and increase sharply of this one number arrived 2018 7 people.

Besides, the company changes often in last few years financial chief inspector. Came 2015 2018, the company changed 4 financial chief inspector in all.

And of coincidence is, the company began to change financial chief inspector 2015, the company began to appear to put the case that borrows greatly greatly 2015.

Annual newspaper reachs company experience to report temporarily show, 2015 to 2017, the company is not stock of fair development travel 3 years continuously, collect capital total 18.7 billion yuan, end on December 31, 2018, capital of 8.126 billion yuan of collect did not use company Shang Yu to finish.

Announcement shows, company collect collected money 2015 golden amount 8 billion yuan, among them 5 billion yuan are used at equity to buy, fill to flow and pay intermediary fee, 3 billion yuan are used at construction of product line project.

Fund of the money on company Zhang was 12.41 billion yuan 2015, apparent cash flows enough, and in the utility of the capital of company collect, one part is used at filling to flow.

Additionally 3 billion yuan are used at the project of construction, begin to build from 2015, it is OK on December 31, 2017 to predict formerly put into production is used, but so far, plan of investment of project of this product line is only 30.92% .

Additional, mixed 2016 2017, the company distributes means collect fund publicly through be not likewise, and twice this the capital of collect basically produces line item to build with a future life, same, this project construction cannot be pressed expect day of put into production surely formerly.

Editor | Yang Xuyan

The article is integrated | Case grand is collected, sina finance and economics