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The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit.

Editor of China Economic Net: According to the announcement of the China Securities Regulatory Commission's GEM Board, Jiangsu Huaxin New Materials Co., Ltd. (hereinafter referred to as “Huaxin New Materials”) will meet on September 20, 2017. Huaxin New Materials issued the prospectus on June 24, 2016 and June 2, 2017 respectively. There are several financial inconsistencies in the two editions of the prospectus: the net cash flow from operating activities is not up to the net profit. The data is not right, the assets and liabilities data are not matched. In addition, Huaxin New Materials' overdue receivables in 2016 exceeded net profit. From 2013 to 2016, the performance of Huaxin New Materials was almost in place. The operating income increased by only 5%, and the net profit after deduction was 27.9%. Can such growth be sustainable? In response to the above problems, the China Economic Net reporter sent an interview letter to Huaxin New Materials Securities Department. The company stated that there are individual data changes as normal revisions in the process of review and feedback. According to the feedback requirements, the amendments are involved, and the intermediary agencies have The CSRC’s feedback requested a written explanation. The revised data does not result in any change in the net profit after deducting non-recurring gains and losses for each year of the company's reporting period. The company's customers are stable and mainly for card-making listed companies, large-scale enterprises or government document-making units. Therefore, there are objectively some cases where the actual payment of the contract is later than the contractual payment node, and the future has sustainable profitability. The two editions of the prospectus have no net cash flow from operating activities in 2015. The prospectus issued by Huaxin New Materials in 2017 and the prospectus issued in 2016 first differed in the net cash flow generated from operating activities. The prospectus issued by Huaxin New Materials in 2017 shows that the net cash flow generated by the company from 2013 to 2016 was 24,262,600 yuan, 24,459,300 yuan, 4,897,900 yuan, and 5,469,900 yuan. Among them, other cash related to business activities were received, which were 1,310,500 yuan, 7,875,200 yuan, 1,057,900 yuan, and 3,180,300 yuan. In the prospectus issued in 2016, the net cash flow from operating activities in 2015 was RMB 44.409 million, and other cash related to operating activities was RMB 2,145,900. The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2017 prospectus cash flow situation The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2016 prospectus cash flow situation The two editions of the prospectus 2015 net profit data can not match The two editions of the prospectus issued by Huaxin New Materials also differ in terms of net profit. According to the prospectus published in 2017, from 2013 to 2016, the net profit attributable to the owner of Huaxin New Materials was RMB 31,714,400, RMB 31,678,600, RMB 4,227,800 and RMB 4,219,180, respectively. In the prospectus issued in 2016, Huaxin New Materials' net profit attributable to owners of the parent company in 2015 was RMB 42.036 million. The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2017 prospectus consolidated income statement The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2016 prospectus consolidated income statement The two editions of the prospectus are not worthy of the 2015 asset and liability data. The two editions of the prospectus issued by Huaxin New Materials have different assets and liabilities in 2015. According to the prospectus published in 2017, from 2013 to 2016, Huaxin's new materials assets totaled 231,752,300 yuan, 277,754,600 yuan, 321,217,500 yuan, and 371,074,200 yuan; during the reporting period, the company's liabilities totaled 65,918,900 yuan and 7,931,400,000 yuan. Yuan, 80,706,700 yuan, 10,853,170 yuan. In the prospectus issued in 2016, Huaxin New Materials' total assets in 2015 were RMB 32,105,300 and liabilities totaled RMB 80,706,700. The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2017 prospectus consolidated balance sheet The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. 2016 prospectus consolidated balance sheet 2016 overdue accounts receivable exceeds net profit Huaxin New Materials has a situation in which overdue receivables exceed net profit. According to the prospectus, the book balances of accounts receivable of Huaxin New Materials from 2013 to 2016 were RMB 64,459,500, RMB 84,440,400, RMB 87,100,800 and RMB 97,131,900 respectively. In 2016, the balance of accounts receivable of Huaxin New Materials exceeding the credit period was RMB 42,459,600. It is worth noting that the net profit of Huaxin New Materials was RMB 42.91 million, and the overdue receivables exceeded the net profit. The financial data of Huaxin New Materials is not up to the overdue accounts receivable, which is higher than the net profit. In this regard, the company stated that the customer is stable and mainly for card-making listed companies, large-scale enterprises or government document-making units, so there is objectively some cases where the actual payment of the contract is later than the agreed payment node. In 2016, the amount and proportion of accounts receivable exceeding the credit period have no relationship with the net profit of the current year. The customers who have exceeded the credit period receivables are in good condition. Sustained performance growth The 4-year performance of Huaxin New Materials has gone almost in place. According to the prospectus, Huaxin New Materials' operating income from 2013 to 2016 was 216,632,200 yuan, 214,429,100 yuan, 239,538,800 yuan and 227,823,400 yuan respectively. From 2013 to 2016, Huaxin New Materials deducted non-recurring gains and losses and net profit attributable to owners of the parent company was RMB 30,985,500, RMB 30,098,100, RMB 41,961,300 and RMB 39,641,600. From 2013 to 2016, the operating income of Huaxin New Materials increased by only 5% in the four years, and the net profit after the non-deduction increased by 27.9%. Huaxin New Materials said that since its establishment, the company has mainly provided customized smart card substrates for domestic and foreign smart card manufacturers. At present, it has four leading products of PVC, PETG, ABS and PHA. After years of development, the company has become a leading company in the functional plastic diaphragm material industry in China, and its position in the industry is stable. The company has made risk warnings in the “Fourth Risk Factors” of the prospectus, but the relevant factors will not be against the company. The continued profitability of the company has a significant adverse impact and the company has continued profitability in the future.