May 17, * ST Aonong (SH603363, share price 4Crashbettinggame.18 yuan, with a market capitalization of 3.638 billion yuan, the original securities referred to as ao Nong Bio (603363) received the "Information Disclosure Supervision Inquiry letter of the 2023 Annual report" from the Shanghai Stock Exchange.
A reporter from the Daily Business News noticed that * ST Aonong has an asset-liability ratio of more than 100% and has become insolvent. At the same time, Rongcheng Accounting firm issued an unqualified opinion to * ST Aonong with emphasis on sustainable business capacity.
Rongcheng accounting firm said that last year, * ST Aonong net loss of about 3.77 billion yuan, Zhangzhou City Intermediate people's Court ruled on the company to start pre-restructuring and other matters, resulting in major doubts about the company's sustainable operating ability, and there is significant uncertainty about the company's sustainable operating ability.
The performance of trade business is poor.
Last year, * ST Aonong's pig farming business achieved an income of 5.318 billion yuan, accounting for nearly 30% of the company's total revenue, with a gross profit margin of-27.17%, a decrease of 32.4% over the previous year.
According to the inquiry letter of Shanghai Stock Exchange, since the second half of 2023, * ST Aonong pigs have a low body weight and take the initiative to shut down some inefficient pig farms, resulting in a big drop in gross profit margin in this period. At the same time, * ST Aonong inventory ended with a book balance of 1.328 billion yuan, down 59.62% from the same period last year, mainly due to low pig prices and active closure of some pig farms, resulting in a decline in pig stock.
In this regard, the SSE requested * ST Aonong to provide additional information on the basic information of the major pig farms closed during the reporting period, including, but not limited to, the name, region, closure time, number of original stocks, disposal of related inventory, external sales, and corresponding accounting treatment.
In addition, the Shanghai Stock Exchange also requires the company to quantitatively analyze the reasons why the gross profit margin of pig farming business has fallen sharply to-27.17%, taking into account the quarterly sales unit price, volume, average weight and early listing of breeding pigs, piglets and fattening pigs, excluding the factor of early listing to analyze whether the change of gross profit margin deviates from the trend of the same industry.
2023 * ST Aonong's trading business also performed poorly. According to the annual report, the company's raw material trade business achieved an income of 597 million yuan in 2023, with a gross profit margin of-10.80%, a decrease of 10.18% over the previous year, while the food business realized an income of 2.808 billion yuan and a gross profit margin of-4.91%, a decrease of 8.61% over the previous year. The change in gross profit margin is mainly due to the increase in the proportion of live pig trade in the food sector, which drags down the gross profit margin.
The Shanghai Stock Exchange requires * ST Aonong to disclose the specific business model of raw material trade and pig trade, the names of the top five customers and suppliers and their relationship, corresponding to the product, transaction amount and proportion, whether it involves funds and business dealings with the controlling shareholder and its related parties, etc.
Asked about the ability to continue to operate
"the company plans to shut down some inefficient pig farms in the pig industry, and in the pig farms, the company will raise funds through common interest bonds to ensure its normal operating capital needs, and some of the pig farms will not be reraised temporarily, and will be restored in an orderly manner according to the business plan after the reorganization is completed." * ST Aonong said in his annual report.
By the end of last year, * ST Aonong currency fund balance was 208 million yuan, down 71.12% from the same period last year; short-term borrowing balance was 3.835 billion yuan, and notes payable and accounts payable balance was 3.557 billion yuan.CrashbettinggameHe has a balance of 1.473 billion yuan payable and a balance of 1.872 billion yuan in non-current liabilities due within one year. At the end of the period, the current ratio is 0.25, the asset-liability ratio is more than 100%, and there has been insolvency.
The SSE mentioned that the audit report showed that there was significant uncertainty about the sustainability of ST Aonong. At present, * ST Aonong has started pre-restructuring related work.
In response, the SSE requires the company to "disclose additional funding arrangements and debt repayment arrangements at the present stage in the light of working capital requirements, debt maturity structure, etc., as well as the specific measures that have been taken or proposed to be taken to ensure the stability of production and operation and maintain the listing status".
At the same time, * ST Aonong's temporarily idle fixed assets and their impairment increased significantly at the end of the period, mainly including idle houses, buildings and production equipment in various regions; at the same time, the impairment of projects under construction is the impairment caused by planned disposal.
In this regard, the Shanghai Stock Exchange requires * ST Aonong to list the book amount and impairment of temporarily idle fixed assets according to the class of fixed assets, and to explain the time when the relevant fixed assets are idle and future disposal arrangements in combination with business arrangements. Additional disclosure of the pre-construction arrangements and disposal plans of the major projects under construction, whether there is continued investment in the proposed projects under construction during the reporting period, and whether the relevant construction funds eventually flow to the related parties.
In addition, the Shanghai Stock Exchange also requires * ST Aonong to disclose whether the main defaulting parties of accounts receivable and other receivables include related parties and the corresponding transaction background, as well as the reasons for the long-term retention of accounts receivable with an age of more than three years.
The company needs to disclose in addition the transaction background of receiving and paying "other cash related to operating activities" and the reasons for the substantial increase over the same period last year, and whether it involves the flow of funds to related parties, indicate whether the disclosure of the reasons for the changes in cash flow of operating activities in the annual report is accurate.