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China Toner Cloner Hubei Dinglong/Mito Reports Revenue Decrease of $ 2,4Mln, Gross Profit Down $14.2Mln.
Stock code: 300054 stock abbreviation: dinglong stock announcement number: 2020-007 Hubei Dinglong Holdings Co., Ltd.Announcement on response to Shenzhen Stock Exchange’s attention letter.
(Translated News)
The company and all members of the board of directors guarantee that the content of the information disclosed is true, accurate and complete. There are no false records, misleading statements or material omissions.
Hubei dinglong Holding Co., Ltd. (hereinafter referred to as the “company”) was established in January 2020
15 received the Shenzhen Stock Exchange gem company management sent ” on the Hubei Ding
Long Holdings Co., Ltd. attention letter ” (gem attention letter [2020] No. 47) (to
“Attention letter”), expressed concern about the company’s performance fell sharply, and asked the company to
Related matters. In accordance with the requirements of the letter of concern, the board of Directors of the company carried out the relevant issues
The content of the reply will be announced as follows：
1.Your company disclosed in the announcement, after preliminary estimates, in 2019, goodwill, accounts receivable、
Total impairment of inventories and fixed assets amounted to approximately $ 198 million.
(1) please explain the information such as goodwill, accounts receivable, inventories and fixed assets in 2019
The specific amount, the calculation process, the provision of the basis, the provision of large assets
The reasonableness of the value, whether it meets the relevant requirements of the accounting standards；
(2) the time when the above assets are showing signs of impairment, and the relevant comparable
City company, your company’s acquisition of the target business, performance commitment period commitment profit to achieve the situation
If there is a case that the impairment provision is not timely, the previous annual impairment provision
And whether there is a surplus through the provision of large impairment allowances
Management of the situation.
Please have your comments.
The response is as follows：
In response to the above question (1), the reply is as follows：
(1) the company’s expected goodwill impairment as at 31 December 2019 is as follows：
Unit: million
The carrying value of the name of the investee or the matter forming the goodwill
Impairment allowances (without
Audit）
Book value (without
Audit）
Zhuhai mingtu Technology Co., Ltd. 19,433. 74 6,845. 61 12,588. 13
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合 计 51,897.12 14,849.62 37,047.50 total 51,897. 12 14,849. 62 37,047. 50
In the development of the toner cartridge industry, the market competition of the entire toner cartridge will become more intense in 2019.
The end of the competition, the market price drops, the company is expected to 2020 toner industry is still in the market
In the integration stage, the competitive situation still exists, some products will still have the sales price
The company is also actively adjusting its strategic objectives and strategies, focusing on market share
Uh.
In Shenzhen chaojun and Zhuhai famous picture management level, by the drum industry competition integration
In 2019, revenue and profits fell seriously.2019 Shenzhen chaojun operating income and net profit
Run preliminary estimates compared to the same period last year, respectively, down 31.46%, 52.34%, Zhuhai map camp
Compared with the same period of last year, the preliminary estimates of Industrial Income and net profit decreased by 22.65% and 49.34% respectively.
Companies considering the short term of the industry is still in the integration of the reshuffle stage, the two companies have a greater impact on the performance
And short-term performance is not fully recoverable.
Although the company has a certain impact on the short-term performance, but in the long run increased competition
Will be conducive to promoting industry resources to focus on quality enterprises, will further consolidate the company in the toner production.We are the leader in this field. The company will continue to increase the finished toner cartridge, including the product line of market control
Speed up the use of tooling, automation equipment; put the elite strength to develop key high We have formed strategic alliances with more customers and suppliers to respond to the changes in the toner industry. In accordance with the accounting standards of the enterprise and the accounting policies of the company, the management of the company is responsible
A preliminary test was conducted on the impairment of goodwill in the asset group.And as expected not
To determine the present value of the future cash flow of the asset group, the goodwill impairment test was carried out，
The details are as follows：
The company uses the present value of future cash flows to calculate the recoverable price of the corresponding asset group
Based on the company’s expected future operating data, the calculation of the value of the goodwill in the asset group can be based on the company’s expected future operating data.
Recoup the value.Projected future cash flows based on cash flows approved by management for the next 5 years
Based on the amount of prediction.Management based on historical actual operating data, industry trends, expectations
Income growth, gross margin and other indicators to prepare a forecast for the next five years before tax cash flow.The company is …
Forecast for the next five years, based on actual operating income and industry competition consolidation in 2019
Status quo and competition in the industry after the completion of integration and dinglong shares in the drum industry advantages, reasonable, review
Prudently conduct earnings forecasts.
The company selects a reasonable discount rate for the net cash of the asset group associated with goodwill for the future year
The basis for determining the recoverable amount and its carrying value
Should be consistent, based on the book value of the asset group containing the goodwill and the recoverable amount of the asset group
A comparison was made to confirm whether there was an impairment in the asset group’s goodwill.
According to the above test method, the company’s management on the main asset group goodwill impairment specific measurement
The test procedure is as follows：
Unit: million
Asset group
Full goodwill account
Surface value ①
Asset group accounts
面 surface
Value ②
With the whole of goodwill.
Asset Group value= =
① + ②
Asset group expects future current
Current value of gold flow (available
Amount) ④
Impairment loss on goodwill
Loss of 5=3-4
Zhuhai mingtu Technology Co., Ltd
The company
19,433.74 25,402.59 44,836.33 37,990.72 6,845.61
Shenzhen chaojun Technology Co., Ltd
The company 32,463.38 7,516.63 39,980.01 31,976.00 8,004.01
Combined 51,897.12 32,919.22 84,816.34 69,966.72 14,849.62
(2) as at December 31, 2019, the impairment of company receivables is summarized as follows：
Unit: million
Item book original value impairment allowance book value current provision impairment allowance
Receivables 54,009.14 6,230.76 47,778.38 3,217.65
According to the accounting standards of the enterprise and the accounting policies of the company, if there is objective evidence
If it indicates that a receivable has been credit-impaired, the Company shall calculate the receivable amount
Prepare bad debts and confirm ECLs.
The company at the end of the year corresponding to the accounts receivable customers one by one analysis, accounts receivable provision of credit losses
A total of 3,217. 65 million yuan, of which there are more than 20 customers through the company’s business units and customers
Reconciliation, repeated collection after the discovery of poor business conditions, poor return, the company on the part of
Customer accounts receivable for single provision of bad debts to about $ 34.6 million.The company will strengthen the correspondence
We will take some legal means to protect the company’s rights and interests.
(2)as of December 31, 2019, the company’s inventory decline is summarized as follows:：
Unit: million
Item book original value impairment allowance book value
Stock 27,602. 77 531.29 27,071. 48
In accordance with the accounting standards of the enterprise and the accounting policies of the company, the annual accounting of the company
Inventory balances and net realisable value at the end of the period.
Determine whether there is a decline in inventory matters, and according to the test results are calculated separately Reserve.
The company analyzes the inventory by Category, raw materials, semi-finished products in accordance with the type of production
Estimated selling price of the finished product minus estimated cost to be incurred at the time of completion, estimated selling cost
And the amount after the relevant taxes to determine the net realizable.Finished product categories by estimated selling price minus
The amount after the estimated sales costs and associated taxes determine the net realizable value.After the calculation，
The company expects to set aside $ 5.31 million for inventories to fall.
(3)as of December 31, 2019, the company’s fixed assets impairment allowances are summarized as follows：
Unit: million
Item book balance impairment allowance book value
Fixed assets 44,918. 83 992.56 43,926. 27
Company due to environmental factors, the company decided to stop the CCA project in Wuhan headquarters
Factory production, the relevant production equipment company to take a number of disposal measures, the company has not yet been
It is estimated that RMB 992.56 million will be required for the provision of depreciation allowances for obsolete production equipment and some obsolete equipment.
In summary, the company intends to the above-mentioned assets impairment is reasonable, in line with the accounting standards
The relevant provisions of the rules.
In response to the above question (2), the reply is as follows：
(1) accounts receivable, inventory, fixed assets impairment signs of time, whether there is provision
Not timely, the rationality and adequacy of the previous annual accrual, whether there is a large amount of accrued
Management.
For example, in response to question (1), the indicator of impairment of accounts receivable is business in 2019
The department and the customer reconciliation, several times after the collection found that there are more than 20 customers operating situation is not
The inventory was found to be showing signs of impairment during the 2019 analysis test；
Evidence of impairment of fixed assets is due to the discontinuation of the CCA project at Wuhan headquarters in 2019.
All of the above items are signs of impairment occur in 2019, there is no impairment provision does not
In a timely manner, the company is in accordance with the relevant provisions of the “corporate accounting standards”, and combined with the actual situation
There is no case that the previous annual accrued impairment is not sufficient，
There is also no significant provision for surplus management.
(2) evidence of goodwill impairment time, whether there is not timely mention of the situation, the previous year
The reasonableness and sufficiency of the accruals, and whether there is a large amount of accruals for management
As for the reply to question (1), the evidence of impairment of goodwill is due to the toner cartridge
Zhuhai mingtu, Shenzhen chaojun business in 2019
There has been a sharp decline in performance, with signs of impairment in 2019.
In 2018, although the toner cartridge industry has begun to integrate competition, but the company’s judgment although short-term
However, as the only company in China to master the key technical advantages of the upstream core of the toner cartridge
And supply advantages (color polymerization toner, toner chips, developing roller, plastic parts) from the enterprise,
In the long run, increased competition will be conducive to the promotion of industry resources to focus on quality enterprises, will further
Solid company’s leading position in the toner industry.At the same time, the company set up dinglong printing consumption in Zhuhai city
In addition, the business operation management terminal will be sunk, and the production of the finished toner cartridge will be further increased
The market control of the product line, speed up the use of tooling, automation equipment.Into the elite
With more customers and suppliers to form a strategic alliance to deal with Selenium
Drum industry changes.
At the same time, combined with Zhuhai famous picture and Shenzhen chaojun performance commitment to achieve the situation, in 2018
The company conducted an impairment test on the goodwill formed by the acquisition of Zhuhai mingtu and Shenzhen chaojun, which did not occur
Impairment, as follows：
珠海 Zhuhai famous map
Unit: million
Project 2013 year 2014 year 2015 year 2016 year
Performance commitment profit 3,840.00 4,800.00 6,000.00 6,660.00
The actual completion of the profit 3,921.00 6,155.49 7,597.00 7,153.03
累计 累计 完成 完成 比例 102.11% 116.63% 120.72% 116.56 cumulative completion ratio 102.11% 116.63% 120.72% 116.56%
The parties to the transaction promised that Zhuhai famous picture in 2013-2016 years to achieve the deduction of each fiscal year
Unless the net profit attributable to the parent company after the regular profit is not less than 38.4 million yuan respectively、
$ 48 million, $ 60 million and $ 66.6 million.As of December 31, 2019, beads
Name charts have completed performance during the commitment period.Business income and net profit in the past three years
As follows：
Unit: million
Project 2017 year 2018 year
Year 2019 (without trial
计 count）
Operating income 58,809. 10 48,169. 53 37,260. 73
Net profit 2,697. 64 5,306. 09 2,687. 96
Zhuhai mingmap 2018 operating income fell slightly compared to the same period last year, but the net profit compared to the same period last year
Significant growth, the company forecast in 2019 Zhuhai map can still maintain a certain margin of profit
The company tested it for impairment at the end of 2018, according to the market environment at that time，
The test results are as follows：
Unit: million
Asset group
Full goodwill account
Surface value ①
Asset group accounts
面 surface
Value ②
With the whole of goodwill.
Asset Group value= =
① + ②
Asset group expects future current
Current value of gold flow (available
Amount) ④
Impairment loss on goodwill
Loss of 5=3-4
Zhuhai mingtu Technology Co., Ltd
The company 19,433.74 30,581.27 50,015.01 50,589.00 0
No evidence of goodwill impairment was found after testing.
深圳 Shenzhen chaojun
Unit: million
Project 2016 year 2017 Year 2018 year
2019 year (without
Audit）
Operating income 39,256.25 45,248.79 33,609.20 23,035.10
Performance commitment profit 4,500.00 5,250.00 6,200.00 7,000.00
The actual completion of the profit 5,557.10 5,104.90 4,254.75 2,027.75
The total completion ratio is 123.49% 109.35% 93.52% 73.83%
Shenzhen chaojun promised to achieve deduction in each fiscal year from 2016 to 2019
Unless the net profit attributable to the parent company after the regular profit is not less than 45 million yuan, respectively、
$ 5,250 million, $ 6,200 million and $ 70 million.
As of the end of 2018, Shenzhen chaojun accumulated actual profits of 14,916. 75 million
The cumulative performance commitment rate was 93.52%.2019 for Shenzhen chaojun performance on gambling
Last year, the company expects 2019. although the competitive factors in the consumables market have not yet disappeared, the company
The company actively adjusted its sales strategy and expanded its sales volume to smooth the profit brought by the decrease in sales price
In order to achieve performance commitments.At the same time, the company in the end of 2018 to Shenzhen chaojun
Conduct an impairment test, the test results are as follows：
Unit: million
Asset group
Full goodwill account
Surface value ①
Asset group accounts
面 surface
Value ②
With the whole of goodwill.
Asset Group value= =
① + ②
Asset group expects future current
Current value of gold flow (available
Amount) ④
Impairment loss on goodwill
Loss of 5=3-4
Shenzhen chaojun Technology Co., Ltd
The company 32,463.38 14,464.89 46,948.27 48,500.00 0.00
No evidence of goodwill impairment was found after testing.
From the specific business situation in 2019, the income of Shenzhen chaojun and Zhuhai mingtu in the first quarter
And profits, a slight decline, but from the beginning of the second quarter, due to market competition, the market
Prices fell sharply, and Shenzhen chaojun and Zhuhai’s income compared to the same period last year fell, but
Is the operating income, profit a slight increase in the first quarter.However, this downward trend in the three
The quarter has not improved and continued into the fourth quarter, by the end of the year the two companies are not up to 2019
At the beginning of the year.We expect to remain in the consumables and finished products market by 2020
The competitive situation still exists, the sales price of some products is still down
The company is also actively adjusting its strategic objectives and strategies, focusing on market share, because
This expected short-term profit increase is limited, and the goodwill impairment test is re-conducted in 2019, according to
Preliminary test results, part of the goodwill impairment provision.
Summary, the company said goodwill impairment prior to the annual provision is reasonable and adequate, there is no provision
In the absence of timely management, there is no situation in which a large amount is provided for surplus management.
The above data is not audited, the final amount of the provision for impairment will be employed by the company.
And audit institutions to carry out the assessment and audit to determine.
- Your company disclosed in the announcement, in the period of May to August 2019, the company’s work
In addition to increasing the investment and expenditure on Environmental Protection facilities, it also affects the color
Production and sales of toner and other products, and cause downtime losses. Please state the relevant environmental protection rectification
Environmental Protection facilities investment amount, loss of downtime, the specific impact on the sales of color toner and other products
The period in which performance in the reporting period is affected.
The response is as follows：
The company’s headquarters plant ceased production from May 24, 2019 to August 9, 2019.
(See the company issued the number: 2019-052, 065, 072 announcement).
$ 10.71 million in new investment and expenditure on Environmental Protection facilities during the process, resulting in a loss of 26.96 million
(Including the above question in the reply CCA products due to production and according to the “accounting standards” and other relevant
Of fixed assets).The factory is more accurate after the completion of the rectification
The company is committed to protecting the wastewater discharge standards and enhance the limit processing capacity, to ensure the maximum production capacity of related products
At the same time, the company will continue to carry out the idea of ecological civilization of Xi Jinping
And Xi Jinping general secretary to inspect Hubei important speech spirit, the enterprise environmental governance management in the enterprise
We will take more initiative to undertake corporate social responsibility and strictly implement the National
Environmental regulations.
Impact on performance
(1) taking into account the resource utilization of the headquarters plant, the company decided to stop the CCA project in Wu
The production of the Han headquarters plant, the development of resources, land Space Resources released after the project discontinued
And environmental resources priority will be used to meet color powder toner development of new products and the amount of energy increase, better full
Foot core screen off key materials CMP and PI project industrialization and market requirements (see the number for
CCA products in the second half of the year (July-December) compared with the same period last year
Revenue decreased by $ 2,447 million and gross profit decreased by $ 14.29 million.
(2) some models of products, such as color toner, are affected by the discontinuation of production at the headquarters plant
Shortage of stock, and affect the second half of the product market supply and sales, leading to 2019
Second half (July-December) color toner and other products (including CCA products) total sales
Year-on-year decrease of 26%, total operating income decreased by 5,036 million yuan, the total impact of gross margin
Less 3,967 million.
The above data is not audited, the final data is determined after the audit.
- Your company disclosed in the announcement, in 2019 continue to increase the CMP polishing pad, PI
R & D costs of new projects such as Pulp. Please indicate the amount of R & D expenditure for the above projects in 2019.
Compared with the same period last year.
The response is as follows：
As a new material company driven by technological innovation, the company attaches great importance to research and development
In particular, the company focused on the layout of the semiconductor integrated circuit materials (CM
P polishing pad) and AMOLED flexible display material (PI slurry) R & D expenditure, 2019
R & D investment of 15,104 million yuan, accounting for 12.87% of operating income, compared with the previous year
The same period grew by 1.2%.The company CMP polishing pad project R & D investment of 2,889 million yuan, PI
R & D investment in the slurry project amounted to NT $ 10.15 million,an increase of 14.79% over the same period last year.
With continued R & D investment and the country to increase the”core“”screen ” industry funds, policies
In addition, the company will provide support and guidance to customers and the company will develop hard at the market side
Under the circumstance, the new product promotion will gradually achieve the results and enter the stable production stage, which will have a great impact on the future achievements of the company
Development play an active role.
The above data is not audited, the final data is determined after the audit.
- Your company’s disclosed Q3 2019 report shows that your company before 2019
The third quarter net profit was 17,640. 43 million yuan, down 23.18% year on year. Please explain your company Expected revenue, operating profit and year-on-year comparison for Q4 2019 Situation and reason for change.
The response is as follows：
The company is expected to achieve revenue in the fourth quarter of 2019 376.8 million yuan, compared to the same period last year
Increase of 7.9% compared to the fourth quarter, mainly to increase the scope of the Consolidated Statement of the North Sea performance report revenue，
Excluding this factor, the comparison was 24.79% lower compared to the same period last year.
Achieved operating profit of RMB 1260-27.6 million, excluding investment income, impairment allowances and other factors
The company’s operating profit fell by 20.64% -41.53% compared to the same period last year.
Operating income and operating profit fell year-on-year mainly due to：
(1) by the macro downside factors and industry changes, the company actively respond and accelerate the
At the same time, the sales price of toner cartridge products continued to decline，
Resulting in the company toner cartridge products (production and sales source for the Zhuhai map, Shenzhen chaojun) public
The company’s operating income and profit in the first three quarters and the fourth quarter were down year-on-year (see Question 1
It also takes into account the market environment, the influence of industry trends and the current business situation of the product，
In accordance with the accounting standards and relevant laws and regulations, and based on the principle of prudence, the company
Two toner production and sales company Zhuhai famous picture, Shenzhen chaojun future profitability were measured
Based on the preliminary results, the goodwill impairment of the two companies will be provided.
In the fourth quarter.
(2) the company due to environmental factors CCA product production, resulting in the company’s product structure, the city
The market changes, resulting in downtime losses, thus affecting the relevant product revenue and profits，
In accordance with the accounting standards and relevant laws and regulations, and based on the principle of prudence, the company
The corresponding assets are subject to impairment of fixed assets, which affects operating profit in the fourth quarter.
The above data is not audited, the final data is determined after the audit.
- On 27 December 2019, your company disclosed controlling shareholders Chu Shuang-Chuan, Chu shun-Chuan and
Concerted action people Qu Shui Ding long Tai Hao Enterprise Management Co., Ltd. plans to reduce the shares of your company does not
More than 2,115 million shares. Please describe your company’s actual controller, holding more than 5% shareholders、
Whether the directors, supervisors and senior management of your company’s stock is deposited or not for the past one month
In the case of insider trading, manipulation of the market.
The response is as follows：
On January 15, 2020, the company provides the actual controller, directors and supervisors to the company、
Senior management interviewed and verified, did not find the above-mentioned personnel and their immediate family members in
Trading“dinglong shares”within the last 1 month, there is no insider trading, manipulation
Market situation.
- Other matters that your company considers appropriate.
The response is as follows：
The company has no other circumstances that should be clarified.
Announcement is hereby made.
Hubei dinglong Holdings Co., Ltd.
Board of directors
January 20, 2020
http://www.cninfo.com.cn/new/disclosure/detail?plate=szse&orgId=9900010037&stockCode=300054&announcementId=1207265217&announcementTime=2020-01-19%2011:00
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