baccaratpredict| Fuheng Xincai: The operating income in 2023 will be 580 million yuan, which will cause doubts when suppliers turn into customers

editor2024-05-26 04:59:5818Academia

News summary

Fuheng Xincai's annual report reveals a year-on-year increase in revenue by 23baccaratpredict.96% to 580 millionbaccaratpredict, net profit attributable to it increased by 26.26% to 57.6753 million yuan. However, the supplier Jiaxiang Industrial and Trade has become a major customer, and the annual transaction volume has increased sharply. The remuneration of related parties has not been fully disclosed.

Newsletter text

[Fuheng New Materials 2023 Annual Report Reveals Growth in Operating Income and Net Profit] Shenzhen Fuheng New Materials Co., Ltd., a company listed on the Beijing Stock Exchange specializing in the research and development, production and sales of modified plastics, announced its 2023 annual report on April 26, 2024. The company's operating income achieved 580 million yuan, a year-on-year increase of 23.96%; attributable net profit was 57.6753 million yuan, a year-on-year increase of 26.26%, showing a steady growth trend of the company's revenue and performance.

[The annual report reveals that major suppliers have become major customers, and the sales content is questionable] During further research on the annual report, it was discovered that Jiaxiang Industrial and Trade was once the fourth largest supplier shown in the Fuheng New Materials prospectus, but it jumped in the 2023 annual report. It has become its fourth largest customer, with sales reaching 44.5901 million yuan. This change failed to reasonably match the identity and business nature of Hejia Xingmao as a recycled plastics processor, raising questions about the rationality of its sales content.

[The remuneration disclosure of related parties is incomplete, and the remuneration of key management personnel is abnormal] In the annual report, Fuheng Xincai disclosed that the total remuneration of directors and supervisors is 2.7915 million yuan, while the remuneration of key management personnel is as high as 4.9036 million yuan. The difference between the two is as high as 75.66%. This abnormal data indicates that the annual report may not fully disclose the remuneration paid to related parties, and the remuneration of related parties, including relatives of the company's actual controllers, has attracted market attention.

baccaratpredict| Fuheng Xincai: The operating income in 2023 will be 580 million yuan, which will cause doubts when suppliers turn into customers

[Abnormal remuneration of related natural persons has triggered suspicion of related party transactions] Fuheng Xincai's annual report also disclosed related transactions with relatives of the actual controllers, namely Yao Shufang and Gu Hua, who served as employees of the company's purchasing department and managers of the property department respectively. If their total salary is equal to the difference between the salary of key management personnel and the salary of directors and supervisors, the salary of at least one person will be significantly higher than that of all directors and supervisors. This appears contradictory in terms of position roles and salary rationality, and raises questions about the transparency of related party transactions.

[The information on Fuheng Xincai's annual report attracts attention, and related party issues need to be further clarified] The information on the transformation of major suppliers into major customers in Fuheng Xincai's 2023 annual report, as well as the abnormal disclosure of related party salaries, have aroused widespread interest and attention in the market. Investors have high expectations for the completeness and accuracy of the company's information disclosure, and at the same time expect the company to provide more transparency and explanation for possible related party transaction issues.

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