Beijing of Dong Shuguang of our newspaper reporter reports

Recently, wuhan acute division is fiber-optic laser technology Inc. (the following abbreviation ” acute division laser ” ) IPO is met successfully too, nevertheless, card inspect can send careful appoint with respect to its equity is made over add up to compasses sex, advocate battalionProductWool interest rate is fluctuant the problem such as competition of big, a person of same business puts forward to ask ask.

According to exposure of book of raise capital by floating shares of acute division laser, this company drafts open hair not to exceed 32 million common A all right, after issueing, total capital stock does not exceed 128 million, collectCapitalAbout 1.119 billion yuan, InvestmentAt high-power fiber-optic laser development and industrialization project are mixed in industrialization of laser of high power semiconductor and research and development and project of applied engineering center.

” China runs a newspaper ” the reporter understands, reporting period (2015 ～ 2017) inside, acute division laser is relevantFinancialExistence of the relation that draw check is unusual, its correlation trades to increase substantially. To this, public figure of department of negotiable securities of acute division laser answers case to express to our newspaper reporter, because the company is in ” become silent period ” , inconvenience of of short duration is accepted interview.

Does battalion close to flow not to match with cash?

Public data shows, acute division laser is the research and development that a major pursues fiber-optic laser and its key parts of an apparatus and material, ProductionAndSaleemphasis of national torch plan is new and high technical company.

～ reported 2017 2015 period inside, pulse of acute division laser reachs successive and fiber-optic laserProductSaleIncome is occupied advocate scale of business Wu income is respectively 87.75% , 95.03% with 94.00% , occupy each years than all be in 87% above, it is its most main income source. In the meantime, advocate business Wu income basically comes from at homeThe market, occupy each years than all be in 91% above.

2015 ～ 2017, business income of implementation of acute division laser is 313 million yuan respectively, 523 million yuan mix 952 million yuan, net profit is 24 million yuan respectively, 88 million yuan mix 280 million yuan, the net gain of partner of vest in parent company is 25 million yuan respectively, 89 million yuan mix 277 million yuan.

Although growth of outstanding achievement of acute division laser is swift and violent, but reporter discovery, its are relevant inside report periodFinancialExistence of the relation that draw check is unusual.

Below normal circumstance, the business income of the enterprise should include two shares, namely cash income and receivable money share. After the product work off of the enterprise, one part payment for goods will call in with the form of cash, be mirrorred in cash flow meter ” the sale commodity, ready money that provides a service to receive ” in, another part can form the commercial creditor’s rights such as receivable Zhang money and receivable bill, it is certain to be pressedCreditPolicy calls in in succession. Accordingly, company business income and cash flow into the Gou Ji with amount and constant presence of receivable money share to concern.

2017, acute division laser realizes business income to be 952 million yuan, considering its the product is sold in home should tax income sells a duty by the tax rate computation of 17% , measure cipher out from this, acute division laser contained specified amount of tax business income to be 1.114 billion yuan about 2017. And the sale commodity that mirrors its cash to flow into a circumstance, cash scope that offers a service to receive is 730 million yuan only, receive money to add 42 million yuan newly beforehand among them.

Can see from this, acute division laser should increase receivable Zhang fund newly 2017 or receivable bill amount is 426 million yuan. Nevertheless the reporter discovers, in those days money of this company receivable Zhang period end relatively period first add amount dimensions newly to be 8 million yuan about, add receivable bill newly to be 112 million yuan, two aggregate add amount newly to make an appointment with 120 million yuan, relatively afore-mentioned 426 million yuan theoretical values, this company is current the business income that still has 306 million yuan does not have the means regurgitate enterprise with cash already, also did not form corresponding commercial creditor’s rights.

The reporter is calculated learn, same question also appeared 2016, in those days the business income that this company has 166 million yuan about is reflected without cash already, also do not have corresponding creditor’s rights, and cannot match with cash flow.

Book of raise capital by floating shares did not make detailed exposure to afore-mentioned problems. The reporter contacts respect of acute division laser to ask ask with respect to afore-mentioned problems, but up to distribute news dispatches to did not win a response.

Cash pours out of rationality impeach

Outside closing to sort the problem that does not match with cash except afore-mentioned battalion, behave itsPurchaseThe financial concern drawing check that the cash of business pours out of a respect also exists unusual.

ManageActivityAverage performance is the main item that cash pours out of ” buy the commodity, cash reserve in a bank that accepts a service to pay ” , its project scope basically depends on the enterprise does businessCostdimensions, PurchasePay actually what purchase policy and company dimensions, accordingly the state.

According to exposure of book of raise capital by floating shares, acute division laser is fiber-optic laser is main by optical material, electricity material, MechanicalWait for a part to form. Inside report period, the raw material that this company purchases basically is active source of riverside of passive and fiber-optic, fiber-optic parts of an apparatus, pump, acousto-optic crystal, smooth isolator, power source, electron yuan parts of an apparatus, housing.

Acute division laser is stated in book of raise capital by floating shares, inside report period, as a result of the ceaseless promotion of company operation, purchase of company raw material shows ascendant trend of year after year. Successive series product takes because the company is medium high power than rising ceaselessly, company wait to the electricity material such as power source and housingMechanicalThe demand promotion of material is faster.

The reporter notices, inside report period, this company goods in stock is main by raw material, in goods of product, inventory, give out commodity to form. 2015 ～ 2017 end, company goods in stock with raw material, give priority to in product and inventory goods, aggregate occupy score to be 85.16% , 88.76% reach 86.50% .

Accountant points out, judge an enterprise to manageActivityCash is poured out of reasonable, in can be being expressed through profit ” do businessCost” , a purpose period such as the relevant business debt in the balance sheet, goods in stock and imprest money first, the metabolic circumstance of period end remaining sum gives judgement and analysis.

2017, acute division laser manages an activity to pour out of a respect, in cash flow meter ” buy the commodity, cash reserve in a bank that accepts a service to pay ” in be being expressed with profit ” operating costs ” , in the balance sheet ” commercial debt ” (deal with Zhang paragraph and handle bill) , ” goods in stock ” reach ” imprest money ” wait for course.

Consider impact of value added tax, reporter business accounting discovers, current 2017 the company contains duty to purchase the balance that amount parts to have 343 million yuan about with cash shedding and commercial debt. The case 2016 is similar, in those days the company contains duty to purchase the balance that amount parts to have 177 million yuan about with cash shedding and commercial debt.

Put many correlation to trade

Outside removing afore-mentioned issues, the reporter consults discovery of book of raise capital by floating shares, laser of division of the acute inside report period still is put in many correlation to trade.

Book of raise capital by floating shares shows, ～ reported 2017 2015 period inside, acute division laser is regular correlation trades trade amount is sixty million five hundred and thirty-one thousand eight hundred yuan respectively, thirty-six million and sixty-two thousand one hundred yuan, ninety-four million nine hundred and six thousand seven hundred yuan, aggregate 192 million yuan; Contingency correlation trades trade amount is thirty-five million two hundred and six thousand yuan respectively, two million five hundred and ninety thousand eight hundred yuan, fifty-nine million seven hundred and forty-five thousand yuan, aggregate about 98 million yuan. 3 years its correlation trades recently amount occupies battalion to accept scale for 16.22% .

Can see, acute division laser is regular 2016 correlation trades trade amount relatively decreased 2015, but its are regular 2017 correlation trades trade amount however relatively grew 163.18% 2016. Its contingency correlation traded 2016 trade amount is same relatively decreased considerably 2015, but its contingency correlation traded 2017 trade amount however relatively grew 2206.04% 2016.

So, why is acute division laser put in many correlation to trade, and 2017 is amplitude bigger? Whether is company independent business ability put in the problem? Distribute news dispatches up to the reporter, respect of acute division laser did not make a response to this.

Correlation trades purchase a respect, acute division laser square to correlation regular purchase, basically be Xiang Su limited company of technology of photoelectricity of bey brilliance core and academy of Hubei space technology are metricTestTechnical institute purchases raw material.

～ reported 2017 2015 period inside, acute division laser just basically purchases the raw material such as source of riverside of power source board, control plate, chip, pump to correlation, just purchase raw material amount to be three million three hundred and eighty-one thousand five hundred yuan respectively to correlation, two million nine hundred and sixty-eight thousand seven hundred yuan mix forteen million one hundred and eighty thousand two hundred yuan, the proportion that holds operating costs is respectively 1.40% , 0.88% with 2.79% .

In addition, acute division laser returns existence to trust situation of associated square service, entrust Hubei to treatment of limited company of control of red peak of 3 rivers spaceflight serves and entrust academy of Hubei space technology overall design placeThe technology serves.

Just sell a field to correlation, acute division laser and its accuse share company to basically be sold to associated square client fiber-optic laser and offer a technology to develop.

～ reported 2017 2015 period inside, acute division laser just sells commodity and the amount that provide a service to be fifty-three million one hundred and eighty-six thousand six hundred yuan respectively to correlation, twenty-nine million one hundred and eighty-seven thousand six hundred yuan mix seventy-eight million four hundred and eighty-nine thousand nine hundred yuan, the proportion that takes business income is respectively 16.99% , 5.58% with 8.25% .

The reporter notices, acute division laser is put in many correlation to trade, also caused the attention that card inspect meets. In ” acute division laser does poineering work board issue a stock publicly to file file feedback opinion first ” in, hair careful appoint to its correlation trades wait for a problem to also put forward to ask ask the opinion.

Respect of acute division laser expresses in book of raise capital by floating shares, inside report period, the corporation is regular correlation trades to basically be just be purchased to correlation and sell goods, entrust treatment, offer a technology to develop a service, rentProductionWorkshop, abiogenesis sex correlation trades to basically be purchased for project, goods and materials is purchased / accept a service to wait, the price trades related all according toThe marketChange a principle to decide, accord with evenhanded price principle, did not produce adverse effect to firm financial standing.

Nevertheless, the personage inside course of study expresses, current and a lot of appear on the market the company is worn with the existence between associated Fang Zhi purchase and sale, CapitalCome-and-go, assure guaranty, InvestmentWait for the associated item of many sided. Correlation trades to had become an influence to appear on the market a of firm financial standing and operation result very main factor. In the meantime, this personage points out, what correlation trades to often be damaged is medium the interest of small shareholder, to appearing on the market this also is the company ” Shuang Renjian ” .