On July 11, Fudan Fuhua (SH600624, stock price 7.1 yuan, market value 4.861 billion yuan) ushered in the daily limit.After the market close, Fudan Fuhua announced that the company has received a civil complaint and other relevant legal documents, mainly involving Shanghai Quanchun Industrial Development Co., Ltd. (hereinafter referred to as "Shanghai Quanchun") and Shanghai Fuhua Venture Capital Co., Ltd. The loan contract dispute between Fuhua Venture Capital) and Fudan Fuhua.
The "Daily Economic News" reporter noticed that Fudan Fuhua has suffered consecutive losses in the past two years.In 2021, the net profit attributable to shareholders of listed companies will be a loss of 105 million yuan.
In the 2021 annual report, the company mentioned that the reasons for the changes in total profit, net profit, and net profit attributable to shareholders of the parent company compared with the same period of the previous year were mainly due to the company’s provision for asset impairment losses and the subsidiary Haimen Fuhua Real Estate in that year. The net profit of Development Co., Ltd. increased over the same period of last year due to the combined effect.
Listed company sued
The cause of the Fudan Fuhua defendant has to start with a loan.
According to Shanghai Quanchun's description, on December 30, 2013, Fuhua Venture Capital and Fudan Fuhua proposed a large loan to Shunjie Construction (Group) Co., Ltd. (hereinafter referred to as Shunjie Construction), an outsider, due to business development needs.
According to the collection account instructed by the two, Shunjie Construction remitted a loan of 18 million yuan to the account of Fuhua Venture Capital.On August 21, 2017, the two borrowed 2 million yuan from Shunjie Construction, and Shunjie Construction remitted the 2 million yuan loan to the aforementioned account of Fuhua Venture Capital.In June 2022, Shunjie Construction, an outsider, transferred the creditor's rights involved in the case to Shanghai Quanchun.
After that, Shanghai Quanchun filed a lawsuit with the court.Shanghai Quanchun requested that Fuhua Venture Capital and the listed company jointly return the loan principal of 20 million yuan, pay interest of 10.6899 million yuan and bear the litigation costs.Then, the court notified the listed company that pretrial mediation would be held on July 14.
Fudan Fuhua said that the lawsuit is still in the stage of trial, and it is impossible to accurately judge the impact on the company's profit and loss.The company is actively contacting the original management to verify the relevant situation, and will take relevant legal measures in accordance with the law to safeguard the legitimate rights and interests of the company and its shareholders, and will perform its information disclosure obligations in a timely manner according to the progress of the case.
High short-term borrowings by the company
Refers to Fudan Fuhua, which has not repaid its arrears. Judging from its operating data over the years, it is also facing certain financial pressures.
From 2013 to the end of 2021 and the end of the first quarter of 2022, Fudan Fuhua's monetary capital balances were 344 million yuan, 238 million yuan, 209 million yuan, 384 million yuan, 270 million yuan, 357 million yuan, 297 million yuan, and 307 million yuan respectively. 100 million yuan, 310 million yuan and 324 million yuan.
Although Fudan Fuhua's monetary capital balance has remained at a level of more than 200 million yuan, its debt has also remained at a relatively high level.During the above-mentioned reporting periods, the short-term loans of Fudan Fuhua were as high as 644 million yuan, 197 million yuan, 279 million yuan, 428 million yuan, 335 million yuan, 369 million yuan, 387 million yuan, 413 million yuan, 444 million yuan, 495 million yuan.
And in 2013, the year when Fudan Fuhua initially borrowed from Shunjie Construction, the short-term debt level of listed companies was significantly higher than in other years.In the 2013 annual report, for the substantial increase in short-term borrowings, Fudan Fuhua stated that it was mainly due to the corresponding increase in working capital loans to expand the scale of operations.
So, has Fudan Fuhua's operating performance improved?It doesn't seem to be.From the perspective of operating income, from 2013 to 2021, Fudan Fuhua's operating income rose from 952 million yuan to 1.041 billion yuan, but the income was very unstable, and it once fell to 671 million yuan.
From the perspective of net profit attributable to the parent, the company could still achieve a net profit of RMB 33.7122 million attributable to the parent in 2013, but only RMB 4.8592 million in 2019.
In 2020 and 2021, Fudan Fuhua's net profit attributable to its parent will directly become negative, at -59.6571 million yuan and -105 million yuan, respectively.
According to the annual report, the decline in the performance of listed companies in 2020 was caused by factors such as the delay in the sales plan of the Haimen Park supporting residential project in Fuhua Park, and the provision for asset impairment by shareholding companies.The decline in net profit attributable to the parent company of listed companies in 2021 is due to the impact of factors such as the provision for impairment of assets by participating companies.
Every reporter Cheng Ya every editor Dong Xingsheng
