Meixinda China News Revealed That Net Profit In The First Half Of The Year Dropped By Nearly 97%

On the evening of August 24, Meixinda (002034. SZ) released the 2012 interim report. In the first half of 2012, Meixinda realized a total operating revenue of 585 million yuan, down 7.59% year on year; The net profit was 2.1312 million yuan, down 96.85% year on year.

Affected by this, on August 27, the stock price of Meixinda fell 4.18%.

In addition, some investors found that there was a strange phenomenon of "increasing with time" in the accounts receivable of Meixinda for more than three years in the Chinese newspaper.

Net profit decreased by 96.85% year on year

Oda textile performance plummeted

Although Meixinda said that the company's production and operation were in good condition during the reporting period, due to the impact of the international and domestic economic downturn, in the first half of 2012, Meixinda realized a total revenue of 585 million yuan, down 7.59% year on year; The operating profit was 3.9722 million yuan, down 77.87% year on year; The net profit was 2.1312 million yuan, down 96.85% year on year; Non net profit deduction was 1.3966 million yuan, down 87.55% year on year.

In this regard, Meixinda explained that the company's operating income and operating profit declined, mainly due to the domestic and international economic downturn, shrinking sales, and customers' shrinking profit margins; The total profit and net profit decreased significantly, which was mainly due to the acquisition and storage of the land use right of the subsidiary Oda Textile in the previous period and the corresponding increase in the disposal of non current assets, which did not occur in the current period.

Meixinda is a company mainly engaged in textiles and printing and dyeing products. It entered the capital market on August 26, 2004. The legal representative is Rui Yong, the chairman of the board of directors, and the actual controller is Shan Jianming.

According to the industry, in the first half of 2012, the absolute revenue of the textile industry, the main business of Meixinda, decreased by 38.0634 million yuan year-on-year, 22.25%, and the gross profit margin decreased by 7.57 percentage points; The absolute revenue of the printing and dyeing industry decreased by 20.3764 million yuan year-on-year, down 4.6%, and the gross profit margin decreased by 1.1 percentage points.

At the same time, the absolute amount of Meixinda's domestic sales revenue decreased by 19.3594 million yuan, 5.32%; The absolute amount of export sales revenue decreased by 39080400 yuan, 15.61%.

Compared with the same period last year, the gross profit of Meixinda in the current period decreased significantly. The company believes that the main reason is that Raw cotton The price of the subsidiary Oda Textile continued to decline, and the sales price of its products also declined. However, because the company had more inventory, the cost remained at a high level, resulting in a monthly decline in gross profit margin, which directly led to a lower gross profit in the textile industry than the same period last year; The printing and dyeing industry is mainly affected by the international economic downturn.

According to the operation and performance of several major subsidiaries and joint-stock companies of Meixinda, in the first half of 2012, Oda Textile lost 2.183 million yuan, while the profit in the same period last year was 123 million yuan, with a year-on-year performance drop of 101.77%.

Among other subsidiaries or joint-stock companies, Meixinda Dyeing&Printing Co., Ltd. suffered a loss of 831500 yuan, a year-on-year loss decrease of 50.31%; Meixinda gained 537000 yuan in raw material supply, up 191.35% year on year; Meixinda made a long-term profit of 305800 yuan, a year-on-year decrease of 44.69%; The profit of Ludian Jinghua was 14200 yuan, a year-on-year decrease of 92.73%; Meixinda's import and export profit was 8.8548 million yuan, up 7.81% year on year.

For the future, Meixinda expects that from January to September 2012, the net profit will change from 3 million yuan to 5 million yuan, and the net profit will change from - 93.10% to - 95.86%. However, the reason for the overall change of net profit over the same period of last year is still mainly due to the non recurring profit and loss items obtained from the acquisition and storage of the land use right of the holding subsidiary Oda Textile in the same period of last year, but it is an accidental event that did not occur in this period.

Affected by the performance, on August 27, the share price of Meixinda opened at a low of 9.45 yuan, the highest price of the day, and closed at 9.16 yuan, down 4.18%.

　　 "Strange" increase in receivables over 3 years

In addition, some investors found that there seemed to be some problems with the accounts receivable of Meixinda.

According to the 2012 midterm report, the book balance of accounts receivable with more than three years as of the end of June 2012 was 13.8394 million yuan among the accounts receivable with bad debt reserves withdrawn by Meixinda using the aging analysis method; However, at the end of 2011, the book balance of accounts receivable over three years was 5.4922 million yuan. Even assuming that all accounts receivable from two to three years in the same period occurred in the first half of 2009, the book balance of 7.195 million yuan would be transferred to more than three years, and the total book balance was only 12.6872 million yuan, with a difference of 1.1522 million yuan.

According to the 2011 interim report, the book balance of accounts receivable of Meixinda in 2-3 years was 7.4475 million yuan, and the book balance of accounts receivable over 3 years was 4.5566 million yuan. By the 2012 interim report, the total book balance of accounts receivable over 3 years should be at most 12.0041 million yuan, which is also less than the book balance of accounts receivable over 3 years in the 2012 interim report.

However, from 2011 to the first half of 2012, Meixinda did not disclose any major acquisitions, nor did it actually write off the accounts receivable in the current period, while the accounts receivable written off in 2011 was only 36700 yuan.

Then, with the passage of time, it should gradually become smaller because the debtor pays back the arrears Accounts receivable How did the amount grow?

On August 27, the reporter called Liu Zhaohe, Secretary of the Board of Meixinda, but he did not answer the phone.