The number one customer is also a shareholding company!The financial control is confused. Can Kleridi's IPO pass?

During the reporting period, Klairi's income rose steadily, but the gross profit margin of the main business decreased. The company has also experienced irregularities such as solid controller's personal card receivable company fees and issuing bonuses.

"Investment Times" researcher Li Muyang

In the field of radiotherapy positioning has become the world's second largest product manufacturer, Guangzhou Kerrydi Medical Equipment Co., Ltd. (hereinafter referred to as Kerrydi) handling the Shenzhen Stock Exchange, intending to land on the GEM.

In this IPO, Kerrydi plans to publicize the issuance of RMB ordinary shares (A shares) of no more than 21 million shares, and it is planned to raise 342 million yuan, of which 188 million yuan will be used for "radiotherapy positioning and rehabilitation product production center construction project". , 53.6209 million yuan will be used for the "R & D Center Construction Project", and the remaining 100 million yuan will be used to supplement liquidity. This issuance is a public offering of new shares, and the company's shareholders will not be arranged public offering of the shares. The sponsor and the main underwriter are Dongxing Securities Co., Ltd.

Consultation of the Claridy Prospectus, the Researcher of the Investment Times noticed that in 2019, 2020, and 2021 (hereinafter referred to Low. At the same time, the company's financial internal control is relatively chaotic, and many times the actual controller uses the personal card to collect and pay the company's expenses.

In response to the relevant situation, the researcher of the "Investment Times" asked the relevant departments of Klelei, and the company had not received the company's reply as of the press time.

There was an irregular situation in the internal control

Kerray is mainly engaged in the design, research and development, production, and sales of medical devices in the field of radiotherapy and orthopedic rehabilitation. The main products include radiotherapy positioning membrane, radiotherapy fixed rack, thermoplastic shaping pad, vacuum negative pressure bag, orthopedic compound low -temperature heating plastic material Wait.

According to the prospectus data, in each period of the reporting period, Clairadi's main business revenue was 152 million yuan, 159 million yuan and 208 million yuan, respectively, and the revenue was on a rise. Among them, the proportion of radiotherapy positioning products and orthopedic rehabilitation products accounted for 98.74%, 99.38%, and 97.90%of the company's main business income, which are the main source of revenue from the company. During the same period, the company's main business gross profit margin was 66.66%, 66.01%, and 65.51%, respectively, and lower than the average of the company's comparison company 71.39%, 72.97%and 73.35%. It can be seen that Kleadi's profitability is slightly tired.

In addition, the Corolidi prospectus was consulted. Researchers in the Investment Times found that the company's financial internal control was relatively chaotic. There have been irregularities such as solid controller's personal card receivable company expenses and issuing bonuses.

In 2019 and 2020, the amount of payment received by the actual controller Zhan Deren through personal cards was 795,200 yuan and 33,300 yuan, respectively, accounting for 0.52%and 0.02%of the current operating income, respectively. During the same period, the amount of company waste and asset disposal revenue received by the actual controller was 263,600 yuan and 2530,000 yuan, respectively, accounting for 52.44%and 35.90%of the total operating income and asset disposal income of other business income and asset disposal income, respectively. In addition, the actual controller also withdrawn of 2.299 million yuan from the company in 2019.

Not only that, the company's actual controller also has the situation of paying employees' salary and reimbursement expenses for the company through personal cards. In 2019 and 2020, the costs of the actual controller's cushions were 6.9143 million yuan and 586,800 yuan, respectively, accounting for 11.92%and 1.11%of the costs of each period. In addition, the shareholders, Feikang and Huaxinghai, existing the lease cost for the company's paid plant. In 2019 and 2020, the amount of advances was 870,900 yuan and 448,500 yuan, respectively, accounting for the proportion of the main business costs of each period, respectively. 1.72%, 0.83%.

It is worth noting that the sponsorship report shows that from March 2019 to April 2020, except for individual months, the company's actual controller Zhan Deren has a borrowing from the natural person Wang. The personal card bank account remitted to the former. The total funds of the above borrowing total were 7.2528 million yuan, which was closer to Zhan Deren's debt from Kleadi 81.51 million yuan.

In this regard, Kerlaydi said in the second round of inquiries that during this period, the actual controller had a short -term funding gap, and the actual controller had about 20 million yuan in trust loans. For a period of payment, we need to reserve certain mobile funds to avoid the risk of debt repayment, so the borrowing from his friend Wang is used for short -term capital turnover.

From early 2019 to March 2020, the main funds flow, expenditure and balance of the relevant accounts of Klairidi actual controllers (10,000 yuan)

Data source: company prospectus instructions

The largest customer is the company participating company

At present, Kleadi mainly adopts a sales model that is mainly distributed and direct sales. In this model, the company dealers have changed a lot. In 2020, the dealers added 258 newly added, withdrawn 327; in 2021, the dealer added 340 newly added, withdrawing 257.

From the data point of view, the income and gross profit amount affected by the changes in the changes of the dealers in the 2020s were 6.936 million yuan and 3.5768 million yuan, respectively, accounting for 6.13%and 4.95%of the current distribution revenue and gross profit; in 2021, the distribution, distribution, The income and gross profit of business changes were 15.387 million yuan and 11.0421 million yuan, respectively, accounting for 10.62%and 11.85%of the current distribution revenue and gross profit. In addition, during the reporting period, the top five customers were the top of the United States. The latter was jointly invested by Klelei and Larson in the United States in 2012. Among them, Klelei holds 40%of the shares. During the reporting period, the US Caledi products accounted for more than 60%of its total sales. In addition, the company's sales amount to the United States accounted for 9.66%, 8.86%, and 7.48%of the current operating income. The company's accounts receivable to the United States are also much higher than other companies. During the reporting period, it was 19.405 million yuan, 16.8516 million yuan, and 14.5436 million yuan, respectively.

In addition, Wuhan Koridi is also a dealer of Klelei, and the company's actual controller is Yili Gang, the son of Sister Zhan Deren. During the reporting period, Claidi sold the goods to the former of 2.3142 million yuan, 1.8018 million yuan, and 3.1496 million yuan, respectively, accounting for 1.52%, 1.13%, and 1.51%of the operating income during the same period.

Generally speaking, the product quality, safety, reputation, etc. of related companies also affect Kleadi. For example, Koalai has a quality problem. In February 2020, the FDA found that the vacuum negative pressure bag products sold to the United States Clarie's vacuum negative pressure bag products in the United States have defect The real vacuum, the United States Cleo was asked to rectify.

Kerray's main business is distinguished from the sales model (10,000 yuan)

Data source: company prospectus instructions

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