Dou Shen Education’s pre-received loss of more than 600 million yuan may be issued a delisting risk warning

Article produced by Radar Finance Hongtu | Edited by Wu Yanrui | Deep Sea

Recently, DouShen Education released the 2022 annual performance forecast. The company expects that the net profit attributable to shareholders of listed companies in 2022 will be -610 million yuan to -730 million yuan, which will expand again compared with the -592 million yuan loss in the same period last year.

The company’s operating income was 970 million yuan to 1.15 billion yuan, compared with 1.122 billion yuan in the same period last year.

Beanshen Education stated that there is no major difference between the performance forecast and the accounting firm’s financial data related to the performance forecast.

Regarding the reasons for the performance change, DouShen Education believes that in 2022, due to the impact of the epidemic, the development of TOB-side business will be affected to a certain extent; affected by the policy, all TOC-side offline businesses will be closed except for a few areas in Beijing, but relying on the new economy The company’s live broadcast sales business achieved good growth during the reporting period.

Regarding the loss, the company said that it was mainly to accrue impairment losses for the relevant asset groups. During the reporting period, DouShen Education conducted an impairment test on intangible assets and goodwill that showed signs of impairment at the end of the year. The preliminary test results show that the company needs to make an asset impairment provision of about 230 million to 280 million yuan; Impairment losses of about 110 million yuan were withdrawn for the foreign investment part; performance compensation and overdue interest were withdrawn, resulting in non-recurring gains and losses of approximately -108 million yuan; as the company’s main interest-bearing liabilities were overdue, the provision The overdue interest is about 72 million yuan.

As of the end of 2022, the owner’s equity attributable to shareholders of listed companies is expected to be -577 million to -687 million yuan, which was 98 million yuan at the end of the previous year.

Dou Shen Education stated that according to the provisions of Item 2, Paragraph 1, Article 10.3.1 of the “Shenzhen Stock Exchange GEM Stock Listing Rules” (revised in December 2020), listed companies have “an audited final net profit in the latest accounting year. If the assets are negative, or the net assets at the end of the latest fiscal year after the retrospective restatement are negative”, the Shenzhen Stock Exchange will implement a delisting risk warning.

Therefore, if Doudou God Education’s audited net assets at the end of the 2022 year are negative, after the disclosure of the 2022 annual report, the company’s stock trading will be subject to a delisting risk warning.

In recent years, most of DouShen Education’s net profits attributable to its parent have been in a state of loss, and the company’s asset-liability ratio has been rising year by year. From 2017 to the third quarter of 2022, DouShen Education’s net profit attributable to its parent was 203 million yuan, -1.395 billion yuan, 22 million yuan, -2.567 billion yuan, -592 million yuan, and -194 million yuan. During the same period, the company’s asset-liability ratios were 31.65%, 53.03%, 53.23%, 81.14%, 98.45%, and 104.36%.

On January 20, the shares of DouShen Education closed at 3.11 yuan per share, a drop of 5.18% on that day.