familyfortunes| Company Quick Review| The annual report has been questioned for 10 consecutive years. What should Zhongqingbao and investors reflect on?

Every commentator Du Yu

In recent years, Zhongqingbao (rights protection)(300052), whose annual report has successively "eaten" lettersfamilyfortunes.SZfamilyfortunes, stock price 14familyfortunes.1 yuan, with a market value of 3.692 billion yuan), and now I have received an inquiry letter for the annual report again. This time, the Shenzhen Stock Exchange's annual report inquiry letter was "to the point." The inquiry letter pointed out that the annual report showed that Zhongqing Bao's operating income and gross profit margin had continued to decline for three consecutive years, requiring Zhongqing Bao to combine the industry's development status, competitive landscape, promotion investment, Factors such as changes in costs and expenses explain the reasons and rationality of the decline in operating income and gross profit margin of the online game business, and at the same time, combined with the launch arrangements of new games, explain whether the relevant trends are sustainable.

It is worth mentioning that since the 2014 annual report, Zhongqingbao has received letters one after another, and has been questioned by the Shenzhen Stock Exchange for financial and other details in its annual report for 10 consecutive years. So why did this happen? Is it because of the serious loss of users? Insufficient marketing? Or is it because of increasing competitive pressure? Zhongqingbao did not give specific answers to these questions. Investors can't help but wonder: Is this kind of listed company governance really okay?

It is worth noting that the annual report also shows that Zhongqingbao incurred fines (and liquidated damages) of 2.55 million yuan and subsidies of 3.4036 million yuan in non-operating expenses in 2023. In this regard, the Shenzhen Stock Exchange required it to explain the specific matters of compensation expenditures and subsidies, and whether the compensation matters involved violations of laws and regulations.

In addition, at the end of 2023, Zhongqingbao also received violations such as inaccurate financial data disclosed, weak internal control over related businesses of its holding subsidiaries, and insufficient basis for impairment of accounts receivable. Supervision letter issued by the Bureau.

Is such a listed company worthy of investors 'trust? Zhongqingbao needs to reflect on it, otherwise it will only be increasingly abandoned by the market. It is hoped that Zhongqingbao can take the inquiries from the Shenzhen Stock Exchange seriously, actively respond to market concerns, improve operation and management, consolidate responsibilities, rebuild business confidence, and revitalize development momentum. At the same time, we also hope that Zhongqingbao can bring us some enlightenment and reflection. For example, listed companies must adhere to the bottom line of integrity, compliance, stability and innovation.familyfortunes; We must pay attention to the construction of internal governance, risk prevention, disclosure of information, equity incentives, etc.; we must respect market rules, respect the rights and interests of investors, respect social responsibilities, and respect the competitive environment.

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