On June 19, Huangshi Group recently announced that the company, as well as its chairman Huang Jiadi and board secretary Wang Wanfang, had been issued a warning letter by the Guangxi Securities Regulatory Bureau because the company had violated the regulations. There are three
main problems, one is that the follow-up progress of investment matters has not been disclosed in time. Huangshi Group announced on September 15, 2021 that they had signed an investment agreement for the project of Agricultural Light Complementary and New Ten Thousand Milk Buffalo Rural Revitalization Demonstration Park, but in April 2022, the agreement had been lifted. In June 2022, Huangshi Group re-signed the relevant investment agreement with other companies. Huangshi Group did not disclose the progress of the termination of the agreement and the change of the subject of the contract in time, and did not disclose the situation in the announcement until August 23, 2022.
The second problem is that the information disclosure of Huangshi Group's participation in photovoltaic projects is inaccurate and incomplete . Huangshi Agricultural and Optical Complementary (Guangxi) Technology Co., Ltd. is called a subsidiary company and a subsidiary company, which involves inaccurate information disclosure. In the announcement of Huangshi Group on matters related to its participation in photovoltaic projects on August 23 and 25, 2022, it did not specify the investment and return mode of listed companies in photovoltaic projects, which involved incomplete information disclosure.
The third problem is that the disclosure of the follow-up progress of strategic cooperation is not accurate . Huangshi Group disclosed the progress of cooperation with Shangtang Science and Technology in its announcements on August 23 and 27, 2022, respectively. However, the progress disclosed in the above two announcements is inconsistent.
From the above problems, we can see that there are many management flaws in the cross-border photovoltaic industry of Huangshi Group. The main business
of Huangshi Group is dairy industry. At present, Huangshi Group has launched core products of Buffalo milk and yogurt, such as "Morafil", "a Buffalo", "thick alcohol" and "no meal". It also has many sub-brands such as " Huangshi Dairy ", "LESSON", "Zunyi", "Youshi" and "Janssen Dairy".
But as early as 2021, the Royal Group revealed the idea of entering photovoltaic. In 2022, the official cross-border photovoltaic industry was announced, and the TOPCon battery of 20GM was launched. Under the hot situation of photovoltaic last year, the company's share price rose nearly three times from April to the end of August. According to the 2022 financial report, the revenue of Huangshi Group's dairy and food-related business is 2.345 billion yuan, accounting for 81.14%, and the revenue of information service and information engineering business is 245 million yuan, accounting for 8.47%; Advertising media business revenue was 10.9914 million yuan, accounting for 0.38%, photovoltaic module sales, EPC business and other revenue was 12.095 million yuan, accounting for 0.42% .
The cross-border photovoltaic of Huangshi Group has also been controversial, and even received a letter of inquiry from Shenzhen Stock Exchange, asking whether there is a situation of using information disclosure to cooperate with speculation in the secondary market. In this regard , Huangshi Group said that there is no contradiction between the company's development direction of continuing to cultivate the dairy industry and the establishment of an agricultural-photovoltaic complementary company and the development of photovoltaic-related businesses: involvement in the photovoltaic industry is an extension of the dairy business. The company has a large number of pastures and factory roof resources in Guangxi, Yunnan, Hunan, Guizhou and Sichuan. With the gradual landing of the "milk Buffalo provenance chip" plan, it is also necessary to build or cooperate in the development of a number of Buffalo breeding pastures in the future, combining with the company's existing and future resources. Through the subsidiary company Agricultural Photovoltaic Complementary Company, it has entered the field of photovoltaic business with "Agricultural Photovoltaic Complementary" and "Pastoral Photovoltaic Complementary".
Since entering the photovoltaic business in 2022, Huangshi Group has also received large-scale orders, and has signed a number of contracts with Huaneng Group, PetroChina and other central enterprises as well as well-known companies in the industry. According to the financial report
of Huangshi Group in the first quarter of 2023, the company achieved revenue of 869 million yuan in the first quarter, an increase of 53.83% over the same period last year; net profit of 4.8796 million yuan, a decrease of 93.62% over the same period last year; net profit of -25.1399 million yuan, a decrease of 89.06% over the same period last year. Huangshi Group said that the company's revenue growth was mainly due to the increase in sales of photovoltaic modules and EPC business revenue during the reporting period .
As of noon on June 19, 2023, the company's share price was 612 yuan, corresponding to a total market value of 5.319 billion yuan.
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