China Economic Net Editor's Note
: On February 18, Beijing Hanyi Innovation Technology Co., Ltd. (hereinafter referred to as "Hanyi Co., Ltd.") will be the first to attend the meeting. The sponsor is Orient Securities Underwriting Sponsor Co., Ltd. (hereinafter referred to as "Oriental Investment Bank") , and the sponsor representatives are Zhang Yue and Xu Quanquan.
Hanyi shares are planned to be listed on the GEM of the Shenzhen Stock Exchange, and it plans to publicly issue no more than 25 million shares, accounting for no less than 25% of the total share capital after the issuance.
The company plans to raise funds of 536 million yuan, which will be used for the construction project of the Hanyi font resource platform, the upgrading and construction project of the R&D center of Shanghai Yichuang Information Technology Co., Ltd., the construction project of the marketing service information system, and the supplementary working capital.
The net profit attributable to the parent company of Hanyi Co., Ltd. declined in 2018, and the operating income and net profit attributable to the parent company both declined in 2020.
From 2017 to June 30, 2021, Hanyi Co., Ltd. realized operating income of 117 million yuan, 171 million yuan, 212 million yuan, 197 million yuan, and 94.6449 million yuan, respectively. The net profit attributable to the owners of the parent company was 34,117,000 yuan, 26,728,000 yuan, 58,434,800 yuan, 51,133,000 yuan, 25,178,700 yuan, after deducting non-recurring gains and losses, the net profits attributable to owners of the parent company were 36,090,200 yuan, 47,087,900 yuan, 58,744,300 yuan, 51.2907 million yuan and 22.5944 million yuan.
During the reporting period, the net cash flows from operating activities of the company were 37.3578 million yuan, 65.513 million yuan, 73.7991 million yuan, 67.6407 million yuan and 25.8613 million yuan respectively.
Among them, the cash received from selling goods and providing labor services was 116 million yuan, 183 million yuan, 248 million yuan, 219 million yuan, and 112 million yuan respectively.
The actual controller of Hanyi Co., Ltd. is Xie Liqun.
The prospectus shows that the company's directors, supervisors and senior management will receive a total salary of 8.9188 million yuan in the company in 2020. Among them, the chairman and general manager Xie Liqun will receive a salary of 1.9933 million yuan in 2020.
Hanyi Co., Ltd. and its subsidiaries have been involved in illegal acts of self-recharge or download brushing.
The prospectus disclosed that during the period from January to April in 2019 and 2020, Hanyi and its subsidiaries Shanghai Yichuang, Higuo Technology, and Hanmei Intercom were involved in self-recharge or download brushing. Among them, Hanyi, Shanghai The self-recharge amounts of Yichuang and Higuo Technology were 810,300 yuan, 676,800 yuan, and 36,000 yuan respectively, and the self-recharge and download amount of Hanmei Intercom was 2,966,700 yuan.
As of May 2020, the above-mentioned companies have taken the initiative to rectify such self-recharge or download brushing behaviors.
Hanyi Co., Ltd. has unfinished lawsuits and arbitrations involving more than 1 million yuan.
For copyright infringement and unfair competition disputes, Hanyi Keyin, as the plaintiff, sued Beijing Zimeng in the People's Court of Haidian District, Beijing in 2017.
In August 2021, Beijing Zimeng refused to accept the above-mentioned second-instance judgment and filed a retrial application with the Beijing Higher People's Court, requesting to revoke the second-instance civil judgment and rule to retrial.
The case is currently pending.
For the unfair competition dispute, Shanghai Yichuang sued Shanghai Linglang in the People's Court of Yangpu District, Shanghai as the plaintiff.
In July 2021, Shanghai Linglang filed a counterclaim with the Shanghai Yangpu District People's Court in relation to this case, requesting that Shanghai Yichuang be ordered to compensate Shanghai Linglang for the reasonable attorney fees of 20,000 yuan in response to the lawsuit.
The case is currently pending.
As of June 30, 2021, Hanyi shares had goodwill and intangible asset impairment risks, with a total of 195 million yuan.
As of December 31, 2018, December 31, 2019, December 31, 2020, and June 30, 2021, the company confirmed that the net book value of goodwill was 161 million yuan and 1.61 million yuan due to business mergers not under the same control, respectively. RMB 100 million, RMB 161 million and RMB 161 million, accounting for 37.04%, 41.75%, 37.44% and 35.44% of the company's total assets, respectively.
As of December 31, 2018, December 31, 2019, December 31, 2020 and June 30, 2021, the book values of the company's intangible assets were 32.3048 million, 34.2266 million, 35.1584 million and 33.8958 million respectively Yuan, accounting for 7.45%, 8.89%, 8.19% and 7.48% of the company's total assets, respectively.
Hanyi's R&D investment is not as good as that of its peers.
According to the Securities Market Red Weekly, the prospectus disclosed that the research and development content of Hanyi Co., Ltd. mainly includes two categories: design research and development and technology research and development.
From 2018 to 2020, the research and development expenses of Hanyi Co., Ltd. were 19.376 million yuan, 26.4192 million yuan and 26.5593 million yuan respectively, and the proportion of research and development expenses to operating income was 11.36%, 12.46% and 13.45% respectively.
Kingsoft Office, Foxit Software and Wanxing Technology, which are also in the software and information technology service industries, are listed as companies in the same industry by Hanyi. The average R&D expense ratios of these three peer companies are 25.15%, 25.13% and 23.30% respectively. , Hanyi's R&D expense ratio is much lower than the average level of peer companies.
The authenticity of high-frequency consumption on Huawei platforms in 2019 has attracted attention.
The Shenzhen Stock Exchange pointed out in the third round of review and inquiry letter on the company's application documents: In the analysis of consumption frequency of Huawei platform users, after deducting self-recharge positioning, the high-frequency consumption amount in 2019 is still higher than other periods in the reporting period.
The company has not fully explained the authenticity and rationality of the high-frequency consumption of Huawei platforms in 2019.
The Shenzhen Stock Exchange requires the company to explain the reason and rationality of the high-frequency consumption amount on Huawei's platform in 2019 being higher than other periods in the reporting period, and whether the consumption amount of platform users is true and accurate.
Engaged in font design, font software development and other businesses, IPO plans to raise 536 million yuan
The main business of Hanyi Co., Ltd. includes font design, font software development and authorization, the provision of font technical services and visual design services, and the IP productization business carried out in the way of IP empowerment.
The controlling shareholder of the company is Xie Liqun and its concerted actors Hanyi Tianxia and Hanzhiyuan. The above three controlling shareholders hold a total of 25.9384 million shares of the company, accounting for 34.58% of the company's current shareholding.
The actual controller of the company is Xie Liqun, who directly holds 9.79% of the company's shares.
Hanyi shares are planned to be listed on the GEM of the Shenzhen Stock Exchange. It plans to publicly issue no more than 25 million shares, accounting for no less than 25% of the total share capital after the issuance.
The sponsor for this issuance is Oriental Investment Bank, and the sponsor representatives are Zhang Yue and Xu Quanquan.
The company plans to raise funds of 536 million yuan, of which 209 million yuan will be used for the Hanyi font resource platform construction project, 118 million yuan will be used for the upgrading and construction project of the R&D center of Shanghai Yichuang Information Technology Co., Ltd., and 59.1714 million yuan will be used for the marketing service information system For construction projects, 150 million yuan will be used to supplement working capital.
Chairman Xie Liqun will receive a salary of 1.9933 million yuan in 2020
The prospectus shows that the company's directors, supervisors, and senior managers will receive a total salary of 8.9188 million yuan from the company in 2020. Among them, the chairman and general manager Xie Liqun will receive a salary of 1.9933 million yuan in 2020, and the director and deputy general manager Zhou Hongquan's salary in 2020 will be 1.7155 million yuan, director and deputy general manager Ma Yiyuan's salary in 2020 is 1.1507 million yuan.
In 2020, the total remuneration of directors, supervisors and senior management personnel was 8.9188 million yuan, accounting for 15.77% of the total profit of 56.5508 million yuan for the year.
Operating income and net profit decline in 2020
From 2017 to June 30, 2021, Hanyi Co., Ltd. realized operating income of 117 million yuan, 171 million yuan, 212 million yuan, 197 million yuan, and 94.6449 million yuan, respectively. The net profit attributable to the owners of the parent company was 34,117,000 yuan, 26,728,000 yuan, 58,434,800 yuan, 51,133,000 yuan, 25,178,700 yuan, after deducting non-recurring gains and losses, the net profits attributable to owners of the parent company were 36,090,200 yuan, 47,087,900 yuan, 58,744,300 yuan, 51.2907 million yuan and 22.5944 million yuan.
During the reporting period, the net cash flows from operating activities of the company were 37.3578 million yuan, 65.513 million yuan, 73.7991 million yuan, 67.6407 million yuan and 25.8613 million yuan respectively.
Among them, the cash received from selling goods and providing labor services was 116 million yuan, 183 million yuan, 248 million yuan, 219 million yuan, and 112 million yuan respectively.
In 2017, 2018, 2019 and 2020, the cash dividends of Hanyi Co., Ltd. were 21.8565 million yuan, 24.9750 million yuan, 35.000 million yuan and 10.00 million yuan respectively, with a total dividend of 91.8315 million yuan in four years.
Has been involved in illegal acts of self-recharge or download brushing
The prospectus disclosed that during the period from January to April in 2019 and 2020, Hanyi and its subsidiaries Shanghai Yichuang, Higuo Technology, and Hanmei Intercom were involved in self-recharge or download brushing. Among them, Hanyi, Shanghai The self-recharge amounts of Yichuang and Higuo Technology were 810,300 yuan, 676,800 yuan, and 36,000 yuan respectively, and the self-recharge and download amount of Hanmei Intercom was 2,966,700 yuan.
As of May 2020, the above-mentioned companies have taken the initiative to rectify such self-recharge or download brushing behaviors.
Hanmei Interchange's self-recharge and download brushing behavior:
On December 18, 2020, Xiamen Siming District Market Supervision Administration issued a Decision on Administrative Penalty of Xiamen Siming District Market Supervision Administration (Xia Si Shi Jian Chu [2020] No. 178) to Hanmei Hutong.
On February 3, 2021, Xiamen Siming District Market Supervision and Administration Bureau Hanmei Hutong issued the "Certificate of Administrative Penalty of Hanmei Hutong (Xiamen) Technology Co., Ltd.".
According to the decision and the evidence, Hanmei Interchange violated Article 8, Paragraph 1 of the Anti-Unfair Competition Law due to self-recharge and download brushing: “Operators shall not False or misleading commercial propaganda, deception, and misleading consumers”, user evaluations, honors, etc.”, considering that Hanmei Intercom has actively stopped the above-mentioned illegal activities and actively cooperated, has the “Fujian Provincial Market Supervision and Administration Bureau”. Rules on the Application of Administrative Punishment Discretionary Powers (Min Shi Jian Gui [2020] No. 1), Article 10, Item 2, “Actively eliminate or mitigate the harmful consequences of illegal acts” and Article 11, Item 1, “Actively cooperate with market supervision and management departments. Investigate, truthfully state the facts of the violation and proactively provide evidence”, decided to give him a lenient punishment. According to the provisions of Article 20, paragraph 1 of the Anti-Unfair Competition Law, Hanmei Hutong was given a lenient sentence of 20 A fine of 50,000 yuan.
The self-charging behavior of Hanyi Co., Ltd. and its subsidiaries Shanghai Yichuang and Higuo Technology:
The self-recharging situation of Hanyi and its subsidiaries Shanghai Yichuang and Higuo Technology violated Article 8, paragraph 1 of the Anti-Unfair Competition Law: “Operators shall not false or misleading commercial promotion, deceiving and misleading consumers”, but the amount involved (the self-recharge amount of Hanyi, Shanghai Yichuang, and Higuo Technology is 810,300 respectively). yuan, 676,800 yuan, and 36,000 yuan) are far smaller than Hanmei Hutong (Hanmei Hutong’s self-recharge and download amount is 2,966,700 yuan). According to Hanmei Hutong’s illegal circumstances and punishment determination, the company and its subsidiary Shanghai The above-mentioned illegal acts of Yichuang and Higuo Technology are relatively minor and do not belong to serious circumstances.
Two lawsuits during the reporting period
Hanyi Co., Ltd. has unfinished lawsuits and arbitrations involving more than 1 million yuan.
For copyright infringement and unfair competition disputes, Hanyi Keyin, as the plaintiff, sued Beijing Zimeng in the People's Court of Haidian District, Beijing in 2017, and changed its claims in June 2018, requesting that Beijing Zimeng immediately stop the infringement involved. Copyright behavior; Beijing Zimeng immediately stopped the unfair competition involved in the case; Beijing Zimeng compensated Hanyi Keyin for economic losses of 4,293,000 yuan and reasonable expenses of 86,800 yuan due to copyright infringement; Beijing Zimeng assumed the litigation costs of the case.
On September 26, 2019, the People's Court of Haidian District, Beijing issued (2017) Jing 0108 Min Chu No. 44120 "Civil Judgment", ruling that Beijing Zimeng should immediately stop the conduct involved and compensate Hanyi Keyin for economic losses of 200.00 yuan and reasonable expenses of 7.00 yuan 10,000 yuan, and other claims of Hanyi Keyin were rejected.
In April 2020, Beijing Zimeng refused to accept the above-mentioned first-instance judgment and appealed to the Beijing Intellectual Property Court, requesting that the first-instance judgment be revoked, and all the first-instance litigation claims of Hanyi Keyin were commuted to be dismissed, and all the litigation costs were borne by Hanyi Keyin.
On March 29, 2021, the Beijing Intellectual Property Court issued (2020) Jing 73 Min Zhong No. 1897 "Civil Judgment", which rejected the appeal and upheld the original judgment.
In August 2021, Beijing Zimeng refused to accept the above-mentioned second-instance judgment and filed a retrial application with the Beijing Higher People's Court, requesting to revoke the second-instance civil judgment and rule to retrial.
The case is currently pending.
For the unfair competition dispute, Shanghai Yichuang sued Shanghai Linglang in the Yangpu District People's Court of Shanghai as the plaintiff, requesting that Shanghai Linglang immediately stop the unfair competition involved in the case; Issue a statement to clarify the facts and eliminate the impact; compensate Shanghai Yichuang for economic losses of 1,000,000 yuan for the unfair competition involved in the case; bear Shanghai Yichuang's reasonable expenses of 104,500 yuan; bear all the litigation costs of this case.
In April 2021, the Shanghai Yangpu District People's Court filed the above case.
In July 2021, Shanghai Linglang filed a counterclaim with the Shanghai Yangpu District People's Court in relation to this case, requesting that Shanghai Yichuang be ordered to compensate Shanghai Linglang for the reasonable attorney fees of 20,000 yuan in response to the lawsuit.
The case is currently pending.
Goodwill of 161 million yuan in the first half of 2021
As of December 31, 2018, December 31, 2019, December 31, 2020, and June 30, 2021, the company confirmed that the net book value of goodwill was 161 million yuan and 1.61 million yuan due to business mergers not under the same control, respectively. RMB 100 million, RMB 161 million and RMB 161 million, accounting for 37.04%, 41.75%, 37.44% and 35.44% of the company's total assets, respectively.
As of June 30, 2021, the goodwill in the company's books was generated by the merger of enterprises not under the same control to acquire 100% equity of Shanghai Yichuang and the acquisition of Xinmei Hutong's font business through Hanmei Hutong.
If the future operation of Shanghai Yichuang or Hanmei Intercom fails to meet expectations, the adjusted book value of the relevant asset group will be lower than its recoverable amount, resulting in the risk of impairment of goodwill, and will affect the company's financial status and operating performance. produce significant adverse effects.
Intangible assets of 33.8958 million yuan in the first half of 2021
As of December 31, 2018, December 31, 2019, December 31, 2020 and June 30, 2021, the book values of the company's intangible assets were 32.3048 million, 34.2266 million, 35.1584 million and 33.8958 million respectively Yuan, accounting for 7.45%, 8.89%, 8.19% and 7.48% of the company's total assets, respectively.
According to Beijing Business Daily, in addition to the risk of impairment of goodwill, Hanyi shares also have the risk of impairment of intangible assets.
Hanyi shares stated that the company's intangible assets are mainly purchased font copyrights and IP copyrights, including font works created by external font authors of the company, as well as entertainment IP such as stars and movie culture.
It is understood that the above-mentioned entertainment IP belongs to the interactive platform authorization business of Hanyi Co., Ltd., and the interactive platform authorization business belongs to one of the Internet platform authorization business.
In terms of business income, the Internet platform licensing business is the second largest business income of Hanyi.
From 2017 to 2019 and the first half of 2020, the revenue generated by the Internet platform licensing business was about 60.3967 million yuan, 68.9075 million yuan, 65.3024 million yuan and 30.5903 million yuan, accounting for 51.51% and 40.38% of the company's main business income respectively. %, 30.79%, 38.17%.
The font software licensing business is Hanyi's largest business revenue, contributing more than half of its revenue.
The data shows that from 2017 to 2019 and the first half of 2020, the revenue generated by the font software licensing business was about 49.8778 million yuan, 96.4595 million yuan, 123 million yuan and 48.5859 million yuan, accounting for 42.54% of the company's main business income. %, 56.53%, 58.02%, 60.63%.
According to the introduction of Hanyi Co., Ltd., the company's font software licensing business is mainly sold through copyright service providers.
During the reporting period, the sales commissions of the company's top five copyright service providers accounted for 78.59%, 73.44%, 58.23% and 81.05% of the sales commissions of all copyright service providers respectively, indicating a high concentration of copyright service providers.
In the prospectus, Hanyi Co., Ltd. also warned the risk that if the market recognition of the font library products developed by the company based on such fonts/IP copyrights declines, there is a risk of impairment of such intangible assets, which will affect the company's operating performance. Negative Effects.
R&D investment is not as good as peers
According to the Securities Market Red Weekly, the prospectus disclosed that Hanyi’s research and development mainly includes two categories: design research and development and technology research and development.
From 2018 to 2020, the research and development expenses of Hanyi Co., Ltd. were 19.376 million yuan, 26.4192 million yuan and 26.5593 million yuan respectively, and the proportion of research and development expenses to operating income was 11.36%, 12.46% and 13.45% respectively.
Kingsoft Office, Foxit Software and Wanxing Technology, which are also in the software and information technology service industries, are listed as companies in the same industry by Hanyi. The average R&D expense ratios of these three peer companies are 25.15%, 25.13% and 23.30% respectively. , Hanyi's R&D expense ratio is much lower than the average level of peer companies.
In addition, compared with its peers, Kingsoft Office, Wanxing Technology and Foxit Software, the number of patents of Hanyi shares is far less than that of its counterparts, and this may be related to its main "font" business. Hanyi's research and development results are mainly concentrated. There are 11,591 works of art copyrights, 85 software copyrights, and only 3 patents.
The authenticity of high-frequency consumption of Huawei platform in 2019 is concerned
The Shenzhen Stock Exchange pointed out in the third round of review and inquiry letter on the company's application documents: In the analysis of consumption frequency of Huawei platform users, after deducting self-recharge positioning, the high-frequency consumption amount in 2019 is still higher than other periods in the reporting period.
The company has not fully explained the authenticity and rationality of the high-frequency consumption of Huawei platforms in 2019.
The Shenzhen Stock Exchange requires the company to explain the reason and rationality of the high-frequency consumption amount on Huawei's platform in 2019 being higher than other periods in the reporting period, and whether the consumption amount of platform users is true and accurate.
Hanyi Co., Ltd. replied that after deducting the impact of the self-recharge records of successfully positioned companies, the proportion of users who spent 11 or more times on the Huawei platform in 2019 was slightly higher than that of other periods. (excluded from revenue) could not be accurately located in the underlying data, and self-recharge consumption is characterized by high-frequency consumption; on the other hand, since 2019, users of Huawei platform can buy a product multiple times and give it as a gift Others, so some normal users also have multiple consumption behaviors. With the increase of business scale, the proportion of high-frequency consumption customers has increased.
After deducting 240,000 yuan of unpositioned self-recharge, the consumption proportion of high-frequency consumers in 2019 is slightly higher than that in 2020. This is because the consumption amount and proportion of the membership model have increased since 2020, and some people like to change fonts frequently Users of 100% can use the membership mode to switch between multiple fonts, forming a diversion for the single consumption mode.
In general, the proportion of high-frequency consumption after deducting self-recharge in 2019 is basically the same as that in 2020, and the consumption frequency distribution is in line with the consumption habits of real users.
From January to June 2021, the Huawei platform has launched an incentive model. Users only need to click a certain number of advertisements on the paid font download page to obtain paid fonts for free or purchase them at a discounted price. The platform will still settle with the company at the normal price. Therefore, the proportion of users who consume more than two times in each interval has increased compared to July-December 2020.
Excluding the influence of users who obtain fonts for free under the incentive model and their consumption, the consumption of users who have spent more than 10 times on the Huawei platform from January to June 2021 accounted for 3.54%, which is relatively close to that from July to December 2020.
The company believes that after excluding all consumption of self-recharge IDs, the consumption frequency distribution in 2019 and January-June 2020 is basically the same as other periods. The trend of gradually decreasing, the consumption frequency distribution conforms to the normal distribution law and the consumption habits of real users.
It is reasonable that the high-frequency consumption amount on Huawei's platform in 2019 is higher than other periods in the reporting period, and the consumption amount and related income of platform users are true and accurate.