Concentrating technology into the gem more than half of the profits from subsidies and receivables

21st Century Economic Report Pan Shanghai reported December 21, concentrating technology (Hangzhou) Co., Ltd. (hereinafter referred to as "concentrating technology") on the meeting. The prospectus shows that the company achieved a net profit of 223.9598 million Yuan from 2007 to 2009, and the total net profit of the audited three-year period in 2010 is 146.5997 million yuan.　　Compared to the gem enterprises generally in millions of to tens of millions of of the annual net profit, concentrating technology is called the gem of the "Big Mac" Company.　　However, the data show that concentrating technology in the 2007 main business losses, relying on financial subsidies and VAT rebate, only to be profitable; After 2.5, fiscal subsidies and tax concessions almost propped up half of the profits of concentrating technology.　　A Shanghai sponsor pointed out that the "Big Mac" concentrating technology may be due to the loss of the main business in 2007, and choose Gem Listing. On the other hand, due to the high accounts receivable, concentrating technology of the operating net cash flow is also very unsatisfactory, in the past "three-year period" of the data has two negative data.　　A partner of an accounting firm pointed out that even if there were factors affecting the size of an enterprise, such an unstable cash flow would remain a risk. More than half of the profits from tax concessions and subsidies in the opinion of one of the sponsors, concentrating technology chooses to board the gem, giving up the motherboard, which may be the last resort. He told reporters: "On the motherboard requirements for three consecutive years of profitability, GEM has two sets of standards: two-year profit of 10 million, sustained growth, or the last year's profit of 5 million, operating income 50 million, the last two years, operating income growth rate of more than 30%." The data show that the 2007 operating profit of concentrating technology was 5.47 million.　　Despite the addition of 16 million per cent of non-operating income, the total profit of concentrating technology in 2007 remains only 10 million. The sponsor said the main business of concentrating technology can not be profitable for three consecutive years, if the board, "2007 years of operating profit as a negative, on the gem is safer." "The prospectus shows that 16 million of the non-operating income, 8 million of which is VAT rebate, is due to" the company and some of its subsidiaries as value-added tax general taxpayer, sales of self-developed software products value-added tax actual tax burden of more than 3% of the partial implementation of the levy will be returned "　　6.81 million is the government subsidy for undertaking the national or Hangzhou High-tech innovation projects.　　Tax incentives and subsidies have since become an important source of profits for concentrating technology. In 2008, the company's total profit was 87 million, of which 37 million was non-operating income, which constituted 27 million VAT rebate and 10 million government subsidy; 2009, The total profit of the company is 150 million, of which 44 million non-operating income, mainly constitute 29 million VAT rebate and 9 million government subsidy; in the first half of 2010, the total profit of the company is 35 million yuan, 16 million yuan is the non-operating income, the main composition is still VAT refund and government supplementTips。　　Concentrating technology Dong Tian Kunlong to reporters, although the company is instrumentation industry, but the product itself contains the company's own design and production of software, so you can get VAT refund. In addition, concentrating technology subsidiaries have been able to reduce the amount of income tax due to foreign capital status.　　Data show that in 2007, 2008, 2009 and the first half of 2010, respectively, income tax relief of 5 million, 12 million, 14 million and 3.2 million yuan.　　High Accounts receivable In addition, the prospectus shows that concentrating technology accounts receivable high.　　In the first half of 2007, 2008, 2009 and 2010, accounts receivable were 42 million, 162 million, 312 million and 364 million respectively, accounting for the total assets of the year in the proportion of 14.55%, 32.99%, 36.83% and 42.34%. In the case of high accounts receivable, its operating net cash flow is also very bad looking.　　In the past three-year period, the data for concentrating technology were 40 million, 720,000, 20 million and 54 million. Although the company said in the prospectus, the first half of 2010 accounts receivable is too high, because the industry, the company's collection in the fourth quarter; the other reason for the higher accounts receivable is that as the company expands production and sales, 20% of the accounts receivable belong to the customer's warranty.　　However, some accountants told reporters that such an unstable cash flow, can reflect the enterprise's capital chain still exists a certain risk. In the prospectus, concentrating technology will compare its own accounts receivable turnover with 10 listed companies in the same industry. Since 2008, concentrating technology accounts receivable turnover rate is far slower than peers. 2008, ERA Technology (000611.SZ) and Han's laser (002008.SZ) The turnover rate of listed companies is 4.12 times a year, concentrating technology is 3.47 times, 2009, 3.79 times and 2.22 times in a year respectively, 1.93 times and 0.72 times in the first half of 2010.