Shanghai Shangmi Technology Group Co., Ltd. (hereinafter referred to as "Shangmi Technology") intends to be accepted by the Shanghai Stock Exchange on June 28, 2021. It has been nearly 8 months since the Shanghai Stock Exchange conducted a round of inquiries. Science and Technology Innovation Board Technology responded to the inquiry on November 19, 2021, and the company's IPO has not disclosed any new progress since then. Relying on giants such as BABA and XIAOMI Group has greatly increased the attention of Shangmi science and technology, but many problems such as continuous losses and low gross profit margin of the company have also caused market controversy.
According to the prospectus, Shangmi Technology's main products include intelligent commercial equipment, commercial operating system and IoT cloud management platform, which are widely used in payment, ordering, cashier, takeout, payment, number taking and other scenarios. From the perspective of business content and application scenarios, the development of Shangmi Technology in the fields of IoT and intelligent payment seems to be in line with that of "big companies" such as XIAOMI and BABA. In fact, these giants also appear among the shareholders of Shangmi Technology. As of the date of signing of the prospectus, Alibaba's Yunxin Venture Capital and Xiaomi's Venus Venture Capital held 29.99% and 7.78% of Shangmi Technology, respectively. as of the date of signing of the prospectus, Alibaba's Yunxin Venture Capital and Xiaomi's Venus Venture Capital held 29.99% and 7.78% respectively.
However, even with the investment of large enterprises, it is difficult to hide the continued losses of Shangmi Technology. From 2018 to 2020, the company's operating income was 966 million yuan, 1.644 billion yuan and 2.184 billion yuan respectively, and the return net profit was-180 million yuan,-206 million yuan and 4.843 million yuan respectively. The total non-recurrent profit and loss received by the company in 2020, such as government subsidies, totaled 3,0969 million yuan. Excluding the influence of these factors, the company's net profit deducted for that year should be-24,3914 million yuan. The company also indicated in the prospectus that it had not yet made a profit in a complete fiscal year, and the accumulated outstanding loss by the end of 2020 was 151 million yuan.
For commercial rice technology, in addition to the unrealized profits, low gross profit margin, science and technology attributes, related transactions and other issues of general concern in the market, silver persimmon financial reporters also found that the composition of its R & D expenses and the investment of the project to be raised are also noteworthy, especially when the two are linked together, we can see that Shangmi technology has been spending a lot of money to pay wages to the R & D team.
The company's response to inquiries shows that R & D expenses are at the top of the list of concerns of the Shanghai Stock Exchange. According to the prospectus, from 2018 to 2020, the R & D expenses of Shangmi Technology were 128 million yuan, 260 million yuan and 262 million yuan respectively, accounting for more than 12% of the operating income, while the company's comparable enterprises 000997.SZ, 300531.SZ, 688696.SH and XIAOMI Group all had an average R & D expenditure rate of less than 7% in the same period. And in the past three years, more than 70% of Shangmi's R & D expenditure is paid to the R & D team. To thisThe Shanghai Stock Exchange asked Shangmi Science and Technology to explain the specific arrangements of R & D personnel, the establishment of posts and the division of responsibilities, and whether they are confused with employees in other positions, and so on.。
According to the prospectus, during the reporting periodThe average annual salary of Shangmi science and technology R & D personnel is 355400 yuan, 383400 yuan and 417900 yuan respectively.According to the 2020 annual reports of New World and Youboxun, even if all the R & D expenses of these two companies were spent on staff salaries in that year,The per capita annual salary is only 177500 yuan and 223500 yuan respectively, and the 2020 annual report of Chi Mi Technology shows that the average annual salary of its R & D personnel is only 216000 yuan, which is much lower than that of Shangmi Technology.。
In addition, the reporter also found that the proposed fund-raising project of Shangmi Technology is largely spent on the wages of the R & D team. This time, Shangmi Technology plans to raise 1 billion yuan, and the intelligent business equipment R & D and upgrade project and software platform R & D and upgrade project will invest a total of 834 million yuan. However,Among them, 674 million yuan is the salary of R & D personnel, accounting for more than 80%.. The construction cycle of both projects is expected to be three years, which means that an average of 225 million yuan will be paid to the R & D team every year. If calculated according to the company's average annual salary of 417900 yuan for R & D personnel in 2020, these funds can expand the recruitment of more than 500 R & D personnel.
There is nothing wrong with the company investing more in development and expanding the size of the team, but Shangmi Technology received a large amount of financing in 2019, and the monetary funds increased from 125 million yuan at the end of 2018 to 657 million yuan and 739 million yuan at the end of 2019 and 2020. And about 99% of these monetary funds in the next two years are bank deposits, but the company's R & D staff of 202 million yuan in 2020 is only about 8.3 million yuan higher than in 2019.
This is more puzzling. At that time, the company would rather deposit a large amount of money in the bank without increasing its R & D investment and expanding its R & D team. Is it time to IPO and think of these things again? Do you still have to raise money and spend nearly 700 million yuan to pay the salary?