Every reporter Jin Zhe, every editor Zhang Haini

A few days ago, ST Bailey (SH603959, share price 2Tibiaroulette.21 yuan, with a market capitalization of 1.084 billion yuan, hereinafter referred to as Bailey Technology) to disclose the 2023 annual report, and the audit institution Dahua Accounting firm issued a qualified opinion to the company's "audit report".

Subsequently, the exchange issued a regulatory inquiry letter on Bailey's non-standard opinions, board deliberations and independent board performance, requiring Bailey Technology to further supplement the disclosure of relevant information.

A reporter from the Daily Business News noted that half a month later, Bailey Technology responded to the questions raised in the inquiry letter. By the end of 2023, the total advance payment of Bailey Technology was 305 million yuan. According to the company's self-examination, there were abnormal prepaid accounts totaling 196 million yuan, accounting for 64.28% of the company's total prepaid accounts.

The actual controller of the company is assisting in the investigation.

On the evening of May 20, Bailey Technology disclosed one by one the suppliers who formed the advance payment, the balance of the payment and the current delivery situation. The company said that there were abnormal prepaid accounts totaling 196 million yuan. among them, the prepaid accounts paid to Changzhou Yanheng Intelligent Technology Co., Ltd., Hengchel Intelligent equipment Technology (Changzhou) Co., Ltd., and Changzhou Baiheling Intelligent equipment Co., Ltd. are prepared for the lithium power project, because the project has not yet been carried out and the equipment has not yet arrived. The total prepaid balance of the company to the above three companies is 98.9105 million yuan.

Unexpectedly, the above advance payment is abnormal. Bailey Technology said that the company obtained the capital flow of the above three suppliers in the self-examination and found that the capital mainly went to Beijing Yilu Botong Petroleum Technology Co., Ltd. (hereinafter referred to as Yilu Botong). And Yi Lu Botong and Xizang Xinhai New Venture Capital Co., Ltd., a major shareholder of Bailey Technology, jointly invested in the establishment of Qingdao Lanshui Quantum Technology Development Co., Ltd.

Through communication with three suppliers, the company learned that as the project had not yet begun, the three suppliers lent it to Yilu Broadcom by way of loan. At present, the company has not yet obtained the capital flow of Yilu Broadcom, and because Wang Hairong, the actual controller of the company, is assisting the relevant departments in the investigation for personal reasons, the company is still unable to judge the true whereabouts and use of the money. it is also impossible to judge whether there is a controlling shareholder's occupation of funds.

In addition, the company also has other abnormal prepaid accounts, with a total balance of 97.3593 million yuan.

Bailey Technology said that the company has been in continuous communication and negotiations with the above suppliers. Up to now, the company has signed relevant agreements with two of these suppliers: first, Hengyuan Huida negotiated and signed the "equipment purchase termination Agreement" with Changzhou Xinye granulation and drying equipment Co., Ltd. and recover 30 million yuan in advance of the equipment on April 19, 2024.TibiarouletteSecond, Wuhan Refining and Chemical Company, a wholly owned subsidiary, and Hubei Shunhe signed a "termination Agreement" on the Shanxi Henghui Project on April 25, 2024, and the two sides agreed to deduct 7.9189 million yuan from the prepaid account already incurred by Hubei Shunhe. Hubei Shunhe agreed to return the rest to the company in stages in the future.

The supplier has refunded 33 million yuan

As for the reasons for the formation of supplier prepaid accounts, Bailey Technology said that after self-examination by the financial department and communication with the purchasing department, it was mainly caused by the company locking valuable equipment in response to the needs of the market and orders.

Since 2022, the new energy industry has entered a stage of explosive growth. The company has tracked more than 13 billion yuan of projects and is expected to sign contracts of more than 5 billion yuan. As the market is greatly expanding production, customers have very strict requirements for the delivery of goods in order to seize the market as soon as possible. The company must ensure the supply of goods in advance. At that time, "preparing goods in advance" was determined as the company's strategic decision. To book some packaging machines, spiral belt mixers, vibration dryers, silos and steel structures and other equipment. In this context, the company's wholly-owned subsidiaries Baili Lithium, Wuhan Refinery and Hengyuan Huida respectively signed locking agreements with the above suppliers.

Due to the signing of the locking contract, the market situation began to change, a number of owners have notified the project to suspend. Due to the delay in the project of the stock preparation contract, the purchasing personnel of the company failed to track and digest the stock prepaid orders in time, and some of the locking agreements that did not specify specific items were not adjusted in time according to changes in the market situation. part of the locking contract has not yet been picked up, resulting in some suppliers' prepaid accounts for a long time.

Bailey Technology also said that in view of the above internal control defects, the company will conduct a comprehensive self-examination of the financial statements for 2023 and previous years. For the abnormal prepaid accounts in 2023, the company repeatedly communicated with the relevant 7 suppliers to ask the suppliers for delivery or refund. At present, the company has signed a "supplementary agreement" or "termination agreement" with many of them, which mainly covers the postponement, suspension or cancellation of the original supply contract, as well as the return of the remaining money and the time of repayment. As of the date of the annual report in 2023, the supplier has refunded 33 million yuan and completed a debt settlement with the supplier of 7.33 million yuan.

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