China Fund News reporter Nan Shen
On the afternoon of June 30, Tianwei Electronics suddenly announced that the company's actual controller and chairman Ju Wanli was placed on file for investigation and placed in custody.
Tianwei Electronics was listed on the Science and Technology Innovation Board in July 2021, and Juwanli currently directly holds 43.08% of the company's shares. The company's main business is ultraviolet photoelectric sensor devices, aviation ignition and discharge devices, special fuse protection devices, aviation display components and new rapid fire extinguishing and explosion suppression systems and other electronic components.
From 2018 to 2020 before listing, China North Industries Group Co., Ltd. was the company's absolute largest customer, once contributing 88% of the company's operating income.
The chairman of the board of directors was placed on file for investigation and the general manager was retained to perform his duties on his behalf
According to the announcement of Tianwei Electronics, the company recently received the "Notice of Case Filing" issued by a national supervision commission and the notice of the family of the chairman of the board of directors, and the family members of the company received the "Notice of Case Filing" and "Notice of Retention in Custody" issued by a national supervision commission, and the actual controller of the company and the chairman of the board of directors of the board of directors of the company of the company of the chairman of the board of directors of the company of the chairman of the board of directors of the company of the company of
Ju Wanli was temporarily unable to perform his duties as chairman of the board of directors during the period of liuzhi. More than half of the directors of the board of directors of the company unanimously agreed that during the period when Juwanli could not perform the duties of the chairman, Zhang Chao, the director and general manager of the company, would perform the relevant duties of the chairman of the company and the duties of a member of the special committee of the board of directors of the company.
According to public information, Ju Wanli was born in 1966, graduated from the University of Electronic Science and Technology of China, majoring in physics and electronic technology, with a bachelor's degree, and worked in China Electronic Devices Industry Corporation from September 1989 to 1994; From May 1994 to November 1999, he served as the executive director and general manager of Giant Communications; From November 1999 to June 2001, he served as the manager of the administrative personnel department and the secretary of the board of directors of SMIT Technology.
From August 2001 to November 2013, Juwanli served as the executive director and general manager of Tianwei Co., Ltd., the predecessor of Tianwei Electronics; From November 2013 to March 2020, he served as the chairman of Tianwei Co., Ltd.; Since March 2020, he has served as the chairman of Tianwei Electronics. According to Tianwei Electronics' 2023 annual report, Juwanli directly holds 43.08% of the company's shares, and also indirectly controls less than 2% of the shares through two legal entities.
The performance of the main military-related business has changed after listing
Founded in August 2001, the company has a long history of research and development of military equipment, and is now mainly engaged in the development and production of electronic components, parts (components) and system products such as dual-use ultraviolet photoelectric sensor devices, aviation ignition discharge devices, special fuse protection devices, aviation display components, linear temperature sensor components and flame detector components, as well as new rapid fire extinguishing and explosion suppression systems.
According to the company, its products can be widely used in major military fields such as aerospace, aviation, ships, weapons, and electronics in mainland China, as well as civil air defense engineering, dust industry, hazardous chemicals, petroleum, chemical industry, electric power, coal and other civilian places. The company was listed on the Science and Technology Innovation Board in July 2021.
A reporter from China Fund News noted that the prospectus at the time of listing disclosed that the company's dependence on China North Industries Group Co., Ltd. continued to increase from 2018 to 2020, with revenue from the group's subordinate units accounting for 58.85%, 80.26% and 88.92% respectively. However, in the annual report after listing, the company did not disclose the specific names of the top five customers, and only replaced them with numerical numbers. According to the 2023 annual report, the revenue contributed by "customer one" is still as high as 72%.
The reporter noticed that the company's performance declined significantly after listing. From 2018 to 2020, three years before listing, the compound growth rate of the company's operating income exceeded 100%, and the compound growth rate of non-net profit was several times, from less than 7 million yuan to more than 100 million yuan. However, in the year of listing (2021), the company's revenue and non-net profit fell by 11.43% and 9.12%, and in 2022, it will decline by 46.77% and 71.5% respectively.
In 2023, the company's performance once stabilized, with revenue increasing by 26.84% and non-net profit increasing slightly by 0.27%. However, in the first quarter of 2024, the company's performance has declined sharply again, with revenue and non-net profit declining by 10.3% and 52% respectively, only recording 37.06 million yuan and 6.84 million yuan.
As of the end of the first quarter of 2024, the company has 6,522 shareholders. As of the close of trading on June 28, the company's market value was 1.742 billion yuan, which was more than 80% lower than the peak at the beginning of the listing.
Editor: Xiao Mo
Review: Muyu