Chutian Metropolis Daily Jimu News (Reporter Zhang Zemu, Correspondent Yang Ye) "My family is in Hotan, Xinjiang. I received a subsidy from the school when I packed my luggage and prepared to go home. I am so happy!" Recently, Mai, a junior student at China Three Gorges University
How to restore data in stock trading strategy backtesting?
There are two prices for stocks - the restoration price and the non-restoration price. The trading of stocks is carried out according to the ex-rights price, but the ex-rights price is affected by dividends and share allotments, and the continuity of prices is disrupted. On the contrary, the restoration price eliminates the impact of dividends and allotments and ensures price continuity, but transactions are not conducted according to the restoration price. So in strategy backtesting, which price is the trading signal generated, and what price is the buying and selling behavior based on? If the restoration price is used, should it be used before restoration or after restoration?
Restoration is to restore the stock price and trading volume, draw a stock price trend chart according to the actual rise and fall of the stock, and adjust the trading volume to the same equity caliber. After a stock goes ex-rights or ex-dividend, the stock price changes, but the actual cost does not change. 1. The previous restoration of rights is based on the current price. The calculation formula is: price after rights restoration = (price before rights restoration - cash dividend) ÷ (1 + change ratio of circulating shares); 2. Post-rights restoration is based on the price before rights ex-rights to calculate the market cost price of the stock after ex-rights. The calculation formula is: price after restoration of rights = price before restoration of rights × (1 + change ratio of circulating shares) + cash dividend; 3. The price of non-restoration of rights is the price on that day. 4. Regarding restoration of rights:
(1) Based on the price before restoration (daily use)
Since the previous stock price is based on the current time point after the pre-rights are restored and then participated in the backtest, the stock data of each day in history contains the future information of the stock from then to the present, so the backtest itself contains future functions, and there is an error with the actual prediction. The length of time before the restoration of rights generally cannot exceed 5 years. Because of the restoration of rights, the price base is getting smaller and smaller, and the cumulative calculation error is getting larger and larger.
(2) Based on post-restoration price (rarely used)
If the current price is changed, it is easy to be unable to connect with the simulated market and the real market. A middleware is needed to convert data between the real market and the real market.
In fact, the pre-righting price introduces a future function. For a strategy based on price factors, the pre-righting method is problematic. For backtesting, the standard method should be as close to the actual transaction situation as possible, and trade according to the non-rights price, so as to avoid the use of future functions to the greatest extent. Then, the background processing mechanism of the backtest can realize the automatic processing of ex-rights and dividends on the ex-rights and ex-dividend dates for the number of shares, the number of account holdings, the stock price, and the cash account dividends.
In the past, when many factories and units were reformed, many workers and friends had experienced the matter of "buying out their seniority." To put it simply, the employer gives a sum of money to terminate the labor relationship with the employees. Many people thought at the time that once the money was taken and signed, the matter was completely over and they would have nothing to do with the employer in the future.
But after ten or twenty years, when I was about to retire and went through the retirement procedures, I realized something was wrong: the compensation I received seemed to be a lot less; the social security I paid during the years I worked was not enough, and was even interrupted for many years; I had obviously worked for more than ten years, but my seniority was underestimated by several years, which directly resulted in a pension loss of several hundred dollars a month.
At this time, many people will feel that it has been so long, the words have been signed, and the money has been taken, they will definitely not come back, and they will only suffer a loss. But I tell you today in the most practical and down-to-earth terms: Buying out the length of service is really not a one-time transaction. Most of the undercalculated money, missed social security payments, and miscalculated length of service can be recovered as long as you follow the rules.
This article does not use difficult official language or professional provisions. It uses words that ordinary people can understand. It explains completely and clearly how to check, how to calculate, who to ask for, and what to prepare, so that everyone can have peace of mind, know that their rights and interests have not been lost, and know how to get them back step by step.
1. Let’s explain the truth first: just because you sign, it doesn’t mean that all your rights are gone.
The most troubling point for many people is: I signed the agreement myself and received the money, can I still find another employer now? Doesn't it count?
Let me explain the most important truth first:
Buying out the length of service essentially means that the company and the employee have agreed to quit and separate. The compensation that the company should pay, the social security that should be paid, and the number of years of service that should be calculated are all required by the state. It cannot be just what the company says, nor can it be deducted casually after signing.
The state has long stipulated that units are not allowed to withhold social security payments from employees, undercount seniority, or withhold compensation in the name of "buying off their seniority." Even if the agreement back then said "I will no longer contact the employer" and "I am responsible for social security", as long as the employer fails to comply with national regulations, these words will not count legally.
For example, if your employer deliberately reduces your length of service, only compensates you based on basic salary, and does not pay you any social security for so many years of work, even if you sign it, the agreement is untenable and you can still ask your employer to get back what belongs to you.
Some people are also worried that it has been more than ten or twenty years, can they still want it?
Don't worry, everyone, there is no saying that social security and length of service cannot be applied for after a certain number of years. As long as you can prove that you worked in this unit that year, you can verify, re-apply and re-pay at any time when you discover it.
To sum it up in one sentence: you can sign it, but the treatment prescribed by the state cannot be less, and it has not affected your rights protection even after so long.
2. The three things that everyone is most likely to suffer from: money, social security, and length of service
Over the years, friends who have bought out their seniority have suffered the most from three things: less compensation, insufficient social security payments, and missed calculations of seniority. I will break it down one by one and explain it in plain English so that everyone can compare and understand it by themselves.
1. Underpayment of compensation: This is the most common and easiest thing to get back
During the buyout that year, the compensation amount given by the employer had a fixed algorithm and was not just a random number given by the employer. Many units take advantage of people's lack of understanding of policies and deliberately give less.
The correct algorithm is very simple:
If you work in the company for one year, you will be given one month’s salary;
If you have worked for more than half a year but less than one year, it will be counted as one year; if you have worked for less than half a year, you will be given half a month’s salary;
The salary here is not the basic salary, but the average of all the money you get throughout the year, including basic salary, bonuses, overtime pay, year-end bonuses, and various subsidies, all calculated together.
But how do many units deceive people?
Obviously you have worked for 15 years, but I only count it as 10 years;
Obviously your monthly income adds up to 5,000 yuan, but the basic salary is only 2,000 yuan.
The probation period, time on waiting list, and time on leave without pay are not directly counted as seniority;
The compensation money is mixed with the resettlement fee and living expenses, and everyone is fooled into saying that this is all.
To give the most practical example:
You have worked for the company for 20 years, and the total income in the year before you resigned averaged 6,000 yuan per month. Then the compensation you deserve is 20 × 6,000 = 120,000 yuan.
But the employer only gives you 3,000 yuan per month, and only gives you 60,000 yuan. The 60,000 yuan less is the money you can legally get back now.
As long as you can show your salary slips, bank statements, and proof of seniority for that year, your employer must make up the difference.
2. Failure to pay social security or breaking off social security: directly affects how much money you will receive when you are old.
Social security, for us people, means pension money and medical money, which are more important than one-time compensation.
Many people didn't pay attention at all when they bought out. The employer just gave them a sum of money, and they didn't pay social security at all during the years they worked, or they stopped paying it for many years. When they were about to retire, they found out after a check that the payment period was not enough, the pension was very small, and the medical insurance did not meet the standard of free life-long insurance.
Here are the two most practical points for you:
First, as long as you work at the company, the company must pay you social security. The buyout agreement cannot exempt you from this responsibility. Regardless of whether it is written in the agreement or not, if the unit fails to pay, it is a violation and it must be repaid.
Second, there is no time limit for social security repayment. It does not mean that repayment cannot be done after 5 or 10 years. As long as the labor relationship can be proved, it can be done now.
Some people may ask: What should I do if my company has already gone bankrupt, closed down, or been cancelled? Don’t be afraid. If this happens, the state has regulations:
If the company goes bankrupt, social security and compensation money will be paid first, before other arrears;
If the unit is canceled before liquidation, the original boss and shareholders will be held responsible;
In fact, if no one is responsible, the social security fund can also help cover the co-ordination part first, so that employees will not suffer losses in vain.
The consequences of not paying enough social security are very real:
If you pay less for pension insurance for a few years, your monthly pension will be several hundred dollars less after retirement, and you will receive it for a lifetime;
If you don’t pay for medical insurance for enough years (20 years for women and 25 years for men in most places), you have to pay for medical treatment after retirement and cannot enjoy lifelong medical insurance;
Unemployment and work-related injuries have not been paid, and all the subsidies that should have been enjoyed that year are not available.
Therefore, if you fail to pay social security or break off social security, you must make up for it. This is a major event related to the rest of your life.
3. Length of service is undercalculated and service breaks: less pension is received because of seniority.
When everyone is planning to retire, they will find that the level of pension depends entirely on the length of service (years of payment). The longer the service period, the higher the pension.
The problem that many people encounter is that they have worked in the company for more than ten years and then pay social security after buying out. The previous years of service have not been taken up and are directly cleared. When retirement is calculated, the pension is much less than others.
Let me explain it clearly to you:
The buyout only terminates the working relationship, and the length of service will not be cleared. The previous length of service and the subsequent years of social security payment must be added together.
For state-owned enterprises and old units, the length of service before establishing a personal social security account with the state can be counted as "deemed payment years", which is equivalent to having already paid social security;
Military service, time spent in the countryside, normal transfers, and time on duty can all be counted as seniority.
The most troublesome situation is: the files are lost, the file materials are incomplete, and the length of service cannot be determined. Don’t panic if this happens, there’s nothing you can do to fix it. As long as you can come up with these things, you can still re-certify your seniority:
Recruitment form and employment registration form for the current year;
Salary slips, bank salary statements;
Work certificate, employment certificate, trade union certificate, attendance sheet;
Certificates from old colleagues in the unit and employment records of the unit kept in the archives;
Relevant documents for unit reform and restructuring.
Nowadays, human resources and social security departments in various places have special channels. As long as the materials can prove that you have worked, you can make up for the missed years of service, and your pension will be recalculated and repaid.
Three or four-step process: no money, less legwork, it can be done step by step
After talking about what you can get back, let’s talk about the most practical steps. There is no charge for the whole process, and there is no need to find connections. Just follow these four steps and ordinary people can do it by themselves.
The first step: do the math yourself and get all the materials.
Before doing things, you should know what you are doing first, and don’t go looking for someone in a haphazard manner.
1. Calculate the compensation difference: Calculate the amount of money you deserve based on "service length
2. Check social security: Use your mobile phone to log in to the national social security service platform and local social security APP, you can check how many years you have paid and which month you have not paid, and print it out;
3. Check the length of service: Check how many years you have worked from joining the company to the time of buyout, and whether there are any gaps in the file.
Materials that must be found (don’t throw away old things at home):
Employment, recruitment, labor contract and other things proving that you work here;
Salary slips, bank statements, and bonus records;
The buyout agreement signed that year and the proof of receiving the money;
Social security payment records and relevant materials in files.
You can find the original materials if you can't find them. If you can't find them, you can go to your unit, archives, or human resources and social security bureau to have them copied and stamped, and they will still work.
Step 2: Discuss with the original unit first. It is easiest to resolve the matter privately.
If the original unit is still there, or it has been changed to another company, and there is a superior supervisory unit, go to them first to communicate.
No need to argue, just say it honestly:
How much was the undercompensation that year?
How many years have you not paid social security?
Which period of service is omitted?
Briefly explain the policy and show them the materials. It's best if we can discuss it well. Be sure to write the agreement in writing, sign it and seal it. Don't rely on verbal promises.
If the unit ignores you and pushes back or blocks you, just take the next step.
Step Three: Complain for free! Ask the Labor Inspection Brigade for help
This step is completely free and is a channel specifically used by the state to help ordinary people get their labor benefits back. You just need to bring your ID card and all the documents to the local labor and social security inspection brigade and fill out a complaint form. You can also directly call the 12333 Human Resources and Social Security hotline to ask what to do locally first, and then submit the materials online or offline.
The labor inspection department will take the initiative to find the unit to verify, forcing the unit to make up money, pay social security, and cooperate in determining seniority. If your unit doesn't cooperate, they will punish you directly, so you don't have to push yourself every day.
Step Four: The Last Step of Protection: Arbitration and Courts
If the previous methods are useless, or the company has been bankrupt and canceled long ago, you can go to labor arbitration or court.
Arbitration is also free. Apply to the local labor and personnel dispute arbitration committee;
If you are not satisfied with the arbitration result, go to court to sue;
If you have retired and are unable to make up social security contributions, you can ask your employer to compensate for the loss of pensions and medical insurance.
You don’t have to worry about the time limit. There is no saying that social security and seniority matters cannot be handled after a certain period of time. Even if you find out after retirement, you can still handle them.
4. The truth that must be remembered: Do not step into pitfalls when doing things in 2026
Based on the latest implementation situation, I would like to give you some of the most critical and practical reminders to prevent everyone from running and working in vain.
1. There is no national unified policy for checking the length of service, so it is more reliable to take the initiative yourself.
There is no talk about the issue of buying out seniority during the national unified census. You don’t have to wait or rely on it. You can find the problem yourself and handle it according to the process. This is the most reliable and fastest way.
2. Signing does not count. In these cases, the agreement is useless.
As long as any of the following situations occurs, the buyout agreement signed that year will not count, and you can still protect your rights:
Your employer forces you to sign or scares you into signing;
The money given is much less than the national regulations, which is obviously unfair;
The agreement states that you will give up social security and seniority, but the country does not recognize it;
The employer did not tell you the true policy and deliberately tricked you into signing it.
3. Even if the unit is gone or the name is changed, someone will still be responsible.
Unit restructuring and merger: Find the new unit you are taking over;
Company bankruptcy: contact the bankruptcy liquidation team;
Cancellation of the unit: Find the original boss and shareholders;
Old state-owned enterprises and collective enterprises: contact the superior authority.
4. The service details are different in each place, so call first to ask.
How to supplement social security and how to determine length of service, the details will be a little different in each city. Before doing anything, be sure to call 12333 to find out what you need to bring, where to go, and who to ask for help. This will save you a lot of unnecessary trips.
5. Don’t throw away old materials. The longer they last, the more valuable they will be.
Wage slips, work certificates, buyout agreements, copies of files, these old things at home, must not be thrown away as waste. These are the most critical evidence for your work. It will be very troublesome to replace them if they are lost.
5. Three little things you can do now without waiting or procrastinating
Don’t think it’s troublesome to protect your rights. Starting today, do the three simplest things first, and you will be able to straighten things out over time:
1. Take out your mobile phone and check your social security payment records to see if you have broken off social security or paid less;
2. Go through old boxes and cabinets at home, find out the salary slips, agreements, and work certificates from that year, and organize them;
3. Call 12333 and find out what city you are in and how to handle social security supplementary payment and length of service determination.
After doing these three little things, you will find that actually safeguarding your rights is not complicated at all. Everything is done according to the rules. As long as you have all the materials, you can get it done.
Many of my friends who bought out their seniority at that time are people who have dedicated most of their lives to the factory and the company. They work diligently and should not lose their legitimate rights and interests in vain because they do not understand the policies and regulations.
Buying out your seniority is never a one-and-done deal. The money you were underpaid, the social security you didn’t pay, and the seniority you missed are not old debts that cannot be recovered, but the protection that the state clearly stipulates and must give you. No matter how many years have passed, whether the company is still there or not, as long as you want to protect your rights and interests, there are channels, methods, and policy support.
There is no need for you to feel embarrassed or to think that you are looking for trouble. Getting back the treatment you deserve is a legitimate and legal matter. I hope that every friend who has experienced a buyout of service length can understand their rights and interests, get back the money they should get, make up for the social security that should be paid, and recognize the years of service that should be calculated, so that their later life will be more solid and secure.
Have you or a family member ever experienced a buyout? Did you encounter situations in which you received less compensation, failed to pay social security, or missed the calculation of your length of service? Do you think the most difficult thing when defending rights is finding old materials, asking about policies, or communicating with the unit? In your area, are there any simple and convenient ways to supplement social security payments and determine length of service? Welcome to share it and help more friends in need.
Chutian Metropolis Daily Jimu News (Reporter Zhang Zemu, Correspondent Yang Ye) "My family is in Hotan, Xinjiang. I received a subsidy from the school when I packed my luggage to go home. I am so happy!" Recently, Mai, a junior student at China Three Gorges University, received a 1,500 yuan travel subsidy from the school's subsidy management center, which made him feel warmer.
As the Spring Festival of 2026 approaches, in response to the needs of students returning home during the winter vacation, China Three Gorges University has launched a travel subsidy plan, accurately distributing travel subsidy of 87,100 yuan to 85 needy students. "Depending on the distance of the return home, each student will receive a subsidy ranging from 600 yuan to 1,500 yuan to solve the problem of students having difficulty returning home," said Wang Chun'e, the Financial Aid Center of the Student Affairs Office of China Three Gorges University.
“It’s really heartwarming to be cared about by the school on the way home.” After receiving the travel subsidy, Mai’s return trip was filled with the school’s care.
"The school has issued a New Year condolence payment of 500 yuan to your bank account. In the near future, the school leaders will lead a team to visit the dormitory to express condolences and send a New Year gift package." The condolence reminder received by Qin is full of the school's concern.
In addition to toll subsidies, the school has accurately identified the needs of students and launched a series of student aid and condolences measures, covering toll assistance, New Year condolences, cold protection, etc. "During the New Year, we sent warm care to 65 needy students, giving each person a 500 yuan condolence payment, and matching New Year supplies worth about 340 yuan; we also distributed nearly 110,000 yuan of cold-proof pillows and quilts to 1,300 needy freshmen. The total investment was more than 250,000 yuan." Wang Chun'e said.
It is reported that Three Gorges University’s activities such as travel subsidies, cold-warming supplies, and New Year condolences have continued for 15 years. As of January 30, 2026, a total of more than 21,000 people have been supported, with a funding amount of 2,183,325 yuan.
Preface to Watchtower Finance: A company that has had negative operating cash flow for two consecutive years shows profits on its books; a company that claims to be technologically advanced has two founders who left because they were "not optimistic about its development." What kind of risks are hidden behind Shangshui Intelligent’s IPO prospectus?
Watchtower Finance learned that the road to listing of Shenzhen Shangshui Intelligence Co., Ltd. (hereinafter referred to as "Shangshui Intelligence") has been full of twists and turns. In June 2023, the company submitted an application to the Shanghai Stock Exchange Science and Technology Innovation Board for the first time, but voluntarily withdrew it in June 2024. In June 2025, the company changed its route to the Shenzhen Stock Exchange GEM and launched another attack.
Watchtower Finance found that in the second application, the amount of funds raised by Shangshui Intelligent was significantly reduced from 1.002 billion yuan to 587 million yuan, almost halved. What kind of change in business situation is hidden behind this drastic reduction in the amount of funds raised?
1. Hidden business risks: excessive bundling of BYD
Shangshui Intelligent was founded in 2012. It is mainly engaged in intelligent equipment business, focusing on core process links such as micro-nano powder processing and powder-liquid precision measurement.
On the surface, the company's technology is leading and it is the world's first company to create a "circulating high-efficiency pulping system". However, the lifeblood of this technology company is highly dependent on a single customer.
From 2022 to 2024, Shangshui Intelligent's sales proportion to BYD will be 49.04%, 48.39% and 65.78% respectively. That means nearly two-thirds of the company's revenue last year came from BYD.
More importantly, BYD is not only the company's largest customer, but also a shareholder holding 7.69% of the shares. This dual role makes people have to pay attention to the fairness of the transaction.
In 2022, BYD became a shareholder of the company through the transfer of old shares and capital increase. At this time, Shangshui Intelligent's sales to BYD also began to increase significantly.
2. The tortuous road to listing: the performance fluctuations behind the halved fundraising amount
Shangshui Intelligent's IPO road has been quite tortuous. The company initially applied for the Science and Technology Innovation Board in June 2023, but voluntarily withdrew its application in June 2024.
Shortly after the withdrawal, the company quickly turned to the GEM in June 2025 to launch an attack. In the second application, the amount of funds raised was significantly reduced from 1.002 billion yuan to 587 million yuan, a drop of 41%.
Behind the significant reduction in fundraising is the fluctuation in company performance. From 2022 to 2024, the company's operating income was 397 million yuan, 601 million yuan and 637 million yuan respectively, but the net profit fell from 234 million yuan to 153 million yuan, a year-on-year decrease of 34.9% in 2024.
What is more noteworthy is that the company's net cash flow from operating activities in 2023 and 2024 has been negative continuously, reaching -72.5658 million yuan and -15.3959 million yuan respectively.
With net profit exceeding 150 million yuan, operating cash flow continues to be negative. This contrast points to possible hidden dangers in the company's revenue quality and repayment ability.
3. Financial puzzle: the truth behind profit loss and soaring debt
There are many seemingly contradictory aspects in Shangshui Intelligent's financial data.
The company's gross profit margin is significantly higher than the industry average. From 2022 to 2024, the company's main business gross profit margin is 48.10%, 57.08% and 48.72% respectively, while the industry average is 34.87%, 33.26% and 32.10% respectively.
High gross profit margin should be a reflection of competitive advantage, but the company's inventory turnover rate is far lower than the industry average. In 2024, the company's inventory turnover rate will be 0.37 times, while the industry average is 1.07 times. This combination of high gross profit and low turnover often means that the company may exchange special preferential terms for high-margin orders.
Even more worrying is the change in the company's debt structure. From 2022 to 2024, the company's interest-bearing debt surged from 14.3716 million yuan to 146 million yuan, an increase of more than 9 times. Long-term debt, in particular, has soared from almost zero in 2023 to 130 million yuan in 2024.
The combination of soaring debt and persistently negative operating cash flow suggests the company faces significant financial risks.
4. The founder quits: a warning sign that he is not optimistic about the company’s future.
There are obvious hidden dangers in the corporate governance structure of Shangshui Intelligence. The actual controller Jin Xudong controls a total of 51.15% of the company's voting rights through direct and indirect methods, forming a "one-share-dominated" power structure.
What is even more concerning is the large-scale exit of the company’s founding team. Two of the three founders have exited completely. As co-founders, Yan Yongjun and Zhang Shubo chose to transfer all equity and exit the company in 2020.
In addition, in August 2022, Wu Juan, then director and general manager of Shangshui Intelligent, also chose to resign. A large-scale exit of the founder team may hint at deep governance or strategic differences in the company.
5. Hidden dangers in asset quality: high inventory and payment collection difficulties
There are obvious hidden dangers in the asset quality of Shangshui Intelligence. At the end of each reporting period, the company's inventory book value accounted for more than 45% of current assets, reaching 63.42% in the first half of 2025.
High inventory means that a large amount of funds are tied up, and at the same time, there is a risk of price decline. By the end of 2024, the company's inventory price reduction provisions had reached 37.2232 million yuan.
More importantly, most of the company's inventory consists of "issued goods," that is, equipment that has been delivered but has not been accepted by customers. In the first half of 2025, the proportion of shipped goods in inventory was as high as 68.26%.
This inventory structure means that the company has a large amount of equipment that has been delivered for use but has not yet received final acceptance from customers. Not only does it occupy a huge amount of funds, it also faces the risk of customers delaying or rejecting acceptance.
At the same time, the company's accounts receivable aging structure is deteriorating. In the first half of 2025, the proportion of accounts receivable with an aging of 2-3 years has reached 13.45%, and the proportion of accounts with an aging of more than 3 years has reached 12.66%.
The increase in long-aged accounts receivable indicates that the company's ability to collect payments is weakening and it may face greater risks of bad debts.
6. Investment projects: the gap between prospects and reality
Shangshui Intelligent's IPO fundraising projects include high-precision intelligent equipment South China headquarters manufacturing base construction projects, R&D center construction projects and supplementary working capital.
The company needs to explain the rationality and necessity of large-scale expansion of production capacity given the existing capacity utilization rate.
According to financial data, the amount of the company's projects under construction has increased abnormally. In 2024, the company's projects under construction were 190 million yuan, an increase of 1087.94% from the beginning of the period. In the first half of 2025, the projects under construction reached 325 million yuan, which far exceeded the scale of fixed assets.
Behind this abnormal change, it may mean that there are artificial adjustments in the time when the company's projects under construction are transferred to solid state, or there are flaws in project budget management.
In addition, the company plans to invest 209 million yuan in the construction of R&D centers. But in May 2025, the company appointed Zhang Qing, deputy general manager and chief technology officer.
The technical person in charge was changed on the eve of the IPO, and the person in charge had served in many companies such as Evergrande New Energy and Lixin Energy. Its stability and continuity of R&D direction are worthy of attention.
7. Fundraising doubts: doubts about the authenticity of funding needs
In Shangshui Intelligent's IPO fundraising plan, 150 million yuan will be used to supplement working capital, accounting for 25.6% of the total fundraising amount. The company explained that this was to "optimize the financial structure and enhance the company's financial strength."
However, Watchtower Finance found that the company's recent operating cash flow has continued to be negative, and the asset-liability ratio is high. From 2022 to 2024, the company's asset-liability ratio is 86.59%, 72.70%, and 68.46% respectively, which is significantly higher than the industry average of 42.89%.
However, the prospectus shows a contradictory phenomenon: while claiming that it needs to supplement working capital, the company has implemented cash dividends twice in 2022 and 2024, with a total dividend amount of 24.1571 million yuan.
An obvious logic is: since you have money to pay dividends, why do you need to raise funds from the market to supplement liquidity? This phenomenon of borrowing money with the left hand and distributing money with the right hand can hardly help but raise questions about the urgency and authenticity of fund-raising, and it is bound to become the focus of regulatory attention.
What's even more interesting is that the company's fundraising projects are exactly the same as those in the previous Science and Technology Innovation Board IPO, but the total amount of funds raised has been significantly reduced by 415 million yuan. Among them, the supplementary working capital project was reduced from 200 million yuan to 150 million yuan, the base construction project was cut from 506 million yuan to 228 million yuan, and the research and development center project was reduced from 296 million yuan to 209 million yuan.
8. Related transactions: interest arrangements behind deep bundling
The related-party transactions between Shangshui Intelligent and BYD present some characteristics worthy of attention.
Before BYD took a stake, the company's sales to BYD accounted for 31.73% and 56.48% respectively from 2020 to 2021. After BYD takes a stake, this proportion will further rise to 65.78% in 2023.
The company explained that the reason for BYD's investment was "recognition of the company's investment value" and "strengthening the synergy between the upstream and downstream of the industrial chain." However, this transaction structure in which customers first acquire shares and then increase their business share inevitably raises concerns about its commercial rationality.
In addition, about 5% of the company's revenue comes from new material preparation smart equipment, but this part of the business revenue has shrunk significantly from 11.3574 million yuan in 2022 to 2.9779 million yuan in 2024.
The business is highly concentrated on related-party transactions with a single customer, while the development of emerging business sectors is weak. This business structure may affect the company's future independent development and market competitiveness.
9. Reliance on tax incentives: the invisible pillar behind performance
Shangshui Intelligent's performance relies heavily on tax incentives. From 2022 to 2024, the tax preferential amounts enjoyed by the company are 10.9668 million yuan, 82.6287 million yuan and 27.2018 million yuan respectively, accounting for 9.82%, 30.53% and 15.86% of the total profit for the current period respectively.
In 2023, more than 30% of the company's profits will come from tax incentives, which is an unusually high proportion. This means that without the tax benefits, the company's profits in 2023 will be slashed by nearly a third.
Fluctuations in tax incentives also directly affect the stability of company performance. In 2023, the company received an immediate refund of value-added tax as high as 53.3613 million yuan, a surge of more than 50 times from 1.0648 million yuan in 2022.
But by 2024, this amount will plummet to 11.5487 million yuan. Large fluctuations in tax benefits have led to roller coaster changes in the company's net profits.
If tax incentives change in the future or the Company no longer qualifies, it will have a material adverse impact on its profitability. Watchtower Finance believes that Shangshui Intelligent's prospectus shows the image of a technology company at a crossroads: on the one hand, it has original technology and rapid growth performance; on the other hand, it cannot hide the hidden worries of being highly dependent on large customers and continuing to have negative operating cash flow.
The GEM Review Committee may pay special attention to: whether the long-term deviation between operating cash flow and net profit indicates hidden risks in revenue quality; whether reliance on BYD constitutes a major dependence; and how to protect the rights and interests of small and medium-sized shareholders under the "one-share-dominated" structure of the actual controller.
From the perspective of Watchtower Finance, the IPO process of Shangshui Intelligence is not only a test of a company's survival, but also a barometer for observing the health of companies in China's new energy industry chain.
References:
1. Official website of Shanghai Stock Exchange
2. Shenzhen Shangshui Intelligent Co., Ltd. Prospectus (Draft) (Updated on September 30, 2025)
3. Shenzhen Shangshui Intelligent Co., Ltd.'s initial public offering prospectus (application draft) on the Science and Technology Innovation Board (updated on June 30, 2023)
Mining Cost Management and Profit Improvement Training Introduction to this training The theme of this training is "Mining Cost Management and Profit Improvement", which is designed to help mining companies improve their cost management capabilities and maximize profits. The training content mainly includes basic knowledge of cost management, mining cost structure, cost control strategies, ways to improve profits, etc. The training will introduce the basic knowledge of cost management, including the concept, classification and calculation methods of cost. By having an in-depth understanding of the components of costs, students can better grasp the key points of cost management. The training will provide a detailed analysis of the components of mining costs, including direct costs and indirect costs. Through in-depth analysis of mining cost components, students can clarify the proportion of various costs in the total cost, which will serve as the basis for cost control. Next, the training will introduce cost control strategies, including budget control, cost reduction and cost optimization. By learning these strategies, students can master how to control costs under different circumstances and achieve cost minimization. The training will also explore ways to improve profits, including increasing production, reducing costs, optimizing sales channels, etc. Students can learn these methods and find effective ways to increase corporate profits. This training will use a combination of theoretical explanations and case analysis to allow students to deepen their understanding of cost management and profit improvement through practical cases based on theoretical learning. During the training process, interactive sessions will also be arranged to encourage trainees to ask questions and share experiences to improve the training effect. Through this training, students will be able to master the basic knowledge of mining cost management, understand the cost structure, learn to apply cost control strategies, and explore ways to increase profits. Ultimately, companies will achieve effective cost control and profit maximization. This training will provide enterprises with a complete mining cost management and profit improvement plan to help enterprises stand out in the fiercely competitive market. All students are welcome to participate enthusiastically and jointly enhance the competitiveness of my country's mining enterprises. The following are the main contents of this training 1. Training background In recent years, competition in my country's mining market has been fierce, and companies are facing the dual dilemmas of cost pressure and declining profits. In this context, mining companies urgently need to improve their cost management levels in order to maximize profits. This training aims to help mining companies solve the problems of cost management and profit improvement, and enhance their market competitiveness. 2. Training Purpose The purpose of this training is to enable students to master the basic knowledge of mining cost management, understand the cost structure, learn to use cost control strategies, and explore ways to increase profits. Through training, trainees can improve their cost management capabilities and maximize corporate profits. 3. Training content The content of this training includes basic knowledge of cost management, mining cost composition, cost control strategies, ways to improve profits, etc. Specific content includes: Basic knowledge of cost management: introduces the concept, classification and calculation methods of cost, and helps students establish the basic framework of cost management. Mining cost composition: Detailed analysis of the composition of direct costs and indirect costs enables students to clarify the proportion of various costs in the total cost. Cost control strategies: Introduces methods and techniques of budget control, cost reduction and cost optimization, helping students master effective ways to control costs under different circumstances. Ways to improve profits: Explore methods such as increasing production, reducing costs, optimizing sales channels, etc. to help students find breakthroughs to increase corporate profits. 4. Training objects The objects of this training are mainly managers, financial personnel and related technical personnel of mining enterprises. Through training, trainees will be able to improve their cost management capabilities and create greater value for the enterprise. 5. Training methods This training is conducted by combining theoretical explanations and case analysis. Theoretical explanations help students establish a cost management knowledge system, while case studies enable students to apply theoretical knowledge to practical work. Interactive sessions were also arranged during the training process to encourage trainees to ask questions and share experiences to improve the training effect. 6. Training time This training is scheduled to be conducted within an appropriate time period to ensure that students can fully participate without being disturbed by their daily work. The training time is moderate in length, covering all necessary knowledge points without causing excessive fatigue to the trainees. Through a carefully designed schedule, we ensure that students can use this time efficiently and improve their cost management capabilities. 7. Training assessment and evaluation The assessment and evaluation of this training will be comprehensive and strict. Assessment methods include classroom participation, case analysis, knowledge tests and practical application reports. Trainees need to demonstrate their understanding and application capabilities of cost management and profit improvement in all aspects. Those who pass will receive corresponding certifications, proving that they have mastered the necessary knowledge and skills. 8. Training Expectations This training expects trainees to have an in-depth understanding of all aspects of mining cost management and master practical cost control and profit improvement strategies. It is expected that students can actively participate in the training, make full use of the interactive sessions, and communicate in depth with lecturers and other students. Through training, it is expected that trainees can improve their professional capabilities and contribute to the company's cost control and profit growth. 9. Training Results This training will bring significant results to the trainees. Participants will be able to: Clearly understand the concepts and importance of mining cost management. Accurately identify and calculate various costs and master the essentials of cost composition. Apply cost control strategies to effectively reduce costs and optimize resource allocation. Explore ways to increase profits and formulate corresponding strategies and plans. This training not only improved the students' professional knowledge, but also enhanced their practical operation capabilities. Through training, trainees can provide strong support for the sustainable development of enterprises and occupy a favorable position in the fierce market competition.
Recently, Shanghai Dalwei Trading Co., Ltd., a company owned by Lin Ruiyang and Zhang Ting, was investigated for suspected pyramid schemes. In response, "TST Court Secret" responded that Shanghai Dalwei is a legally operating company. Since its establishment, it has always followed government guidance, adhered to legal operations, and paid taxes in accordance with the law.
In response to TST, relevant personnel from the Yuhua District Market Supervision and Administration Bureau of Shijiazhuang City said in an interview with the media that they had received a large number of reports from the public claiming that the "TST Court Secret" was suspected of pyramid schemes. After investigation, the Yuhua District Municipal Supervision Bureau determined that Shanghai Dalwei, the parent company of "TST Court Secret", was suspected of pyramid schemes. The reason is that Dalwei has the three characteristics of a pyramid scheme, namely the pyramid structure of recruiting people, paying entry fees and team remuneration. Relevant personnel also revealed that the case has now entered the audit stage, and the next stage involves penalty decisions and penalty amounts, which is expected to take several months.
This also means that relevant parties and enterprises still have differences on whether it is suspected of pyramid schemes. However, for things like pyramid schemes, no matter which company is investigated, even if there is irrefutable evidence, the company being investigated will think that it is not a pyramid scheme. Because once it is proven that it is a pyramid scheme, the punishment will be very severe. If the amount involved is too large, the relevant persons will also be held criminally responsible.
As for "TST Court Secrets", whether it is suspected of pyramid schemes certainly does not depend on the company or the staff of the market supervision department, but must be based on the facts. Judging from the reactions of netizens, it seems that they agree and support the actions of the market supervision department. They feel that "TST Court Secret" is a pyramid scheme organization and has been a pyramid scheme for a long time. However, why it has only attracted attention now, and it is not the Shanghai market supervision department, but a district-level market supervision department in Shijiazhuang City, Hebei Province, is indeed worth pondering.
The fact is that it is indeed difficult to file a case for pyramid schemes. Because the marketing methods introduced by some "smart" companies and "smart" people are all on the fringes of the law, claiming that they are pyramid schemes, and the evidence given is not very strong. It's not a pyramid scheme, the behavior is a pyramid scheme. How to make a reasonable and legal determination is quite difficult.
Judging from the factual determination of the "TST Court Secret" by the Yuhua District Market Supervision Department, it should fall into the category of pyramid schemes. Recruiting people, paying entry fees and team remuneration all have the basic characteristics of pyramid schemes and have the basic meaning of pyramid schemes. There should not be much problem in identifying its pyramid schemes. At most, there are more bunkers covering the surface, making it more difficult to distinguish. Even so, it does not affect the market supervision department’s determination that “TST Court Secrets” is suspected of pyramid schemes.
More importantly, according to the information provided by the Yuhua District Market Supervision Bureau, after an inquiry into Dalwei's bank account, it was also discovered that the company used financial institutions to set up bank accounts to transfer and hide large amounts of market funds. In order to prevent heavy losses to the country, the Yuhua District Market Supervision Bureau applied to the court to take property preservation measures in accordance with the law and froze the company's 600 million yuan in funds.
Here, we hope that the Shanghai Municipal Market Supervision Department will also intervene in the investigation of this case, because the parent company of "TST Court Secret" is Shanghai Dalwei Company, and the response of "TST Court Secret" only said that Shanghai Dalwei Company is a legally operating company, and did not say whether the branches of Dalwei Company are also operating legally. Even if Shanghai Dalwei Company operates legally and its subsidiaries are engaged in pyramid schemes, it is actually Dalwei Company that is engaged in pyramid schemes, and it only retains the legal appearance of a parent company, which is a more terrifying and abhorrent behavior. Therefore, it is necessary for the Shanghai Municipal Market Supervision Department to cooperate with the investigation in order to find out the situation of this company.
The harm of MLM is considerable. If it is not controlled when it can be controlled, and investigated and banned in accordance with the law, once the bubble bursts and the capital chain is broken, the consequences will be disastrous. Therefore, while Dalwe Company still has financial strength, it is very necessary and urgent to investigate whether the company is suspected of pyramid schemes as soon as possible.
(Author Tan Haojun)
Submission email: qilupinglun@sina.com
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