Does a state-owned enterprise in a county of Henan spend 300 million yuan to buy 5000 drones? Latest response

Release time:Apr 16, 2024 03:31 AM

On August 28th, Yongyue Technology Co., Ltd. announced that its wholly-owned subsidiary Yancheng Yongyue Intelligent Equipment Co., Ltd. had signed a sales contract with Pingyu County Changda Transportation Investment and Development Co., Ltd. for a total amount of 300 million yuan, involving 5000 unmanned aerial vehicles.

Announcement of Yongyue Technology Co., Ltd

It is understood that "Pingyu Changda" is a state-owned sole proprietorship enterprise controlled 100% by the Pingyu County Transportation Bureau in Henan Province.

According to the official website of the Henan Provincial Government, Pingyu County only withdrew from the ranks of poverty-stricken counties at the end of February 2020. For a county town that has just been lifted out of poverty, there are many places that require spending money, such as livelihood projects. The practice of spending 300 million yuan on drones has attracted widespread attention.

In response to this situation, on August 31st, staff from Pingyu County Transportation Bureau told Cover News that the purchase of drones was fully operated by Pingyu County Changda Transportation Investment and Development Co., Ltd. and had nothing to do with the Transportation Bureau.

County owned state-owned enterprises invest 300 million yuan

Does a state-owned enterprise in a county of Henan spend 300 million yuan to buy 5000 drones? Latest response

Purchase 5000 drones

According to the announcement released by Yongyue Technology, the total amount of the sales contract is 300 million yuan, involving 5000 drones.

The drone product is the Yongyue Intelligent X40C, which includes not only the entire machine, but also a remote control, handheld surveying and mapping device, intelligent battery, etc. The price per unit is 60000 yuan.

According to the official website of "Yongyue Intelligence", the Yongyue Intelligence X40C is a heavy-duty sowing and spraying drone suitable for high-density crops such as wheat, rice, rapeseed, and soybeans. "It is a" durable king "specially designed for fertilization and a" strong player "in efficient sowing."

The product introduction displayed on the official website of "Yongyue Intelligence".

According to the contract, "Yongyue Intelligent" needs to send out the goods before March 2024. Within 10 working days after the signing of the Sales Contract, "Pingyu Changda" must pay 20% of the total contract price, which is 60 million yuan, to "Yongyue Intelligent"; Within one month after signing, Pingyu Changda shall pay 80% of the total contract price, which is 240 million yuan, to Yongyue Intelligent.

The company involved is

Local airport construction project unit

The official website of the Development and Reform Commission of Henan Province released the "Reply on the Approval of the Henan Pingyu General Airport Project" in 2018, which showed that it agreed to build the Henan Pingyu General Airport project, carry out flight training, air tourism, official flights, agricultural and forestry operations, and undertake public welfare services such as emergency rescue, fire prevention and disaster relief. Pingyu County Changda Transportation Investment Development Co., Ltd. is the project unit.

The main construction content of this project is an A2 level general airport, with a construction land of 1040.536 acres. The total investment of the project is 247.4468 million yuan. The project capital shall not be less than 61.87 million yuan, and the funds shall be raised by the project legal person.

According to a report by Securities Times · E Company, Zhou Tao, Chairman and General Manager of Pingyu Changda, stated that Pingyu Changda is the operation and management company of the airport, and airport operations require the use of drones. He also stated that it is currently only an intention agreement and not all have been finalized yet.

It is noteworthy that the total amount of the aforementioned drone purchase contract is 300 million yuan, which exceeds the total investment of 247 million yuan mentioned in the airport project approval.

The transaction volume of a single transaction

Exceeding the annual revenue of the enterprise from the previous year

So, what is the strength of "Yongyue Intelligence" to win this "big order"?

According to the "Tianyancha" app, "Yongyue Intelligence" was established in early 2022 and is a wholly-owned subsidiary of "Yongyue Technology", committed to expanding new business in drones. The registered capital of the company is 25 million yuan, mainly engaged in the research and development, manufacturing, and sales of intelligent unmanned aerial vehicles. It can be seen that the company has not been involved in the intelligent unmanned aerial vehicle manufacturing industry for a long time.

Yongyue Technology stated in its 2022 annual report that based on its future development strategy and industrial layout planning, it has sorted out the industry and formed two major business segments: unsaturated polyester resin and drone business.

The company's drone business did not improve its profitability in 2022. According to the 2022 annual report, Yongyue Technology achieved a revenue of approximately 296 million yuan, a negative growth of 25.21% compared to the same period last year. Most of it comes from the chemical product manufacturing industry, while the revenue from the intelligent unmanned aerial vehicle manufacturing industry is only 54900 yuan. From this, it can be seen that the transaction volume with "Pingyu Changda" exceeded the company's revenue for the entire year of the previous year.

The county where the "generous" enterprise is located

I only took off my poverty hat three years ago

The reporter learned during the interview that Pingyu County is located in the southeast of Henan Province, at the junction of two provinces and three cities. Due to its flat terrain and being the birthplace of China's earliest vehicle "yu", it is named "Pingyu".

The county has a total area of 1284 square kilometers and a registered residence population of 1.17 million. Pingyu County was once a national level poverty-stricken county. According to the official website of the Henan Provincial Government, Pingyu County only took off the label of a poverty-stricken county at the end of February 2020.

The announcement released by "Yongyue Technology" shows that "Pingyu Changda" was established on July 17, 2017, with a registered capital of 30 million yuan and a registered address of 33rd Street, Guhuai Street, Pingyu County. Its main business is investment, construction, operation, and management of transportation infrastructure projects and supporting facilities.

Through the "Tianyancha" app, the reporter confirmed the relevant information about "Pingyu Changda" published in the announcement of "Yongyue Technology". At the same time, the search results also showed that "Pingyu Changda" is a state-owned sole proprietorship enterprise controlled 100% by the Pingyu County Transportation Bureau in Henan Province, with its chairman and general manager surnamed Zhou.

Local Transportation Bureau:

Corporate behavior is not related to the bureau

As a wholly-owned state-owned enterprise, is the aforementioned behavior of Pingyu County Changda Transportation Investment and Development Co., Ltd. related to its shareholder, Pingyu County Transportation Bureau?

On August 31st, a staff member of the Pingyu County Transportation Bureau told Cover News that they had taken note of the situation. The purchase of drones is fully operated by Changda Transportation Investment and Development Co., Ltd. and has nothing to do with the Transportation Bureau. The staff member stated that the purpose of the company's purchase of drones must be for future airport construction.

On the same day, a cover news reporter called Yancheng Yongyue Intelligent Equipment Co., Ltd., but a staff member said they were not clear about the matter and immediately hung up the phone.

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