Yangtze River Business Daily reporter Li Qiguang
The mysterious "cow scatter" Wang Xiaoming floated about 30 million yuan a day.
On the evening of August 21, Laiyifen (603777.SH) announced that Wang Xiaoming bought 17.6886 million shares of listed companies in less than a month, accounting for 5.26% of the company's total share capital, completed the raising of the card, and became the second largest shareholder.
However, when Wang Xiaoming held 5% of the shares, he did not stop buying Laiyifen shares, and "crossing the line without stopping" was suspected of raising cards in violation of the law.
After the listing in October 2016, Laiyifen's performance was not satisfactory, of which the company deducted non-net profit from 2018 to 2021 for four consecutive years of losses, with a cumulative loss of 250 million yuan.
In the first quarter of 2022, Laiyifen's performance improved, but the company's research and development expenses were only 726,500 yuan, down about 53% year-on-year, while the sales expenses reached 352 million yuan, an increase of about 10% year-on-year, and the latter was 485 times that of the former.
Wang Xiaoming floated 30 million a day
On the evening of August 21, Laiyifen released a simplified equity change report showing that as of the date of this report, Wang Xiaoming bought 17.6886 million shares of the company's shares through his personal account in the centralized trading system of the Shanghai Stock Exchange, accounting for 5.26% of the company's total share capital, and completed the raising of the card.
At present, Shanghai Aiwu Enterprise Management Co., Ltd., the largest shareholder of Laiyifen, holds 187 million shares, accounting for 55.42% of the total shares. Wang Xiaoming's shareholding ratio has risen to the second place of listed companies, becoming the second largest shareholder.
According to Wang Xiaoming's trading of Laiyifen shares in the previous six months, he bought 2.3816 million shares in February and March, with a price range of around 12 yuan per share.
According to the first quarter report of 2022, Wang Xiaoming holds 2.3816 million shares, accounting for 0.71% of the company's total shares, becoming the seventh largest shareholder of Laiyifen.
However, on May 18, Wang Xiaoming sold 2.3816 million shares in a one-time position at a transaction price of 14.63 yuan per share and cashed out 34.8428 million yuan.
After two months of silence, since July 21, Wang Xiaoming has continued to buy Laifen stocks at prices between 12.4 yuan and 13.5 yuan. According to the calculation of the transaction price range, Wang Xiaoming raised a card to yifen to smash more than 200 million yuan of funds.
It should be noted that Wang Xiaoming bought 2.1266 million shares on August 18, with a shareholding ratio of 4.02%.
On August 19, Wang Xiaoming bought another large amount of 4.1584 million shares, which was also the most purchased day in a single day, and his shareholding ratio increased to 5.26%, less than a month before and after.
According to the relevant provisions of the CSRC, when an investor holds or jointly holds with others 5% of the issued shares of a listed company through securities trading on the stock exchange, it shall make a written report to the CSRC or the stock exchange within three days from the date of occurrence of the fact, notify the listed company, and make an announcement; During the above-mentioned period, no more trading in the shares of the listed company shall be allowed.
On August 16, Laiyifen completed the cancellation of the repurchase of restricted shares, and the total share capital of the company decreased by 237,100 shares. Even according to the calculation before the change, Wang Xiaoming's shareholding ratio reached 5.25%.
Obviously, when Wang Xiaoming held 5% of the shares, he did not stop buying Laifen shares, and "crossing the line without stopping" was suspected of illegally raising cards.
Why did "Niu San" Wang Xiaoming buy Laifen shares in a big way?
Wang Xiaoming said in the evening announcement on August 21 that the company's holding of Yifen is based on its own judgment of the investment value and prospects of the listed company, and it is not excluded that it will increase or decrease the company's shares in the next 12 months.
On the evening of August 22, Laiyi issued a simplified equity change report (revised version), Wang Xiaoming said that based on confidence in the company's future prospects, in the 12 months after signing the simplified equity change report, continue to increase the company's shares by no less than 30,000 shares.
As of August 22, Laiyifen closed at 14.91 yuan per share, up 7.97%, and Wang Xiaoming also made a profit of about 30 million yuan a day.
R&D expenses are only 0.2% of sales fees
Wang Xiaoming raised his card to Yifen at this time, which was also the time when the stock price of the listed company was at a low level.
Laiyifen was listed at 11.67 yuan at october 2016, and the opening price on the first day was 14 yuan, which has hardly grown to this day.
From the performance point of view, Laiyifen does not have the impetus to promote the rise of stock prices.
The founders of Laifen, Shi Yonglei and his wife, developed a small husband and wife speculation store into a listed company, showing a shrewd business acumen. However, before and after the listing, the company's performance also fluctuated.
According to the data, before the listing, from 2013 to 2015, Laiyifen's operating income was 2.750 billion yuan, 2.858 billion yuan and 3.127 billion yuan, an increase of -0.29%, 3.93% and 9.43% respectively; Net profit was RMB97.861 million, RMB136 million and RMB132 million, up 215.70%, 38.72% and -3.07% respectively year-on-year.
However, after the listing, Laiyifen's performance began to change its face.
From 2016 to 2021, Laiyifen's operating income was 3.236 billion yuan, 3.636 billion yuan, 3.891 billion yuan, 4.002 billion yuan, 4.026 billion yuan and 4.172 billion yuan, respectively, an increase of 3.50%, 12.35%, 7.01%, 2.86%, 0.59% and 3.63% year-on-year, respectively; The net profit was 134 million yuan, 101 million yuan, 10.109 million yuan, 10.3707 million yuan, -65.1954 million yuan and 31.0010 million yuan, respectively, an increase of 1.92%, -24.42%, -90.03%, 2.59%, -728.65% and 147.55% respectively.
Moreover, from 2018 to 2021, Laiyifen deducted non-net profit for four consecutive years of losses, -46.5251 million yuan, -32.9598 million yuan, -105 million yuan and -65.4961 million yuan, with a cumulative loss of 250 million yuan.
Laiyifen's operating income mainly relies on offline stores, and online revenue accounts for only about 10% of total revenue. In 2019, 2020 and 2021, the operating income of the company's online e-commerce platform channels was 516 million yuan, 594 million yuan and 543 million yuan respectively, accounting for 12.88%, 14.75% and 13.01% of the total operating income.
Moreover, laiyifen's offline channel revenue is still dominated by East China, with revenue in East China in 2021 of 3.45 billion yuan, accounting for 82.69% of the total operating income.
From 2019 to 2021, the company's sales expenses were 1.306 billion yuan, 1.309 billion yuan and 1.357 billion yuan, accounting for 32.63%, 32.52% and 32.53% of the total revenue, respectively. The company's R&D expenses in the same period were 0.24 billion yuan, 0.16 billion yuan and 0.05 billion yuan, accounting for 0.60%, 0.39% and 0.12% of the total revenue.
In the first quarter of 2022, Laiyifen's performance improved, with operating income reaching 1.315 billion yuan, an increase of 8.27% year-on-year; Net profit reached 92.5285 million yuan, an increase of 15.24% year-on-year; The net profit after deduction reached 86.0919 million yuan, an increase of 16.95% year-on-year.
However, in the first quarter, Laiyifen's research and development expenses were only 726,500 yuan, down about 53% year-on-year, while sales expenses reached 352 million yuan, an increase of about 10% year-on-year, and the former was only 0.2% of the latter, accounting for a negligible proportion of operating income.