At the beginning of last year, Ge Wenyao, former chairman of Shanghai Jahwa (600315.sh), posted on Weibo lamenting that the market value of Shanghai Jahwa was surpassed by the latecomer 603605.sh, when the market value of Shanghai Jahwa was 20.63 billion, the market value of Peraya was 21.25 billion, and the scale of revenue was 7.59 billion and Pleia was 3.116 billion.
After a year of stock price rise and fall, going around, on March 18 this year, Shanghai Jahwa market value of 33.932 billion, Pleia 32.983 billion, time has proved the status of Shanghai Jahwa, as of now Shanghai Jahwa has once again been surpassed by Pleia, Shanghai Jahwa 31.051 billion, Pleia 32.4 billion!
However, just recently listed cosmetics company 300957.sz, its market value reached 68.971 billion yuan as soon as it was listed, and after a sharp rise of nearly 10% today, the latest market value is 81.8 billion. However, its revenue scale is only 1.943 billion, and the corresponding price-earnings ratio is as high as 150 times, which is more than 2 times that of Shanghai Jahwa and Polaria.
(Screenshot of Bethanie's stock price trend)
This, so that the veteran cosmetics brand Shanghai Jiahua is so bad? Even Polaria, who was touted by capital last year, had to be ashamed. Bethany is less than one-third the size of Shanghai Jahwa and less than Peraiah, but its market value is greater than that of Shanghai Jahwa and Polaria combined.
Regardless of the size of the market value, there are still many doubts about bethanie itself, in addition to the different listing locations, I really can't imagine that Bethany can be worth more than 80 billion yuan at the beginning?
The myth of 270,000 times the capital of foreign actual controllers
Bethany's prospectus introduced that the company is a professional cosmetics manufacturer with the "Winona" brand as the core, focusing on the application of pure natural plant active ingredients to provide gentle and professional skin care products, focusing on sensitive skin, and deeply integrating with the Internet in product sales channels.
From 2017 to the first half of 2020, the sales achieved by the "Winona" brand accounted for 99.68%, 99.85%, 99.37% and 99.06% of the company's total revenue, respectively, and almost all of the revenue came from "Winona". In 2019, the company's total revenue was 1.943 billion, of which 1.922 billion came from "Winona".
The company's core business, "Winona", is actually an incubation project that Bethanie bought from Dianhong Pharmaceutical for 300,000 yuan in 2011.
(Screenshot of Bethanie's prospectus)
At the beginning, 300,000 yuan was spent to buy the "Winona" brand of Dianhong Pharmaceutical, which became the core business of bethanie, an A-share listed company. Based on today's latest market value of 81.8 billion, the return on this investment is as high as 272,600 times!
In terms of Bethanie Limited, according to the prospectus, it was established by Dai Kaihuang, Deng Xiaoling and Ma Ruyu on May 13, 2010, with a registered capital of 500,000 yuan. By November 2012, Dai Kaihuang transferred all of his betty limited equity to the current controlling shareholder, Nona Technology, with 1.215 million, Deng Xiaoling with 1.215 million, and Ma Ruyu with 270,000, and then introduced Sequoia Capital's Sequoia Juye Fund in 2014 and heavy building investment in 2015.
Nona Technology is an authentic foreign-funded enterprise, which is actually controlled by two people with foreign status, GUO ZHENYU (Guo Zhenyu) and KEVIN GUO, the two are father and son, and after listing, they indirectly hold 46.08% of the equity of Bethanie through Nona Technology.
Among them, the father GUO ZHENYU (Guo Zhenyu) has Canadian citizenship, and the son KEVIN GUO has dual Canadian and American citizenship!
In addition, it is worth noting that from 2018 to the first half of 2020, the company has paid a total of 320 million dividends to shareholders, 120 million in 2018, 100 million in 2019, and 100 million in the first half of 2020, accounting for 46.15%, 24.39% and 62.5% of the company's net profit attributable to the mother in the current period.
Therefore, only in the first half of 2018-2020, the dividends received by shareholders are 600 times the original cost of 300,000 yuan, coupled with the market value of more than 80 billion yuan after the company's listing, Bethany's shareholders, especially the father and son of foreign actual controllers, can be described as a lot of money!
After the large dividend, the A-share financing of 1.5 billion yuan was raised
In the first half of last year, the company took out 62.5% of the net profit achieved in the current period, and then the registration system of the ChiNext board was officially launched, and the first batch of enterprises began to be listed on August 24 last year. At this time, Bethany actively seized the opportunity to submit a draft listing declaration on July 6, and held a meeting on October 30, becoming the first new filing company under the registration system.
However, more than 8 months have passed since the submission of the draft declaration on July 6 last year to the official listing on March 25 this year, and the listing progress has been significantly slower.
According to the company's prospectus, the company intends to raise 1.534 billion yuan for the new base of the central factory, marketing channels and brands, information system upgrade projects and supplementary working capital, of which 300 million yuan is used to supplement working capital.
It is worth noting that all the funds of the company's fundraising project come from this fundraising, which is equivalent to the fact that for this fundraising project, the company does not pay a penny. This situation shows that the company is indeed short of money at present, but considering the previous large dividends, this is obviously not a lack of money, but "circle money"!
In addition, there are even cases in the company's prospectus, where the company sells more than 3 million goods to the unincorporated company.
According to the prospectus, the company has sold 3.4304 million yuan to Leshan Xuansha Trading Co., Ltd. in 2017, however, through the inquiry of the enterprise information publicity system, it was found that Leshan Xuansha Trading Co., Ltd. was only established on January 22, 2018, with a registered capital of only 100,000 yuan.
In addition, on the Internet, there are people who claim to be bethanie's former financial staff who posted everywhere that they found many unreasonable places when they were accounting for the company's consolidated statements, but the above leaders insisted that he miscalculated, and also said that betty sales expenses were too high because the sales costs were invested in doctors and hospitals!
(Web Screenshot)
In 2019, Bethany's revenue was 1.943 billion, and the gross profit margin was as high as 80.32%, but the net profit margin was only 21.25%. Among them, the sales expense reached 843 million, and the sales expense ratio was as high as 43.38%.
On the whole, even if the company's market value exceeds the sum of Shanghai Jahwa and Polaria, through the above analysis, it can basically conclude that Bethany is not worth 80 billion, as for whether it is a circle of money, whether there is financial problems, in A shares can only be handed over to time to verify!