Wanfeng Aowei, a core listed company under the large private enterprises Wanfeng department and the Rifa department, released its 2021 interim report, achieving operating income of 5.547 billion yuan during the reporting period, an increase of 25.44% year-on-year; net profit attributable to the mother was 233 million yuan, down 7.71% year-on-year.
It is reported that due to the sharp increase in the price of raw materials, the profitability of Wanfeng Aowei has declined to a certain extent. In addition, wanfeng Aowei's net cash flow from operating activities decreased significantly due to the increase in the matching expense corresponding to the increase in sales.
At present, one of the focuses of Wanfeng's power is in the field of general aviation in its layout in recent years.
In the first half of this year, Wanfeng Aircraft Industry, a backbone enterprise in the general aviation sector under Wanfeng Aowei, has successively introduced local platform funds and central enterprise industry funds as strategic shareholders. Wanfeng Aowei said that Wanfeng Aircraft Industry has formed an equity structure jointly held by Wanfeng Aowei Holdings, local urban investment companies and central enterprise investment funds to ensure the long-term and sustainability of resources.
Shell financial reporters paid attention to the fact that the valuation of Wanfeng Aircraft Industry has increased significantly in the past year, with an increase of about 1.435 billion yuan and a premium of about 43.75%.
Wanfeng Aowei is accelerating its layout in the field of general aviation, announcing a 2 billion yuan investment plan in June this year, planning to set up a wholly-owned subsidiary in Qingdao and invest in the project with an annual output of 220 diamond aircraft.
As the parent company of Wanfeng Aowei, Wanfeng Group was once caught in a storm last year due to capital occupation and illegal guarantees, and pledged a high proportion of its listed companies. On August 18, Wanfeng Aowei was again punished by the regulator for failing to fulfill its obligation to believe in the appropriation of Wanfeng Group's funds.
At present, the proportion of Wanfeng Group's pledge to Wanfeng Aowei has decreased significantly. However, in June this year, the actual controller of Wanfeng Wu Liangding and Chen Ailian family declared another heavy capital operation failure, rifa textile machinery announced the termination of registration after half a year.
Rifa Textile Machinery told Shell Financial Reporter at the time that the termination of registration was an internal reason, because the company's leadership decided to optimize the equity structure, and whether there was a listing plan after that was temporarily uncertain.
Rising raw material prices affect profitability Net cash flow from operating activities fell sharply
Wanfeng Aowei (002085. SZ) released its 2021 semi-annual report, achieving operating income of 5.547 billion yuan during the reporting period, an increase of 25.44% year-on-year; net profit attributable to the mother was 233 million yuan, down 7.71% year-on-year.
Although revenue increased year-on-year, affected by the sharp rise in the prices of raw materials such as aluminum ingots, magnesium ingots and steel, Wanfeng Aowei's operating costs in the first half of this year rose more than the revenue growth rate, resulting in a decline in the overall profitability.
Shell financial reporters paid attention to the fact that during the reporting period, the net cash flow generated by Wanfeng Aowei's operating activities was 335 million yuan, down 43.22% year-on-year. Wanfeng Aowei said that it was mainly due to the increase in the corresponding matching expenses due to the increase in sales in the reporting period, of which the cash paid to and for employees increased by 135 million yuan year-on-year, and the various taxes and fees paid increased by 0.51 billion yuan year-on-year.
As of the end of the first half of the year, Wanfeng Aowei had total assets of 16.087 billion yuan and total liabilities of 8.525 billion yuan.
Wanfeng Aowei's business areas include two major sectors: automotive metal parts lightweight industry and general aviation aircraft manufacturing industry, of which the production and sales of automotive metal parts lightweight business showed a restorative growth, and the sales revenue in the half year was 4.756 billion yuan, an increase of 33.60% year-on-year.
Wanfeng Aowei's general aviation aircraft manufacturing business, which wanfeng Aowei has focused on in recent years, achieved sales revenue of 791 million yuan in the first half of this year, down 8.25% year-on-year. Wanfeng Aowei said that due to the impact of the overseas epidemic, the recognition of some order revenues of the general aviation aircraft manufacturing business during the reporting period was delayed, which affected the overall revenue, and if the overseas epidemic situation can improve, the performance level of the general aviation aircraft manufacturing business will be improved.
Although the current aircraft manufacturing business of Wanfeng Aowei is smaller than that of the auto parts manufacturing business, the profit level of the former is significantly higher than that of the latter. According to the semi-annual report, the gross profit margin of the aircraft manufacturing business reached 31.93%, which is twice that of the auto parts manufacturing business (gross profit margin of 15.55%).
Twice led the battle to increase the layout of the general aviation industry The target enterprise value-added 1.4 billion premium reached 43.75%
In the first half of this year, Wanfeng Aircraft Industry Co., Ltd. ("Wanfeng Aircraft Industry"), a subsidiary of Wanfeng Aowei, has successively introduced local platform funds and central enterprise industry funds as strategic shareholders.
Founded in 2018, Wanfeng Aircraft Industry is one of the important enterprises in the general aviation sector of Wanfeng, and it is reported that it is a professional general aircraft manufacturer integrating independent research and development, top design, advanced manufacturing, sales and service, and has ranked among the top three fixed-wing general aircraft manufacturers in the world through the acquisition of well-known general aviation aircraft companies Diamond Austria and Diamond Canada. At the beginning of last year, The Wanfeng Aircraft Industry, which was originally part of The Wanfeng Group, was incorporated into the system of the listed company Wanfeng Aowei.
Wanfeng aircraft industry subsidiaries Source: Wanfeng Aowei announcement
In February this year, Wanfeng Aviation Industry Co., Ltd. ("Wanfeng Aviation"), a wholly-owned subsidiary of Wanfeng Aowei Holding Group Co., Ltd. ("Wanfeng Group"), transferred its 35% equity interest in Wanfeng Aircraft Industry to Qingdao Wansheng Chengfeng Equity Investment Partnership (Limited Partnership) ("Qingdao Wansheng") for RMB1.843 billion.
According to Wanfeng Aowei, Qingdao Wansheng is controlled by state-owned assets, with a total of 5 partners, 76.73% of the capital of Qingdao (Laixi) Urban and Rural Community Construction Investment Co., Ltd., and 20.46% of the investment of Qingdao Airlines Co., Ltd. are all state-owned assets in Qingdao. According to the information publicity of the Asset Management Association of China, Qingdao Wansheng was established on January 14, the fund type is equity investment funds, and the fund manager is Qingdao City Investment Equity Investment Management Co., Ltd.
In June, Wanfeng Airlines once again transferred its 10% stake in Wanfeng Aircraft Industry to Beijing Guofa Aero Engine Industry Investment Fund Center (Limited Partnership) ("Hangfa Fund") for 632 million yuan.
Partners of Hangfa Fund include China Aero Engine Group Co., Ltd., China Tobacco Machinery Group Co., Ltd., and National Manufacturing Transformation and Upgrading Fund Co., Ltd. It is reported that the Hangfa Fund was established in September 2018 by China Aero Engine Group Co., Ltd. and large central enterprises and professional financial investment institutions, and in the context of the major special projects of the "two aircraft" of national science and technology, the Hangfa Fund invested around the principle of "focusing on the main business, obtaining stable returns, and appropriately diversifying risks", focusing on the upstream and downstream technology and industrial fields of aero engines and gas turbines.
After the above two equity transfers, the current shareholding structure of Wanfeng Aircraft Industry is: Wanfeng Aowei holds 55% of the shares, Qingdao Wansheng holds 35% of the shares, and Hangfa Fund holds 10% of the shares.
Wanfeng Aowei said that through the injection of the Aviation Development Fund, which is "an industrial fund with professional strength and influence in industrial integration", Wanfeng Aircraft Industry has formed an equity structure jointly held by Wanfeng Aowei Holdings, local urban investment companies and central enterprise investment funds to ensure the long-term and sustainability of resources.
Shell financial reporters paid attention to the fact that during the above two equity transfers, the valuation of Wanfeng Aircraft Industry has increased significantly.
In the first half of 2020, Wanfeng Aowei acquired a 55% stake in Wanfeng Aircraft Industry from Wanfeng Aviation, a company of Wanfeng Aowei, which was valued at 4.885 billion yuan at that time. When Qingdao Wansheng took a stake in February this year, the overall valuation of Wanfeng Aircraft Industry had increased to 5.266 billion yuan. By the time of the Aviation Development Fund's shareholding in June, the valuation of Wanfeng Aircraft Industry had increased to 6.32 billion yuan based on the 10% equity price of 632 million yuan, an increase of about 1.435 billion yuan or a premium of about 43.75% compared with wanfeng Aowei's acquisition of wanfeng aircraft industry equity transaction last year.
In the field of general aviation, Wanfeng Aowei has recently made frequent layouts.
In June this year, after the deliberation and approval of the board of directors of Wanfeng Aowei, Austrian Diamond, a subsidiary of the listed company, intends to set up a wholly-owned subsidiary in Qingdao and invest in the project with an annual output of 220 diamond aircraft (including 120 DA50 and 100 HK36). The project plans a total investment of 2 billion yuan, of which the equipment purchase cost is 49.1 million yuan, the working capital is 150.9 million yuan, and the project construction period is 7 months.
Wanfeng Aowei said that the investment will build a more complete diamond aircraft domestic and foreign industrial development pattern, with the continuous advancement of domestic general aviation policies, the private customer market will be one of the important market areas in the future, after the project reaches production can add new profit growth points for the company, create more economic benefits.
However, Wanfeng Aowei also said on the investment risk warning that the opening of the domestic air domain is still in the initial stage, and the private market demand is affected by policies, weather, air traffic control and other factors, and there is a risk that the investment will not meet expectations. At the same time, the current domestic general aviation aircraft market is still dominated by training aviation schools, and there is a lack of private user development channels and experience. In addition, aircraft forensics need to be approved by relevant departments, and there is still uncertainty.
Wanfeng series storm gradually flattened Wanfeng Aowei pledge ratio has dropped significantly Rifa textile machinery by capital operation failure
Wanfeng department once encountered a storm last year, and the shares of its listed companies were pledged at a high rate.
In July 2020, Chen Bin, chairman of Wanfeng Aowei, was issued a consumption restriction order, which was lifted the next day. In April 2020, Wanfeng Aowei disclosed the appropriation of funds by the controlling shareholder, Wanfeng Group, and provided guarantees to the controlling shareholder in violation of the law, and was issued a warning letter by the Zhejiang Regulatory Bureau in June of the same year. The breach was subsequently lifted in November 2020.
For failing to fulfill the obligation of trust in the above-mentioned capital occupation matters, Wanfeng Aowei was again punished by the regulator.
On August 18, Wanfeng Aowei disclosed that it had received the Decision on Issuing Warning Letters to Zhejiang Wanfeng Aowei Steam Turbine Co., Ltd. and Related Personnel issued by the Zhejiang Supervision Bureau of the China Securities Regulatory Commission. According to the decision, from April to August 2020, Wanfeng Aowei was occupied by the controlling shareholder, Wanfeng Aote Holding Group Co., Ltd., and its related parties for non-operating funds of 390 million yuan (including interest). As of August 2020, the principal and interest of the above occupation have been returned. Wanfeng Aowei did not fulfill its information disclosure obligations in a timely manner as required, and did not supplement the disclosure until the 2020 annual report.
With regard to the above-mentioned violations of Wanfeng Aowei, the Zhejiang Supervision Bureau decided to take supervision and management measures of issuing warning letters to Wanfeng Aowei and the then senior executives of the listed company, Chen Bin, Dong Ruiping, Chen Shanfu and Zhang Yinfeng, respectively, and recorded them in the integrity file of the securities and futures market.
After experiencing a series of storms last year, Wanfeng Group's current share pledge ratio to Wanfeng Aowei has dropped significantly.
The previous 2020 annual report showed that at the end of last year, 78% of the shares held by Wanfeng Aowei were pledged.
According to the 2021 semi-annual report, as of the end of the first half of this year, Wanfeng Group held 730 million shares of Wanfeng Aowei, with a shareholding ratio of 33.37%, of which 287 million shares were pledged, accounting for about 39% of the shares held by Wanfeng Group. Chen Ailian, a shareholder of Wanfeng Group and the actual controller of Wanfeng Aowei, holds 97.5256 million shares, with a shareholding ratio of 4.46%, of which 79.38 million shares are pledged, accounting for 81% of the shares held by him.
On July 8, Wanfeng Aowei announced that the 114 million shares held by Wanfeng Group were unpledged, and the cumulative number of pledged shares of Wanfeng Group was 173 million shares, accounting for 23.71% of its shares. Wanfeng Aowei said that Wanfeng Group's operating performance and credit status are good, and there is no risk of liquidation of its pledged shares.
However, at the same time that the storm of Wanfeng Group was gradually subsiding, another heavy capital operation of the Wu Liangding and Chen Ailian families, the actual controllers of Wanfeng, recently lost.
According to the information updated on the listing review information disclosure website of the Shenzhen Stock Exchange's Growth Enterprise Market on June 7, Zhejiang Rifa Textile Machinery Co., Ltd. ("Rifa Textile Machinery") has terminated its registration. Rifa Textile Machinery told Shell Financial Reporter at the time that the termination of registration was an internal reason, because the company's leadership decided to optimize the equity structure, and whether there was a listing plan after that was temporarily uncertain.
Rifa Textile Machinery previously applied for listing on the Growth Enterprise Market in June 2020, passed in December 2020, and submitted for registration in March this year.
According to the notice of termination of the registration procedure for the issuance of shares on the Growth Enterprise Market, on May 22, Rifa Textile Machinery and the sponsor guosen Securities Co., Ltd. submitted an application and voluntarily requested the withdrawal of the registration application documents. In accordance with the relevant regulations, the CSRC decided to terminate the registration procedure for the issuance of Japanese textile machinery.
Rifa Textile Machinery is 69.09% owned by Zhejiang Rifa Holding Group Co., Ltd. ("Rifa Group"). The largest shareholder of Rifa Group is Wu Jie, who is the legal representative and holds 34.14% of the shares, and Wu Liangding and Chen Ailian hold 13.48% and 3.29% of the shares respectively.
Beijing News shell financial reporter Zhu Yueyi Editor Yue Caizhou Proofreader Lu Qian
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