The hundred-fold bull stock has collapsed, and another female fund manager has suffered huge losses!

Sharp eyes on finance

2024-04-25 17:56Posted on the official account of Beijing Ruiyan Finance

Once the stock market has news of who has become rich, you must be careful, this can be a huge trap.

Plummeted by 80% and the myth was shattered

A few years ago, there was such a story of getting rich in A-shares.

An aunt in Dalian bought 50,000 yuan of Changchun High-tech in 2008, and because she forgot her account password, she went to the Dalian Jinma Road Business Department of Guosen Securities in April 2021 to reset the password, and found that she found that the Changchun High-tech she bought for more than 50,000 yuan directly became more than 5 million.

With the widespread spread of this story, Changchun High-tech has also become a god in the hearts of many shareholders.

The stock market is a place where gods are made, and where myths are shattered.

The story of "Aunt buys Changchun High-tech to earn 100 times" happened in April 2021, and coincidentally, the all-time high point of Changchun High-tech's stock price appeared in May 2021.

When the author saw this story, his first instinct was: This kind of news is released, which shows that Changchun High-tech is going to trick people.

The following trend shows that this hunch is right, and it is now April 2024, and it has been three full years since the story of "buying Changchun High-tech to earn 100 times".

In the past three years, Changchun High-tech has changed dramatically compared with the previous trend: in the past three years, its share price has fallen from more than 500 yuan to more than 100 yuan, a decline of up to 80%!

Changchun High-tech used to be a wealth making machine, but now it has become a wealth destruction machine.

After the aunt bought Changchun High-tech and made a fortune, many people wrote articles shouting "Forgetting the password is the true meaning of stock market investment", which now seems to have become a joke. Three years ago, I bought Changchun High-tech and then forgot the password to try, and it is difficult to turn over in this life.

Performance growth slowed down, and funds fled across the board

From a super bull stock to a big bear stock, the fundamentals of Changchun High-tech will inevitably undergo important changes.

As we all know, Changchun High-tech's flagship product comes from the growth hormone of its subsidiary Jinsai Pharmaceutical, and Jinsai Pharmaceutical's revenue accounts for more than 70% of the company's revenue.

As early as 1998, Kinsey Pharmaceutical listed China's first injectable human growth hormone, and later launched Asia's first recombinant human growth hormone injection.

However, after 2022, many provinces will carry out centralized procurement of growth hormone, coupled with more and more competitors, Changchun High-tech will face a double attack, and the investment logic will be loosened.

Reflected in the performance, in recent days, Changchun High-tech announced the first quarter of 2024: operating income of 3.177 billion yuan, a year-on-year increase of 14.39%, net profit of about 859 million yuan, a year-on-year increase of 0.2%, and net profit after deducting non-profits of about 847 million yuan, a year-on-year decrease of 0.86%.

Net profit basically stopped growing, but the related expenses of Changchun High-tech are still rising. In the first quarter, the company's sales expenses were 928 million yuan, a year-on-year increase of 10.31%, and administrative expenses were 236 million yuan, a year-on-year increase of 26.45%.

Spend more money, but can not bring more profits, this kind of earnings report that does not make money as soon as it comes out, Changchun high-tech stock price suffered a heavy blow, in April 22 after the low opening of the rapid volume of diving, closing down more than 6%.

On March 20, some time ago, Changchun High-tech announced its 2023 financial report. The company's operating income for the current period was 14.566 billion yuan, a year-on-year increase of 15.35%, and the net profit was 4.532 billion yuan, a year-on-year increase of 9.47%.

Although both are growth, this is the lowest growth rate in revenue and net profit in the past five years.

Changchun High-tech's stock price soared hundreds of times in the past, which came from the fact that the performance continued to exceed expectations and became stronger year by year, so it was known as "Hormone Mao".

Now that the high growth rate is gone, Changchun High-tech, a white horse stock that speaks entirely by performance, will naturally suffer from the impact.

On the day of the announcement of the annual report, Changchun High-tech fell by nearly 3%, and then fell for 6 consecutive trading days.

From the end of March to the first quarter report before the announcement, Changchun high-tech stock price around the 115 yuan pivot price slightly shocked, until a few days ago after the announcement of the quarterly report, the stock price fell sharply again, fell below the 115 yuan box finishing, in the technical graphics broken.

What it means to break the position, it goes without saying.

Since 2024, Changchun High-tech's share price has fallen by more than 22%. In the previous 2021-2023, its stock price fell by 40%, 39%, and 12%, respectively.

Changchun High-tech was a heavy stock sought after by countless funds due to its high performance growth year after year. Such a long and huge decline shows that there must be funds "running away" in a large area.

At the end of 2023, there will be 651 funds holding Changchun High-tech, with 78.94 million shares, accounting for 19.51% of the total share capital.

By the end of the first quarter of 2024, the number of funds holding Changchun High-tech will plummet to 96, with 40.62 million shares, a significant decrease of 38.31 million shares from three months ago, almost halved!

The above data on "Number of Fund Holdings" may not be accurate because it is being updated, but the change in the number of holdings is accurate.

This female fund manager is too capable of losing

So, which funds have bought a lot of Changchun High-tech? Judging from the details of the holdings, there are mainly several funds under E Fund and China Merchants.

E Fund's most famous fund manager is Zhang Kun, who is good at "drinking", and it seems that E Fund's other funds are also good at "taking medicine".

E Fund, which is good at "drinking alcohol and taking medicine", made money in the bull market of consumer stocks before 2021 and created a star fund manager headed by Zhang Kun, but the weakness of consumer stocks in recent years has completely made Zhang Kun fall off the altar, and E Fund, the golden sign of the fund industry in the past, has also fallen in reputation with Zhang Kun's huge losses.

However, E Fund is still the Taishan Beidou in the fund industry, with a revenue of more than 12.5 billion yuan in 2023, and is the only fund company with a revenue of more than 10 billion yuan.

E Fund's subsidiary, the most to buy Changchun High-tech is E Fund CSI 300 Pharmaceutical ETF, the fund manager is Yu Haiyan, the fund sold 191,900 shares of Changchun High-tech in the first quarter of this year.

Judging from the data, the performance of this fund is very poor, falling by more than 24% in the past year and more than 53% in the past three years. At present, the net unit value of the fund has fallen to 0.35, which is really heartbreaking.

The scale of this fund is not small, as of the end of the first quarter of this year, as high as 17.3 billion yuan,

In fact, judging from a data from 2020 to 2022, Yu Haiyan, who is in charge of dozens of funds at E Fund, lost 28.9 billion.

From the perspective of holding style, Yu Haiyan is also very extreme. Generally speaking, a public fund holding more than 10% of a single stock is considered high, but the fund managed by Yu Haiyan holds more than 17% of Hengrui Pharmaceutical and more than 14% of Mindray Medical, adding up to more than 30%!

Once there is any negative for the two companies, it will have a serious impact on their net value.

Yu Haiyan's position structure is simply a "gambler". Since it is a gamble, it is bound to lose nine out of ten bets, but it is the people's money that is lost.

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