21st Century Business Herald reporter reported from Xi'an in the early morning
A few days ago, ST Daji (000564.SZ) disclosed its 2023 annual report and 2024 first quarter report.
According to the financial report, in 2023, the company will achieve a total operating income of 1.4 billion yuan and a net profit of -2.55 billion yuan, of which the net profit attributable to shareholders of listed companies will be -2.52 billion yuan. The net cash flow from operating activities was 136 million yuan, a year-on-year increase of 407.28%. At the same time, in Q1 2024, the company will achieve revenue of 390 million yuan, a year-on-year increase of 6.07%.
ST Daji said that the decline in the company's performance in 2023 was mainly due to the decrease in debt restructuring income from the reorganization compared with the previous year, and the increase in asset impairment compared with the previous year due to the change in the internal and external environment and holding intentions of long-term assets such as investment real estate and inventory measured in the fair value model.
Compared with the unsatisfactory revenue data, ST Daji's ups and downs in the past year or so have attracted a lot of attention from the market.
At the end of 2022, as the stock price of ST Daji was lower than 1 yuan per share for 17 consecutive days, a delisting warning was triggered. When the company's life hung by a thread, the news of the company's controlling shareholder's increase in the company's shares and the appearance of the new supply and marketing fund intended to invest in the company made the company's stock price rise and fall against the trend several times.
In the restructuring road of more than a year after that, the progress of ST Daji's introduction has repeatedly sparked discussions. With the release of the 2023 financial report and more and more announcements, the progress of ST Daji's industrial investment and financial investment has gradually surfaced.
The first batch of 1.98 billion subscriptions has landed
At the beginning of 2023, ST Daji announced that the listed company signed an investment agreement with supply and marketing trade, Zhonghe Rural Credit and Zhonghelian, and the latter three, as industrial investors, planned to purchase a total of 2.6 billion shares of convertible shares with 1.3 billion yuan in cash.
After the completion of the delivery, Supply and Marketing Commerce, Zhonghe Rural Credit and Zhonghe Union will hold 6.97%, 6.08% and 0.52% of the company's equity respectively, and industrial investors will hold a total of 13.57% of the company's equity.
Subsequently, ST Daji issued another announcement on the change of shareholders' rights and interests and the change of the actual controller, which means that if the company's general meeting of shareholders deliberates and approves the transfer of shares and completes the registration of the transfer of shares, the actual controller of ST Daji will be officially changed to the All-China Federation of Supply and Marketing Cooperatives (hereinafter referred to as the "Supply and Marketing Cooperative").
On January 9, with the official entry of the supply and marketing cooperatives into ST Daji, the company's share price rose 4.92%, with a market value of 36.8 billion yuan.
After the concept of supply and marketing was officially implemented, the business adjustment of the supply and marketing headquarters and ST Daji has also become the focus of market attention.
The 21st Century Business Herald reporter combed and learned that several main enterprises that signed the agreement had a high degree of synergy with ST Daji's business segments. From the upstream of the industrial chain to empower the "three rural" service areas, the circulation area network of the midstream sinking market includes direct stores, distribution centers, franchise outlets, etc., as well as terminal chain supermarkets are involved to varying degrees.
After the supply and marketing cooperatives become the owners, it is only a matter of time before ST Daji gets involved in the field of agricultural commerce and trade with the help of the platform network, supply chain and influence endorsement of the above-mentioned enterprises.
Compared with the coordination and adjustment at the business level, ST Daji still needs to focus on improving the financial malaise.
It is worth noting that on March 7, 2024, ST Daji issued the "Announcement on the Progress of Introducing Investors", stating that the company received the remaining investment of 780 million yuan from industrial investors, and all 1.3 billion yuan of investment funds from industrial investors have been paid.
Then, on March 18, the company once again issued the "Announcement on Signing an Investment Agreement with Financial Investors", the company will introduce China CITIC Financial Asset Management Co., Ltd., Henan Asset Management Co., Ltd., Chongqing International Trust Co., Ltd., Tianjin Juxin Daji No. 1 Enterprise Management Partnership (Limited Partnership), Shenzhen Beizhi Laiyuan Enterprise Management Consulting Center (Limited Partnership), Tai'an Beizhi Daji No. 1 Investment Center (Limited Partnership), E New Energy Technology (Shenzhen) Partnership (Limited Partnership) and others served as the first batch of financial investors.
The above-mentioned investors purchased 1.8 billion shares of converted shares for a total of 1.98 billion yuan in cash. The 21st Century Business Herald reporter noted that ST Daji has received a total of 3.28 billion yuan from industrial investors and the first batch of financial investors.
It is worth mentioning that on April 27, the company announced that it would dispose of 1.273 billion shares of deposited shares in the special account for the disposal of the property of the bankrupt enterprise of ST Daji, of which 1.106 billion shares were directly cancelled, which was deemed to have fulfilled its performance commitment compensation obligations in 2018 and 2019.
At the operational level, ST Daji's directors, supervisors and senior executives have completed the re-election. Zhu Yandong is the chairman of the 11th board of directors of the company, Wang Yongwei is the vice chairman of the 11th board of directors, and Wang Rengang is the president of the company.
New adjustments at the business level in 2024
It is worth noting that commercial operation, trade logistics, and commodity trade have become the three major business directions of ST Daji in 2024.
In terms of commercial operations, ST Daji proposed to "establish a new zero-supply relationship and innovative business model".
As a long-established retail enterprise, ST Daji has abundant resources in its own property and sales network. It is reported that the company's own property area is about 1.64 million square meters, and its assets are mainly distributed in 14 provinces and 25 cities, including 11 commercial shopping centers and 77 supermarket stores, of which the "Shunkelong" brand has 64 stores, more than 600 franchised stores, and 6 trade and logistics projects.
ST Daji said: "Fully explore the advantages of high-quality assets and business such as collection and distribution offline, and use digital means to empower and upgrade the original traditional business online, so as to promote the deep integration of online and offline." Stabilize the operation of existing businesses such as department stores and supermarkets, continue to optimize inefficient assets, and promote the integration of business formats. ”
At the same time, ST Daji will further promote the construction of trade and logistics parks and revitalize more existing assets. The company said that in 2024, the company's commercial real estate business will focus on accelerating the removal of stock saleable properties, realizing the resumption of projects under construction, and cooperating in the development of stock land.
Specifically, the Tianjin project plans to realize the full resumption of the development and construction of the existing residential land and the construction of projects under construction through cooperative development and other modes. Xiangzhong Logistics Park will continue to take logistics as its pillar industry, look for partners to jointly develop the stock of logistics land, and at the same time promote the construction and decentralization of the stock of real estate as soon as possible.
It is worth noting that on this basis, the company will lay out an integrated logistics center integrating collection and distribution, processing and packaging, display and trading, cold chain warehousing, LTL express, live e-commerce, and fourth-party shared logistics, and build a revenue model of "sales decentralization + investment operation + supply chain derivative business", and try to form a new profit growth pole.
With the development of Hainan Free Trade Port, ST Daji will further promote the integration of e-commerce and wholesale business in terms of commodity trade, focus on characteristic and advantageous single products, and gradually expand upstream and downstream. With the help of territorial advantages, we can effectively graft and expand commodity trade business and accelerate the transformation of trade variety structure.
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