Financial reporter Liu Jian
Snow Banyan Biotechnology, a listed company mainly engaged in enoki mushrooms, has recently been stained with the concept of cellular immunotherapy, and on May 10, it harvested a 20% daily limit, which is the company's only daily limit in the past four years. It is worth noting that the company's cellular immunity business is extremely small and has no significant impact on the company's performance. As the leader of the enoki mushroom industry, the company's performance in recent years has been somewhat embarrassing, and the net profit has continued to lose in the past three years, with a loss of about 770 million yuan.
Closed the only limit in the past 4 years
On May 10, after the opening of the Snow Banyan Biology, it quickly hit the 20% daily limit, and closed the daily limit until the close.
The financial reporter found that this is the only time in the past 4 years, and the last time the limit of Snow Banyan has been traced back to August 3, 2020.
The stock price of Xuerong Biotech has risen sharply, and the market classifies it as a cell immunotherapy concept stock.
As early as January 10, 2022, Xuerong Biology announced that the company is very optimistic about the edible and medicinal value of edible fungi, and has signed the "Agreement on the Construction of the "Xuerong Polysaccharide Joint Laboratory of Zhongshan Institute of Drug Innovation", and the two sides jointly build the "Xuerong Polysaccharide Joint Laboratory of Zhongshan Institute of Pharmaceutical Innovation", focusing on the research on the activity mechanism of polysaccharides such as hydrangea and edible fungus extracts. In order to accelerate the commercialization of R&D products and the promotion of projects, the company plans to invest 30 million yuan with its own funds to set up a wholly-owned subsidiary Shanghai Xuerong Biopharmaceutical Co., Ltd. in Shanghai (the name is subject to the approval of the Market Supervision and Administration Bureau; Referred to as "Xuerong Pharmaceutical"), Xuerong Pharmaceutical will focus on the commercialization of edible fungus extracts with whitening and anti-tumor (improving white blood cells and activating immune cells), improving immunity, antioxidant and antiviral, focusing on products such as β-1,3 glucan and β-nicotinamide mononucleotide (NMN), first cutting into functional foods and health foods, and simultaneously developing the research and development of new drugs for edible fungus extracts in anti-tumor and immunity.
In February 2023, Xuerong Biotech stated on the investor interactive platform that Xuerong Pharmaceutical (now Xuerongyuan) focuses on the commercialization of some edible mushroom extracts, and the relevant business carried out has no significant impact on the company's performance.
In May 2023, an investor asked Xuerong Biotech on the investor interactive platform, the company once said that it would invest 30 million to set up Shanghai Xuerong Biopharmaceutical Co., Ltd. to develop functional foods and new drugs, what is the current situation, and has it started operation? In this regard, Xuerong Biotech replied that Xuerongyuan (formerly Xuerong Pharmaceutical) has launched a product in the first quarter of 2023, and you can learn more about it through Douyin's "Xuerong Dietary Flagship Store".
On the afternoon of May 10 this year, at the company's performance briefing, some investors asked about the layout and current development of Xuerong Biology in artificial meat and cell immunotherapy, and the person in charge of the company said that the company is mainly engaged in the research and development, factory planting and sales of fresh edible fungi. The company adheres to the development of its main business and will strive to do a good job in operation and management to enhance the company's comprehensive competitiveness.
In the 2023 semi-annual report, Xuerong Biotech introduced its subsidiary Xuerongyuan in the "Analysis of Major Holding and Shareholding Companies", with a registered capital of 16 million yuan, total assets of 6.602 million yuan, operating income of 1.3338 million yuan, and operating profit of -6.8008 million yuan.
According to the 2023 annual report, the company's investment in its subsidiary Xuerongyuan increased by 19 million yuan from 4.5 million yuan at the beginning of the period, and the closing balance reached 23.5 million yuan.
However, the cell immunotherapy concept stocks did not continue to rise on May 13, and the plate fluctuated lower after the opening, and many concept stocks fell. Jimin Medical, which had previously walked out of the 4th board, finally fell to the limit, and Nanhua Biotechnology, which had risen sharply, also fell to the limit. After opening low on the day, Snow Banyan gradually declined, and finally closed down 12.73%.
The performance of the "enoki mushroom boss" is embarrassing
Founded in 1997 and listed on the Shenzhen Stock Exchange in 2016, the company is headquartered in Shanghai, the actual controller is Yang Yongping, and the company's main business is the research and development, factory planting and sales of fresh edible fungi.
As a national key leading enterprise in agricultural industrialization, as of the end of 2023, the company's daily production capacity of edible mushrooms is 1,710 tons, of which 1,275 tons are enoki mushrooms, ranking first in the country. The company is the first enterprise in the industry to start the national layout, and has completed the strategic layout of eight production bases in Changchun, Jilin, Dezhou, Shandong, Huizhou, Guangdong, Dujiangyan, Sichuan, Bijie, Guizhou, Lintao, Gansu, Guigang, Guangxi, and Huai'an, Jiangsu, and has built a production base in Thailand abroad.
However, from the performance point of view, the name of "enoki mushroom boss" of Snow Banyan Biology is a little lacking in confidence.
According to the 2023 annual report of Xuerong Biology, the company's operating income is about 2.565 billion yuan, an increase of 10.55% year-on-year, and the net profit loss attributable to the parent company is about 188 million yuan, which is the company's loss for 3 consecutive years, with a loss of about 770 million yuan.
In 2021, the company's operating income will be about 2.073 billion yuan, and the net profit loss attributable to the parent company will be about 295 million yuan. In 2022, the company's operating income will be about 2.320 billion yuan, and the net profit loss attributable to the parent company will be about 287 million yuan.
Regarding the reasons for the change in performance in 2023, the company said that during the reporting period, the company increased capacity utilization, actively explored domestic and foreign markets, product sales increased by 15.11% year-on-year, and operating income increased; In the first half of 2023, in order to achieve new breakthroughs in the business, the company explored the reform of the sales model, and the storage fee, channel promotion fee, sales staff salary and other expenses increased significantly year-on-year; During the reporting period, affected by factors such as changes in consumer market demand, extremely fierce competition in the edible mushroom industry, and imbalance between supply and demand, the sales price of edible mushrooms continued to run at a low level in the second quarter, resulting in a year-on-year decrease of 6.22% in the gross profit margin of the company's main product, enoki mushroom.
According to the annual report data, the company's sales expenses in 2023 will reach 80.244 million yuan, a year-on-year increase of 259.95%.
In 2023, the company's enoki mushroom product revenue will be 1.689 billion yuan, a year-on-year increase of 3.56%, but the proportion of revenue has declined from 70.28% in 2022 to 65.84%.
The gross profit margin of enoki mushroom products is also gradually decreasing. Flush iFinD data shows that the company's gross profit margin reached 40.01% in 2011, and then fluctuated and declined, and has fallen to 6.15% in 2023, and the reduction of gross profit margin has gradually squeezed the company's profits.
In the first quarter of this year, the company's performance was still not optimistic. In the first quarter, the operating income was 604 million yuan, a year-on-year decrease of 28.30%, and the net profit attributable to the parent company was 5.2403 million yuan, a year-on-year decrease of 97.65%, and the non-net loss was 3.5449 million yuan.
In the secondary market, the share price of Xuerong Biotech fell even more exaggeratedly. In August 2020, the company's share price reached more than 20 yuan per share, but since then it has gradually fallen, and as of the close of May 13, the company's share price was 4.18 yuan per share, a decline of more than 8% from the high. At present, the total market value of the company is only 2.085 billion yuan.