The name of Jianyuan Trust was only born in May this year, and it used to be called Anxin Trust.
Chu Xiaoqiang丨Text
Recently, A-shares have become popular, from short-term surges to drastic adjustments, and many shareholders have learned a heavy lesson.
As the first A-share listed company to hand over the "report card" for the third quarter of 2024, Jianyuan Trust also took advantage of this "east wind", and its stock price rose by more than 50% in just a few days, but in the past two days, with the market correction lower, the total market value has dropped to 30 billion yuan.
Many shareholders may not know this company, but if you mention its name before its "rebirth", it must be familiar with it.
The name of Jianyuan Trust was only born in May this year, and it used to be called Anxin Trust. After the reorganization and renaming, it marks that the only trust company on the Shanghai Stock Exchange has since gotten rid of the unbearable past-
Out of the shadow of the "trust tycoon" Gao Tianguo Holdings, into a new era of Shanghai state-owned assets control, the controlling shareholder has been changed to Shanghai Tuan.
However, although the aftermath of the risk management of Jianyuan Trust has gradually subsided, the "historical burden" will occasionally affect the company's performance. For example, this time, the debt dispute litigation left over from the early stage generated a settlement fee of up to tens of millions of yuan, which had a great impact on the company's net profit.
In the third quarter of this year, under the condition that the revenue soared several times, Jianyuan Trust recorded a sharp decline in net profit, a decline of nearly 40%.
The company's total market value of 30 billion yuan, the corresponding single-quarter net profit is only less than 6 million yuan.
The days of the former trust leader, earning billions of yuan a year, are gone.
01
Net profit declined in the third quarter
On October 9, just when shareholders were nervous and worried about the fluctuations of A-shares, Jianyuan Trust, as the only trust company listed on the Shanghai Stock Exchange, had taken the lead in disclosing the third quarter report of 2024.
After losing money for several years during the Anxin Trust period, Jianyuan Trust after "rebirth" has a rare "dare to be the first" in the disclosure of financial reports this time. Behind this, the company has achieved the "achievement" of revenue and net profit growth in the first three quarters of this year, which is indeed worthy of "happy and popular".
The third quarterly report shows that in the first three quarters of 2024, the total operating income of Jianyuan Trust will be 250 million yuan, a year-on-year increase of 196%; The net profit attributable to shareholders of listed companies was 42 million yuan, a year-on-year increase of 20.68%.
However, in the face of the obvious mismatch between revenue and net profit growth, the problem comes down to the third quarter. In the first half of this year, Jianyuan Trust's revenue and net profit both increased by more than 40% year-on-year. In the third quarter, Jianyuan Trust's revenue increased by 476% year-on-year to 169 million yuan, but the net profit attributable to shareholders of listed companies fell by 37% year-on-year to only 5.96 million yuan.
"During the reporting period, the company's main business income increased significantly, but due to the impact of non-recurring losses, the net profit decreased compared with the same period last year." Jianyuan Trust explained the reason for the decline in net profit in the third quarter.
02
"Settlement fees" dragged their feet
In the ambiguous interpretation, the obvious question is what exactly is meant by "non-recurring loss events"?
The 18-page three-quarter report does not give an answer to this.
However, some clues can be found in an announcement on the progress of the lawsuit disclosed on the same day.
The lawsuit involved a debt dispute between Jianyuan Trust and Qianhong Pharmaceutical, which is also an A-share listed company and a leading manufacturer of polysaccharide and protease drugs in the domestic biochemical pharmaceutical industry.
Like many victims, after the "thunderstorm" of Anxin Trust, Qianhong Pharmaceutical, which purchased its trust products, also became one of the "thunder riders".
To add insult to injury, in the year after the product was overdue (2020), Qianhong Pharmaceutical's performance "turned from profit to loss", with a net loss of 132 million yuan for the whole year.
Under the pressure of performance, in January 2020, Qianhong Pharmaceutical took Anxin Trust to court, demanding that the transfer price of the trust beneficiary rights be paid in full as promised.
Now, after the reorganization of Anxin Trust, it has become Jianyuan Trust, and this long-standing lawsuit has also ushered in progress, and the amount of litigation involved when the court accepted it was close to 200 million yuan. On the other hand, Qianhong Pharmaceutical's net profit for the whole year last year was only 180 million yuan. It can be seen that this money is very important to Qianhong Pharmaceutical.
However, for Jianyuan Trust, the good news is that it has reached a settlement with Qianhong Pharmaceutical, and the other party withdrew the lawsuit in exchange for paying a settlement fee. But the regrettable place is that the settlement fee of up to 85 million yuan still drags down the current performance of Jianyuan Trust.
"The impact of the case on the company's profit for the current period is about -64 million yuan (the impact amount has been included in the company's third quarter report of 2024)." Jianyuan Trust said that after considering the above impacts, the company achieved a net profit attributable to shareholders of listed companies of 41.5025 million yuan in January ~ September 2024.
Without the impact of this settlement fee, the net profit of Jianyuan Trust would obviously reach hundreds of millions of yuan.
It's a pity that there are no ifs.
03
Making 3 billion yuan a year is a thing of the past
Once upon a time, Jianyuan Trust was one of the most profitable trust companies.
When it was still Anxin Trust, it also had unlimited prosperity, not only with an annual revenue of 5 or 6 billion yuan, but also a net profit of more than 3 billion yuan a year.
For example, at its peak in 2017, Anxin Trust achieved a revenue of nearly 5.6 billion yuan and a net profit of nearly 3.7 billion yuan, two performance indicators second to none in the entire industry.
At that time, the actual controller of this trust company was called Gao Tianguo, and the controlling shareholder was Guozhijie under his name. At that time, Gao Tianguo was a well-known figure in the trust industry and even the entire financial circle, and was even called a "trust tycoon" for a time.
In fact, from Anxin Trust to Jianyuan Trust, this is not the first time that this company has "transformed". Anxin Trust, formerly known as Anshan Trust, is a local non-bank financial institution established in 1987 and listed on the Shanghai Stock Exchange in January 1994.
Before Gao Tianguo's Guozhijie won the largest shareholder, the major shareholder of Anshan Trust was the Anshan Municipal Finance Bureau, holding 24.6% of the shares, and the rest of the shareholders were local enterprises in Anshan.
Due to poor management, Anshan Trust later sought restructuring, and Gao Tianguo saw the opportunity to enter the bureau with Guozhijie, took over the position of major shareholder from the local state-owned assets, and changed the company's name to Anxin Trust and moved its headquarters to Shanghai.
After that, Gao Tianguo finally achieved absolute control of this listed trust company after some operation. For a long time, Gao Tianguo was the only one in Anxin Trust, and at that time he could be described as a veritable "King of Anxin".
From 2013 to 2017, the performance of Essence Trust has been rising. However, risks were also looming, and until 2018, everything quietly changed.
In that year, Anxin Trust stepped on Lei Yinji Media, which eventually went to delisting, and then Anxin Trust stepped on Lei Zhonghong shares.
What's more fatal is that since 2018, the entry of trust funds into the real estate industry has been further restricted by supervision, and Essence Trust, which has a heavy "position" in real estate, has undoubtedly been deeply impacted, and a large number of its products have been overdue.
Since then, the company has seen a change in performance, the departure of executives, and debt disputes. From 2018 to 2022, Essence Trust once lost money for 5 consecutive years, with a cumulative loss of more than 14 billion yuan.
Under the rolling thunder, it was not until the local government led the reorganization that Anxin Trust did not go bankrupt and ushered in a "rebirth".
In July 2021, Essence Trust announced that it planned to reach a debt settlement with Bank of China Shanghai Branch, transferring all rights to some of its assets to the other party to offset the company's outstanding debts due to it.
Subsequently, Anxin Trust issued shares to Shanghai Tuan non-publicly. The latter was jointly initiated and established by Shanghai Electric, Shanghai Guosheng, Shanghai International, Shanghai Airport and China Trust Industry Security Fund.
Since then, the controlling shareholder of Anxin Trust has become Shanghai Tu'an, and has changed its name to Jianyuan Trust, becoming a state-controlled listed trust company. As of the end of September 2024, Shanghai Tuan held a 50.3% stake in Jianyuan Trust.
After the rebirth, with the blessing of state-owned assets, the performance of Jianyuan Trust has gradually recovered, and its operation is also on the right track. But in the future, will it be able to regain its position as the industry leader? Continued attention is needed.