Wen | Zhang Kexin
Editor| Yang Jie
On the evening of October 26, Yanghe Co., Ltd. released the third quarter of 2021 financial report, data show that the company achieved operating income of 6.4 billion yuan during the reporting period, an increase of 16.7% year-on-year; net profit attributable to shareholders of listed companies was 1.551 billion yuan, down 13.1% year-on-year. Affected by this news, on October 27, Yanghe shares opened down 1.5%, and the decline narrowed at the last close, closing at 179.39 yuan / share, a total decline of 0.58%.
Some careful investors on the snowball for Yanghe shares "uneven" said that although its net profit attributable to shareholders of listed companies fell seriously in the third quarter, the deduction of non-net profit was strong. According to the data, yanghe shares deducted non-net profit during the reporting period of 1.68 billion yuan, an increase of 23% year-on-year. An investor told AI Finance that in his view, this shows that "after nearly two years of channel adjustment, the company's recovery signs have been very obvious." The decline in net profit is only because of the failure of investment, and the main business is still obviously good."
But there are also investors who take a different attitude towards this. According to the company's financial report data for the third quarter of 2021, the non-recurring profit and loss during the reporting period mainly came from the investment loss of 160 million yuan. For Yanghe shares in recent years, a large-scale investment move, at the beginning of this year, the company's investor research activities, some investors publicly proposed: "Your company has taken out more than 10 billion yuan for financial management, is there a more detailed use plan and expected income?" Because the financial income included in the profit and loss of the current period will greatly affect the profit of the current period, resulting in increased uncertainty in the stock price, as a minority shareholder, they dare not invest. ”
On October 28-29, yanghe shares recovered slightly, and the latest stock price closed at 186.18 yuan per share, up 3.8% from the close on the 27th.
"Liquor circle financial management big man"
Investors who continue to track the investment of Yanghe shares said that the investment loss of Yanghe shares in the third quarter was mainly due to its investment in BOC Securities.
On February 26, 2020, BOC Securities was issued and listed, and Yanghe shares held a total of 78.9478 million shares. In the third quarter of this year, bocq shares fell from 20.59 yuan on June 30 to 15.02 yuan on September 30. Therefore, an investment by BOC Securities alone brought a loss of more than 400 million yuan to Yanghe shares in the third quarter. The company's net profit for the quarter fell 13% year-on-year.
High-end liquor companies are likened to "printing machines" by the industry based on considerable gross profit margins and revenue scale. After making money, many companies often use investment as another "way to make money". However, compared with Enterprises such as Maotai, Wuliangye, and Luzhou Laojiao, Yanghe Shares is a more famous "investment big man" in the liquor circle, because it not only dares to invest in a large amount, but also has a good record of investment income. Therefore, many people in the industry have said that Yanghe shares have fallen in love with the game of "money makes money".
In 2017, Yanghe Co., Ltd. took out a total of 15.5 billion yuan for entrusted financial management, and only 1.73 billion yuan was deposited in the bank. According to the company's financial report data in 2017, of the 15.5 billion yuan of entrusted wealth management funds, 7.2 billion yuan was used to purchase bank wealth management products, 6.8 billion yuan was invested in trust wealth management products, and the rest was used to invest in securities companies and other types of wealth management products.
At that time, the investment style of Yanghe shares was relatively stable. In 2019, Yanghe shares are more "bold", and when purchasing wealth management products, they are more focused on trust wealth management products.
In 2019, Yanghe invested a total of 18.5 billion yuan in entrusted wealth management, of which 10.4 billion yuan was invested in trust wealth management products, accounting for 56%; the total amount of bank wealth management products invested in the same period was 7.9 billion yuan. By 2020, of the total 16 billion yuan of entrusted wealth management funds invested by Yanghe Shares, the proportion of trust wealth management products has further increased to 76%, with a total investment of 12.1 billion yuan, and only 3.9 billion yuan has been invested in bank wealth management products. In this year, some investors have raised questions, expressing the possible financial lightning hazards under the purchase of too many trust products by the company.
Previously, none of the products invested by Yanghe shares exploded, all the principal was recovered as scheduled, and Yanghe shares did not taste the sweetness of investment. For example, in 2020, Yanghe shares are under the dual pressure of channel adjustment and the impact of the epidemic, the company's annual revenue of 21.1 billion yuan, a year-on-year decrease of 9%, but the net profit attributable to shareholders of listed companies can still maintain a slight increase of 1.35%, mainly due to the investment income of nearly 2.4 billion yuan in that year. The vast majority of these gains came from trading financial assets, an increase from $1 billion in 2019. However, if the impact of this part is removed, the non-net profit deducted by Yanghe Shares for the whole year is only 5.65 billion yuan, a year-on-year decrease of 14%.
But there are no winning generals in the investment field. In the third quarter of this year, Yanghe shares accidentally "planted a heel", which also caused more investors to worry.
Heavy warehouse Evergrande, Baoneng
"Deducting non-net profit growth is obviously good, and the statement of performance recovery can also be recognized." But even if the investment income does not belong to the main business, but we can not always eat dividends when we blindly rejoice, and now when the investment fails, we pretend not to see, to remove the possible impact, right? Some investors told AI Finance and Economics, "Not to mention that since last year, many of the trust products held by Yanghe Shares involve Evergrande, Baoneng, etc., which is more worrying." ”
According to the 2020 financial report of Yanghe Shares, the company purchased a lot of real estate trust products, including 11 related to Evergrande, 2 related to Baoneng, including a total of 42 trust products such as Wanda and Sunac, with a total amount of about 5 billion yuan. Specifically, the total purchase amount of 11 Evergrande-related trust products was as high as 1.46 billion yuan, involving real estate projects in Suzhou, Chengdu, Guiyang, Xuzhou and other places; among them, the highest annualized yield reached 8.4%.
Previously, when Evergrande's debts were tight, Shi Yuzhu had publicly stated on Weibo that "if a real estate developer has an accident, the harm to the bank is not great, and the biggest loss is the investor who buys the wealth management and trust products issued by the real estate developer." At present, Yanghe shares still have 4 Evergrande related trust products that have not expired.
The trust products held by Yanghe In recent years, they mainly come from Zhongyuan Trust, AVIC Trust and Minsheng Trust, and these three have reported "stepping on the thunder" in 2020 and 2021.
In August this year, Yanghe shares also participated in a "star" investment quite unexpectedly. On August 5, Yanghe Co., Ltd. announced that its wholly-owned subsidiary, Jiangsu Yanghe Investment Management Co., Ltd. (hereinafter referred to as "Yanghe Investment"), with its own funds of 1.28 billion yuan, acquired 10% of the share of Shanghai Yunfeng Xincheng Investment Center (Limited Partnership) (hereinafter referred to as "Yunfeng Xincheng") held by Minsheng Trust and became a limited partner of Yunfeng Xincheng.
Yunfeng Xincheng was established in February 2016, and the fund manager is Shanghai Yunfeng Xinchuang Investment Management Co., Ltd. (hereinafter referred to as "Yunfeng Venture Capital"). It is worth mentioning that Yunfeng Xincheng can be described as "a gathering of stars", including Giant Investment controlled by Shi Yuzhu, Fang Hongbo, head of Midea Group, New Hope Investment Group controlled by Liu Yonghao, and Suning Group. According to public reports, Yunfeng Xincheng is among the investors of Ant Group, and most of the companies invest in Ant Group through the Yunfeng series of funds, including Yunfeng Xincheng.
For the investment, Yanghe shares said that Yunfeng Venture Capital is a first-class investment institution in China, with a management scale of more than 100 billion yuan, focusing on new economic industries, focusing on the layout of the Internet, technology, logistics and medical and health fields; and at present, Yunfeng Xincheng has entered the management exit period, the underlying assets are clear and clear, its investment projects such as Xiaopeng Automobile and Guangyun Technology have been listed and achieved a relatively ideal investment return expectation, and the remaining projects also have clear post-investment management and exit strategies.
The 1.28 billion yuan of minsheng trust's share of the past 1 billion yuan, only 28% premium rate has made the outside world look at Yanghe shares. What is quite interesting is that shortly after the completion of this transaction, Yanghe shares turned around and spent a lot of money to take a lot of shares of Minsheng Trust from the hands of the Oceanwide Department, becoming Lu Zhiqiang's white knight. On August 10, according to the official website of the Beijing Banking and Insurance Regulatory Bureau, Wuhan Central Business District Co., Ltd. has approved the transfer of 5.9455% of its shares in Minsheng Trust to Yanghe Shares. Once the transaction is completed, Yanghe will become the fourth largest shareholder of Minsheng Trust.
In 2021, Minsheng Trust had a payment problem. At a communication meeting with investors in mid-July this year, Minsheng Trust indicated that there was a payment gap of 22.7 billion yuan, of which more than 6 billion yuan was difficult to recover. With the introduction of Yanghe shares, Minsheng Trust seems to be interested in using it to boost market confidence. But what many investors are worried about is why Yanghe Shares knows that there are frequent risk control problems in Minsheng Trust, but it still jumps into this "pit" without hesitation?
Since the beginning of this year, Yanghe shares can be described as the "worst liquor stock" in the capital market, and its ranking of "the third oldest liquor market value" that has dominated for many years has been surpassed by Luzhou Laojiao and Shanxi Fenjiu. The company's stock price has also fallen all the way since reaching a high of 265.6 yuan at the beginning of this year, closing at only 186.18 yuan as of October 29, with a total market value of 280.6 billion yuan, lagging behind the market value of Shanxi Fenjiu by nearly 100 billion yuan.
This article is originally produced by AI Finance and Economics, an account of Caijing Tianxia Weekly, without permission, please do not reprint it on any channel or platform. Violators will be prosecuted.