Triple stocks, whose main business continues to decline, maintains its pulse.
The main business in making money from Sanyuan is not seeing a significant change in the internal struggle, which has been going on for nearly a year, is very unfavorable for long-term development.
"Investor News" special correspondent Li Bin
Sanyuan (600429.SH) continues its performance statement by investing in M & A income while milk and milk powder continue to decline. The worrying issue in the market, which has been going on for about a year, is that it is still pending, self-renewing weapons, and this senior state enterprise is gradually eroding its market share.
The quarterly report released by Sanyuan shares showed that the company's operating income in the January-September period was 5.674 billion yuan, up 21.07 percent year on year, while the net profit of the listed companies increased by 12.61 percent year on year to 139 million yuan. By the end of the third quarter, monetary funds increased by 1.8 billion yuan, net cash flow from operational activities -93.46 million yuan and total liabilities 7.76 billion yuan, net increase from 5 billion yuan with 2.74 billion yuan in the same period last year, short-term loans were 9652. Ten thousand yuan, an increase of 58% compared with the current liabilities of 3.1 billion yuan, 1.9 billion yuan, compared with 845 million yuan at the beginning of the year, other debts of nearly 1,662 billion yuan have nearly doubled.
With regard to negative cash flow and fluctuations in debts, the "Investor News" private reporter repeatedly contacted the three executives, including director Zhang Na, but did not receive a response before the press release.
Main business losses of 8 subsidiaries
A brokerage analyst told "Investor News" private correspondent, "Investor News" special reporter, continued to reject the main business line of Sanyuan Co., Ltd, from the results of the first half, and financial statements are good due to foreign and other investment revenues. it looks. Like McDonald's. In other words, making money from Sanyuan is not your main business. In the long term, this is very unfavorable for the development of the company. The current development strategy of the company is very vague and cannot be clearly seen.
"Investor News" private correspondent, Sanyuan shares of only a part of the recurring profit and loss project, the current period of 1.97 million yuan in the provision of state subsidies, and also, others to invest in asset income or to manage to manage. 10.94 million yuan.
In the first half of the year, it is worth noting that Sanyuan's equity profit from McDonald's is only 122 million yuan and the cash dividend is 20 million yuan. This is the biggest investment income in Sanyuan.
Further research revealed that Sanyuan Co., Ltd. lost more and more of its 12 subsidiaries and lost more. Hebei Sanyuan's semi-annual operating income 632 million yuan, an increase of 5.63% compared to the previous year, net profit -2.59 million yuan, the loss of 34.85 million yuan from the previous year, Xinxiang Sanyuan's annual income of 100 million yuan half, an increase of 25.88%, net profit – 550,000 yuan, the loss of 3.17 million yuan per year, Tianjin Sanyuan's first half of the year 71.21 million yuan, 1.16% increase, net profit of 450,000 yuan, annual 190,000 yuan loss, Shanghai three yuan, the first half of the year 178 million yuan, the annual income Decrease 2.98%, the net profit -20.24 million yuan and 2.01 million yuan on an annual basis, Hunan Taizi milk proceeds increased by 43% year on year in the first half year, 56.53 million yuan, net profit was -14.11 million yuan with an annual loss of 1.93 million yuan. Laifaxi Food Co., Ltd. for the first half of the year increased 730 million yuan, the annual 11.21 percent increase, the net profit of 63.3 million, the annual decline of 10.3 million, the first half of the annual revenue of 43.13 million yuan in Tangshan Sanyuan, the increase of 32.97 million yuan, 4.27 million net Yuan, profit of one year, an annual decline of 8.13 million yuan, the first half of the year 419 million yuan comes to Hong Kong three yuan, the net profit -12.94 million yuan.
Eight of the 12 associates lost money and the remaining four were basically inadequate. Qian's revenue in the first half of the year is 150 million yuan, net profit 2.53 million yuan, 1.14 million yuan increase, Liuzhou Sanyuan's first half 18.71 million yuan, net profit 280,000 yuan, 1.29 million yuan The increase was in Jiangsu Sanyuan, the first half of the year income was 62.16 million yuan and the net profit was 2.27 million yuan Sanyuan Purdue International Capital & Trading Co., Ltd.
Endless hands and feet
Chinese food industry analyst Zhu Danpeng said in an interview with "Investor News" a special correspondent said that Sanyuan shares on the one hand were related to this year's explosion. On the other hand, the rate of domestic neonatal birth declined compared to the previous year this year and at the same time caused more serious difficulties for milk powder enterprises.
Another mid-level employee of the quarterly milk powder business unit pointed out that iç Investor News ün and the department's sales were affected by internal factors this year.
The three-part struggle stems from Tangshan Sanyuan. Earlier this year, in Hubei and elsewhere, there were triple milk powder distributors reflecting that the original distribution business was robbed by Tangshan Sanyuan. Since the purchase price of Tangshan Sanyuan milk powder was only 60 yuan, the ex-factory price of agent products was more than 200 yuan, which led to a big market. contraction.
Although Tangshan Sanyuan's performance in the first half of the year was rapid, revenue growth still loses about 9 million yuan. After 11 months, have the Sanyuan shares changed the multiplication and grabbing market? Answer is no.
Huangshi, Ezhou and Huanggang sellers in Hubei told reporters in the muh Investor News et that sat to date, the civil war has never been resolved H. The company's customer service staff said many times to solve the problem, but in the last few months, not only solved, three Yuan milk powder was out of stock. "
The seller stressed that the agent was in three yuan for many years, before the fight, he represented only three yuan products. The annual turnover is more than 30 million yuan and currently only two or three million yuan, only other brands can represent. "According to our estimation, at present, only in the Hubei market, the third milk powder market share showed a sharp decline compared to last year and the previous."
There is also a dealer for those who want to be called the capital of the Jiangsu province. He also told the correspondent of "Investor News" that this year's triple milk powder job could not be done, the price was very confusing and that the goods were sometimes not available.
Zhu Danpeng argued that such a struggle should be related to the top-level design of Sanyuan, which could include market planning and mid- and long-term strategies; he. This is relatively rare.
"It's not a good thing, it's a domestic consumption. Of course, it's possible to adjust to the top-level design, as Sanyuan's stocks have just changed the management this year, but no major changes have been seen so far. Zhu Danpeng stressed that the crime must be resolved as soon as possible otherwise, the performance of Sanyuan shares will seriously affect the 2019 layout.
On June 14 this year, Sanyuan announced his resignation as general manager due to the end of Chen Lijun's three-year term and as Zhang Xueqing, the general manager responsible for the various jobs of Sanyuan. appointed. Zhang Xueqing has been in the Fosun Group for many years, marking that Sanyuan shares enter the period of complex galaxies.
According to the private correspondent of "Investor News", Zhang Xueqing, general manager, transferred Zhang Jun, the general manager of the former Sanyuan shares of Changchun Dairy Department, to the senior management team and became the vice-president, another raw milk powder company. . Wu Songhang, general manager of the department, served as deputy general manager.
Ki We really don't know the direction and ideas of the company's new team. Expanding new jobs in the traditional business of Sanyuan? Or is it a completely new business that has nothing to do with the main business? We're not clear. I The old broker analysis told the Section. ■ Thinking of financial output
Editor in Chief: Li Feng