ZhejiangYongqianghaslostmoneyforthefirsttimein8yea

Zhejiang Yongqiang Group Co., Ltd. (hereinafter referred to as "Zhejiang Yongqiang", 002489.sz) recently released its semi annual report. The semi annual report showed that the company achieved an operating income of 2.316 billion yuan, a year-on-year decrease of 12.80%; The net profit after attribution was -43 million yuan, a year-on-year decrease of 117.31%. If the investment income of 86million yuan is excluded, the company will suffer a loss of nearly 130million yuan

(the picture comes from the Internet)

in fact, there are signs of such a loss. After the net profit of Zhejiang Yongqiang reached a peak of 517million yuan in 2015, it shrank significantly to 61million yuan and 78million yuan in 2016 and 2017

the reporter found that from 2013 to the first half of this year, the company has obtained a cumulative investment income of 933million yuan, which is 1.57 times the total net profit of 596million yuan after non deduction in the same period. So, does Zhejiang Yongqiang have the situation that its main business is sluggish and its performance is polished by investment

"the company has always insisted on taking outdoor leisure furniture and supplies as its main business and moderately expanded its product categories. The foreign investment business is only some arrangements based on the company's capital situation, belonging to the category of cash management asset allocation." The Secretary of the board of directors of Zhejiang Yongqiang replied that the purchase of principal guaranteed financial products with idle raised funds is conducive to improving the use efficiency of raised funds, in line with the overall interests of the company and shareholders, and in line with the requirements of the company's long-term development

first semi annual loss in 8 years since listing

first semi annual loss in 8 years since listing, this enterprise with the long-term development goal of "one hundred years of eternal strength" has reached a turning point. Zhejiang Yongqiang is a large enterprise group specializing in the design, R & D, production and sales of outdoor leisure furniture and supplies. It is the largest ODM manufacturer of outdoor leisure furniture and supplies in China

the company's semi annual report shows that the revenue decreased by 12.80% year-on-year to 2.316 billion yuan; The attributable net profit decreased by 117.31% year-on-year to -43 million yuan. If the investment income of 86million yuan is excluded, the company will suffer a loss of nearly 130million yuan

in addition, Zhejiang Yongqiang also estimated that the net profit in the first three quarters of 2018 was -120million yuan to -60million yuan. In this regard, Zhejiang Yongqiang said that due to the fluctuation of RMB exchange rate and the rise of raw material prices, the gross profit of its main business decreased by 381million yuan year-on-year. In addition, the company's securities investment business decreased significantly compared with the same period last year. Affected by the fluctuation of the securities market, the company realized a year-on-year decrease of 79million yuan in the investment income of trading financial assets and the income from changes in fair value

it is reported that Zhejiang Yongqiang's export sales account for more than 85%. The foreign currency operating income obtained from the company's sales of goods is recognized as the main business income according to the market average exchange rate of RMB against the US dollar at the beginning of each month. Therefore, in terms of financial accounting, the company cannot reduce the impact of the exchange rate on the operating income

however, as a listed company whose export sales account for more than 85%, it should have some experience in controlling the risk of exchange rate fluctuations. Why will exchange rate fluctuations affect or even cause losses this year

in this regard, the Secretary said, "According to the market's judgment and expectation on the trend of the US dollar exchange rate, the company's management was bullish on the US dollar exchange rate in 2017, so that the scale of the company's forward foreign exchange locking business in 2017 was small. However, the sharp appreciation of the RMB and the large amount of US dollar non settlement led to a significant increase in the net exchange loss, which directly affected the decline of the current net profit. Then the company gradually increased the scale of forward foreign exchange locking, but by 2018 5. In June, the RMB suddenly began to depreciate significantly, which once again exceeded the company's expectations. "

according to lvsuiqi, a professor at the school of economics of Peking University, such enterprises are bound to face exchange rate risks, but the company's expectations of two exchange rate changes deviate, indicating that the company lacks professionals who really understand finance

more than 10 of its subsidiaries have suffered losses

due to the risk of exchange rate fluctuations and other reasons. In recent years, Zhejiang Yongqiang has gradually turned to exploring the domestic market and cross-border tourism. However, from the operating performance of 14 subsidiaries and one joint-stock company disclosed by the company in the first half of this year, the progress was not smooth

15 companies, except for American Yongqiang, German Yongqiang, shangweila, Beijing Liantuo and the joint-stock company Linhai rural commercial bank, have no losses, the other 10 subsidiaries have all suffered losses, with a total loss of 102million yuan

among them, Yongqiang international trade alone lost 44.232 million yuan and Yongqiang outdoor lost 13.1136 million yuan. The main profit-making companies are American Yongqiang, German Yongqiang, shangweila and Beijing Liantuo Tianji e-commerce Co., Ltd. (hereinafter referred to as "Beijing Liantuo"), and the current net profits of the above four companies are 50.3445 million yuan, 2010.69 million yuan, 781100 yuan and 73.8827 million yuan respectively

when talking about how to turn losses into profits, the Secretary of the board of directors of Zhejiang Yongqiang said that the company would further strengthen the expansion of domestic market, brand and other export markets, improve market share and promote the steady development of sales business. However, according to the data released in the semi annual report, the sales revenue in the European and American markets currently accounts for 90%, while the domestic market only accounts for 8.53%, and the domestic sales revenue has decreased by 15.14% compared with the same period last year

in addition, Zhejiang Yongqiang is also trying to develop new business. In 2015, Zhejiang Yongqiang acquired Beijing Liantuo with the intention of creating a dual main business of "Home + tourism". At that time, Beijing Liantuo promised that during the performance commitment period from january1,2015 to december31,2018, the accumulated net profit after non deduction would not be less than 120million yuan, and the net profit and transaction flow would increase year by year

however, Beijing Liantuo not only failed to fulfill its performance commitments, but also dragged down the performance of listed companies. From 2015 to the first half of 2018, Beijing Liantuo realized net profits of -34.8197 million yuan, -38.4783 million yuan, -13.012 million yuan and 73.8827 million yuan respectively. It is noteworthy that the 73.8827 million yuan profit of Beijing Liantuo in the first half of this year is not only due to the improvement of its own operating performance, but also due to the comprehensive impact of the investment income generated by the disposal of its holding subsidiaries for sale during the reporting period. It is difficult to complete the performance commitment of 120million yuan

in addition to the losses of many subsidiaries, Zhejiang Yongqiang is also facing the current situation that its main business is weak and its performance is polished by financial income

since its listing in 2010, the investment income of Zhejiang Yongqiang has leaped from 2011 to 2015. In 2011 and 2012, the investment income was only a few million yuan. In 2013, the investment income rose rapidly to 55million yuan, increased by 5.5 times to 356million yuan in 2014, and climbed to 529million yuan in 2015

however, the net profit in the same period did not increase strongly with the growth of investment income, but fluctuated significantly. From 2011 to 2017, Zhejiang Yongqiang achieved net profits of 266million yuan, 191million yuan, 262million yuan, 323million yuan, 517million yuan, 61million yuan and 78million yuan respectively

after the net profit of Zhejiang Yongqiang reached a peak of 517million yuan in 2015, it shrank significantly to 61 million yuan, 78 million yuan and -43 million yuan in 2016, 2017 and the first half of 2018. In the same period, its investment income also plummeted to -82 million yuan, -11 million yuan and 86 million yuan. It can be seen from the data that the investment income has a great impact on the net profit

the reporter found that from 2013 to the first half of 2018, the company obtained a cumulative investment income of 933million yuan, which is 1.57 times the total net profit of 596million yuan after non deduction in the same period. It is precisely because the income from financial management exceeds the income from the main business that Zhejiang Yongqiang is labeled as "good at financial management" by people in the industry, and even regarded by some investors as a bit "not doing business"

"our company's funds for purchasing financial products are mainly idle raised funds. According to the relevant regulations of the CSRC and Shenzhen Stock Exchange, the raised funds need to be stored in a special account for special purposes, and the investment direction of the raised funds must not be changed arbitrarily. However, our company's purchase of principal guaranteed financial products with idle raised funds is conducive to improving the use efficiency of the raised funds, in line with the overall interests of the company and shareholders, and in line with the requirements of the company's long-term development." The Secretary said

in this regard, some investors questioned why Zhejiang Yongqiang's major shareholders frequently pledged their shares since they had money to buy financial products? The board secretary said that the pledge of the company's shares held by the company's shareholders is an arrangement for their own capital needs and is independent of the capital management of the listed company. Therefore, there is no correlation and contradiction between the purchase of financial products by listed companies and the pledge of shares by shareholders

"If a company wants to pledge its shares for financing, it needs to be approved by the board of directors and the general meeting of shareholders. That is the behavior of all shareholders. It seems that the legal subject is different when the major shareholders pledge their shares. However, the major shareholders are often the sole shareholders. It seems that the company as the main body has no pledge of shares, which is equivalent to the behavior of the major shareholders kidnapping the listed company. If If the stock is sold off cheaply, all shareholders will be affected. " Lvsuiqi said

(source: Pan home network)

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