Since this year, "Zhumao" Muyuan Foods Co.Ltd(002714) has not only cut its share price, but also been frequently questioned by the financial side.
Recently, the issue of " Muyuan Foods Co.Ltd(002714) business tickets of more than 30 companies continued to be overdue" continued to ferment. Muyuan Foods Co.Ltd(002714) also gave the latest response. The company announced on the evening of December 6 that as of November 30, 23 subsidiaries had completed the cashing of all overdue commercial bills, and 9 subsidiaries had overdue commercial acceptance bills, totaling 17.0727 million yuan; As of December 6, the outstanding commercial acceptance bills of 9 subsidiaries of the company totaled 7.5598 million yuan.
In addition, more rarely, on the evening of December 6, Muyuan Foods Co.Ltd(002714) issued 32 announcements at one go. Among them, Muyuan Foods Co.Ltd(002714) announced that in order to ensure that the company has sufficient production, operation and investment and construction funds, the company and its holding subsidiaries intend to apply for a total credit line of no more than RMB 70 billion from banks and other financial institutions, and the specific financing amount will be determined according to the actual capital needs of the company and its holding subsidiaries for production, operation and investment and construction.
At the same time, the share price of Muyuan Foods Co.Ltd(002714) has also fallen successively this year. As of December 6, the daily closed at 51.61 yuan, which has been halved compared with the highest point of 92.10 yuan. However, since the national day, pig prices have actually warmed up, Muyuan Foods Co.Ltd(002714) has also made frequent moves recently, and issued a fixed increase plan of no more than 6 billion yuan to the major shareholder muyuan group to supplement working capital.
Overdue {23456} Muyuan Foods Co.Ltd(002714) company's acceptance bill
Recently, Shanghai Stock Exchange disclosed the list of continuous overdue as of November 30, 2021. The list shows that there are more than three overdue payments from August 1, 2021 to November 30, 2021, and there are 384 acceptances with overdue balance as of November 30, 2021 or overdue payment in November.
It is worth noting that more than 30 enterprises under Muyuan Foods Co.Ltd(002714) are listed as acceptors, including Dongying Kenli muyuan agriculture and animal husbandry Co., Ltd., Laohekou muyuan agriculture and animal husbandry Co., Ltd., Ruzhou muyuan agriculture and animal husbandry Co., Ltd. and other companies directly or indirectly controlled by Muyuan Foods Co.Ltd(002714) whose acceptance bills continue to be overdue.
According to statistics, as of November 30, 2021, the cumulative overdue amount of the above "muyuan system" acceptor is about 21.2573 million yuan, and the overdue balance is about 16.6688 million yuan. In addition, the reporter combed the background of the shareholders of the "muyuan" company and found that several equity investment funds under China Merchants Securities Co.Ltd(600999) and Huaneng Guicheng trust appeared in the list of shareholders of many companies.
In this regard, Muyuan Foods Co.Ltd(002714) announced on the evening of December 6 that as of November 30, 23 subsidiaries had completed the cashing of all overdue commercial bills, and 9 subsidiaries had overdue commercial acceptance bills totaling 17.0727 million yuan; As of December 6, the outstanding commercial acceptance bills of 9 subsidiaries of the company totaled 7.5598 million yuan.
previously, the company responded to the media that after verification by the company's financial department, due to the failure of some suppliers to initiate payment applications in time, the inability of a few issuing banks to conduct online clearing or the untimely online clearing, the company had the situation that the actual cashing date of commercial bills was later than the due date. The company is now actively communicating with banks and bill holders to quickly solve the above problems and protect the legitimate rights and interests of bill holders.
Muyuan Foods Co.Ltd(002714) said that at present, the company's production, operation and cash flow are normal. The company has issued special management systems and measures according to relevant conditions. In the future, it will strengthen management and maintain active communication with banks and ticket holders to avoid similar events from happening again.
financial problems are frequently questioned
Since this year, the financial problem of Muyuan Foods Co.Ltd(002714) has been hotly discussed in the market. Before that, a screenshot about the staff of securities companies reminding Muyuan Foods Co.Ltd(002714) investors to pay attention to risks on wechat group and saying that it "involves the risk of financial fraud and should be in a thunderstorm soon" has been widely circulated on the Internet.
The market reacted strongly to this. From November 26 to December 1, Muyuan Foods Co.Ltd(002714) share price fell for four consecutive trading days, with a cumulative decline of more than 7%. Then, on December 3, Muyuan Foods Co.Ltd(002714) replied on the interactive platform of Shenzhen Stock Exchange: "the company recently noticed that China Merchants Securities Co.Ltd(600999) staff member Yang made false statements related to the company in the stock exchange group. The company's production, operation and liquidity are normal, and there is no major information that should be disclosed but not disclosed. The company strongly condemns such acts and reserves the right to investigate the legal responsibility of the parties concerned."
Earlier, in March this year, the network big V "chivalrous shadow of heaven and earth" published "is mu Yuanhui thunder?" The article questioned a number of financial data such as Muyuan Foods Co.Ltd(002714) fixed assets / sales revenue much higher than that of Listed Companies in the same industry, a large number of related party transactions and ROE (return on net assets) of minority shareholders.
In this regard, on March 16, Muyuan Foods Co.Ltd(002714) disclosed a 33 page reply, saying that the gross profit margin of the company's pig breeding business was significantly higher than that of comparable companies in the same industry, mainly due to the low unit cost of pigs, differences between breeding pigs and piglets, pig product structure and pig breeding methods. Compared with the listed companies in the same industry, the company's pig breeding adopts the "full self-supporting, full chain and intelligent" breeding mode, while the listed companies in the same industry mostly adopt the surrogate breeding mode. Due to the adoption of the production mode of "company + farmers", the surrogate maintenance mode has the characteristics of "neglecting assets"; The full autotrophic model requires the company to independently invest in the construction of pig farms. Therefore, compared with listed companies in the same industry, the company's fixed assets account for a higher proportion of operating income and the turnover rate of fixed assets is low.
However, the impact of this incident did not stop. Under the above questions, Muyuan Foods Co.Ltd(002714) not only attracted regulatory inquiries, but also Qin Yinglin, the actual controller and chairman of the company, was interviewed by the CSRC due to the "sick" Declaration of convertible bond issuance.
In terms of share price, the share price of Muyuan Foods Co.Ltd(002714) continued to callback after reaching the high point of 92.10 yuan on February 22. As of December 6, the daily closed at 51.61 yuan, retreating more than 50% compared with the highest point, and the share price has been halved.
pig price recovered, and the major shareholder increased by 6 billion to show confidence
Behind the halving of the 100 billion "Zhumao" share price, in addition to frequent financial doubts, there is also the decline of pig prices all the way. According to the data of China pig network, the price of Chinese pigs fell all the way after reaching the high point of 36.94 yuan / kg in early January. As of December 6, the price was 18.24 yuan / kg, down 50.62% from the high point at the beginning of the year.
Affected by the sharp decline in pig prices, Muyuan Foods Co.Ltd(002714) q3 breeding business suffered losses. Financial data show that in the third quarter of 2021, the company achieved a revenue of 14.744 billion yuan, a year-on-year decrease of 18.68%; The net profit was -822 million yuan, a year-on-year decrease of 108.05%. In the first three quarters of this year, Muyuan Foods Co.Ltd(002714) achieved 56.282 billion yuan, a year-on-year increase of 43.71%; The net profit attributable to the parent company was 8.704 billion yuan, a year-on-year decrease of 58.53%; The net profit attributable to the parent company after deducting non profits was 8.65 billion yuan, a year-on-year decrease of 58.74%; The company's comprehensive gross profit margin was 24.12%, a year-on-year decrease of 40.55%.
But since the national day, pig prices have actually warmed up. Muyuan Foods Co.Ltd(002714) it was announced on December 6 that in November, the company sold 3.874 million pigs (including 72000 piglets), with a sales revenue of 6.767 billion yuan; The average selling price of the company's commercial pigs was 15.96 yuan / kg, an increase of 34.34% over October 2021.
At the same time, Muyuan Foods Co.Ltd(002714) also recently released a fixed increase plan for major shareholders. On October 19, Muyuan Foods Co.Ltd(002714) issued a plan for raising funds through non-public offering of shares, which plans to raise no more than 6 billion yuan from the controlling shareholder muyuan group at an issue price of 40.21 yuan / share, which will be used to supplement working capital after deducting the issuance expenses.
According to the Research Report of Kaiyuan securities, Muyuan Foods Co.Ltd(002714) the fixed increase of 6 billion major shareholders is conducive to alleviating the working capital pressure of the company in 2022. According to the calculation, by the end of Q3, the company's working capital gap was 19.09 billion yuan. Based on the company's target of 50-60 million pigs in 2022, if the downturn cycle of pig price is prolonged, the company's financing gap will increase by more than 50% year-on-year in 2022. From the perspective of operational stability, the increase of major shareholders' holdings in the industry during the trough period will help the company alleviate the pressure of working capital in 2022 and optimize the financial structure. In the later stage, the increase of debt financing on financial expenses will be marginal weakened. In addition, the fixed increase of major shareholders in the loss quarter also released a signal that they are firmly optimistic about the long-term development of the company.
Before this fixed increase, Muyuan Foods Co.Ltd(002714) also issued 9.55 billion yuan of convertible bonds, of which 5.1 billion yuan was used for pig reproduction construction projects, 1.9 billion yuan was used for pig slaughter projects, and the remaining 2.55 billion yuan was used to supplement working capital and repay bank loans.
northward capital reduction, Chinese public fund increase
When the pig price stabilizes, Muyuan Foods Co.Ltd(002714) also acts frequently in the near future. Does it mean that the inflection point of the pig cycle is coming? From the operation trend of funds, institutions seem to have great differences on this.
For example, Xiao Nan, star fund manager of e fund, once wrote in the semi annual report: "In the first half of the year, considering that the decline of pig price will bring a new round of industry reshuffle, some production capacity blindly expanded at the high pig price regardless of their own cost capacity will be eliminated, and the industry pattern will further concentrate on the leader, so we increased our holdings in the breeding sector. However, we underestimated the time required for the industry to clear, and the position increase was too left, which did not achieve the expected effect." From the third quarterly report, Xiao Nan's shareholding in Muyuan Foods Co.Ltd(002714) remained basically unchanged in the third quarter.
At the same time, many public funds in China increased their positions on Muyuan Foods Co.Ltd(002714) in the third quarter, including some star fund managers. For example, the China Europe new blue chip managed by Zhou Weiwen increased its position by 6.3226 million shares, making it the tenth largest heavy position stock of the fund; In addition, huitianfu blue chip managed by Lei Ming steadily increased its position by Muyuan Foods Co.Ltd(002714) 5 million shares, and Du Meng's Shanghai Investment Morgan vision held 4.5973 million shares in two years.
On the whole, by the end of the third quarter of 2021, 101 funds held Muyuan Foods Co.Ltd(002714) heavy positions, with a total of 146.0848 million shares, an increase of 41.7474 million shares compared with the end of the second quarter.
However, at the same time, the third quarterly report shows that the Hong Kong Central Clearing Center (land stock connect), which represents the capital going north, significantly reduced its holdings of Muyuan Foods Co.Ltd(002714) in the third quarter, reducing its holdings of about 33.8053 million shares compared with the end of the second quarter. After the reduction, Beishang capital held Muyuan Foods Co.Ltd(002714) 124.3809 million shares in total, accounting for 3.5% of the circulating shares.
The research report believes that the essence of pig cycle formation is the mismatch of supply and demand, and supply is the key factor affecting pig cycle. It often takes 10-12 months from sow stocking to pig marketing. Sow stocking determines the pig stocking after 8-12 months, which affects the change of pig price. From the analysis of the cycle W-shaped bottom, it is expected that the pig price will hit the bottom again from June to August 2002. Before the rise of each cycle, the pig price shows a W-shape at the bottom. The pig price hits the bottom twice. The interval between the first bottom and the second bottom is about 8-11 months, and the price increase is between 10% - 15%. In October 2021, it was observed that the pig price was as low as 10.78 yuan / kg. The second bottom of pig price in this cycle is expected to be between June and August 2022, and the second bottom of pig price is expected to be about 11-12 yuan.
"Improper operation" caused Muyuan Foods Co.Ltd(002714) a small number of commercial tickets to be overdue. The capital "big test" of listed pig enterprises may have just begun
What happened to 270 billion "pig grass"? The overdue business tickets of 9 companies involved 7.56 million capital! Company response: normal cash flow
(brokerage China)
