In 2021, the annual loss of stock speculation was nearly 2 billion yuan, and the net profit attributable to the parent of Yunnan Baiyao Group Co.Ltd(000538) ( Yunnan Baiyao Group Co.Ltd(000538) . SZ) decreased year-on-year for the first time in 20 years.
On March 25, Yunnan Baiyao Group Co.Ltd(000538) released the annual report of 2021. During the reporting period, the company lost 1.981 billion yuan in stock speculation, which was further expanded compared with the end of the third quarter of last year (1.55 billion yuan).
In 2020, it invested in big white horse stocks such as Kweichow Moutai Co.Ltd(600519) ( Kweichow Moutai Co.Ltd(600519) . SH), Xiaomi group-w (01810. HK), Inner Mongolia Yili Industrial Group Co.Ltd(600887) ( Inner Mongolia Yili Industrial Group Co.Ltd(600887) . SH), Jiangsu Hengrui Medicine Co.Ltd(600276) ( Jiangsu Hengrui Medicine Co.Ltd(600276) . SH), which once brought stock speculation income of up to 2.2 billion yuan to Yunnan Baiyao Group Co.Ltd(000538) . However, in 2021, when new energy and cyclical stocks "sing the opera", Yunnan Baiyao Group Co.Ltd(000538) did not stop the profit in time, and the floating loss on the stock of Xiaomi group alone was as high as 1.404 billion yuan.
At present, Yunnan Baiyao Group Co.Ltd(000538) has reduced the scale of equity investment, cleared Kweichow Moutai Co.Ltd(600519) , successively sold shares of Xiaomi, Tencent, Yili and Hengrui, and bought Tongwei Co.Ltd(600438) ( Tongwei Co.Ltd(600438) . SH) to lay out the photovoltaic sector. This time, does Yunnan Baiyao Group Co.Ltd(000538) really want to return to the main business?
"success and failure of Xiaomi", Yunnan Baiyao Group Co.Ltd(000538) annual stock speculation loss of nearly 20 billion
In 2021, Yunnan Baiyao Group Co.Ltd(000538) achieved an operating revenue of 36.374 billion yuan, an increase of 11.09% year-on-year; The net profit attributable to the parent company was 2.804 billion yuan, a year-on-year decrease of 49.17%; The net profit attributable to the parent company after deduction was RMB 3.339 billion, with a year-on-year increase of 15.17%.
This is the first time since 2002 that the net profit attributable to the parent company of Yunnan Baiyao Group Co.Ltd(000538) has declined year-on-year. During the reporting period, the profit and loss from changes in the fair value of securities investment was -1.981 billion yuan, which became the main reason for the decline in net profit.
Looking back on 2020, relying on the income of RMB 1.516 billion invested in Xiaomi group, Yunnan Baiyao Group Co.Ltd(000538) realized the income of stock speculation of RMB 2.2 billion, and promoted the net profit attributable to the parent company to increase by 31.85% year-on-year to RMB 5.516 billion. In addition, the company's investment income in Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Hongta Securities Co.Ltd(601236) ( Hongta Securities Co.Ltd(601236) . SH) and Jointown Pharmaceutical Group Co.Ltd(600998) ( Jointown Pharmaceutical Group Co.Ltd(600998) . SH) exceeded 100 million yuan.
Yunnan Baiyao Group Co.Ltd(000538) it can be said that "success is Xiaomi and failure is Xiaomi". In 2021, the share price of Xiaomi group plummeted by 43%, and the floating loss of the company's holding of Xiaomi group's shares was 1.404 billion yuan. During the year, Xiaomi group's shares were sold for 434398 million yuan.
it is worth mentioning that the cost line of Yunnan Baiyao Group Co.Ltd(000538) holding Xiaomi group is being tested by the end of 2021, Yunnan Baiyao Group Co.Ltd(000538) the initial investment cost of Xiaomi stock was 1.632 billion yuan, corresponding to the closing book value of 1.701 billion yuan. Based on this calculation, the floating profit ratio was only 4.2%. Since 2022, the share price of Xiaomi group has fallen by 23.7%, and as of the latest closing day, the share price has been reported at HK $14.42/share this means that Yunnan Baiyao Group Co.Ltd(000538) holding shares of Xiaomi group is likely to be in a state of floating loss
Yunnan Baiyao Group Co.Ltd(000538) in other leading stocks that have been held for more than 2 years, they did not make money. In 2021, the company invested Jiangsu Hengrui Medicine Co.Ltd(600276) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Tencent holding's profit and loss from changes in fair value were - 220 million yuan, - 126 million yuan and - 134 million yuan respectively. Among them, the company's investment in Tencent holdings also suffered a floating loss in 2020. It is worth mentioning that Yunnan Baiyao Group Co.Ltd(000538) cleared the warehouse in the first half of 2021 Kweichow Moutai Co.Ltd(600519) .
stock speculation or return to the main business
From the distribution and scale of positions in recent three years, Yunnan Baiyao Group Co.Ltd(000538) increasingly likes to buy stocks rather than bond funds with relatively stable returns.
At the end of 2019 at the end of Yunnan Baiyao Group Co.Ltd(000538) year, the securities investment varieties of Yunnan Baiyao Group Co.Ltd(000538) are mainly bond funds and stocks are auxiliary, with the number of 6 and 4 respectively since 2020 year, Yunnan Baiyao Group Co.Ltd(000538) has a special preference for large market value white horse stocks, investing in Maotai, Yili, Hengrui and other large white horses, and all securities investment varieties are stocks; By the end of 2021 year, the company's securities investment is still dominated by stocks and there is only one debt base
In the first three quarters of last year, the loss of fair value change caused by Yunnan Baiyao Group Co.Ltd(000538) stock speculation was 1.555 billion yuan. Therefore, the company was on the hot search list and was questioned by market investors as "not doing business". At that time, Yunnan Baiyao Group Co.Ltd(000538) once responded that it would seriously listen to the opinions and suggestions of the majority of investors, do a good job in the main business and treat the investment in the secondary market prudently.
In 2021, Yunnan Baiyao Group Co.Ltd(000538) the scale of trading financial assets decreased significantly, which seems to have the intention of returning to the main business The billion yuan .
Yunnan Baiyao Group Co.Ltd(000538) 2021 Inner Mongolia Yili Industrial Group Co.Ltd(600887) , with the highest net sales of stocks in 2021, with the sales of shares of 1.005 billion yuan during the year; Followed by Tencent holdings, which sold 723 million yuan during the period Jiangsu Hengrui Medicine Co.Ltd(600276) , China biopharmaceutical (01177. HK) were sold for 254 million yuan and 236 million yuan respectively.
In fact, in the first half of 2021, Yunnan Baiyao Group Co.Ltd(000538) fair value change loss reached 888 million yuan. Faced with the sharp return of profits from investing in Xiaomi shares and the aggravation of losses of Yili and Hengrui, Yunnan Baiyao Group Co.Ltd(000538) did not adopt a defensive investment strategy, but became more aggressive. In the second half of the year, it cleared a number of bond funds and continued to buy stocks.
According to the regular report, in the second half of 2021, Yunnan Baiyao Group Co.Ltd(000538) cleared three funds: e-fund Yufeng Return Bond, Fuguo Dingli pure bond and Fuguo Xiangli one-year bond. As of June 30, 2021, Yunnan Baiyao Group Co.Ltd(000538) holds a total book value of 2.241 billion yuan of the above three funds. The investment income brought by these funds to the company in the first half of the year was 390879 million yuan, 192947 million yuan and 123841 million yuan respectively. By the end of 2021, Yunnan Baiyao Group Co.Ltd(000538) only GF Juli (162712), a bond securities investment variety, had been left.
In the second half of 2021, Yunnan Baiyao Group Co.Ltd(000538) concentrated on buying biomedical enterprises, including Jacobson scientific research Pharmaceutical (02633. HK), Jianbei Miaomiao (02161. HK) and China antibody (03681. HK).
By the end of 2021, Yunnan Baiyao Group Co.Ltd(000538) invested stocks include Jacobson scientific research pharmaceutical, Jianbei Miao Miao, China antibody, Tencent holdings, Xiaomi group, Jiangsu Hengrui Medicine Co.Ltd(600276) , Tongwei Co.Ltd(600438) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , China biopharmaceutical.
Some positions in Hong Kong stocks experienced a sharp decline in 2021. Jacobson scientific pharmaceutical is a leading manufacturer and trader of generic and proprietary Chinese medicines in Hong Kong. In 2021, the company's share price fell 42.49% to HK $0.4 China's antibodies fell by 37.83% in 2021, and have continued to decline since 2022. Since this year, the cumulative decline has reached 22.03%.
In addition, Tongwei Co.Ltd(600438) is a new energy variety rarely purchased by Yunnan Baiyao Group Co.Ltd(000538) in the past two years. In the first half of 2021, Yunnan Baiyao Group Co.Ltd(000538) bought Tongwei Co.Ltd(600438) 235 million yuan, continued to increase its holdings by 198 million yuan in the second half of the year, and sold 155 million yuan during the period. By the end of 2021, Yunnan Baiyao Group Co.Ltd(000538) held Tongwei Co.Ltd(600438) with a closing book value of 317 million yuan and an investment income of 38.436 million yuan.
In addition to the drag of stock speculation on performance, Yunnan Baiyao Group Co.Ltd(000538) 's main business income growth slowed significantly. In 2021, the net profit attributable to the parent company after deducting non profits increased by 15.17% year-on-year, down 11 percentage points from the year-on-year growth rate of 26.63% in 2020. Among them, the subsidiary of health products with Yunnan Baiyao Group Co.Ltd(000538) toothpaste as the core realized a revenue of 5.91 billion yuan, a year-on-year increase of 9.7%, and the growth rate was further slowed down compared with the previous year.
In order to explore new growth points of performance, Yunnan Baiyao Group Co.Ltd(000538) is making layout in medical cosmetology, oral care, new retail health services, dermatology and other businesses. In 2021, the company's R & D expenses increased by 82.99% year-on-year to RMB 331 million, which is rare. From 2017 to 2020, the company's R & D expenses were 840354 million yuan, 112 million yuan, 174 million yuan and 181 million yuan respectively, accounting for 0.35%, 0.41%, 0.59% and 0.55% of the current operating revenue respectively.
Yunnan Baiyao Group Co.Ltd(000538) said that the high increase in R & D expenses was mainly due to the new R & D projects such as R & D registration of special medical food and research and development of Caiji biomedical skin care products. The company hopes to enrich the product pipeline related to special medical food and the group of medical skin care products, so as to create a new performance growth point.
The growth rate of main business slowed down and the investment income lost. The share price of Yunnan Baiyao Group Co.Ltd(000538) fell all the way. As of the closing on March 25, Yunnan Baiyao Group Co.Ltd(000538) share price was reported at 81.06 yuan / share, which was almost "halved" compared with the record high of 159.38 yuan / share in February 2021.
