See the bottom increase again! The chairman of Saturday Co.Ltd(002291) board of directors of listed company made a speech: if employees speculate in stocks, I’ll count the losses!
If you earn money, it’s yours. If you lose money, the boss will find out.
With the stock price falling endlessly, “the first share of women’s shoes” Saturday Co.Ltd(002291) can’t carry it. Just now, the actual controller and the chairman of the board of directors of the company issued an announcement of the proposal to increase the company’s shares to all employees and promised to reveal the details.
Thanks to this positive, Saturday Co.Ltd(002291) rose sharply at the opening on April 28, with an increase of nearly 7% as of press time.
Saturday Co.Ltd(002291) issued a proposal to increase holdings
On April 27, Saturday Co.Ltd(002291) announced that the actual controller and the chairman of the company jointly issued a proposal to increase the company’s stock holdings to all employees.
Based on the confidence in the future sustainable development prospect of the company and the recognition of the long-term investment value of the company’s shares, in order to maintain market stability and enhance investment confidence, Mr. Zhang Zemin, the actual controller, and Mr. Xie Rudong, the chairman of the board, proposed to encourage all employees of the company, its wholly-owned subsidiaries and subordinate holding companies to actively buy the company’s shares on the premise of voluntariness and compliance.
According to the announcement, all employees who have net purchased Saturday Co.Ltd(002291) shares from April 28, 2022 to May 6, 2022 and have been in office for more than 12 months shall be fully compensated by Zhang Zemin and Xie Rudong for the losses caused by the purchase of the company’s shares during the above-mentioned period; If the income is generated, all the income belongs to the employee.
Zhang Zemin, the actual controller, and Xie Rudong, the chairman of the board of directors, will fully compensate the employees for the losses arising from the increase in the company’s shares in the form of cash. Zhang Zemin and Xie Rudong each bear 50% of the actual losses. The source of funds is their own funds, and there is no maximum amount limit on the amount of compensation. Up to now, Zhang Zemin has directly or indirectly pledged 14895000 shares of the company, and Xie Rudong has not directly or indirectly pledged the shares of the company. At present, the two are in good credit status and have the ability to repay funds.
As of December 31, 2021, the total number of employees of the company, its wholly-owned subsidiaries and subordinate holding companies was 1480.
Previously, Saturday Co.Ltd(002291) had announced that the Company repurchased the company’s shares in the form of centralized bidding transaction, with a maximum repurchase amount of 300 million yuan and a maximum repurchase price of 25 yuan / share. The repurchase period did not exceed 12 months. The shares repurchased this time will be used to implement the equity incentive plan or employee stock ownership plan.
shareholders quarreled
For the above news, Saturday Co.Ltd(002291) of the shareholders quarreled, and some people thought it was a major positive, “the shareholding increase plan was unexpected and would soar.” “This is the enterprise of conscience.”
However, some people think, “the more you shout slogans, the more you die. Run.”
By the end of the third quarter of last year, Saturday Co.Ltd(002291) had 26000 shareholders.
Saturday Co.Ltd(002291) 2021 loss exceeding 700 million yuan
the biggest loss since listing
Recently, Saturday Co.Ltd(002291) disclosed the performance express in 2021 and the forecast of the first quarter report in 2022. According to the data, the company achieved an operating revenue of 2.814 billion yuan in 2021, an increase of 30.81% over the same period last year; The net profit attributable to the shareholders of the listed company turned from profit to loss, and the loss was as high as 704 million yuan, a sharp decrease of 299615% over the same period of the previous year; After deducting non recurring gains and losses, it decreased by 246479% year-on-year to -703 million yuan.
In addition, the net profit attributable to the parent company in the first quarter of this year is expected to increase by 752.71% to 117906% compared with the same period of the previous year, with a profit of 80 million yuan to 120 million yuan.
In response to the above situation, Saturday Co.Ltd(002291) said that firstly, during the reporting period, the epidemic had a great impact on the company’s footwear business, especially offline channels, resulting in a certain degree of operating loss of the business, but the loss has narrowed significantly compared with last year. Second, in terms of the company’s Internet marketing business, the company has overcome many difficulties and still achieved a large year-on-year growth in this business. The relevant live e-commerce has achieved a year-on-year growth of about 60% in Gmv, and the profit scale of the company’s Internet marketing business has achieved a large growth. Third, in order to attract and retain excellent talents, the amortization expense corresponding to the equity incentive plan implemented in 2021 in the first quarter is about 19 million yuan, which also has a certain impact on the company’s operating performance.
“women’s shoes first stock” transformation breakthrough
to strip the shoe industry of production capacity
It is understood that Saturday Co.Ltd(002291) is a leading shoe brand operator in China and the first Chinese women’s shoe enterprise listed in Shenzhen A shares. At present, Saturday Co.Ltd(002291) ‘s main business is divided into two parts, the information technology service business with mobile Internet precision marketing as the core; Sales of multi brand medium and high-end fashion leather shoes, and wholesale and retail diversified fashion products.
However, as China’s economy has entered the “new normal” in recent years, the economic growth has slowed down, the competition in traditional industries is fierce, and the traditional business channels and models have been fiercely impacted by new business formats and models. The retail market of consumer goods is facing a new situation of declining growth and adjustment of development mode. Under the above challenges, Saturday Co.Ltd(002291) since 2015, it has decided to make reforms and breakthroughs in brand construction, sales model, channel construction, etc. In the process of adjusting the focus of the business model, the company gradually transformed to a “light” asset operation model focusing on brand management and supply chain management. At the same time, it sold Foshan Saturday Co.Ltd(002291) technology R & D Co., Ltd., a wholly-owned subsidiary whose main business is shoe production, and no longer retained the production function.
On January 18 this year, Saturday Co.Ltd(002291) announced that in order to further promote the company’s business strategy and finally realize the transformation to the “light” asset operation mode focusing on brand management and supply chain management, the company plans to integrate the company’s footwear sales related businesses and assets through Foshan Saturday Co.Ltd(002291) Footwear Co., Ltd., with the exception of footwear business trademarks. After the integration, the company plans to transfer 100% equity of its wholly-owned subsidiary Saturday Co.Ltd(002291) footwear.
Saturday Co.Ltd(002291) said that in recent years, with the fierce impact of the new retail model intensifying and the repeated epidemic in some regions since 2020, the company’s footwear business revenue has decreased significantly and continued to suffer losses, which has put great pressure on the company’s operating performance. At the same time, the company has further promoted the company’s business strategy to finally focus on brand management In the transformation of “light” asset operation mode of supply chain management, the company focuses on social e-commerce service business in combination with its own characteristics, and plans to sell business related to footwear sales.
This transaction will further optimize the company’s industrial structure and asset allocation, effectively reduce the company’s asset liability ratio, improve the company’s operating cash flow, further improve the operation quality and efficiency, and enhance the company’s sustainable profitability, sustainable development ability and core competitiveness.
However, in terms of share price performance, Saturday Co.Ltd(002291) this year’s performance has been unsatisfactory, and the bottom has been continuously explored, with a decline of more than 40% during the year. So far, the stock has reported 11.79 yuan, with a total market value of 10.726 billion yuan.
don’t blindly follow the trend of “covering up the bottom and increasing Holdings”
Looking back on those bottomless overweight initiatives of a shares, some employees of listed companies have made a profit, but some have been covered when they buy, and the share price has fallen to half.
“Zhimao” C&S Paper Co.Ltd(002511) once announced on May 10, 2021 that Deng Yingzhong, the actual controller, put forward a bottom-up shareholding increase initiative. For employees who net bought the company’s shares (no less than 1000 shares) from May 10 to May 31 and continuously held them until May 30, 2022, if they have losses, Deng Yingzhong will compensate them, and if they have gains, they will belong to them.
However, shortly after the above announcement was issued, the share price of C&S Paper Co.Ltd(002511) fluctuated and fell. Up to now, the stock has been more than 66% lower, which has long been halved from the average increase price of employees. If calculated at the current closing price, Deng Yingzhong needs to compensate the above-mentioned excess of 22 million yuan.
Another example of profit is the recent hot stock – Andon Health Co.Ltd(002432) . On February 17, 2020, Mr. Liu Yi, the actual controller and chairman of Andon Health Co.Ltd(002432) company, submitted the proposal on encouraging employees to increase their shareholding in the company. Among them, it indicates that for employees who have net purchased Andon Health Co.Ltd(002432) shares during the period from February 18, 2020 to February 21, 2020 and have continuously held the company’s shares for more than 12 months, Liu Yi will compensate 50% of the losses arising from the increase of the company’s shares during this period, and all the profits will belong to the employees.
During the year of the commitment period, Andon Health Co.Ltd(002432) rose sharply and then fell violently, with a cumulative increase of more than 20% during the period. Subsequently, influenced by covid-19 detection and other concepts, Andon Health Co.Ltd(002432) since the end of 2021, the surge mode has been started. If the employee stock ownership participating in the shareholding increase plan at that time has been so far, it has already made a lot of money.
For the bottom increase, insiders pointed out that although it shows the actual controller’s confidence in the development of the company to a certain extent, investors should polish their eyes and avoid blindly following the trend.
another 10 billion private placement boss apologized. Yuan Lesheng Zeng Xiaojie: the valuation is in the bottom range, and the market inflection point still needs to wait
China fund daily reporter Ren Ziqing
“At the beginning of the year, I was too optimistic about concentrating my positions on the growth track. The most important reason for the decline was that my positions were too high. I apologize for not doing well this year.” Zeng Xiaojie, a 10 billion private placement leader, said in a recent roadshow.
Zeng Xiaojie said that now the broad-based index is at the bottom of the valuation, but we still need to wait for the emergence of the market inflection point. In terms of operation, the current position is relatively neutral and the industry is relatively balanced. Conduct balanced allocation between stocks without short-term pressure on fundamentals and the field of steady growth, and do not pursue short-term aggressiveness.
position reduction growth stocks, manufacturing
increase allocation of stable growth sectors
On April 27, Zeng Xiaojie, general manager and chairman of the investment decision-making committee of 10 billion private placement source Lesheng, said during a roadshow exchange, “This year has been very bad. It is the biggest year for yuanlesheng to withdraw since its establishment 14 years ago. This year’s performance of the capital market is also second only to that in 2008. At the beginning of the year, it may be too optimistic that some stocks have had better investment opportunities, but growth stocks have made a great retreat from any dimension.”
Looking back on the operation since this year, Zeng Xiaojie frankly said that this year he was overly optimistic about the industry and demand and paid too much attention to the short-term profits of listed companies. However, under the influence of many uncertain factors this year, the medium and long-term profits of enterprises are actually uncertain.
From January to February, the business data of enterprises with positions are very good. Since March, the epidemic has broken out at many points, and there has been a great discount on enterprise profits. The situation of split repair is very common, suffering from the double killing of rising costs (Logistics / raw materials) and weakening demand income. From now to the next two months, the profit may still be damaged and repaired.
“In late March, we saw the spread of Omicron. When many big cities were closed, we greatly reduced the positions of growth stocks and manufacturing industries, and configured some positions with steady growth.” He believes that the valuation of the steady growth sector is relatively cheap, and the impact of the economy on corporate profits will not be as big as growth stocks. Waiting for the government to introduce some fiscal stimulus plans at the level of steady growth, but the extent of the stimulus is not clear.
“We did a good job in 2021. This year, we hope to carry it when we withdraw, rather than reducing our position too low at the end of 2016 and 2018.” Zeng Xiaojie said that the current position is relatively neutral and the industry is relatively balanced. Conduct balanced allocation between stocks without short-term pressure on fundamentals and the field of steady growth, and do not pursue short-term aggressiveness.
growth stocks were hit three times during the year
Zeng Xiaojie pointed out that according to last year’s outlook for this year, this year is a year of steady growth, but growth stocks have been hit three times since this year:
The first is from the pressure of US debt and inflation. Last year, it was mentioned that the pressure of growth stocks came from the pressure of US debt yield, which came from the pressure of US inflation. The pressure on inflation was reflected in January, and photovoltaic and other sectors rebounded in February.
The second was the Russian Ukrainian war. Europe’s requirements for energy rose sharply, pushing up the price of global old energy, including oil, coal and natural gas, and the manufacturing industry was squeezed by costs. Many growth tracks in China are related to the manufacturing industry, so the profitability of the manufacturing industry is affected. In addition, Europe’s energy demand has also led to a surge in photovoltaic demand, so the 2-volt sector has performed well.
The third time was the epidemic in China. In late March, A-Shares fell again, not only from the outbreak of the epidemic in Shanghai, but also considering the characteristics of high infectivity of Omicron, Shanghai paid a huge cost to control the epidemic. At present, Shanghai is gradually returning to work, production and normalization. The rebound in the market on April 27 was also partly due to the expectation that the number of confirmed cases in Shanghai decreased and the social aspect cleared.
overall valuation is at the bottom
market inflection point still needs to wait
Since 2022, the market has fluctuated violently, and waves of decline have taken people by surprise. Zeng Xiaojie said that now the broad-based index is at the bottom of the valuation, but we still need to wait for the emergence of the market inflection point. The next most important question is to find out whether the enterprise’s profits can meet this year’s expectations.
So, what factors will affect the future market? How will it be interpreted? Zeng Xiaojie believes that in the current position relative to the bottom, we need to pay attention to the following factors:
The first is the change of the epidemic situation in China. The control of the epidemic situation has become an important part in determining the trend of a shares. External factors are not enough to have a substantive impact on a shares. On the one hand, we should pay attention to whether the epidemic policy may be adjusted; On the other hand, after the relative normalization, the introduction of the fiscal stimulus plan will be strengthened.
Neither. The market still needs to grind the bottom. If one of the two occurs, there may be a relatively large rebound.
The rebound in the market on April 27 only previewed the rebound strength of the market after the resumption of work and production. We have a neutral attitude towards the height of this rebound. The flow of people and the recovery of the economy have not reached the previous level. The variation of the virus has great pressure on the increase of the cost of epidemic prevention. It is difficult to control the epidemic at a low cost. The economy and enterprises have to bear a relatively high price, and the market still needs time.
The second external factor also includes the US interest rate hike and contraction table. Global inflation may remain high. The Fed’s interest rate hike alone may not be able to quickly suppress inflation, and excessive interest rate hikes may cause the US economy to enter recession in a short time.
The third policy factor is about the capital market itself, such as the accounting manuscript of China concept shares. China and the United States have a high probability of friendly negotiation and will not delist in a large area.
In conclusion, Zeng Xiaojie pointed out that if there is no change in epidemic policy or relatively strong economic stimulus plan, the market may not rebound significantly. Although the current market valuation is very low and the investment value is prominent in the long run, it still has to suffer in the short term, and the balance sheets of investors and institutions need to be repaired. Now the market is in the waiting period of policy. If the policy changes obviously, it will be more optimistic.
cautious in the short term and optimistic in the medium and long term
wait for the right opportunity to appear
“Now in this position, only lose time but not money. This stage will not last long.” Zeng Xiaojie is optimistic about China’s medium and short-term economic development and cautious about the current market.
He explained that at present, the pressure of the United States to raise interest rates and shrink the table is still there, and there is no room for China’s monetary policy to relax. At present, the most important thing is to restore everyone’s confidence in China’s economy. The economic pressure in the second quarter is still great. If the steady growth stimulus policy is introduced, the market may give a better response.
“We may also be experiencing a big bear market after 2000, second only to 2008.” Zeng Xiaojie pointed out that as of yesterday, the decline of public funds was about 35%. This year, it has exceeded the decline in 2018 and is close to the decline of more than 60% in 2008. “What we can do now is to slowly restore the net value under the condition of ensuring that we don’t make particularly big mistakes again, and wait for the right opportunity to appear. After that, we will resolutely increase our positions by a large margin.”
At the same time, Zeng Xiaojie also sincerely put forward some suggestions to investors. He stressed that if you have faith in China’s medium and long-term development, the only thing to do at present is to wait. Maintain a certain position and cash for the second decline. There is no need to rush to increase positions and leverage to copy the bottom. You need to quietly wait for the inflection point of fundamentals. If you are not in a hurry to use funds, you can start to add slowly at this time.
It is worth noting that Zeng Xiaojie has been buying since this year. Zeng Xiaojie said, “several fund managers of the company have been buying their own products since this year, which reflects our true attitude. The company and fund managers must be the holders of products, and our personal gains must be consistent with our customers.”
optimistic about new energy and photovoltaic sectors
Specific to the industry sector, Zeng Xiaojie pointed out that once the market rebounds, the two sectors of new energy and photovoltaic may lead the market. In the photovoltaic field, since this year, we have not seen the demand decline or lower than expected for many subdivided companies in the photovoltaic field, but the decline of silicon materials and modules in the subdivided field is relatively small, and the decline of battery chips, auxiliary materials and inverters is relatively large. The most important reason is that the competition pattern of sub tracks in the industry has changed.
The situation of new energy vehicles is similar. After the epidemic in March, the pressure on the automobile industry chain is relatively large, and the decline of new energy vehicles is large. After the influencing factors of the epidemic are eliminated, the trend of new energy vehicles replacing fuel vehicles remains unchanged, and the decline may be a good opportunity.
For the price trend of oil, coal and other commodities, Zeng Xiaojie believes that it all depends on whether the economy will decline. If the global economy recovers, commodity prices will rise more sharply, but China’s policy of steady growth needs to be verified. Under the static management this year, the demand of many cities has declined, the coal inventory has increased, and the power consumption has declined. If there is no large-scale stimulus plan, commodity prices are not expected to be so high; If there is stimulation, the valuation of cyclical stocks is 4-5 times, and the dividend rate is very high, which is worthy of attention.
