The industry's trough period is not over, and Jiangxi Zhengbang Technology Co.Ltd(002157) with changed performance is rumored to be in a tight capital chain again.
Recently, a group of pictures of suspected Jiangxi Zhengbang Technology Co.Ltd(002157) internal meetings came out on the Internet, saying that "in order to pay the project settlement before the new year and prevent the pig farm from blocking the road, we can quickly obtain cash payment to suppliers in the name of employees (handling breeding loans)."
In the face of the rumor that "the company asked employees to apply for breeding loans," Jiangxi Zhengbang Technology Co.Ltd(002157) said that the online content was inconsistent with the facts.
However, this does not prove that Jiangxi Zhengbang Technology Co.Ltd(002157) can rest easy. Its asset liability ratio is rising and has exceeded 75% by the end of the third quarter of last year. At the same time, its operating cash flow is not optimistic. By the end of the third quarter of last year, its net cash flow from operating activities was -1.784 billion.
In the first nine months of last year, Jiangxi Zhengbang Technology Co.Ltd(002157) achieved a revenue of nearly 40 billion, but a net profit loss of more than 7 billion, a significant year-on-year change from profit to loss. In order to ensure sufficient working capital, Jiangxi Zhengbang Technology Co.Ltd(002157) takes increasing revenue and reducing expenditure as the focus of stable development.
It is understood that Jiangxi Zhengbang Technology Co.Ltd(002157) continues to finance through a variety of ways, including but not limited to supply chain finance, financial leasing, short-term financing, green debt and so on; The company has established industrial funds with local governments. At present, the scale of industrial funds has exceeded 3 billion.
At the same time, in terms of capacity construction, projects under construction will stop when they can stop and slow down when they can. "On the one hand, the company eliminated inefficient sows earlier than the industry, took the initiative to reduce production capacity, adjust the pace of development and reduce cash outflow; on the other hand, in order to improve production capacity utilization, the company timely disposed of some idle and poor performance rental farms and reduced future rental expenditure." Jiangxi Zhengbang Technology Co.Ltd(002157) This introduces the company's throttling method.
On January 18, Jiangxi Zhengbang Technology Co.Ltd(002157) announced that: the company's breeding business segment adopts cash sales, the sales of live pigs are collected quickly, the liquidity of biological assets is strong, and the sales outside the feed business segment are stable, which can provide continuous cash inflow. The company's overall cash flow is stable, and there is no risk of capital chain rupture. The company will reasonably arrange the business plan and development rhythm on the premise of ensuring its own cash flow safety.
let employees handle breeding loans? Jiangxi Zhengbang Technology Co.Ltd(002157) : the online content is inconsistent with the facts
Recently, a group of pictures of suspected Jiangxi Zhengbang Technology Co.Ltd(002157) internal meetings came out on the Internet, saying that "in order to pay the project settlement before the new year and prevent the pig farm from blocking the road, we can quickly obtain cash payment to suppliers in the name of employees (handling breeding loans)."
At the same time, the company will "provide 10000-15000 cash rewards to the participating employees, and the processing of breeding loans will be used as an important reference index for year-end bonus, stock allocation, salary adjustment and promotion, and it is agreed to repay within 9 months."
Is the above rumor true or false? On January 18, the shell finance reporter of the Beijing News called Jiangxi Zhengbang Technology Co.Ltd(002157) many times, but the phone was not connected. At the same time, the interview email sent by the shell finance reporter to Jiangxi Zhengbang Technology Co.Ltd(002157) was not replied.
On the afternoon of January 18, Jiangxi Zhengbang Technology Co.Ltd(002157) replied to investors on the interactive platform that the online content was inconsistent with the facts.
Jiangxi Zhengbang Technology Co.Ltd(002157) said: in order to fully mobilize farmers' enthusiasm and sense of responsibility, make better use of the company's high-quality production capacity, and give full play to the company's large-scale and systematic advantages and improved breeding advantages, the company upgraded and iterated the pig breeding mode to the "company + fattening farm + settlement" mode, that is, the company provided its own fattening farm to farmers, and the company charged relevant fees, and provided pig seedlings, feed Veterinary medicine. The company advances wages to farmers every month. After batches of pigs are released, they will be settled uniformly according to the assessment and incentive scheme.
In Jiangxi Zhengbang Technology Co.Ltd(002157) , compared with the traditional mode of "company + farmer", the mode of "company + fattening farm + settlement" can be more conducive to the company's resource allocation, control and centralized management, as well as the company's production and operation management, cost improvement and breeding efficiency. When farmers use the company's fattening farm, in order to protect the company's assets, they are charged a deposit according to the scale of the fence. The deposit mainly comes from the loans they apply for with financial institutions, and the company shall bear relevant expenses. The deposit will be returned according to the contract after the expiration of the cooperation between farmers and the company.
lost more than 7 billion in the first nine months of last year, and the asset liability ratio of Jiangxi Zhengbang Technology Co.Ltd(002157) has exceeded 70%
As a large pig breeding enterprise in China, Jiangxi Zhengbang Technology Co.Ltd(002157) is mainly engaged in the production and sales of feed, pigs, veterinary drugs and pesticides, and provides comprehensive services such as products, breeding technical services and plant protection technical services for farmers and growers.
In 2019, Jiangxi Zhengbang Technology Co.Ltd(002157) pigs were sold for 5.784 million, ranking third among A-share pig breeding listed companies; In 2020, the number of pigs sold by the company was 9.5597 million, ranking second among A-share pig breeding listed companies.
However, as the pig cycle entered the downward stage and the pig price was depressed, many enterprises fell into losses.
The reporter of shell finance and economics combed the data and found that since August 2018, due to the superposition of factors such as African pig plague and covid-19 pneumonia, the pig production capacity has decreased, the market supply is tight, and the pig price has increased greatly. In the first half of 2021, driven by the high profit of breeding, China's fertile sows accelerated their recovery. According to the statistics of China's Ministry of agriculture and rural areas, there were 45.64 million fertile sows in China at the end of June 2021, which was 102% of that at the end of 2017. In the first half of 2021, 337.42 million pigs were sold, an increase of 86.39 million over the same period last year, an increase of 34.4%; With the continuous release of pig breeding capacity, secondary fattening and fence pressing, the impact of imported pork is superimposed, resulting in the rapid growth of pork supply in China; Meanwhile, due to the weak seasonal consumer demand from March to June, the pork price has fallen rapidly since May 2021, and the pig price at the end of the period fell to 13.9 yuan / kg, a decrease of more than 60% compared with the price at the beginning of 2021.
In the first half of 2021, Jiangxi Zhengbang Technology Co.Ltd(002157) achieved an operating revenue of about 26.679 billion yuan, a year-on-year increase of 61.20%; The net profit attributable to shareholders of listed companies was about - 1.43 billion yuan, a year-on-year decrease of 159.16%.
In the third quarter of 2021, Jiangxi Zhengbang Technology Co.Ltd(002157) suffered more serious losses.
In the first three quarters of 2021, Jiangxi Zhengbang Technology Co.Ltd(002157) achieved an operating revenue of about 39.971 billion yuan, a year-on-year increase of 22.59%; The net profit attributable to shareholders of listed companies was about -7.627 billion yuan, a year-on-year decrease of 240.39%.
At the same time, Jiangxi Zhengbang Technology Co.Ltd(002157) has a higher asset liability ratio.
By the end of 2020, the asset liability ratio of Jiangxi Zhengbang Technology Co.Ltd(002157) was 58.56%; By the end of June 2021, Jiangxi Zhengbang Technology Co.Ltd(002157) had an asset liability ratio of 68.57%.
By the end of September 2021, the total liabilities of Jiangxi Zhengbang Technology Co.Ltd(002157) were about 44.789 billion yuan, and the total assets of Jiangxi Zhengbang Technology Co.Ltd(002157) were about 59.536 billion yuan in the same period.
In this way, its asset liability ratio has reached 75%.
In recent years, the scale of Jiangxi Zhengbang Technology Co.Ltd(002157) aquaculture business has expanded rapidly. On June 29, 2020, it announced that Jiangxi Zhengbang Technology Co.Ltd(002157) the amount of funds raised in this non-public offering is expected to not exceed 8 billion yuan. After deducting the issuance expenses, the funds raised in this non-public offering will be used to develop pig breeding business and supplement working capital.
At the same time, the company's short-term borrowings have increased sharply since 2015. By the end of the third quarter of 2021, it was 13.99 billion.
On January 12 this year, an investor asked Jiangxi Zhengbang Technology Co.Ltd(002157) : "does the company still have a source of funds? The pig price has not been rising. How to ensure the company's cash flow?"
On January 15, Jiangxi Zhengbang Technology Co.Ltd(002157) replied: "at present, the company's production and operation are normal. On the one hand, the company carries out financing through the combination of shares and bonds, on the other hand, it adjusts the pace of development, disposes of idle production capacity in time, and ensures the efficient and orderly production and operation of the company."
hold together for warmth, Jiangxi Zhengbang Technology Co.Ltd(002157) hand in hand Henan Shuanghui Investment & Development Co.Ltd(000895)
Facing the downward pressure of the pig cycle, all major pig enterprises are actively reducing costs and increasing efficiency, and some pig enterprises have opened the group heating mode.
On January 14, 2022, Jiangxi Zhengbang Technology Co.Ltd(002157) and Henan Shuanghui Investment & Development Co.Ltd(000895) signed the Shuanghui Zhengbang strategic cooperation framework agreement. The two sides plan to improve the industrial chain, enhance the value chain and open up the supply chain based on the purchase and sales of live pigs, so as to further promote the complementary industrial advantages and high-quality development of the two sides.
Jiangxi Zhengbang Technology Co.Ltd(002157) said: the establishment of strategic partnership between the company and Henan Shuanghui Investment & Development Co.Ltd(000895) meets the actual development needs of the company, will have a positive impact on the future operation and development of the company, and will not affect the business independence of the company.
"The signing of this agreement is not expected to have a significant impact on the company's operating performance this year." Jiangxi Zhengbang Technology Co.Ltd(002157) scale.
