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The performance since the listing of Kuming Foods is the first time

If you can, don’t cross the border at will.In the background of huge liabilities and passive contraction, “concentration of noodles” may be t

  If you can, don’t cross the border at will.In the background of huge liabilities and passive contraction, “concentration of noodles” may be the best solution for Koming food.

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  Text/Daily Financial Report Zhongyu

  The noodle king of noodles in 2012, the first profit loss last year, was forcibly spent 624 million yuan in cross -border “two brothers” business in early 2023.

  From the perspective of performance express, the rapid decline of the main business combines a diversified layout, which has led to worsening asset -liabilities and cash flow. The market value has also dropped from 8.949 billion yuan in August 2020 to 2.605 billion yuan, evaporating more than 70 %.

  01

  Fast Reading of Financial Reports

  On March 15th, Kuming Food released a performance fast report.In 2023, Keming Food’s operating income was 5.184 billion yuan, a year -on -year decrease of 874 million yuan, a decrease of 14.42%: (1) The operating income of traditional main food processing industries was 4.152 billion yuan, a decrease of 818 million yuan decreased by 16.47%; (2) new businessThe breeding+slaughter operating income was 992 million yuan, a decrease of 3.41%year -on -year decreased by 35 million yuan.

  Judging from the above -mentioned performance report:

  1. The traditional main business collapsed. The operating income of the “food processing industry” was 4.152 billion yuan, and the sales volume of rice noodle products was 659,800 tons, a year -on -year decrease of 659,800 tons and a decrease of 18.31%:

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  (1) The increase in the price of noodles decreased, the average price of the ton was 3.6%year -on -year, the sales volume decreased by 15.72%year -on -year, and revenue was 2.734 billion yuan, a year -on -year decrease of 398 million yuan, a decrease of 12.7%;The impact of the decline in the proportion of raw materials, the gross profit margin increased by 2.04 percentage points to 23.46%;

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  (2) Floss -out -of -sales flour libraries, average tons of losses of 67.72 yuan, sales decreased by 26.79%year -on -year, revenue of 453 million yuan, a year -on -year decrease of 182 million yuan decreased by 28.68%.-2.13%;

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  (3) The convenience price of food fell, the average price of the ton was -0.73%year-on-year, the sales volume was -25.26%year-on-year, and the revenue was 315 million yuan, a year-on-year decrease of 110 million yuan, a decrease of 25.81%.A year -on -year decrease of 4.73 percentage points to 18.53%.

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  2. Forcibly take over the cross -border “two brothers”.In March 2023, Keming Food spent 624 million yuan to acquire 53%equity cross -border sales of “Aksu Xingjiang Muge Food Co., Ltd.”, and the consolidated caliber recorded revenue of 991 million yuan, a year -on -year decrease of 36 million yuan, a decrease of 3.5%:

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  (1) The price of slaughtering business has fallen together, the average price of the ton is -2.68%year-on-year, the sales volume year-on-year-10.87%, the operating income of 632 million yuan, a year-on-year decrease of 88 million yuan, a decrease of 13.92%. Due to the continued decline in pork prices, gross profit marginsA significant decrease of 12.21 percentage points year-on-year, from 6.23%in 2022 to -5.98%;

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  (2) Increased price of pig breeding business, the average price each fell by 9.43%year -on -year, the sales volume was+15.88%year -on -year, and the operating income was 359 million yuan, an increase of 1.16 million yuan, an increase of 4.75%.15.3 yuan/kg, the average loss per head is at least 1,000 yuan.

  In 2023, Kuming Food was recorded for the first time since its listing in 2012, and the net profit of deducting non-returnees decreased by 192 million yuan to -064 million yuan year-on-year.Among them, due to cross-border pig losses belonging to the share of 147 million yuan in the listed company’s part-53%equity, the traditional main business profit was 83 million yuan, a significant decrease of 45 million yuan year-on-year, a decrease of 35.15%.It’s more than twice.

  02

  Obvious liability pressure

  The 2023 financial report shows that the total assets of Kuming’s food were 5.832 billion yuan, a year -on -year decrease of 496 million yuan, a decrease of 7.84%, and the total liabilities was 3.043 billion yuan, an increase of 472 million yuan, an increase of 18.36%.968 million yuan, a decrease of 25.77%to 2.789 billion yuan; the asset -liability ratio increased by 11.55 percentage points to 52.18%year -on -year, and the asset -liability situation worsened:

  1, listed in 20112 until 2023, the cash of Kuming Food has maintained more than 100%for a long time, which is in line with the consumer business model;Without matching, while the loss has been recorded for the first time since listing, its net inflow net inflow far exceeds the past, and the core is to greatly reduce net operating capital: in 2023, the “receivables” of Keming food decreased by 243 million yuan, and “inventory” decreased.512 million yuan, the “handling item” decreased by 294 million yuan, and the total net operation reduced expenditure by 461 million yuan. The raw materials (-404 million yuan) in the inventory were significantly reduced.

  If the automation of 1,500 production lines on the entire line is the reason for reducing the level of raw materials, then huge interest liabilities are the core factor for its reluctance to shrink the main business.

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  Image 2, the financial report shows that in 2023, the book cash of Kuming’s food was 453 million yuan, an increase of 62 million yuan year -on -year, an increase of 15.86%;Rate liabilities were as high as 1.15 billion yuan, an increase of 129 million yuan year -on -year, an increase of 13.08%.Just short -term interest -based liabilities are 2.46 times the book cash.If you want to generate cash flow from the business side, at least 662 million yuan in 2024, the “two brothers” are still under the breadth line of the “two brothers” in the main business, and it is difficult to make it difficult to makeThe industrial chain is arrears upstream and downstream.In any case, in the context of continuously supporting the entity (interest rate decline), the cost liability cost of Keming food has increased from 4.64%in 2022 to 5.01%in 2023.%, 1.1 percentage points higher than 2022.

  Therefore, it is easy to explain the surge in the net cash flow generated by operating activities under the decline in performance: it is a last resort due to liability pressure.

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  Strive the cross -border

  This is a story about cross -border “two brothers”: On January 6, 2023, the first temporary shareholders meeting of Kuming Food passed its “About Aksu Xingjiang Shepherd Food on December 16, 2022,”A proposal for part parts of the joint -stock company and the capital increase and affiliated transactions “, agreed to be transferred to Kiming Food Real Estate and Consistent Personal Knotong Group, Chen Keming, Chen Kezhong, and Chen Hui, with an estimated value of 35.652 million yuanAnd increase capital of 280 million yuan.

  Interestingly, it is necessary to borrow 400 million yuan from financial institutions; the front conditions for acquisitions are the shares of 7 PE investors, and according to the disclosed information, the cost of actual controller and the consistent actors’ shares is 3 yuan, and the cost of consistent actors is 3 yuan, and the actual controller is 3 yuan.The cost price of seven PEs in half a year before the acquisition was as high as 21.6 yuan/share, which is also the price of repurchase and payment to actual controller.In the voting of the first interim shareholders ‘meeting in 2023, nearly 70%of the second and medium shareholders voted for the voting of the resolution of the temporary shareholders’ meeting.Essence

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