Make sandwiches.

1 After taking off the hat at the end of the day, add food (002650. SZ), the first share of soy sauce, was splashed with cold water by the secondary market before it could celebrate.

Recently, Jiajia Food announced that since the market opened on July 28th, 20021,other risk warnings have been cancelled, and the stock abbreviation has been changed from "ST Jiajia" to "Jiajia Food".

The next day, Gaga Food opened up nearly 8%, and then its share price fell all the way, once hitting the limit. As of the close of the day, it closed at 6.68 yuan/share, down 7.99%, with an amplitude of 18.99% and a turnover rate of 9.06%, with a turnover of 750 million yuan, making it on the dragon and tiger list of the day. On August 12, the share price of Jiajia Food closed at 5.57 yuan, further falling.

Why is the "hat off" voted by the capital market with their feet?

Take off your hat successfully

Capital is not optimistic, mostly related to performance. At this point, Gaga food really can't refute it.

Since the listing of 20 12, the performance has almost stagnated. The data shows that from 20 12 to 20 18, the company's revenue reached165.7 billion yuan,16.78 million yuan,16.85 million yuan,17.55 million yuan and/kloc-respectively. The year-on-year growth rates were-1.56%, 1.30%, 0.40%, 4. 17%, 7.50%, 0.24% and -5.44% respectively.

In 20 19, the performance of Jiajia Food picked up. The annual revenue was 2.04 billion yuan, up14.05% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+62 billion yuan, a year-on-year increase of 40.86%. On the whole, the performance growth of 20 19 is more gratifying.

However, the good times did not last long. In 2020, Jiajia Food achieved a revenue of 2.073 billion yuan last year, a year-on-year increase of1.63%; The net profit was 654.38+67 billion yuan, a year-on-year increase of 2.9%. The growth momentum is on the verge of stagnation again.

Although the growth was not obvious, the position was good. However, nine years later, competitors are improving, while Gaga food is "backward". Today, Haitian Weiquan has become the "first brother of soy sauce" with a market value of 500 billion yuan, but the market value of Jiajia Food before suspension was only 8.4 billion yuan, and the total market value was less than 2% of competitors.

In terms of performance, Haitian Yewei's operating income in 2020 was 22.792 billion yuan, a year-on-year increase of1513%; The net profit attributable to shareholders of listed companies was 6.403 billion yuan, up 19.6 1% year-on-year, compared with Jiajia Food.

Qianhewei industry, which used to be far less developed than Jiajia Food, has now surpassed Jiajia Food in performance growth. In 2020, Qianhe Weiye's revenue increased by 24.95% year-on-year to 65.438+69.3 million yuan; The net profit attributable to shareholders of listed companies was about 206 million yuan, up 3.8 1% year-on-year.

Previously, Jiajia Food announced that during the self-inspection, it was found that the company illegally guaranteed 466 million yuan for the controlling shareholder Hunan Zhuo Yue Investment Co., Ltd. and its related parties, accounting for 65,438+09.94% of the company's audited net assets in 2065,438+09. Other risk warnings were imposed on the company's shares due to the violation of regulations to guarantee the major shareholders and their related parties.

According to the relevant regulations of Shenzhen Stock Exchange, Jiajia Food failed to solve the above-mentioned illegal guarantees within one month, and the company's stock was subject to other risk warning special treatment from June 15, 2020, and the stock abbreviation was changed from "Jiajia Food" to "ST Jiajia".

During the period of "wearing a hat", Jiajia Food was restricted from refinancing opportunities, and the difficult situation can be imagined. According to the 20021semi-annual performance forecast released by Jiajia Food, the net profit attributable to shareholders of listed companies in the first half of the year was150,000-22 million yuan, down 79.5 1%-86.03% over the same period of last year.

Jiajia Food said that the company's net profit dropped sharply compared with the same period of last year due to the influence of community group buying, large investment in new retail and rising raw material costs.

Recently, Jiajia Food successfully "uncapped". Resumption of trading after market opening, and cancellation of other risk warnings. The abbreviation of the company's stock was changed from "ST Jiajia" to "Jiajia Food", but the stock price trend continued to decline. From July 28th to 30th, the share price of Jiajia Food fell 18.46% in three trading days.

"set out" again

Is there any chance for the first share of the once-infinite industry to turn over?

In terms of capital market, at the end of the first quarter of 20021,the top ten tradable shareholders of the company welcomed two new shareholders, namely AARON Li and Fan Shebin, two retail investors, ranking the fifth and seventh largest shareholders of the company with11420,000 shares and 6.42 million shares respectively.

Previously, two big cows were also optimistic about Shede wine industry, and both of them were among the top ten tradable shareholders of Shede wine industry in September last year. Shede Liquor Industry is the first st uncapped stock with a share price exceeding 100 yuan in history. After Fosun Group entered the company, the company's share price began to skyrocket and hit record highs. It can be seen that Jiajia Food is still a potential stock that some investors are optimistic about.

From the performance point of view, although the growth of Jiajia food is not obvious, Yang Zhen, the founder, started from the grassroots level and always wanted to be a high-end soy sauce enterprise. Jiajia food products have a solid foundation. However, in the process of diversified transformation, Jiajia Food started the "buy-in-buy" mode crazily, hoping to improve its performance through mergers and acquisitions, but most of them backfired.

In addition to the acquisition of Wang Sichuan Zhongwang Food Co., Ltd., which brought a lot of benefits, most acquisition plans either failed or the benefits were not obvious, which had a serious impact on the company.

"The slow development of the company after listing is mainly due to my personal investment from 20 13, and then a vicious circle, continuous investment, not focusing on the main business, so I missed the development opportunity, which is my responsibility." Yang Zhen once said frankly.

But Yang Zhen stressed that this has nothing to do with listed companies. When personal investment in Yang Zhen was in trouble, Jiajia Food almost became the "cash machine" in Yang Zhen, which led enterprises to miss the development opportunity in the tide of consumption upgrading.

Nowadays, the disputes are gradually being cleared up, and the actual controllers are also reflecting on themselves. In the past two years, Jiajia Food has adhered to the main line of high-quality development, firmly pushed its strategic focus back to its main business, focusing on large single products, and wanted to make the original brewed soy sauce the "Maotai" in the soy sauce industry in China.

At the same time, in terms of sales channels, while exploring the traditional offline network, Jiajia Food has intensified its efforts to deepen the market and re-arrange online sales.

For Gaga cuisine, although the next road is difficult, it is also a "new" departure.