65438+On the evening of February 6th, Weiwei announced that its subsidiary Zhijiang Liquor Industry intends to transfer nearly 36 million shares of Hubei Bank to Yichang Jiuxin at a price of 3.08 yuan per share, with a total transfer amount of 1 1.077 million yuan. After the transfer, Zhijiang Liquor Industry can generate income of 65,438+0,366,5438+0,654,38+0, 500 yuan, net profit of 77,708,600 yuan, and net profit of Weiwei shares increased by 5,565,438+0,736,5438+0,000 yuan. Prior to this, Weiwei shares have sold assets many times.
In this regard, the "First Financial Daily" reporter asked Weiwei shares for verification on related issues such as asset sales, and the relevant public relations official replied that "everything is subject to the announcement of listed companies, and it is not convenient to speak here."
Lin Yue, a consulting analyst in Ling Yan, believes that "Weiwei shares, whose main business has encountered bottlenecks in development, have not had a smooth road of diversified transformation in recent years, and the wine sector and tea sector have not performed well. Frequent sale of its assets to supplement cash flow does not rule out the strategic adjustment of' baggage', reduce diversified layout and focus on the main business. "
Turn on the "selling" mode?
The reporter noted that Weiwei shares began to diversify after landing in the capital market in 2000. During the period, the business involved dairy industry, liquor, real estate, tea industry, trade, finance and other fields. "Big agriculture, big grain and big food" has become the company's development strategic plan.
Weiwei has been involved in the liquor industry since 2006. At present, the holding companies are Hubei Zhijiang Liquor Co., Ltd. and Guizhou Alcohol Liquor Co., Ltd. Zhijiang Liquor * * * holds nearly 36 million shares of Hubei Bank, which was invested by Zhijiang Liquor in 2006. The counterparty of this equity transaction is Yichang Jiuxin Investment. Through this asset transfer, Zhijiang Liquor Industry can generate income of 65.438+0.04 billion yuan, net profit of 77.7086 million yuan, and net profit of Weiwei shares increased by more than 55 million yuan.
The reporter noted that Weiwei shares mentioned in the announcement that the funds raised in this transaction are mainly used to improve the enterprise operation system, supply chain management system, e-commerce platform and advertising investment. Lin Yue told reporters: "The main purpose of Zhijiang Liquor Industry's transfer of bank shares is to obtain income through capital operation to make up for the funds needed by Zhijiang Liquor Industry in its operation."
At the same time, brand marketing expert Lu Shengzhen pointed out that in the first three quarters of 20 17 years ago, the net cash flow of the two major liquor companies under Weiwei Co., Ltd. suffered a loss of1900,000 yuan, and the two major liquor subsidiaries dragged down the cash flow of Weiwei Co., Ltd. At present, Zhijiang Liquor Industry is in a capital shortage stage, and the profit from the sale of equity can solve most of the funds invested in enterprise management, channel construction and advertising.
Also in this year, Weiwei shares sold the land assets of its subsidiary Guizhou Fenjiu. These are two 464 acres of land under the name of Guizhou Alcohol, which have been idle since 20 12 1 1 was acquired. The counterparty of this asset is Guizhou Xingyi Sunshine Assets Company, the former major shareholder of Guizhou Fenjiu. The consideration of this transaction is 83 million yuan. After the transaction is completed, the income of Guizhou alcohol is 22 million yuan, increasing the net profit of listed companies by120,000 yuan.
In September this year, Weiwei Innovation Investment, a subsidiary of Weiwei, also transferred the equity of Wuxi Chaoke Food Company 10% at a transfer consideration of 64 million yuan. This transaction generated a profit of 38 million yuan, increasing the net profit of listed companies by 28 million yuan. In February last year (12), Weiwei shares split the poorly managed real estate business. In order to sell the above real estate business, Weiwei shares were even transferred at a premium. As of September 30 this year, the net assets of Weiwei Wan Heng Real Estate were 25,434,900 yuan, the appraised value was-53,750,654.38+0.00 yuan, the appraised appreciation rate was -3 1.32%, and the transfer price was-53,750,654.38+0.00 yuan.
"Every diversified layout of Weiwei shares is closely related to social industry hotspots, but the diversified development has not actually brought much benefit to Weiwei shares. From the current point of view, the frequent sale of assets shows to some extent that Weiwei shares as a whole have the possibility of' getting rid of the burden'. However, it is not excluded that Weiwei shares are undergoing strategic adjustment, reducing diversified layout, focusing on the main business, and trying to reposition products and enhance brands with the help of the trend of consumption upgrading. " Lin Yue said.
Trapped in the transition
"Diversified transformation stems from the bottleneck of Weiwei's main business." Lu Shengzhen told reporters that the current soybean milk market is about 30 billion yuan. The main brands in the market are vitasoy milk and Weiwei soy milk, but there are also many new brands. Dali and black cow soybean milk have begun to seize the market of Weiwei soybean milk. Weiwei soybean milk is mainly based on the market channels in third-and fourth-tier cities, but it does not occupy the mainstream in first-tier cities. The sales volume of Weiwei soy milk has not increased much in the past 20 years, and Weiwei does not have much room to explore in the category of soybean milk.
Lin Yue also believes that "diversified development has not enabled it to find a sustainable and profitable business growth point. Originally, I wanted to rely on Weiwei Soymilk's channels and sales network to realize the development of brand acquisition, but at present, the acquired brand has dragged down the overall development. "
Taking the liquor business as an example, according to the third quarter financial report released by Weiwei Co., Ltd., the company's operating income and net profit increased in the first three quarters, but the sales income of the company's liquor products (mainly Zhijiang wine industry) decreased by more than 20%, whether it was low-grade or medium-high-grade. In addition, in 20 16, Weiwei's entire wine sector achieved revenue of 994 million yuan, down 2 1.85% year-on-year. At the same time, liquor inventory increased by 865,438+096,5438+09%, reaching 47.43 million yuan.
Lu Shengzhen told reporters, "When Weiwei shares acquired Zhijiang and Guizhou alcohol industries, it was in the golden age of China liquor industry. Zhijiang alone created a revenue of 2 billion yuan at 20 1 1, exceeding Weiwei soybean milk itself. Around 20 10, due to the influence of the big environment at that time, Weiwei shares took advantage of the trend on the road of diversification, resulting in the ambition of developing a comprehensive industrial chain of' big agriculture, big grain and big food'. "
"From the perspective of diversified layout, it is not incomprehensible to enter liquor. Wahaha and other enterprises have similar layouts. As a regional liquor, Zhijiang and Guizhou alcohol are both high-quality brands. However, from the macro environment, the trend of liquor industry upgrading to high-end consumption is very obvious. Mid-range products do not have a good advantage in the market. Due to China's special national conditions and strong industry characteristics, with the acceleration of consumption upgrading, its competitiveness has declined year by year. " Cai, an expert in liquor industry, said.
The reporter noted that in addition to "drinking", Weiwei shares are not ideal in the transformation of "drinking tea". 20 13 12. Weiwei shares acquired 5 1% equity of Hunan Yiqingyuan Tea Co., Ltd. for 76.5 million yuan in cash. The financial report shows that in 20 15 years, Weiwei's tea revenue decreased by 44.79%, and its gross profit margin decreased by 17.23%, which failed to achieve the acquisition goal of increasing the net profit of listed companies at that time100000 yuan.
"Tea is mainly operated by Yiqingyuan Tea, which is controlled by itself, and Weiwei shares are only capital investment. Yiqingyuan tea industry has always lacked systematic brand strategy and big single product strategy in the tea market. After the acquisition of Weiwei shares, several Fuzha tea products featuring Yiqingyuan tea industry are in the market cultivation period. Although they spent a lot of money, they didn't break out like Yunnan Pu 'er. Therefore, Weiwei shares did not achieve the expected goal in entering the tea business. " Lu Shengzhen said.
Success belongs to the persevering.