12 In mid-February, the Shanghai and Shenzhen Stock Exchanges issued a draft for comments on the reformed delisting system. In terms of financial delisting indicators, the new regulations canceled the previous indicator that the single net profit was negative and the operating income was less than 65.438+0 billion yuan, and added a consolidated indicator, that is, the net profit before/after deduction was negative and the revenue was less than 65.438+0 billion yuan, which would be terminated by ST for two consecutive years.
According to the statistics of Cai Dong Choice, as of the first three quarters of this year, the revenue of about 55 A-share companies was less than 654.38 billion yuan, and the net profit before/after deduction was negative. Among them, there are 7 real estate enterprises, namely Zhong Fang, Lv Jing Holdings, Tieling New Town, HNA Investment, Rong Feng Holdings, China Land Investment and Rheinland Sports.
Performance has been sluggish for many years.
Rome was not built in a day. The performance of the above-mentioned housing enterprises in recent years has shown a downward trend.
Rheinland Sports revealed the signal of transformation on 20 14, when it was named "Rheinland Real Estate". Its chairman thinks that real estate will enter the silver age, and buying land and selling houses is already a business model in the past, and it is destined to go far.
20 15 After the transformation of the sports industry, the performance of Rheinland Sports also entered the downward channel simultaneously.
The data shows that during the period from 20 15 to 20 19, Rheinland Sports achieved operating income of 2.528 billion yuan, 3.8 billion yuan,1324 million yuan, 702 million yuan and1380 million yuan respectively. The net profit attributable to shareholders of listed companies is-358 million yuan, 25 million yuan, 29 million yuan, -6 1 10,000 yuan and 26 million yuan respectively; However, the net profit after deduction was negative for three consecutive years from 20 17.
As of September this year, Rhine sports revenue was less than 654.38 billion yuan; The net profit attributable to shareholders of listed companies is-22 million yuan, and the net profit after deduction is-29 million yuan.
In 20 16, Lv Jing holding, which started the transformation earlier, increased the sales of real estate inventory, resulting in a year-on-year loss, and the net profit attributable to the mother increased by 235.63% from 201kloc-0 to-23,677,900 yuan.
From 20 17 to 20 19, the operating income of Lv Jing Holdings was always below 1 0 million yuan, which were 2206 13000 yuan, 174 1438 and/kloc-respectively. Among them, in 20 18, Lv Jing Holdings gained investment income by disposing of the equity of several subsidiaries, which made it turn losses in that year.
The fluctuating net profit also enabled Lv Jing Holdings to successfully evade the previous warning of "negative net profit for two consecutive years". In the three fiscal years from 20 17, the non-net profit deducted by Lv Jing Holdings was negative.
A similar story happened in Zhong Fang's stock market. During the period of 20 14 -20 18, its non-net profit was negative for five consecutive years, while the net profit attributable to the mother maintained a state of "making a profit one year and losing a year" in the same period. The main method is to reverse the loss by selling the property at the end of the year.
However, under the new rules of delisting, "cramming" may lose its effect. According to the financial delisting index, the Shanghai Stock Exchange made clear the low value of net profit before and after deducting non-recurring gains and losses, which solved the problem that the company avoided delisting through external blood transfusion, selling assets and other earnings management means for many years. After this reform, those companies that have no main business for a long time and continue to rely on government subsidies or sell assets to protect their shells will face the risk of delisting.
Years of turbulent change
In fact, many of the above-mentioned housing enterprises in a bleak situation are basically undergoing difficult transformation.
Lv Jing Holdings, an established real estate enterprise, successfully landed in the securities market on 1992. It is the earliest listed real estate enterprise in China, and it is also the real estate enterprise that began to transform earlier.
In 20 10, Lv Jing Holdings embarked on a journey of restructuring and transformation, intending to switch from real estate development to operating hotels and office buildings, but it ended in failure. Since then, from 20 1 1 to 20 15, Lv Jing Holdings has tried mining, cassava planting and processing industrialization projects, medical care and other fields, all of which ended in failure.
The frequent turn also made Lv Jing Holdings miss an important development period. At the stage of rapid growth of most housing enterprises, Lv Jing Holdings took the initiative to stop development. In 20 16, its "real estate inventory has been basically sold out, with only a few parking spaces and a small number of shops". At the same time, there is also "no land reserve, no real estate projects under development or to be developed". This state continues today.
In March this year, Lv Jing Holdings transformed again, and planned to cross-border acquire the equity of Jiangsu Jiayi Education Technology Co., Ltd. 100%. But in the end, the proposal was not passed by the shareholders' meeting.
Also on the road to transformation, there is Rheinland Sports.
In 20 14, Rheinland Sports was still named Rheinland Real Estate, but it has embarked on the road of transformation. In the annual report of that year, the development strategy of "one body and two wings" was determined. The "two wings" were sports culture industry and natural gas business respectively.
In 20 15, with the warm wind of sports industry policy, a series of benefits such as the right to host the Winter Olympics and the basketball World Cup appeared. In August of that year, Rheinland Real Estate officially changed its name to "Rheinland Sports" to "reflect the strategic layout of the company's sports industry development". In the annual report of that year, the sports industry also became its main business.
Unfortunately, the transformation of Rheinland Sports is not satisfactory. The sports business is not the pillar of performance all the time, and it still relies mainly on the real estate sector and the energy sector for blood transfusion.
As of June 2020, Rheinland Sports has no land reserve, and its real estate business is all sales and leasing of existing shops and office buildings. During the reporting period, although the real estate sales and rental income only reached 25 1.8 million yuan and 24.326 million yuan respectively, they both accounted for about 45% of the total income, which supported the performance.
Cross-border medical industry
Unlike Rheinland Sports and Lv Jing Holdings, which started the road of transformation early, Rong Feng Holdings decided to "abandon the house and choose a doctor" this year. In May, Rong Feng Holdings announced plans to acquire the entire equity of Yu Wei Medical. In this way, Rong Feng Holdings plans to lay out the field of medical orthopedic implant consumables, and gradually realize the industrial chain coverage of the production and distribution of medical orthopedic implant consumables.
Compared with the aforementioned companies with dismal performance, the performance of Rong Feng Holdings is not satisfactory. From 20 17 to 20 19, the operating income was 270 million yuan, 248 million yuan and 4190,000 yuan respectively, and the net profit attributable to listed shareholders was 10383800 yuan, 8825438+0000 yuan and 36647700 yuan respectively.
However, by 2020, the performance of Rong Feng Holdings will drop sharply. By the end of September this year, its revenue was 44 million yuan, a year-on-year decrease of 88.21%; The net profit returned to the mother was -0.2 1 100 million yuan, down1.31.77% year-on-year; After deducting non-profits, the net profit returned to the mother decreased to-29 million yuan, down 65,438+052.72% year-on-year.
Talking about such a great leap, Rong Feng Holdings admitted that due to factors such as the tightening of industrial policies, the pressure of capital investment and the limited financing channels, "it is impossible to develop new projects, the land reserve is small, the main business and profit growth are weak, and the company urgently needs to carry out business transformation and cultivate new performance growth points".
However, when there was no further progress in the restructuring, Rong Feng Holdings announced the sale of the equity of its subsidiary on June 6, 65438+February 65438, stating that "according to preliminary calculations, it is estimated that the sale will increase the company's net profit by about 465438 yuan+0.2 million yuan".
Before Rong Feng Holdings, China's investment also tried to turn to the medical and health field.
According to public information, during the years when Zhongdi invested in real estate business, its performance was rather bleak and its revenue growth was slow. The performance of 20 18 dropped sharply, with revenue of only 29.4927 million yuan and net profit of 60.7979 million yuan.
In 20 19, in order to promote the company's transformation, Zhongdi Investment signed the Equity Transfer Framework Agreement with Yuda Healthy Shareholders, and planned to acquire 0/00% equity of Yuda Healthy/kloc-held by Yuda Healthy Shareholders in cash. But it soon ended in failure.
Although the acquisition failed, China Land Investment was determined to give up its real estate business.
165438+ 10 issued an announcement on adjusting the strategic plan for future business development in early October, saying that the funds should be recovered as soon as possible to prevent the loss of real estate projects from having a greater impact on the overall operation of the company. Existing real estate investment projects will be comprehensively disposed of in stages and steps, new real estate development projects will not be acquired, and the existing secondary real estate development field will be withdrawn.
(Editor: Yang Qiqi)