The reason is that the futures contract expires and it needs to be closed for the month. Even if the long and short positions of the order remain unchanged, positions will be opened, closed, reopened and closed in this process. Therefore, in the process of liquidation, losses will actually occur and then be included in the current income statement.

First, in the analysis of the annual report of Arowana a few months ago, the assassin made it clear that 90 times the valuation of Arowana is more expensive than 90% of the white horse shares. Once the valuation is killed, the market sentiment will be even more tragic.

Six months after the stock price fell, the market value of Arowana dropped from 700 billion at its peak to more than 380 billion.

The market's concerns about Arowana mainly come from two aspects: first, the price increase of bulk raw materials in the first half of the year will increase the cost burden of enterprises; Second, the valuation is too high.

In fact, after the publication of the interim report of Arowana, its performance was not so bad. In the first half of the year, the operating income was 65.438+00.323 billion yuan, a year-on-year increase of 654.38+08.69%; The net profit returned to the mother was 2.97 billion yuan (20 19 years159.7 million), down1.24%; Deducting non-net profit was 3.9/kloc-0.20 billion yuan, up 36.64% year-on-year.

The sharp increase in non-net profit shows that Arowana was not affected by the price increase of raw materials in the first half of the year, which also shows that its main business grew strongly.

Two. Hedging related losses

The main material in the upstream of Arowana is soybean, which belongs to bulk agricultural products, and the price fluctuates greatly. The company will hedge in order to control the cost fluctuation.

Judging from the company's revenue in the first half of the year, the hedging of Arowana was quite successful, and its operating income increased by18.69% in the first half of the year; Operating costs increased 17.63%.

Due to the rising cost, the performance and gross profit margin of most downstream soybean companies decreased. For example, the whole industry of condiments has collapsed.

Arowana lost RMB 65,438+0,654,380 billion in hedging related business in the first half of the year, which is actually inevitable for hedging.

Hedging, in simple terms, is to conduct spot transactions and the same amount of transactions in the futures market.

For example, if you buy 1 1,000 tons of soybeans now, and then sell 1 1,000 tons of soybeans in the futures market at the same time, soybeans will rise, futures will lose, soybeans will fall, and futures will lose, which basically locks in the cost.