Judging from the top ten tradable shareholders, there were great changes in the second quarter. Three Public Offering of Fund companies reduced their holdings, 1 Public Offering of Fund company increased their positions, and two social security products entered the top ten, while the Hong Kong Securities Clearing Company, which represents the capital going north, reduced its positions by more than a quarter. Previously, China Fund reported that Tianjin Jun, the second shareholder, threw out a large reduction plan on the day of lifting the ban on May 27th. As of August 4, 2022, it has not reduced its holdings and will continue to implement the reduction plan.
In the past three months, Dong Pengte's share price has rebounded, but it is still 45% lower than the high point in July last year. The latest market value is 61900 million yuan, and the dynamic valuation is more than 40 times according to the net profit of the interim report.
Net operating cash inflow decreased by 39%
Short-term loans surged by 252% in half a year.
According to the announcement, the operating income of Dong Peng Beverage in the first half of this year was 429 1 100 million yuan, a year-on-year increase of16.54%; The net profit attributable to shareholders of listed companies was 755 million yuan, a year-on-year increase of 1 1.66%. If the non-recurring gains and losses are deducted, the net profit of Dong Peng Beverage is 7,654,388+0.4 million yuan, with the year-on-year growth rate reduced to single digits, only 8.27%.
This growth rate basically continued the downturn of the first quarterly report, which is far from the sustained high growth in the past three years. In May of 20021year, Dong Peng's beverage IPO was successful, but from 20 19 to 20021year, the operating income increased by 38.56%, 17.8 1% and 40.72% respectively, and the revenue increased from 30% in the early period.
From the perspective of ownership, in addition to the decline in sales growth of its own products, the sharp increase in operating costs has also swallowed up net profit. During the reporting period, the operating cost increased by 25.78% year-on-year, which was significantly faster than the income growth, and the gross profit margin decreased from 46.89% in the same period last year to 42.68% in the current period. For the decline in gross profit margin, the company said that the main reason was the increase in the purchase price of polyester chips, with the average price rising by 38.97% compared with 202 1 and the average price of sugar rising by 7% compared with 202 1.
In addition to the stall of revenue and net profit, two financial data of Dong Peng Beverage in the interim report have changed greatly, which deserves special attention.
First, the net cash flow generated by operating activities has dropped significantly. During the reporting period, the net cash inflow from the company's operating activities was RMB765,438,000, a decrease of RMB466 million or 39.52% compared with the same period of last year.
Second, short-term borrowing surged. In the same period last year, the company did not have any short-term loans, but the short-term loans in the semi-annual report this year reached 2.2 billion yuan, a surge of 252% compared with about 600 million at the beginning of this year, mainly letters of credit and bills. The surge in short-term loans not only makes up for the sharp decline in the company's net operating cash flow, but also needs to make up for the large amount of cash payments caused by the company's investment activities. In the first half of this year, the net cash flow generated by its investment activities was-654.38+488 million yuan.
Continue to rely on the big single product Dong Peng special drink
The proportion of new products continued to decline.
For such an interim report, most investors said it was lower than expected.
Some netizens on a stock bar platform said that "the growth rate has dropped so fast" and "the growth rate is not up to standard", and some netizens said that "fried wine is twice as expensive as white wine". According to the net profit of this year's interim report, the company's dynamic price-earnings ratio has reached 4 1 times, which is really abrupt compared with the single-digit growth of non-net profit.
As of June 30, 2022, the number of shareholders of the company was 65,438+08,400, a decrease of 3,807 households compared with the previous period (March 365,438+0, 2022), with a reduction rate of 65,438+07.18%.
In addition to the growth stall, the company also needs to pay attention to another risk point, that is, the situation of large single products with too concentrated operating income has not improved, but continues to deteriorate slightly.
According to the company's interim report, Dong Peng Special Drink contributed 465,438+0.10.8 billion yuan in operating income in the first half of this year, accounting for 96. 13%, an increase of 65,438+0.23 percentage points compared with 94.9% in the same period last year. However, the sales revenue of new products that the company has been cultivating has not increased, but has declined. According to the interim report, the revenue of "other beverages" in the first half of this year was 654.38+66 billion yuan, which was 654.38+065.438+0% lower than that in the same period of last year, and the proportion of revenue decreased from 5.654.38+0% to 3.87%.
The company also mentioned the risk of new product promotion in the interim report.
Dong Peng Beverage said that in order to cultivate new profit growth points, the company has continuously developed and promoted new products in recent years, and listed new products such as "Dong Peng Da Cafe", "Dong Peng 0 Sugar Special Drink" and "Dong Peng Bubble Special Drink", which further broadened the consumer groups and enriched the company's existing product line.
However, although the company has gone through comprehensive market research, internal analysis and regional experiments before each official launch of new products, there is no guarantee that the upcoming new products will be fully recognized by the market and consumers. In addition, the company said that the development and cultivation of new product lines need to invest a lot of research and development expenses, time investment and marketing promotion expenses, and the income of new products launched by the company is uncertain.
The top ten tradable shareholders have changed greatly.
Second, the shareholder reduction will continue to be implemented.
Behind the Dong Peng Beverage Report, the game of funds, especially institutional funds, is also a major attraction. In just one quarter, some took advantage of the rebound to lighten their positions, and some began to bargain-hunting after the stock price once fell by 60%.
In the second quarter of this year, two products of ABC Huili reduced their positions by 16% and 10% respectively, and one product of Dongfanghong Asset Management also reduced its positions by 12%. The "Guangfa Steady Growth" managed by Guangfa Fund Fu Youxing increased its position by over 40%, holding 2.39 million shares, becoming the second largest tradable shareholder.
In addition, the National Social Security Fund increased its holdings of 1 15 by 600,000 shares, making it the fourth largest tradable shareholder; The combination of National Social Security Fund 108 and Basic Endowment Insurance Fund 805 has become the eighth and ninth largest tradable shareholders. Hong Kong Securities Clearing, the seventh largest tradable shareholder representing Northbound Capital, reduced its position by 26%.
In the coming month, we need to pay attention to the reduction of Tianjin Zheng Jun, the company's second largest shareholder (also the largest tradable shareholder).
Previously, China Fund reported that the 36 million shares held by Zheng Jun Investment, the second shareholder of the company, were unlocked after the lock-up period of 12 months, and were listed and circulated on May 27, 2022. On the day of lifting the ban, Dong Peng Beverage announced that Zheng Jun Investment intends to reduce its holdings by no more than120,000 shares, accounting for about 3% of the total share capital and about one third of its shares. According to the stock price at that time, the cash amount was about 654.38+06 billion yuan.
According to the announcement of Dong Peng Beverage on August 5th, as of August 4th, 2022, it has been more than half the time for Tianjin Zheng Jun to implement its shareholding reduction plan, but it has not reduced its shareholding in any way, and the shareholding reduction plan will continue to be implemented.
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