Author | Southern
Data Support | Pythagorean Big Data
In life, you always need to take a few more paths and try more to know which path is suitable for you.
, established in 1994 and listed in 2001, is considered the older generation of more than 3,000 listed companies. In the 19 years since its listing, its businesses include valves, brewing, manufacturing, cathode copper, power generation equipment, construction and installation business, iron ore investment, financial loans, real estate investment, automobile manufacturing investment, real estate development, PPP, etc. The dense resume below
is only in 2014 and does not fully summarize the new business in recent years. But between the lines, you can feel the struggles and attempts of Guangdong Mingzhu along the way.
After 2015, Guangdong Mingzhu transformed into "financial + real estate", which looked very successful, with an average gross sales profit margin of up to 75%, and a net sales profit of up to 64%. The performance in 2019 increased by 3.8 times compared with the transformation since its transformation, and the per capita income was 20.81 million. However, the company is still low-key and rarely paid attention to. Since its listing, it has only been covered by three securities research reports.
I believe the market will not abandon a potential stock for no reason. After sorting out, Tanlei Ge found that behind the gorgeous transformation of Guangdong Pearl is full of doubts.
Unreal trade business
Just as the company gradually transformed into the "financial + real estate" business, the company's customer structure began to undergo major changes.
Tanlege sorted out the sales and procurement proportions of the top five customers and suppliers in each year based on the information disclosed in the annual report. It was found that in 2016 and before, the concentration of the top five customers and suppliers was relatively small, at least less than 50%. However, in 2016 and after, the company's sales and procurement concentration had undergone great changes: highly concentrated.
Guangdong Mingzhu gradually launched entrusted loan business in 2013, officially expanding the first-level market land development business in 2015. In 2016, the company added real estate development business, and gradually compressed the scale of entrusted loan business from that year.
Is this because the company's sales and procurement have undergone such big changes due to the transformation of new businesses?
After converting the sales amounts of the above top five customers, it was found that the above sales business corresponds to the original main trade business of Guangdong Mingzhu.
Before the transformation, the company focused on trade business, but the customer concentration and supplier concentration were relatively low. Why has the concentration increased significantly in recent years?
With such doubts, Tanlei Ge sorted out the top five disclosed customers and suppliers.
Let’s first look at the top five customers in 2016, namely “Guangdong Yunshan Automobile”, “Xinhejin Steel”, “Hongyuan Mechanical and Electrical”, “Hongyuan Construction”, and “Mingzhu Fluid Machinery”.
The largest customer "Guangdong Yunshan Automobile" is a shareholder of Guangdong Mingzhu. The company holds 15% of its equity. The customer contributed 27 million yuan to the company in 2016, and the company also provided loans of 280 million yuan, 299 million yuan and 19 million yuan from 2014 to 2016;
The second largest customer "Xinhe Jinsteel" is also an indirect shareholder of the company. "Xinhe Jinsteel" holds 0.99% of Mingzhu Group through Xinhe Jin Construction Company. The company is small in scale. The registered capital paid by two natural person shareholders is only 3 million yuan. Tianyan Check shows that the number of insured people is only 4. Is it capable of becoming a major customer who contributes 22.65 million yuan in revenue in 2016?
The third largest customer "Guangdong Hongyuan Mechanical and Electrical" is also the other unit that the company once provided loans, and is the fourth largest customer "Xingning Hongyuan Construction" held 43.33% and 100% of the shares respectively by the same shareholder "Guangdong Hongyuan Group". The two are controlled by the same legal person "He Quanjun" and are affiliated units. Moreover, the shareholder of the two, "Guangdong Hongyuan Group", is also the company that the company once provided loans.
Not only that, Hongyuan Mechanical and Electrical shareholder "Jin'anshun Trading" is a direct shareholder of Mingzhu Group's shareholding unit "Pearl Red Wine Industry", an indirect shareholder of Mingzhu Group's urban operation company, and also has a stake in Yunshan Automobile. The company's shareholder Luo Xuexin is also a main member of Dading Iron Mine Group (another of Mingzhu's shareholding company).
Moreover, the names of Jin'anshun Trading Company and Guangdong Mingzhu's top ten shareholders "Jin Xin'an", "Jin Shun'an", and "He Anshun".
The fifth largest customer "Mingzhu Fluid Machinery" logo is exactly the same as that of Guangdong Mingzhu. How could it be that it is not an affiliated unit of Guangdong Mingzhu?
By analyzing the first five major customers in 2016, shows that the reason for the high customer concentration is that the company's trade income is mainly contributed by several affiliated units, and some units are also Mingzhu's entrusted loan objects. Mingzhu provides a higher amount of entrusted loan amount than the income contributed by these units. Therefore, even if these customers do not have the purchasing strength, they can withdraw a small part of the entrusted loans provided by Mingzhu to contribute income to the listed company.
Let’s look at the top five suppliers in 2016 "Meizhou Shengwang Building Materials", "Sanming Jinsheng Special Steel", and "Guangdong Litong Pipeline Technology". The address of "Meizhou Shengwang Building Materials" is in Mingzhu Trading City. One of the shareholders "Xiao Kunshan" is a shareholder of Guangdong Mingzhu Group Guangzhou Sales Company, holding 48% of the shares. Moreover, the number of insured people registered by "Meizhou Shengwang Building Materials" in 2016 was 2, and the latest insured people was 8.
And the third largest customer "Sanming Jinsheng Special Steel" is actually an unsearchable company on Tianyan Check.
"Guangdong Litong Pipeline Technology" is a company established in 2015. The shareholder Xiangbo is the legal person of Guangdong Mingzhu Fluid. Guangdong Mingzhu Fluid was the company's customer back then, and the company is close to Mingzhu's customer "Hongyuan Mechanical and Electrical" near Hongyuan Mechanical and Electrical Park.
In the disclosure of the relationship with the above-mentioned units, the company notes that there is no association.
Let’s take a look at the top five customers and suppliers in 2017. The company only mentioned that it has an association with the fourth largest customer "Mingzhu Health and Health", while "Hongyuan Construction", "Mingzhu Fluid Machinery" and "Hongyuan Mechanical and Electrical" do not have an association. From the above, we can see that these three units have a certain relationship with Guangdong Mingzhu.
The controlling shareholder of "Hongyuan Zhongli Power Generation Equipment" added this time is Hongyuan Mechanical and Electrical. The above article also improves that Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" not only has a minority shareholding relationship with Guangdong Mingzhu's subsidiary, but also has a very similar name to the top ten shareholders of Guangdong Mingzhu. It can be seen that "Hongyuan Zhongli Power Generation Equipment" is also closely related to listed companies.
Among the top five suppliers in 2017, there is no need to mention "Meizhou Shengwang Building Materials" and "Guangdong Litong Pipeline".
"Shaoguan Haiyuan Forging" company is not only a supplier of Guangdong Mingzhu, but also a supplier of Guangdong Mingzhu customer "Hongyuan Mechanical and Electrical".
According to the 2015 annual report data of "Shaoguan Haiyuan Forging" disclosed by Tianyancha, in 2015, the revenue of "Shaoguan Haiyuan Forging" was 22.36 million, while the purchase amount disclosed by Hongyuan Mechanical and Electrical Mechanical and Electrical disclosed to "Shaoguan Haiyuan Forging" was 42.57 million. This also shows to a certain extent that at least one of the "Shaoguan Haiyuan Forging" and "Hongyuan Mechanical and Electrical" lies, so can it be accepted for Guangdong Mingzhu's sales data?
In 2018, the company explained "Hongyuan Construction", "Hongyuan Zhongli" and "Yuanchang Trading" among the top five customers. These three companies are the same actual controller. From the above, we can see that "Hongyuan Construction", "Hongyuan Mechanical and Electrical" and "Hongyuan Zhongli" have some relationships with the company.
Author | Southern
Data Support | Pythagorean Big Data
In life, you always need to take a few more paths and try more to know which path is suitable for you.
, established in 1994 and listed in 2001, is considered the older generation of more than 3,000 listed companies. In the 19 years since its listing, its businesses include valves, brewing, manufacturing, cathode copper, power generation equipment, construction and installation business, iron ore investment, financial loans, real estate investment, automobile manufacturing investment, real estate development, PPP, etc. The dense resume below
is only in 2014 and does not fully summarize the new business in recent years. But between the lines, you can feel the struggles and attempts of Guangdong Mingzhu along the way.
After 2015, Guangdong Mingzhu transformed into "financial + real estate", which looked very successful, with an average gross sales profit margin of up to 75%, and a net sales profit of up to 64%. The performance in 2019 increased by 3.8 times compared with the transformation since its transformation, and the per capita income was 20.81 million. However, the company is still low-key and rarely paid attention to. Since its listing, it has only been covered by three securities research reports.
I believe the market will not abandon a potential stock for no reason. After sorting out, Tanlei Ge found that behind the gorgeous transformation of Guangdong Pearl is full of doubts.
Unreal trade business
Just as the company gradually transformed into the "financial + real estate" business, the company's customer structure began to undergo major changes.
Tanlege sorted out the sales and procurement proportions of the top five customers and suppliers in each year based on the information disclosed in the annual report. It was found that in 2016 and before, the concentration of the top five customers and suppliers was relatively small, at least less than 50%. However, in 2016 and after, the company's sales and procurement concentration had undergone great changes: highly concentrated.
Guangdong Mingzhu gradually launched entrusted loan business in 2013, officially expanding the first-level market land development business in 2015. In 2016, the company added real estate development business, and gradually compressed the scale of entrusted loan business from that year.
Is this because the company's sales and procurement have undergone such big changes due to the transformation of new businesses?
After converting the sales amounts of the above top five customers, it was found that the above sales business corresponds to the original main trade business of Guangdong Mingzhu.
Before the transformation, the company focused on trade business, but the customer concentration and supplier concentration were relatively low. Why has the concentration increased significantly in recent years?
With such doubts, Tanlei Ge sorted out the top five disclosed customers and suppliers.
Let’s first look at the top five customers in 2016, namely “Guangdong Yunshan Automobile”, “Xinhejin Steel”, “Hongyuan Mechanical and Electrical”, “Hongyuan Construction”, and “Mingzhu Fluid Machinery”.
The largest customer "Guangdong Yunshan Automobile" is a shareholder of Guangdong Mingzhu. The company holds 15% of its equity. The customer contributed 27 million yuan to the company in 2016, and the company also provided loans of 280 million yuan, 299 million yuan and 19 million yuan from 2014 to 2016;
The second largest customer "Xinhe Jinsteel" is also an indirect shareholder of the company. "Xinhe Jinsteel" holds 0.99% of Mingzhu Group through Xinhe Jin Construction Company. The company is small in scale. The registered capital paid by two natural person shareholders is only 3 million yuan. Tianyan Check shows that the number of insured people is only 4. Is it capable of becoming a major customer who contributes 22.65 million yuan in revenue in 2016?
The third largest customer "Guangdong Hongyuan Mechanical and Electrical" is also the other unit that the company once provided loans, and is the fourth largest customer "Xingning Hongyuan Construction" held 43.33% and 100% of the shares respectively by the same shareholder "Guangdong Hongyuan Group". The two are controlled by the same legal person "He Quanjun" and are affiliated units. Moreover, the shareholder of the two, "Guangdong Hongyuan Group", is also the company that the company once provided loans.
Not only that, Hongyuan Mechanical and Electrical shareholder "Jin'anshun Trading" is a direct shareholder of Mingzhu Group's shareholding unit "Pearl Red Wine Industry", an indirect shareholder of Mingzhu Group's urban operation company, and also has a stake in Yunshan Automobile. The company's shareholder Luo Xuexin is also a main member of Dading Iron Mine Group (another of Mingzhu's shareholding company).
Moreover, the names of Jin'anshun Trading Company and Guangdong Mingzhu's top ten shareholders "Jin Xin'an", "Jin Shun'an", and "He Anshun".
The fifth largest customer "Mingzhu Fluid Machinery" logo is exactly the same as that of Guangdong Mingzhu. How could it be that it is not an affiliated unit of Guangdong Mingzhu?
By analyzing the first five major customers in 2016, shows that the reason for the high customer concentration is that the company's trade income is mainly contributed by several affiliated units, and some units are also Mingzhu's entrusted loan objects. Mingzhu provides a higher amount of entrusted loan amount than the income contributed by these units. Therefore, even if these customers do not have the purchasing strength, they can withdraw a small part of the entrusted loans provided by Mingzhu to contribute income to the listed company.
Let’s look at the top five suppliers in 2016 "Meizhou Shengwang Building Materials", "Sanming Jinsheng Special Steel", and "Guangdong Litong Pipeline Technology". The address of "Meizhou Shengwang Building Materials" is in Mingzhu Trading City. One of the shareholders "Xiao Kunshan" is a shareholder of Guangdong Mingzhu Group Guangzhou Sales Company, holding 48% of the shares. Moreover, the number of insured people registered by "Meizhou Shengwang Building Materials" in 2016 was 2, and the latest insured people was 8.
And the third largest customer "Sanming Jinsheng Special Steel" is actually an unsearchable company on Tianyan Check.
"Guangdong Litong Pipeline Technology" is a company established in 2015. The shareholder Xiangbo is the legal person of Guangdong Mingzhu Fluid. Guangdong Mingzhu Fluid was the company's customer back then, and the company is close to Mingzhu's customer "Hongyuan Mechanical and Electrical" near Hongyuan Mechanical and Electrical Park.
In the disclosure of the relationship with the above-mentioned units, the company notes that there is no association.
Let’s take a look at the top five customers and suppliers in 2017. The company only mentioned that it has an association with the fourth largest customer "Mingzhu Health and Health", while "Hongyuan Construction", "Mingzhu Fluid Machinery" and "Hongyuan Mechanical and Electrical" do not have an association. From the above, we can see that these three units have a certain relationship with Guangdong Mingzhu.
The controlling shareholder of "Hongyuan Zhongli Power Generation Equipment" added this time is Hongyuan Mechanical and Electrical. The above article also improves that Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" not only has a minority shareholding relationship with Guangdong Mingzhu's subsidiary, but also has a very similar name to the top ten shareholders of Guangdong Mingzhu. It can be seen that "Hongyuan Zhongli Power Generation Equipment" is also closely related to listed companies.
Among the top five suppliers in 2017, there is no need to mention "Meizhou Shengwang Building Materials" and "Guangdong Litong Pipeline".
"Shaoguan Haiyuan Forging" company is not only a supplier of Guangdong Mingzhu, but also a supplier of Guangdong Mingzhu customer "Hongyuan Mechanical and Electrical".
According to the 2015 annual report data of "Shaoguan Haiyuan Forging" disclosed by Tianyancha, in 2015, the revenue of "Shaoguan Haiyuan Forging" was 22.36 million, while the purchase amount disclosed by Hongyuan Mechanical and Electrical Mechanical and Electrical disclosed to "Shaoguan Haiyuan Forging" was 42.57 million. This also shows to a certain extent that at least one of the "Shaoguan Haiyuan Forging" and "Hongyuan Mechanical and Electrical" lies, so can it be accepted for Guangdong Mingzhu's sales data?
In 2018, the company explained "Hongyuan Construction", "Hongyuan Zhongli" and "Yuanchang Trading" among the top five customers. These three companies are the same actual controller. From the above, we can see that "Hongyuan Construction", "Hongyuan Mechanical and Electrical" and "Hongyuan Zhongli" have some relationships with the company.
2018's largest client, "Xingning Huansheng Trading", was established in December 2017. There is only one natural person shareholder, and the actual paid capital contribution is 0.
and the company's registered address "Hongguiyuan" is the same as the "Hongguiyuan" project developed and constructed by the company in 2016, and the address is near Wenfeng 2nd Road.
The fifth largest customer "Meizhou Fubon Building Materials Company" is also a natural person holding shares, like a very clean shell company. Through a telephone search, it was found that the company and Zhenghe Real Estate Company share the registered phone number, and Zhenghe Real Estate is the partner of the company to jointly participate in real estate development and construction, and the company has provided funds for the cooperation project.
And among the top five suppliers that year, the above mentioned "Meizhou Shengwang Building Materials" and "Guangdong Litong Pipeline" still appeared.
It was also disclosed in the semi-annual report that the company prepaid 55.71 million yuan in purchases for "Meizhou Shengwang Building Materials", and the annual purchase amount was only 64.46 million yuan. It had already paid so much in advance at the semi-annual report. Is it reasonable?
In 2019, the company will no longer disclose specific names to the top five customers and suppliers.
Due to the long information, Tanlege's relationship with the top five customers and suppliers is summarized as follows:
The above not only has the relationship between suppliers and customers, but also has the relationship between suppliers and customers, and there are also companies that have not found this person and have become the company's suppliers or customers shortly after they were established. Some companies are not only customers of Guangdong Mingzhu, but Guangdong Mingzhu also has loan transactions to them.
Therefore, although the company's trading business does not account for a high proportion, its authenticity is questionable!
Manually manipulated traces of lending and dividends
In the context of the gradual decline in trade business, in 2013, the company began to carry out entrusted loan business, and earn interest spreads through lending. Tanlege counted the balance of the company's entrusted loans in each period as follows:
In the above entrusted loan units, Yunshan Automobile, Hongyuan Group and Hongyuan Mechanical and Electrical were the company's customer units, and the company had the act of selling and providing funds to it.
It is worth mentioning that Dading Mining and Pearl Red Wine Industry Co., Ltd. Before 2014, the legal person of Guangdong Mingzhu Dading Mining was Zhang Jianli, chairman of Guangdong Mingzhu. Since 2012, the company has begun to provide loans to Dading Mining for 460 million yuan. In 2013, the company also began to provide loans to Pearl Wine Industry Company, which is also a company controlled by Zhang Jianli.
From the above figure, we can see that since the company began to carry out entrusted loan business, the proportion of revenue from entrusted loan business has gradually exceeded the original trading business. From 2013 to 2014, the proportion of revenue from entrusted loan business was 84% and 58% respectively, and the proportion of net income in this area of profit was 21% and 7.9% respectively.
And that year, there was a large dividend of 170 million yuan from Dading Mining, which was equivalent to the company's contribution to Guangdong Mingzhu's profits by lending to Dading Mining and Pearl Red Wine Industry and dividends from Dading Mining, and that year, was close to 100%.
In addition, from the perspective of dividends, from 2011 to 2013, the company received a high dividend amount from Dading Mining, which also had a great impact on performance, and this happened to be the first and second years after the company provided loans to it.
The interest rate of Dading Mining borrowing from the company is 15% based on the bank's benchmark interest rate, which is higher than the company's bank loan interest rate of 4.85%-5% during the same period.
According to the disclosed merger data from Dading Mining from 2011 to 2013, the debt-to-asset ratio is around 45%, the total asset size is 4 billion, and the operating cash flow is between 650 million and 1 billion, which is better than the cash flow of Guangdong Mingzhu, and the asset size is far higher than the 2 billion Guangdong Mingzhu. In this case, is not short of money and has to borrow money. Borrowing money is not about borrowing from banks with lower capital costs, but about borrowing funds of Guangdong Mingzhu with a floating 15% point?
, and according to the loan usage description, it is used to supplement working capital and replace loans from financial institutions. It's not a large capital expenditure plan, either.
If Dading Mining does have a large capital demand, general enterprises will adopt the practice of reducing dividends or not paying dividends. However, from 2011 to 2013, that is, in the years when foreign loans are large, Dading Mining's dividend amount is higher than in other years.
And among these dividend units, the only ones with the highest dividend amount are Dading Mining, Mingzhu Shenzhen Investment and Pearl Red Wine Industry. Among them, Mingzhu Shenzhen Investment Company distributed dividends for the first time, and only once. At the end of that year, Guangdong Mingzhu also participated in the subscription of Mingzhu Shenzhen Investment, with a subscription investment of 180 million yuan. The relationship between these three units is: Guangdong Mingzhu indirectly holds the equity of Mingzhu Shenzhen Investment Company through Dading Mining, and indirectly holds the equity of Mingzhu Pearl Red Wine Company through Mingzhu Group Shenzhen Investment Company and Dading Mining.
And the actual controller of these three units is Chairman Zhang Jianli.
, which gives money and pays dividends and supplements performance, and then listed companies help supplement liquidity through entrusted loans, it has to be said to be a win-win operation.
From the perspective of dividends, there are also obvious traces of human manipulation: from 2011 to 2013, when the main business was not good, the dividend and loan business contributed relatively high. In 2014, the company obtained large amount of land compensation income. The dividend amount of Dading Mining began to decrease that year. When the company's real estate business began, the related parties significantly reduced their dividends and the loan business began to shrink their scale.
A group of mysterious people behind the real estate business
Relying on related parties to dividends and lending from related parties to boost performance has never been a long-term solution.
Since Guangdong Mingzhu received a huge amount of land compensation of 1.058 billion yuan in 2014, it has the idea of speculating on land and engaging in real estate development.
In 2014, Guangdong Mingzhu signed a PPP cooperation agreement with the Xingning Municipal Government. The company, Xingning City Investment and Enping Erjian Group jointly invested to establish the "Guangdong Mingzhu Group Urban Operation Company" to be responsible for the development and operation of the "first phase of land first-level development and some public facilities construction projects in Xingning Southern New City". The project term is 5 years, namely November 2014 to November 2019. The company holds 92% of the equity of the operating company and includes it in the scope of the consolidated financial statements.
Later, Enping Erjian Group was renamed "Guangdong Wangpeng". One of the shareholders of the company, "Jin'anshun Trading", is a shareholder of the company's trading business customer and the entrusted loan object "Hongyuan Mechanical and Electrical". In addition, the company also has some mysterious relationship with "Meizhou Jiawang Real Estate", a cooperative developer of the real estate project of "Yijing Garden".
Moreover, the naming of Jin'anshun Trading Company is also very rhyme with the names of Guangdong Mingzhu's top ten shareholders "Jin Xin'an", "Jin Shun'an", and "He Anshun".
But the company has never disclosed the relationship between the two, including property rights, personnel and other aspects.
According to the cooperation agreement, it pointed out that this type of income mainly comes from government fund subsidies and land transfer income: including the Xingning Municipal Government's monthly payment of special funds "equal to the interest on the loan of cooperation projects". If the operating company suffers losses, the government will pay special funds equal to the amount of losses in the next year. The Xingning Municipal Government pays special funds to the company every month at an annual interest rate of 7.36% based on the registered capital of the operating company paid.
After the operating company completes the development of the plot, it will be handed over to the government and obtains the land transfer fee and other income of the corresponding plot as business income. In terms of profit distribution, the distributable profits in that year will be distributed to the urban investment company first. If there is still a surplus after deducting the preferred distribution profit, it will be distributed according to the actual paid-up ratio of the shareholders of the operating company.
And in a certain inquiry letter, Guangdong Mingzhu mentioned that if the land transferred cannot be determined as residential or commercial land and is not sold in the form of bidding and auction transfer, the company has the right to request the Xingning Municipal Government to provide compensation.
2016, the company disclosed an announcement to amend Article 30 of the Cooperation Agreement and Article 14 of the Construction Contract to "The transfer conditions, transfer reserve price, payment method of transfer, transfer time and method of all land within the first phase of the Southern New City will be jointly studied by the parties to the contract in accordance with the provisions of laws and regulations and determined by the Xingning Municipal People's Government.
To sum up, this PPP project developed in cooperation with the government has a government guarantee for funds, and the company can ensure the recovery of principal and interest, and the remaining risks are more. It is the government's responsibility, and the government has the right to decide on important terms in the land transfer project.
"controls, enjoys variable returns, and has the ability to operate the rights of investors to affect their variable returns" according to the consolidation conditions, and does not seem to fully meet the consolidation conditions.
As for why the consolidation is to sacrifice the early operating cash flow, the only purpose is to reduce the company's entrusted loan business revenue at that time, and it needs to be included in it to increase the revenue scale.
And this land The funding sources of the development project include the subscribed by the three major shareholders of Jin Xin'an, Jin Shun'an and Zhongyifu to raise 1.979 billion yuan. From this point of view, there is also an intention to expand the revenue scale.
According to the additional issuance plan at that time, this project will have a total area of 6,390 mu. After 2015, the land area will be sold at no less than 1,500 mu every year, and the total amount of transfer income is expected to be 10.9 billion yuan.
However, as of the 2019 annual report, the above projects will be transferred through bidding and auction. The cumulative area of residential and commercial land is only 156.57 mu, which is a big difference from the agreed annual transfer of 1500 mu. The other current assets in the account have not been impaired because the land transfer progress is not as expected.
Because PPP projects and real estate development projects require a large amount of funds, from 2014 to 2018, the company's operating cash flow showed a net outflow, and the company's external debt increased. Land transfers have increased in the past two years, and the operating cash flow has only begun to improve.
In addition, the above-mentioned shareholders who participated in the subscription at a price of 15.99 yuan per share have already been lifted in November 2019, but the current stock price performance is not a good time to cash out.
In 2016, the company began to cooperate with subsidiaries to carry out real estate development, and the subsidiary will invest in the project, and the revenue will be confirmed based on the investment amount and investment time during the cooperation period.
takes the "Liankangcheng" project as For example, the subsidiary "Mingzhu Land" provides 600 million yuan for construction expenditures for development projects. During the cooperation period, the other party will distribute profits to "Mingzhu Land" based on the actual investment amount of "Mingzhu Land" at an annual distribution rate of 18%. After the cooperation period, Mingzhu Land will fully recover the capital contribution and related profits. In order to ensure the recovery of the funds of the Land Company, the partner and its shareholders provide guarantees for the performance of the contract.
According to Article 14 of the "Interpretation of State-owned Land Use Rights Contract Disputes": A cooperative development real estate contract refers to the parties' contract to provide The basic agreement is to allow land use rights, funds, etc. to jointly invest, share profits and share risks to jointly develop real estate. Article 26 stipulates that if the parties providing funds do not bear business risks and only charge a fixed amount of currency, it shall be considered a loan contract.
The above-mentioned real estate development projects are an example of collecting fixed returns but not taking business risks. It is no different from private lending and is also an old business "entrusted loan" that the company has engaged in before.
familiar business, familiar processing methods, Guangdong Mingzhu takes the funds collected from such cooperative development projects as revenue . From 2016 to 2019, this type of revenue accounted for 30% of the company's total revenue, because of the high gross profit margin, the revenue contributed by cooperative development accounts for 60% to 70% of the company's profit.
In 2016, the company began to gradually compress entrusted loan business, and funds began to use the first-level land development and real estate cooperative development model to provide funds to the outside world to earn income.
This is also the reason why the company's gross profit margin has been so excellent in recent years, and it is higher than real estate developers.
In addition to the first-level land development projects, the mysterious person "Wangpeng Construction", the real estate development projects are more like business participated by multiple mysterious people.
through Tianyan Check and announcement information sorted out, Tanlei Ge sorted out the information of the six real estate partners as follows:
1, Xingning Hongyuan Real Estate Company
is the same as the registration phone number and email address of Guangdong Hongyuan Group. The company has provided loans to the extremely affiliated party of "Guangdong Hongyuan Group" "Hongyuan Mechanical and Electrical";
Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" is the direct-line of Mingzhu Group's shareholding unit "Pearl Red Wine Industry";
Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" is the direct-line of Mingzhu Group's shareholding unit "Pearl Red Wine Industry"; Received shareholders, and they also have a stake in Yunshan Automobile with Guangdong Mingzhu, and the names of Jinanshun Trading Company and the top ten shareholders of Guangdong Mingzhu are also very similar;
2, Meizhou Jiawang Real Estate Company
is the same as the registered email address of Guangdong Jiawang Real Estate and Guangdong Jingwang Group, among which Guangdong Jiawang Real Estate Company holds 1% of the equity of Guangdong Mingzhu; the suspected relative of the actual controller Zhong Congfang indirectly holds Wangpeng Construction through the holding of Jiawang Mining Group. 68.75% of the equity, and Wangpeng Construction is the company's partner for the first-level land development project;
3. Guangdong Fuxing Trading Company
legal person Xu Yijian is an executive of Guangdong Mingzhu's stakeholder "Guangdong Yunshan Automobile", and holds 90% of the equity of Guangdong Yunshan Automobile Sales Company;
4. Xingning Qisheng Industrial Company
0 shareholder Huang Langtao is the eighth largest shareholder of Guangdong Mingzhu;
5. Xingning Zhenghe Real Estate Co., Ltd. The actual controller of Si
is Chen Qingping. Zhenghe Real Estate Company holds 13.68% of the equity of Guangdong Xingning Rural Commercial Bank. Guangdong Mingzhu disclosed in the June 2018 announcement that it subscribed to 30 million shares of Guangdong Xingning Rural Commercial Bank;
6, the controlling shareholder of Zhaoqing Xingyue Real Estate Company, the registered address of Xingning Fengyuan Industry is Building 27, East District, Jinyuan Garden, Hongyuan Avenue, Xingning City, and is next door to the registered address of "Hongyuan Real Estate". Moreover, the company's registration phone number is the same as that of Mingzhu's supplier "Meizhou Fubon Building Materials" and "Zhenghe Real Estate". Chen Qingping also participated in the investment project between Guangval Company and Xingyue Real Estate, providing personal joint and several liability guarantee to Guangdong Mingzhu for Xingyue Real Estate to perform this contract.
In addition to the above projects, in August 2019, the company also announced that its subsidiary Mingzhu Land and its affiliated party "Mingzhu Shenzhen Investment" (the dividend unit mentioned in Title II, the actual controller is Zhang Jianli). After the project reaches a certain progress, Mingzhu Land will purchase all the equity of Zhongyifu Trade or all the project rights and interests of Zhongyifu Trade and Mingzhu Shenzhen Investment in the "Mingzhu City" project.
In short, no matter what you do, Guangdong Mingzhu only plays with familiar people.
asked, it was originally planned to sell 6,000 mu by the end of 2019, but only 156.57 mu so far; 6 real estate development projects have invested 2.7 billion yuan, and the investment has not been recovered yet; is now going to cooperate with related parties to develop the Zhucheng project, planning to purchase all the shareholders' rights in Mingzhucheng, why are they so rich?
Conclusion
Finally, let’s mention the interesting per capita salary. It is a common sense to increase with the company’s performance and per capita income generation.
But Guangdong Mingzhu's performance growth seems to have nothing to do with ordinary employees. With the growth of performance, it would be fine if the salary is not increased. The per capita salary of ordinary employees has plummeted, from an average annual salary of 60,000 to an average annual salary of 10,000 yuan, while the salary of management has increased by 3 times. In 2019, the annual salary of management has almost doubled compared with last year.
I would like to ask whether the average annual salary of 10,000 yuan is worthy of the beautiful performance of 20.81 million yuan per person, and what courage is it to keep those ordinary employees with an average annual salary of 10,000 yuan here? Is it love? Is it responsibility?
htmlOn April 18, Guangdong Mingzhu announced that it would change the accounting firm from Zhengzhong Zhujiang to "Huaxing" accounting firm. Tanlei saw a post on Zhihu: Zhengzhong Zhujiang due to the impact of the Kangmei Pharmaceutical incident, some audit teams joined Zhitong and Huaxing. Huaxing's first branch in Guangdong, with its office location on the roof of Zhengzhong Zhujiang. I wonder if the "Huaxing" accounting firm hired by Guangdong Mingzhu this time is still an old acquaintance?PS: This is the second article of Gelonghui's in-depth analysis on "Guangdong Pearl". For more exciting analysis, please click to view: " Guangdong Pearl (Part 1) | Per capita income generated by 20.81 million, cross-border story that has been repeatedly tested and successfully "
If Dading Mining does have a large capital demand, general enterprises will adopt the practice of reducing dividends or not paying dividends. However, from 2011 to 2013, that is, in the years when foreign loans are large, Dading Mining's dividend amount is higher than in other years.
And among these dividend units, the only ones with the highest dividend amount are Dading Mining, Mingzhu Shenzhen Investment and Pearl Red Wine Industry. Among them, Mingzhu Shenzhen Investment Company distributed dividends for the first time, and only once. At the end of that year, Guangdong Mingzhu also participated in the subscription of Mingzhu Shenzhen Investment, with a subscription investment of 180 million yuan. The relationship between these three units is: Guangdong Mingzhu indirectly holds the equity of Mingzhu Shenzhen Investment Company through Dading Mining, and indirectly holds the equity of Mingzhu Pearl Red Wine Company through Mingzhu Group Shenzhen Investment Company and Dading Mining.
And the actual controller of these three units is Chairman Zhang Jianli.
, which gives money and pays dividends and supplements performance, and then listed companies help supplement liquidity through entrusted loans, it has to be said to be a win-win operation.
From the perspective of dividends, there are also obvious traces of human manipulation: from 2011 to 2013, when the main business was not good, the dividend and loan business contributed relatively high. In 2014, the company obtained large amount of land compensation income. The dividend amount of Dading Mining began to decrease that year. When the company's real estate business began, the related parties significantly reduced their dividends and the loan business began to shrink their scale.
A group of mysterious people behind the real estate business
Relying on related parties to dividends and lending from related parties to boost performance has never been a long-term solution.
Since Guangdong Mingzhu received a huge amount of land compensation of 1.058 billion yuan in 2014, it has the idea of speculating on land and engaging in real estate development.
In 2014, Guangdong Mingzhu signed a PPP cooperation agreement with the Xingning Municipal Government. The company, Xingning City Investment and Enping Erjian Group jointly invested to establish the "Guangdong Mingzhu Group Urban Operation Company" to be responsible for the development and operation of the "first phase of land first-level development and some public facilities construction projects in Xingning Southern New City". The project term is 5 years, namely November 2014 to November 2019. The company holds 92% of the equity of the operating company and includes it in the scope of the consolidated financial statements.
Later, Enping Erjian Group was renamed "Guangdong Wangpeng". One of the shareholders of the company, "Jin'anshun Trading", is a shareholder of the company's trading business customer and the entrusted loan object "Hongyuan Mechanical and Electrical". In addition, the company also has some mysterious relationship with "Meizhou Jiawang Real Estate", a cooperative developer of the real estate project of "Yijing Garden".
Moreover, the naming of Jin'anshun Trading Company is also very rhyme with the names of Guangdong Mingzhu's top ten shareholders "Jin Xin'an", "Jin Shun'an", and "He Anshun".
But the company has never disclosed the relationship between the two, including property rights, personnel and other aspects.
According to the cooperation agreement, it pointed out that this type of income mainly comes from government fund subsidies and land transfer income: including the Xingning Municipal Government's monthly payment of special funds "equal to the interest on the loan of cooperation projects". If the operating company suffers losses, the government will pay special funds equal to the amount of losses in the next year. The Xingning Municipal Government pays special funds to the company every month at an annual interest rate of 7.36% based on the registered capital of the operating company paid.
After the operating company completes the development of the plot, it will be handed over to the government and obtains the land transfer fee and other income of the corresponding plot as business income. In terms of profit distribution, the distributable profits in that year will be distributed to the urban investment company first. If there is still a surplus after deducting the preferred distribution profit, it will be distributed according to the actual paid-up ratio of the shareholders of the operating company.
And in a certain inquiry letter, Guangdong Mingzhu mentioned that if the land transferred cannot be determined as residential or commercial land and is not sold in the form of bidding and auction transfer, the company has the right to request the Xingning Municipal Government to provide compensation.
2016, the company disclosed an announcement to amend Article 30 of the Cooperation Agreement and Article 14 of the Construction Contract to "The transfer conditions, transfer reserve price, payment method of transfer, transfer time and method of all land within the first phase of the Southern New City will be jointly studied by the parties to the contract in accordance with the provisions of laws and regulations and determined by the Xingning Municipal People's Government.
To sum up, this PPP project developed in cooperation with the government has a government guarantee for funds, and the company can ensure the recovery of principal and interest, and the remaining risks are more. It is the government's responsibility, and the government has the right to decide on important terms in the land transfer project.
"controls, enjoys variable returns, and has the ability to operate the rights of investors to affect their variable returns" according to the consolidation conditions, and does not seem to fully meet the consolidation conditions.
As for why the consolidation is to sacrifice the early operating cash flow, the only purpose is to reduce the company's entrusted loan business revenue at that time, and it needs to be included in it to increase the revenue scale.
And this land The funding sources of the development project include the subscribed by the three major shareholders of Jin Xin'an, Jin Shun'an and Zhongyifu to raise 1.979 billion yuan. From this point of view, there is also an intention to expand the revenue scale.
According to the additional issuance plan at that time, this project will have a total area of 6,390 mu. After 2015, the land area will be sold at no less than 1,500 mu every year, and the total amount of transfer income is expected to be 10.9 billion yuan.
However, as of the 2019 annual report, the above projects will be transferred through bidding and auction. The cumulative area of residential and commercial land is only 156.57 mu, which is a big difference from the agreed annual transfer of 1500 mu. The other current assets in the account have not been impaired because the land transfer progress is not as expected.
Because PPP projects and real estate development projects require a large amount of funds, from 2014 to 2018, the company's operating cash flow showed a net outflow, and the company's external debt increased. Land transfers have increased in the past two years, and the operating cash flow has only begun to improve.
In addition, the above-mentioned shareholders who participated in the subscription at a price of 15.99 yuan per share have already been lifted in November 2019, but the current stock price performance is not a good time to cash out.
In 2016, the company began to cooperate with subsidiaries to carry out real estate development, and the subsidiary will invest in the project, and the revenue will be confirmed based on the investment amount and investment time during the cooperation period.
takes the "Liankangcheng" project as For example, the subsidiary "Mingzhu Land" provides 600 million yuan for construction expenditures for development projects. During the cooperation period, the other party will distribute profits to "Mingzhu Land" based on the actual investment amount of "Mingzhu Land" at an annual distribution rate of 18%. After the cooperation period, Mingzhu Land will fully recover the capital contribution and related profits. In order to ensure the recovery of the funds of the Land Company, the partner and its shareholders provide guarantees for the performance of the contract.
According to Article 14 of the "Interpretation of State-owned Land Use Rights Contract Disputes": A cooperative development real estate contract refers to the parties' contract to provide The basic agreement is to allow land use rights, funds, etc. to jointly invest, share profits and share risks to jointly develop real estate. Article 26 stipulates that if the parties providing funds do not bear business risks and only charge a fixed amount of currency, it shall be considered a loan contract.
The above-mentioned real estate development projects are an example of collecting fixed returns but not taking business risks. It is no different from private lending and is also an old business "entrusted loan" that the company has engaged in before.
familiar business, familiar processing methods, Guangdong Mingzhu takes the funds collected from such cooperative development projects as revenue . From 2016 to 2019, this type of revenue accounted for 30% of the company's total revenue, because of the high gross profit margin, the revenue contributed by cooperative development accounts for 60% to 70% of the company's profit.
In 2016, the company began to gradually compress entrusted loan business, and funds began to use the first-level land development and real estate cooperative development model to provide funds to the outside world to earn income.
This is also the reason why the company's gross profit margin has been so excellent in recent years, and it is higher than real estate developers.
In addition to the first-level land development projects, the mysterious person "Wangpeng Construction", the real estate development projects are more like business participated by multiple mysterious people.
through Tianyan Check and announcement information sorted out, Tanlei Ge sorted out the information of the six real estate partners as follows:
1, Xingning Hongyuan Real Estate Company
is the same as the registration phone number and email address of Guangdong Hongyuan Group. The company has provided loans to the extremely affiliated party of "Guangdong Hongyuan Group" "Hongyuan Mechanical and Electrical";
Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" is the direct-line of Mingzhu Group's shareholding unit "Pearl Red Wine Industry";
Hongyuan Mechanical and Electrical's shareholder "Jin'anshun Trading" is the direct-line of Mingzhu Group's shareholding unit "Pearl Red Wine Industry"; Received shareholders, and they also have a stake in Yunshan Automobile with Guangdong Mingzhu, and the names of Jinanshun Trading Company and the top ten shareholders of Guangdong Mingzhu are also very similar;
2, Meizhou Jiawang Real Estate Company
is the same as the registered email address of Guangdong Jiawang Real Estate and Guangdong Jingwang Group, among which Guangdong Jiawang Real Estate Company holds 1% of the equity of Guangdong Mingzhu; the suspected relative of the actual controller Zhong Congfang indirectly holds Wangpeng Construction through the holding of Jiawang Mining Group. 68.75% of the equity, and Wangpeng Construction is the company's partner for the first-level land development project;
3. Guangdong Fuxing Trading Company
legal person Xu Yijian is an executive of Guangdong Mingzhu's stakeholder "Guangdong Yunshan Automobile", and holds 90% of the equity of Guangdong Yunshan Automobile Sales Company;
4. Xingning Qisheng Industrial Company
0 shareholder Huang Langtao is the eighth largest shareholder of Guangdong Mingzhu;
5. Xingning Zhenghe Real Estate Co., Ltd. The actual controller of Si
is Chen Qingping. Zhenghe Real Estate Company holds 13.68% of the equity of Guangdong Xingning Rural Commercial Bank. Guangdong Mingzhu disclosed in the June 2018 announcement that it subscribed to 30 million shares of Guangdong Xingning Rural Commercial Bank;
6, the controlling shareholder of Zhaoqing Xingyue Real Estate Company, the registered address of Xingning Fengyuan Industry is Building 27, East District, Jinyuan Garden, Hongyuan Avenue, Xingning City, and is next door to the registered address of "Hongyuan Real Estate". Moreover, the company's registration phone number is the same as that of Mingzhu's supplier "Meizhou Fubon Building Materials" and "Zhenghe Real Estate". Chen Qingping also participated in the investment project between Guangval Company and Xingyue Real Estate, providing personal joint and several liability guarantee to Guangdong Mingzhu for Xingyue Real Estate to perform this contract.
In addition to the above projects, in August 2019, the company also announced that its subsidiary Mingzhu Land and its affiliated party "Mingzhu Shenzhen Investment" (the dividend unit mentioned in Title II, the actual controller is Zhang Jianli). After the project reaches a certain progress, Mingzhu Land will purchase all the equity of Zhongyifu Trade or all the project rights and interests of Zhongyifu Trade and Mingzhu Shenzhen Investment in the "Mingzhu City" project.
In short, no matter what you do, Guangdong Mingzhu only plays with familiar people.
asked, it was originally planned to sell 6,000 mu by the end of 2019, but only 156.57 mu so far; 6 real estate development projects have invested 2.7 billion yuan, and the investment has not been recovered yet; is now going to cooperate with related parties to develop the Zhucheng project, planning to purchase all the shareholders' rights in Mingzhucheng, why are they so rich?
Conclusion
Finally, let’s mention the interesting per capita salary. It is a common sense to increase with the company’s performance and per capita income generation.
But Guangdong Mingzhu's performance growth seems to have nothing to do with ordinary employees. With the growth of performance, it would be fine if the salary is not increased. The per capita salary of ordinary employees has plummeted, from an average annual salary of 60,000 to an average annual salary of 10,000 yuan, while the salary of management has increased by 3 times. In 2019, the annual salary of management has almost doubled compared with last year.
I would like to ask whether the average annual salary of 10,000 yuan is worthy of the beautiful performance of 20.81 million yuan per person, and what courage is it to keep those ordinary employees with an average annual salary of 10,000 yuan here? Is it love? Is it responsibility?
htmlOn April 18, Guangdong Mingzhu announced that it would change the accounting firm from Zhengzhong Zhujiang to "Huaxing" accounting firm. Tanlei saw a post on Zhihu: Zhengzhong Zhujiang due to the impact of the Kangmei Pharmaceutical incident, some audit teams joined Zhitong and Huaxing. Huaxing's first branch in Guangdong, with its office location on the roof of Zhengzhong Zhujiang. I wonder if the "Huaxing" accounting firm hired by Guangdong Mingzhu this time is still an old acquaintance?PS: This is the second article of Gelonghui's in-depth analysis on "Guangdong Pearl". For more exciting analysis, please click to view: " Guangdong Pearl (Part 1) | Per capita income generated by 20.81 million, cross-border story that has been repeatedly tested and successfully "
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