Since the first quarter of 2011, Tianmao Group's net profit has continued to be negative. It was not until the end of 2012 that the investment income turned profitable. However, the good times were not long. After the loss of 5.952 million yuan in the first quarter of this year, the interim report again suffered a loss of more than 10 million yuan. yuan.
Withdraw from investment insurance
As a listed company in the chemical industry, Tianmao Group has long been "not doing business" and is keen on capital operation.
According to the financial report, Tianmao Group's main products are dimethyl ether, polypropylene and ibuprofen bulk drugs. In 2012, the operating income of these three products was 294,491,100 yuan, 55,561,900 yuan and 25,164.61 yuan respectively. Ten thousand yuan, the corresponding gross profit margin is only -4.36%, -5.93% and 9.62%.
Since 2012, due to the macroeconomic downturn at home and abroad, the main product of Tianmao Group has been underemployed and the gross profit margin has dropped. This has become one of the main reasons for the renewed loss of this year's mid-term report.
According to the 2012 annual report, Tianmao Group achieved a net profit of 11.825 million yuan. The company said in the annual report: "In the report period, the company's main profit came from the transfer of the 105 million shares of Guohua Life Insurance Co., Ltd. held to Hainan. Kaiyi Industrial Co., Ltd. achieved an investment income of RMB 142,271,800.†According to the data, Guohua Life lost 396 million yuan and 343 million yuan in 2011 and 2012 respectively.
On May 25, the general meeting of shareholders passed the proposal to sell part of the shares of Tianping Auto Insurance Co., Ltd. (hereinafter referred to as “Tianping Insuranceâ€). Tianmao Group transferred its 47,719,900 shares of Tianping Insurance to a wholly-owned subsidiary of France AXA Group at a price of approximately 9.25 yuan/share, with a total transfer price of RMB 44,137.2.
So far, under the management of the actual controller Liu Yiqian, Tianmao Group has withdrawn from the insurance industry. Earlier, the media reported that Liu Yiqian said, "I invest in insurance companies, the future income will not be worse than investing in any bank. Now when the insurance company is suffering, but spring is visible."
Take the LED to the big shareholder solution?
After withdrawing from investment insurance, Tianmao Group's next layout is in the LED field. On June 17, Tianmao Group purchased 30 million shares of Xiangneng Hualei Optoelectronics Co., Ltd. (hereinafter referred to as “Hua Lei Optoelectronicsâ€) held by the major shareholder Xinliyi Group at a price of 4.89 yuan/share (accounting for Hua Lei) Optoelectronics' total share capital of 8.11%) became the fourth largest shareholder of Hualei Optoelectronics.
According to the data, Hualei Optoelectronics mainly deals in the production of LED epitaxial material products, chip devices, LED packages and related application products, and sales of self-produced products, and undertakes LED lighting projects and provides related technical consultation and energy-saving services.
According to media reports, in 2010, Liu Yiqian’s newly controlled Xinliyi Group obtained 30 million shares of Hualei Optoelectronics through capital increase. However, due to the “out of date†of Hualei Optoelectronics, huge amounts of funds have been stuck in this equity investment.
The equity acquisition set the repurchase terms, and the conditions for triggering the repurchase include Hualei Optoelectronics' loss for two consecutive years, failing to obtain the IPO approval of the SFC before 2017, and once repurchased, Xinliyi Group will be 6% per year. The interest rate pays interest to Tianmao Group.
Market participants pointed out that Tianmao Group's entry into Hualei Optoelectronics can be said to be a solution for major shareholders. The latter can revitalize funds into other high-return areas. Even if the repurchase agreement is triggered, the interest rate of 6% is far lower than the current financing cost. .
On July 16, Tianmao Group’s public telephone has not been connected.
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