spaceinvadersatari| Guangdong Pearl's performance fell twice in a row and urgently needs to break through. Major shareholders cashed in 240 million yuan and then transferred equity to relieve pressure

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Source: Changjiang Business Daily

Shen Yourong, reporter of Changjiang Business Daily.

Big transfer 5Spaceinvadersatari.5% equity, Guangdong Pearl (Rights Protection) (600382.SH)SpaceinvadersatariThe majority shareholder is trying to relieve the pressure.

Recently, Guangdong Mingzhu disclosed that the company's controlling shareholder, Shenzhen Jin Xin'an Investment Co., Ltd. (hereinafter referred to as "Shenzhen Jin Xin an") and its actors transferred 5.5% of their shares in the company. The purpose of this move is to meet their own financial needs.

Changjiang Business Daily reporter found that prior to this, Shenzhen Jin Xinan and its concerted actors through the secondary market to reduce holdings, has cashed out about 240 million yuan. According to the first quarterly report of this year, the equity pledge rate of Shenzhen Jin Xinan and its actors holding Guangdong Pearl is still about 79%.

Guangdong Mingzhu itself is under great pressure. In 2023, the company's operating income reached 682 million yuan, down about 27% from the same period last year; the net profit belonging to the shareholders of the parent company (hereinafter referred to as "net profit") was 154 million yuan, down nearly 50% from the same period last year. In 2022, the revenue and net profit of Guangdong Mingzhu also declined.

The decrease of market demand and the rise of operating costs are the main reasons for the continuous decline of Guangdong Mingzhu's business performance. At present, the market is slowly recovering, can Guangdong Pearl break through smoothly?

The pledge rate of major shareholders is close to 80%.

The major shareholders of Guangdong Mingzhu are under great financial pressure and try to realize the pressure with the help of the transfer of equity.

According to the announcement of Guangdong Pearl on May 7, April 29 this year Shenzhen Jin Xin'an, the company's controlling shareholder, and its concerted actor, Xingning Zhongyifu Investment Co., Ltd. (hereinafter referred to as "Zhongyifu Investment") and the transferee Shenzhen Qianhaimingqiao Private Equity Fund Management Co., Ltd. (on behalf of Mingqiao robust Optimization No. 2 Private Equity Investment Fund) (hereinafter referred to as "Mingqiao robust selection No. 2 Private Equity Investment Fund") signed the share transfer Agreement. Shenzhen Jin Xin an and Zhong Yifu Investment intends to transfer a total of 42.3063 million shares of the company, accounting for 5.5% of the company's total share capital, to the Mingqiao robust optimal No. 2 private equity investment fund by way of agreement.

After the completion of this transaction, Shenzhen Jinxin'an holds about 144 million shares, accounting for 18.74% of the company's total share capital, while Zhongyifu Investment holds about 40.2196 million shares, accounting for 5.23% of the company's total share capital. Shenzhen Jinxin'an and its concerted actors Zhongyifu Investment and Xingning Jinshunan Investment Co., Ltd. (hereinafter referred to as "Jinshunan Investment") hold a total of about 271 million shares of the company, accounting for 35.27% of the total share capital of the company. Therefore, the controlling shareholder and the actual controller of the company have not changed.

The share transfer price is 4.24 yuan per share, which is equal to the market price, and the total transfer price is about 179 million yuan.

Guangdong Pearl announced that the controlling shareholders agreed to transfer shares in order to meet their own financial needs.

Changjiang Business Daily reporter found that in order to meet their own capital needs, the major shareholders of Guangdong Mingzhu have reduced their holdings many times.

From November 28 to December 2, 2022, Shenzhen Jin Xinan, the company's controlling shareholder, and its concerted actors Jin Shun'an Investment and Zhongyifu Investment reduced their holdings by a total of 7.91 million shares, accounting for 1% of the company's total share capital. From December 5 to 9 of that year, Shenzhen Jinxin'an, Jinshun'an Investment and Zhongyifu Investment reduced their holdings of 9.6 million shares, accounting for 1.22% of the company's total share capital. From December 13 to 26 of that year, Jin Shun'an Investment reduced its holdings by 8.299 million shares, accounting for 1.05% of the company's total share capital. From December 27, 2022 to January 9 this year, Shenzhen Jinxin'an and Jinshun'an reduced their holdings by 8.78 million shares, accounting for 1.11% of the company's total share capital. From January 11 to February 7 this year, Shenzhen Jinxin'an, Jinshun'an Investment and Zhongyifu Investment reduced their holdings of 8 million shares, accounting for 1.01% of the company's total share capital. From February 10 to March 6 this year, the three reduced their holdings by another 7.64 million shares, accounting for 0.97% of the company's total share capital. On March 14 and 15 this year, Zhongyifu Investment reduced its holdings of 1.86 million shares, and on March 16, 17 and 20, Shenzhen Jin Xin'an reduced its holdings of 3.62 million shares.

The above intensive holdings are carried out in the form of bulk trading, with a total reduction of 55.709 million shares. A reporter from the Yangtze River Business Daily roughly estimated that Shenzhen Jin Xinan and its concerted actors cashed out a total of about 240 million yuan.

Even though it has cashed out 240 million yuan, the financial pressure of Shenzhen Jin Xin'an is still great. According to the first quarterly report of this year, Shenzhen Jin Xin'an and its actors Jin Shun'an Investment and Zhongyi Fu Investment hold about 180 million shares, 86.9684 million shares and 46.4696 million shares of Guangdong Pearl respectively, and pledge about 144 million shares, 68.72 million shares and 37 million shares, respectively. The pledge rate is 79.80%, 79.02% and 79.62% respectively, and the overall pledge rate is close to 80%.

Revenue and net profit fell again in the first quarter

Major shareholders still have capital pressure after cashing out 240 million yuan, and they have to continue to cash out, while Guangdong Mingzhu itself has obvious operating pressure.

According to the annual report, in 2023, Guangdong Mingzhu realized operating income of 682 million yuan, down 27.04% from the same period last year. Net profit and net profit deducting non-recurrent profits and losses (hereinafter referred to as "non-net profit") were 154 million yuan and 153 million yuan respectively, down 47.85% and 41.02% from the same period last year.

Among them, in the fourth quarter, the company's operating income was 190 million yuan, down 21.38% from the same period last year; net profit was-54 million yuan, down 298.78% from the same period last year.

Revenue and net profit fell not only in 2023, but also in 2022. In 2022, the company's operating income and net profit were 935 million yuan and 296 million yuan respectively, down 46.35% and 68.07% from the same period last year.

In the first quarter of this year, the double downward trend of revenue and net profit continued. The company's operating income and net profit were 118 million yuan and 34 million yuan respectively, down 31.00% and 55.91% respectively from the same period last year.

Guangdong Mingzhu is mainly engaged in iron ore mining, iron powder production and sales, etc. In 2023, the company's mining revenue was 680 million yuan, accounting for 99.67% of the business income.

The company said that in 2023, due to the obvious decline in demand in the real estate construction industry, the reduction in the start of infrastructure projects, the reduction in iron ore reserves within the existing design scope of Mingzhu Mining, and the increase in the difficulty of mining and mineral processing, the production and sales of the company's iron fine powder decreased compared with the same period last year and production costs increased. The stone resources produced by Mingzhu Mining's iron ore mining were delisted and completed on July 4, 2023, before the Lianping County Natural Resources Bureau restricted the external sales of sand and gravel, and the production and sales volume and sales price of Mingzhu Mining sand and gravel decreased compared with the same period last year, while the production cost increased, resulting in a decline in the performance of the year.

In response to the decline in performance in the first quarter of this year, the company explained that the decline in operating income was mainly due to the 35.07% year-on-year decrease in sales of iron concentrate in Pearl Mining. The reason for the decline in net profit was the year-on-year decrease in production and sales of iron concentrate in Pearl Mining and the average per ton. Production costs increased year-on-year and losses on changes in the fair value of the company's trading financial assets increased year-on-year. The loss from changes in the fair value of trading financial assets was 7.2121 million yuan.

A reporter from Changjiang Business Daily found that in recent years, the profitability of Guangdong Pearl's main business has shown a downward trend. From 2020 to 2022, the company's net non-profit deduction was 353 million yuan, 164 million yuan, and 260 million yuan respectively. The net profit deducted from non-profit in 2023 is still less than the level in 2017. In 2017, the company's net profit deducted from non-profit was 237 million yuan.

Faced with unfavorable operating conditions, how should Guangdong Pearl break through?