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Source: Changjiang Business Daily
Shen Yourong, reporter of Changjiang Business Daily.
Well-known real estate agent I love my family (000560Bestcryptophonegames.SZ) after spending $6.6 billion to borrow a backdoor for seven years, the market capitalization is only 4 billion, and the market is saddled with $2.6 billion in debt but $3.3 billion in stock management, which raises questions in the market.
April twenty _ fifth I love that my family publishes the 2023 annual report. The company realized operating income of 120Bestcryptophonegames92 million yuan, from a decline to an increase over the same period last year; belonging to the shareholders of the parent companyBestcryptophonegamesThe net profit (hereinafter referred to as "net profit") is a loss of more than 800 million yuan, an increase in the loss over the same period last year.
So far, the company has lost money for two consecutive years. Losses in 2023 are related to impairment of assets and amortization of employee stock ownership plans.
Operating losses, I love my family once again announced, continue to invest 3.3 billion yuan, used for financial speculation and so on.
Changjiang Business Daily reporter found that I love my family has billions of yuan in debt. By the end of 2023, excluding lease liabilities, the company's debt exceeded 2.6 billion yuan.
In 2017, I love that my family entered the A-share market through backdoor. At that time, the underlying valuation was about 6.6 billion yuan. Today, the market capitalization of the company is only 4 billion yuan. After the target company fulfilled its performance commitment, its operating performance did not maintain steady growth as previously expected, but its net profit continued to decline.
At present, the real controller of my family is Xie Yong, who holds more than 60% of the company's equity pledge rate.
Successive losses were lower than expected.
I love that my family has lost money in a row, which is much lower than previously expected.
According to the annual report, the operating income of my family was 12.09 billion yuan in 2023, an increase of 419 million yuan over the previous year, an increase of 3.58% over the same period last year. Net profit and net profit deducting non-recurring profits and losses (hereinafter referred to as "non-net profit") were 848 million yuan and 752 million yuan respectively, with year-on-year losses increasing by 173.91% and 133.80%, respectively.
Losses were mainly concentrated in the fourth quarter, when the company's operating income was 3.019 billion yuan, an increase of 8.28% over the same period last year, and a net profit of 780 million yuan.
As for the 2023 loss, I love my family explained that it was caused by five major factors, including provision for impairment of assets, changes in the fair value of investment real estate, increase in marketing expenses, return of government subsidies, amortization of employee stock ownership plans, and so on.
Among them, the company's asset impairment loss (including credit impairment loss) is 481 million yuan, and the amount of government subsidy is about 52.9489 million yuan.
In 2022, I love my family's performance is also a loss. In that year, the company realized operating income of 11.673 billion yuan, down 2.42% from the same period last year; net profit and deducting non-net profit were 306 million yuan and 318 million yuan respectively.
In 2017, I love that when my family went public through backdoor, I described good expectations to the market.
In February 2017, Kunbaida A (now renamed "I Love my Family") disclosed a major asset restructuring plan, in which the company plans to acquire a 94 per cent stake in my family for 6.182 billion yuan and to transfer a 6 per cent stake in my family at an agreement of 378 million yuan. I love that my family has become a wholly owned subsidiary of Kunbai University with a value of 6.56 billion yuan.
By the end of 2016, my family's net book assets were only 72.6892 million yuan, with an estimated value of 6.578 billion yuan and a value-added rate of 8949.49%. In the end, Kun Baida A bought 84.44% of my family's equity at a price of 5.553 billion yuan, forming a goodwill of 4.476 billion yuan.
At that time, the company disclosed the performance forecast of the evaluation agency, I love my family's 2020 operating income of 13.6 billion yuan, net profit of 842 million yuan; 2021 revenue of 15.029 billion yuan, net profit of 1.006 billion yuan. Since then, it has entered a year of steady growth on the basis of the data of 2021.
At present, the performance forecast of evaluating the price is "unreliable". Up to now, the company does not have an annual operating income of 13.6 billion yuan.
In fact, from 2017 to 2019, the cumulative amount of non-net profits deducted by the underlying company was 1.875 billion yuan, exceeding the commitment by 75 million yuan, with a completion rate of 104%. However, in 2020 and 2021, the actual operating income is 9.575 billion yuan and 11.963 billion yuan respectively, deducting non-net profit of 320 million yuan and 122 million yuan, both of which are lower than the forecast, while there are continuous losses in 2022 and 2023.
Rely on stock speculation to break through the risk
I love that my family tries to improve its profitability and achieve a breakthrough through investment and financial management. This road is doomed to have greater risks.
I love that my family is one of the earliest national housing brokerage service companies in China, which has gradually evolved into an Internet residential life service platform operator with residential transaction services as the core. Focus on providing digital industry solutions and integrated operational services. The company's specific business includes housing brokerage, housing leasing, new house sales and other business. in the past two years, the income contributed by the company's housing brokerage and housing leasing business accounted for about 80% of the company's operating income.
At present, the real estate market is still in the stage of recovery, and it is expected that my family's operating performance is under pressure, although the company said that the loss in 2023 was affected by some non-operating and one-off factors. In order to improve my profitability, I love my family's large investment and financial management.
On the evening of April 25th, my family announced that the company and its subsidiaries are expected to use some of their own funds temporarily idle to invest in securities and financial products, with a total investment limit of no more than 3.3 billion yuan. Of this amount, 2 billion yuan is used for entrustment and securities investment (including allotment or purchase of new shares, securities repurchase, stock and depositary receipt investment, bond investment, etc.); 1.3 billion yuan is used for the purchase of low-risk financial products and other risk-controllable financial products with a single investment period of no more than one year, and the income is distributed in cash.
In fact, 3.3 billion yuan is used for investment and financial management. I love that my family has used 3.3 billion yuan for investment and financial management since 2023. The company said the move is to improve the efficiency of the use of its own idle funds and increase capital returns.
Do I really have a lot of idle money in my family?
According to the annual report, at the end of 2023, I loved my family's paper currency fund of 3.561 billion yuan, corresponding to short-term loans of 1.21 billion yuan, long-term loans due within one year (including interest) of about 367 million yuan, long-term loans of 1.058 billion yuan, long-term and short-term debts totaling 2.635 billion yuan.
In other words, the company's monetary capital is only 926 million yuan more than debt.
In 2023, the company's financial expenses reached 655 million yuan, of course, mainly from leasing liabilities.
The above data shows that if the debt is paid off, I love my family's idle funds will be less than 1 billion yuan, and this also includes funds to maintain daily operations.
In the secondary market, since its backdoor listing, I Love My Family's share price has also performed poorly. At the end of March 2017, the company's share price reached a maximum of 14.71 yuan/share. As of April 26 this year, the share price was 1.73 yuan/share. After the previous reinstatement, the share price fell by about 80%.
At present, the market value of I Love My Family is only about 4 billion yuan, which is less than the valuation of about 6.6 billion yuan when the company was listed on the backdoor.
The stock price fell, and Xie Yong's pressure increased. On April 24 this year, the company's controlling shareholder, Xizang Taihe First Investment Management Co., Ltd.(referred to as "Xizang Taihe"), pledged 30.1 million shares of the company held by Zheshang Bank Beijing Branch, accounting for 1.28% of the company's total share capital. Xie Yong is the actual controller of Taihe in Xizang.
As of the date of the announcement, the pledge rate of I Love My Home equity held by Xie Yong and his concerted action person, Xizang Taihe, was 62.86%.