To A of deep Kang Jia, it is to sell home appliance it may not be a bad idea to still play no matter supply catenary government, that just hangs an ovine head to attract discharge to do big run to close at most just, as to earn money the thing of life of the add that defend case, need to sell dog meat ability to do calm.
Company of lens of no less than studies an article is analysed in that way, cooperate to fall in the your kind effort of city of large stockholder overseas Chinese and close ally, kang Jia 2018 on Zhang face gain, but the state that its smash the net gain after blame to be in deficit of a huge sum as before however -- similar the gain of profit Zhang side of this kind of attributive partner but the circumstance that deducts blame loss, continued 8 years all the time almost in Kang Jia, if be not net in order to buckle strictly to serve as the standard that retreat city, kang Jia retreated city 8 years 3 times quite almost in the past!
Nevertheless, every arrive the crises that retreats city, in advocate profession persists below the circumstance of deficit, kang Jia can squeeze gain of side of enter an item of expenditure in the accounts to defend case successfully through all sorts of accounting methods every time, such 8 years perserve with unremitting, let A of deep Kang Jia become a the secular bird of capital market.
Using up transition of many strategic resource seek and during seeing financial result, in bursa gradually bashful Kang Jia announced one paper suddenly 3 billion yuan again plan of financing add life, but the problem is, such plan, does the secular bird that can you let this move up and down in brim of life and death only 8 years restore independent hematopoiesis function to fly afresh?
In lenticular company research publishs yesterday " Kang Jia together director of overseas Chinese city twists deficient god drama, 39 batches of hoisting jack are clever brush 700 million profit " in one article, we are mentioned, kang Jia 2018 400 million multivariate attributive appear on the market having in profit of company shareholder net is in its secondary attack of city of large stockholder overseas Chinese and ally god falls about 700 million yuan, clever favourable geographical position brushs the Zhang area income that come out with accounting standard, these Zhang area income do not bring real ready money basically to flow, in unless,buckle regular after increase and decrease, kang Jia is actual 2018 what deficit achieved nearly 800 million yuan is gigantic -- actually, blame of have the aid of is regular increase and decrease, especially watch of yield stucco profit, this to Kang Jia it is do something one knows well already.
Lenticular company considers to notice, kang Jia just did not deduct loss of a huge sum of blame net profit 2018, since 2011, this company buckles the net gain after blame to be in all the time continuously the position that loss fills hard. Statistic of straight flush IFinD shows, 8 years of a health beautiful accumulative total buckle specified number of loss of blame net profit to be as high as 3.016 billion yuan, among them deficit specified number is spent was 2015 a the biggest year, in those days Kang Jia buckles loss of blame net profit to be as high as 1.13 billion yuan.
From buckle data of blame net profit to see not hard, kang Jia is current each advocate business Wu had lost ego hematopoiesis ability, was immersed in continuously deficit hard the lair of extricate oneself -- this, from the ready money that its manage an activity just a little also can see in flowing: Statistic of straight flush IFinD shows, came 2011 between 2018, management activity cash of Kang Jia flows present an accumulative total (be being lost or after balance of profit and loss, similarly hereinafter) those who be as high as 7.313 billion yuan is clean pour out of.
See not hard from afore-mentioned statistic, if be not net gain in order to buckle to serve as the basis that retreat city, so Kang Jia may be in city had been retreated 3 times in 8 years in the past -- but, arrived every time consecutive loss be about to by ST or during retreating city, kang Jia always can be passed advocate the method besides business Wu (the most typical is to pass all sorts of capital to run production yield, the accumulative total yield that straight flush IFinD shows 8 years Kang Jia is the closest is as high as 8.571 billion yuan) will let the net gain of attributive partner on watch of this company profit become a full member, borrow this to protect housing to continue its the secular bird is mythological.
Data shows, although of Kang Jia buckle blame net profit up to now already consecutive loss 8 years, but the profit of attributive partner net on watch of this company profit had appeared 2015 only however 1.257 billion yuan deficit, the attributive partner profit on face of this company Zhang all is other a particular year to be worth. Statistic of straight flush IFinD shows, kang Jia 8 years the value is an accumulative total of attributive partner profit 4.476 billion yuan.
Again simple finally ground is new and reductive core finance affairs of 8 years behaves Kang Jia recently: Came 8 years of 2018 2011, the net gain that the accumulative total on face of Kang Jia Zhang realizes attributive partner 4.476 billion yuan, but 8 years unless,Kang Jia is buckled regular the net profit after increase and decrease however deficit of accumulative total a huge sum 3.016 billion yuan, because,this basically is 8 years a yield that Kang Jia ran accumulative total to realize 8.571 billion yuan through capital, aided its to finish the changeover that profit expresses, but actually Kang Jia goes 8 years advocate business Wu casts off consecutive loss lair without materiality all the time, this, 8 years from its 7.313 billion yuan a huge sum manages an accumulative total only cash reserve in a bank is poured out of can peep leopard one spot!
7 billion sell liverwort to burn light to raise debt again, capital catenary urgent aggravation
After declining from altar of overlord of domestic TV market, how to count concussion of classics human affairs and place the Kang Jia that come stage by stage, at starting strategic great transition in last few years, its manage a hope Kang Jia by the company that with home appliance so business gives priority to one, the investment that changes to be managed as a diversity accuses model company, but will look from current condition, this transition of health beautiful had been immersed in to spend war tremendously it seems that at present.
Public data shows, kang Jia nots hesitate to advance transition it may be said principal, this company sold off his with 7 billion yuan price 2017 the ground of seat of original Shenzhen headquarters, in order to exchange the new business that capital throws transition direction to go up, from the point of exterior income structure, this kind of transition obtained very right result 2018 it seems that.
2018, home appliance business of Kang Jia that supplied income of chain management business to exceed its tradition historicly, meanwhile, kang Jia is new the income of environmental protection business that develop also advances triumphantly, the way that everything appears to managing a hope along Kang Jia it seems that develops. Financial data shows, supplied chain management business to contributed twenty-eight billion three hundred and forty-nine million yuan battalion to close 2018 for Kang Jia, and the electron that gives priority to with home appliance inside this company the corresponding period produces category business income to be 13.17 billion yuan; In addition, environmental protection business of Kang Jia also realized 3.021 billion yuan income 2018, afore-mentioned " 3 drive carriage " the 61.46 ％ that hold Kang Jia total battalion to close respectively, 28.55 ％ and 6.55 ％ .
Consider to look in lenticular company, kang Jia's current run controls the diversity income construction that the structure is a model, this company appears already preliminary completed established strategic transition -- but awkward is, like if its buckle place of blame net profit in recent years,revealing the problem that come out, kang Jia completed the transition of battalion debit face only it seems that, fail to complete the transition of gain ability respect however, its each are big advocate of the gain ability of business Wu low, exceeded market anticipation greatly.
In Kang Jia " 3 drive carriage " in, contain the supply with taller Troy it seems that the 0.99 ％ that the wool profit margin of chain management business has pity on only, the wool profit margin of business of its environmental protection was not announced alone; Contrary, profit margin of health beautiful wool is higher is its traditional electronic industry business, the wool profit margin of this one business is 14.52 ％ , this one business of Dan Kangjia not only wool profit margin relatively glided to exceed 4 percent 2017, its do business income also fell considerably compared to the same period 18.44 ％ .
Lenticular company considers to think, from the point of the gain ability of Wu of each great undertaking, very the transition of Kang Jia of it's hard to say is a success, it is temporarily at present at least such; And awfuller is, to Kang Jia, although transition did not obtain the result on apparent finance affairs up to now, but however ground of one hundred percent drained this company's many strategy resource, state of catenary of Kang Jia capital is worsening quickly nowadays.
Up to by 2018, kang Jia's liquid assets has twenty-one billion eight hundred and forty-three million yuan only, and its flow is in debt to had been as high as twenty-two billion six hundred and seventy-six million yuan however, its flow rate has 96.33 ％ only -- Kang Jia's newest liquid assets cannot have enclothed flow to be in debt, future will face greater capital catenary pressure; And it is by 2017 when, the liquid assets on Kang Jia Zhang is eighteen billion eight hundred and ninety-one million yuan, its flow is in debt to have fifteen billion and thirty-one million yuan only, its flow rate is 125.68 ％ , its the capital catenary at that time is not put in too big question.
That is to say, a year short much time, capital catenary of Kang Jia from after selling the land at the outset relatively rich became nowadays high-strung, kang Jia passed nearly 7 billion yuan of ready money that sells off land to obtain 2017, had been used up to danger nowadays; Not only such, kang Jia still was added newly 2018 raise debt in great quantities, the short-term loan remaining sum on its Zhang face adds thirteen billion eight hundred and eighty-four million yuan to the end of 2018 times more quickly from 6.927 billion yuan by 2017, its are long-term loan is synchronous also grew to be close to 300 million yuan; Of a huge sum raise debt, let Kang Jia the financial pressure 2018 is added suddenly, its interest expenses is jumped by 352 million yuan of 2017 reach 566 million yuan of 2018.
3 billion add hair whether renascent " the secular bird "
Very apparent, the battle of Kang Jia's transition, had become to spend war tremendously actually at present.
After been use up breathtakingly in transition, catenary of impoverished, capital begins high-strung Kang Jia to begin to stretch his hand to wanted money to enrich the blood to partner eventually.
Releasing signed up for 2018 while, layer of Kang Jia management still is cast those who gave one paper upper limit to be as high as 3 billion yuan is directional add hair again financing plan. According to Kang Jia's plan, capital will have these collect not to exceed 2 billion yuan to be used at remanding the bank borrows money, those who remain will be used at compensatory circulating fund.
The problem is, when a huge sum burns money to did not obtain financial result, kang Jia casts 3 billion yuan of financing to enrich the blood again plan, even if adds hair success, these 3 billion yuan can make this the secular bird that struggled 8 years in thump of brim of life and death renascent, restore ego hematopoiesis ability afresh?
Consider to look in lenticular company, because Kang Jia has currently,cease indebted dimensions has exceeded 14 billion yuan, its liquidity level has faced greater pressure, 3 billion yuan again financing number is limited, be afraid let Kang Jia very hard have too big as; And, from its collect investment plans to see not hard, these 3 billion yuan capital does not have any hypostatic projects to invest a plan, be used completely at delay to see fluidity pressure of Kang Jia, accordingly it can be likely only at most on certain level alleviate the debt pressure of Kang Jia future, help Kang Jia reduce 200 million yuan of financial cost of the left and right sides every year.
In addition, notable is, kang Jia 3 billion yuan of this plan again financing, the giant management cash reserve in a bank that lasts in recent years in its sheds debt before, more or less to appear some an utterly inadequate method in dealing with a severe situation -- the ready money that Kang Jia managed an activity 2018 pours out of 3.23 billion yuan completely, poured out of 4.314 billion yuan completely 2017, poured out of 972 million yuan completely 2016.
Lenticular company considers to think, if Kang Jia uses up the new business of position of the institute in battle to cannot turn very quickly into leek to reap level next in the transition of early days, profit watch of Kang Jia feared will facing tremendous test once more 2019.
So, in Kang Jia " 3 drive carriage " in, where is the hope cropland that prospective leek reaps after all?
Lenticular company considers to predict, supplying barely of chain management business to contribute gross profit profit, at the same time home appliance business is faced with wool profit margin and battalion to control pair of falling adverse aspects again, kang Jia did not come advocate the dot of the biggest breakthrough of the gain on business Wu direction depends on his probably current run closes occupy than not big, but have however rise abruptly quickly go professional work of simple environmental protection engineering.
Financial data shows, 2018, the only ready money that Kang Jia invests an activity is poured out of be as high as 2.252 billion yuan, from the point of the balance sheet, these capital basically are cast to fixed assets and in build a project, the fixed assets 2018 mixes this company in build a project aggregate increased 2.864 billion yuan completely; Farther date from is cast to discovery, these capital of Kang Jia basically are cast to professional work of environmental protection engineering, among them mere east project of processing of catchment of harbor city inland river and autonomous county of north of Gansu Province respectful two big purposes are in project of water supply of some villages and towns built project remaining sum to exceed 1 billion yuan; Up to by 2018, the fixed assets of face of Kang Jia Zhang and in build project remaining sum aggregate be as high as 4.587 billion yuan; In the meantime, 2018, environmental protection business of Kang Jia board piece battalion closed to also break through 3 billion yuan, future may be put in bigger growth space.
But what lenticular company considers to need to remind is: In light of property of professional work of environmental protection engineering, its the commercial pattern of this business should be undertake with local government PPP cooperates, contractor of contract of need of mode of this kind of collaboration is long-term the capital of a huge sum of pay for sb and expect to be repaid later, and cycle of project settle accounts is general very long, have extremely high capital chain demand to contract business, at present almost all PPP concepts was immersed in tremendous capital catenary crisis, the company such as zoology of the Oriental park that with Kang Jia professional work of environmental protection engineering approximates relatively, male scene gardens, a strong determined person, have no exception, can Kang Jia cast off such situation?
The article comes from lenticular company research
