With compare with photograph of dimensions room look forward to, the leasehold dimensions of first share is apparent on the high side, meanwhile, the other and receivable fund of the company is main the object does not have any equity basically to concern with the company, the situation of this and person of the same trade is completely opposite.
This print journalist article of Yang Xianhua ／
After on afterwards one year good profit is behaved, recently first share (600376.SH) premonitory the outstanding achievement first half of the year, the profit of the company continues to grow steadily. Face more than one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan financing forehead and the liability that expire ceaselessly, this is a good news.
2018, having " capital one elder brother " the doorsill that the first share autograph that say made an appointment with a sale to stride one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan first. To it corresponding is, the financing forehead of the company is in after breaking through one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan, continue to be climbed up litre. Compare with photograph of person of the same trade, this is rarely seen.
Be efficiency of first stock fund lower? Market unknown. Nevertheless, the other and receivable money from the company can see, the main debt object before the rank leans and first share concern without direct equity. In financing forehead increase sharply while, the interest income of the company also is increasing considerably, does money take out borrowed of first share general to put again borrowed?
In expire debt expands ceaselessly under, the financing demand of first share has add without decrease. Before releasing half annals outstanding achievement, first share announcement financing demand, the company plans collect endowment not to exceed 6 billion yuan to be used at repaying the utility such as financial orgnaization loan. If call in,dimensions exceeds one billion four hundred and ten million and sixty-five thousand four hundred and eight yuan, deadline is in 2-3 year other and receivable money, does first share still need to continue to lend money?
To these doubt, up to distribute news dispatches, first share did not reply " security market weekly " interview.
One billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two indebted exceed a person of the same trade
First share released outstanding achievement a few days ago premonitory say, with on one year photograph of the corresponding period is compared, the company predicts vest in appeared on the market first half of the year 2019 the net gain of company shareholder will add 350 million yuan or so, increase compared to the same period 25% the left and right sides; Buckle blame hind, the company returns parent net profit to will increase compared to the same period 40% the left and right sides.
In the meantime, to the income first half of the year was behaved 2019, first share also predicts the growth that will 25% is control. The camp that attends one year according to the company closes and put in parent net profit 's charge to reach of 25% add fast, 2019 first half of the year, the battalion of first share closes predict to be controlled in twenty-one billion nine hundred and thirty-one million yuan, put in parent net profit 's charge to be controlled in 1.725 billion yuan.
2018 income grows nearly 60% first half of the year, below the circumstance that puts in parent net profit 's charge to grow more than 3 times, the growth seed that first share still can carry stable first half of the year 2019 is belonged to not easy, this is the half annals that goes a few years because of the company the performance with Xian Youlian steady add.
Outstanding achievement is premonitory after giving heat, attention is most frequent China achieve negotiable security gave out to be evaluated actively for a short while, weigh first share " outstanding achievement is added firmly, the sale is beautiful beautiful " . Say China achieve negotiable security most active, because occupy not complete count,be, up to on July 4, orgnaization 2019 to first share grind the newspaper also does not cross 17, its China achieves negotiable security one has 7, density is achieved average every months.
Outstanding achievement fact belongs to stability, the sale also belongs to bright look, but in these bright outstanding achievement backside, china achieve negotiable security to first share indebted it seems that turn a blind eye to.
It is before outstanding achievement is premonitory, first share announcement says, the debenture that the company plans to be not open hair not to exceed 6 billion yuan all right is used at repaying the utility such as financial orgnaization loan.
Before this mixed March April, first share had issued 4 financing announcement one after another, what include upper limit to be 5 billion yuan among them is sustainable in ticket, 7 billion yuan company debt, aggregate collect endowment upper limit is 15.1 billion yuan, together with this second highest 6 billion yuan blame makes public debenture, first share time of a few months already plan raises fund highest amount to 21.1 billion yuan.
It is with sustainable debt exemple, a appear on the market in room look forward to, up to 2019 first quarter, sustainable debt is most is happiness of an ancient name for China (600340.SH) , dimensions is 9 billion yuan, first share is 7.985 billion yuan, although can be not finished certainly sustainable in the collect of the ticket endowment upper limit, the sustainable debt of the company also becomes hopeful A of room look forward to most.
Wind data shows, 2018, first share adopts the approach such as bill of debenture, metaphase and short-term financing certificate direct financing 9 billion yuan; Time just passed 2019 half, the company is already direct financing 9 billion yuan. If second half of the year retains such financing strength, the direct collect of the company endowment dimensions will break historical record easily.
From eliminate beforehand the asset after gathering is indebted in light of rate, first share 2016-2018 year although the indebted rate of 75% fluctuation is not low, but with look forward to of other dimensions room photograph comparing is not highlighted, and the true and indebted case that net indebted rate just showed first share.
In of golden company grind the newspaper points out, the net indebted rate of first share is period end 212% , relatively the beginning of the year drops 15 percent, still be in an industry higher level; Company period end grows 45% to reach 32.7 billion yuan compared to the same period in hand cash reserve in a bank, expire inside a year have breath is indebted grow 90% to reach 38.5 billion yuan compared to the same period, pressure of short-term countervail debt is highlighted.
Want to know, element achieves the net indebted rate 2018 to also do not pass with radical and celebrated be in harmony 150% the left and right sides, net indebted rate exceeds 200% appear on the market room look forward to is very rarely seen. Gold points out in, the net indebted rate that first share exceeds 200% is belonged to truly in the person of the same trade infrequent.
From first share will actually look, as in character of golden company place, the short-term debt pressure of the company is not little. Up to 2019 first quarter end, the Zhang area cash reserve in a bank of first share is twenty-five billion and one million yuan, the blame flow that company of the corresponding period expires inside a year is indebted it is 37.45 billion yuan.
In addition, basis 2018 annals, be in debt in other flow in, first share still has 2.498 billion yuan short-term financing ticket, 1.5 billion yuan among them expired in March 2019, additionally 1 billion yuan will expire in September 2019. First quarter end, although the short-term loan of the company also does not have 888 million yuan more, 3 person aggregate and adjacent 40 billion yuan.
In light of the Zhang area cash reserve in a bank with first share, although suffer to be not entirely,be restricted capital, also enclothe short-term debt pressure hard.
Bring about first share to be in debt the financing forehead that taller immediate cause is company tall look forward to. 2018 year end, the financing amount of first share achieved one hundred and twenty-one billion four hundred and sixty-seven million yuan,
First share begins the financing specified number that shows company year end continuously from 2015, 2015-2018 year it is sixty-five billion five hundred and ninety-five million yuan respectively, seventy-eight billion six hundred and seventy-six million yuan, mix one hundred and twenty-one billion four hundred and sixty-seven million yuan one hundred and two billion five hundred and ninety-five million yuan,
4 years of time, the financing forehead of first share goes up 1 times more adjacent, the autograph is sold about was to come true more of 2.08 times rise. Apparently look, forehead of first share financing turned over the growth of times to bring the company's more wholesale sale approximately. Nevertheless, when 2015, the autograph of first share is made an appointment with all valence has 15593 yuan only / square metre, went to 26678 yuan to went up 2018 / square metre, go up achieved 71.09% .
Can see some of clue probably from sale area. 2015, the autograph of first share makes an appointment with an area to be two million one hundred thousand seven hundred square metre, the autograph made an appointment with an area to achieve three million seven hundred and seventy-five thousand six hundred square metre 2018, go up 79.73% still insufficient most probably.
Go up in financing amount be close to the circumstance of 1 times to fall, the sale expression of first share is not an autograph to make an appointment with amount to show probably that kind is exceedingly good.
2018, the autograph of first share made an appointment with a sale to had stridden one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan doorsill first, achieve one hundred billion seven hundred and twenty-seven million yuan. So,
See the civilian battalion company in look forward to of house of settle on town first. 2018, sunshine city (000671.SZ) the autograph makes an appointment with a sale to achieve one hundred and sixty-two billion eight hundred and fifty-six million yuan, forehead of financing of company period end is one hundred and twelve billion six hundred and thirteen million yuan, forehead of period end financing slightly under first share, but 60% what the autograph made an appointment with a sale to exceed first stock sale; Jindeji is round (600383.SH) sell amount one hundred and sixty-two billion three hundred and thirty million yuan, be about the same with sunshine city, but forehead of period end financing has eighty-two billion one hundred and forty-two million yuan only, sign namely make an appointment with dimensions to exceed first share 60% , and 70% what financing forehead is less than first share; In south construction (000961.SZ) the contract 2018 sells amount 146.6 billion yuan, forehead of period end financing is more only fifty-seven billion nine hundred and forty-two million yuan, even is not worth the half level of first share.
Rong Chengfa is exhibited (002146.SZ) it is a when make an appointment with a sale to be close to most with first share autograph, the company finished an autograph to restrict amount 2018 one hundred and one billion five hundred and sixty-three million yuan, but forehead of period end financing has forty-four billion nine hundred and ninety-three million yuan only, 40% what be less than first share even.
2018, golden division share (000656.SZ) the autograph that finish sells 118.8 billion yuan about, with development of first share, Rongcheng, it is the dimensions that breaks through one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan first, the financing forehead of year end company is eighty-two billion and thirty-nine million yuan, 67.54% what also do not spend first share.
In the state-owend enterprise, 2018, chinese Jin Mao (0817.HK) the autograph makes an appointment with a sale to go up greatly 85% achieve 128 billion yuan, loan of bank of plan interest of year end company and other loan come eighty-seven billion nine hundred and seventy-three million yuan, dimensions heads 72.43% of share; Ocean group (3377.HK) with Chinese Jin Mao, the autograph makes an appointment with a sale to stand first on one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan of doorsills, achieve one hundred and nine billion five hundred and ten million yuan, the loan amount of period end company is eighty-eight billion five hundred and seventy-five million yuan, dimensions and Chinese Jin Mao are similar, also be first share accordingly 70% the left and right sides.
Actually, in appear on the market in room look forward to, the company autograph that leasehold dimensions exceeds one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan makes an appointment with dimensions Dou Yuanchao one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan. 2018 year end, ground of buy of happiness of an ancient name for China, China embellish (group of lake of 1109.HK) , dragon (0960.HK) He Shimao estate (0813.HK) leasehold dimensions is one hundred and thirty-nine billion and thirty-nine million yuan respectively, 132.2 billion yuan, mix one hundred and nine billion one hundred and thirty-two million yuan one hundred and nineteen billion eight hundred and twenty million yuan,
Financing dimensions is giant, besides achieving a sale, reflect likely also in goods in stock. 2018 year end, the goods in stock of first share is one hundred and sixty-four billion and sixty-two million yuan, with Jin Ke one hundred and sixty billion eight hundred and thirty-five million yuan of share are close to most, city of sunshine of summary prep above, Rong Chengfa is exhibited and in south construction, the dimensions of goods in stock of look forward to of these 3 rooms fluctuates in 140 billion yuan, one hundred and twelve billion one hundred and seventeen million yuan goods in stock wants group of only gold land apparent under first share.
And the goods in stock of year end was estate of He Shimao of group of lake of ground of China embellish buy, dragon respectively 2018 three hundred and five billion five hundred and ninety-five million yuan, two hundred and forty-seven billion three hundred and eighty-nine million yuan mix one hundred and ninety-two billion six hundred and ninety million yuan, want to exceed first share significantly. Visible, with leasehold dimensions photograph of similar room look forward to is compared, it is state-owned no matter or it is civilian battalion, it is an autograph no matter be sold about or dimensions of goods in stock,
The sale is made an appointment with to lag behind in the autograph, below the situation that goods in stock does not highlight again, does the even more of first share have one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan is breath indebted where to go to?
Weird other and receivable money
Begin from 2017, the other and receivable money of first share appears piece unusual increase go situation, 2014-2016 year it is 6.32 billion yuan respectively, mix twenty-one billion one hundred and sixty-six million yuan twelve billion seven hundred and ninety-six million yuan, had presented a trend that raises considerably, but absolute amount is not special and outstanding.
2017-2018 year, the other and receivable money of first share mixes forty-six billion one hundred and ninety-eight million yuan for forty-five billion six hundred and seventy-six million yuan respectively, the amount 2017 relatively growth exceeded 1 2016 times, absolute amount expands quickly.
2014-2018 year, the autograph of first share sells amount to be twenty billion five hundred and ninety-one million yuan respectively about, thirty-two billion seven hundred and fifty-six million yuan, sixty-three billion one hundred and three million yuan, 69.19 billion yuan mix one hundred billion seven hundred and twenty-seven million yuan, the autograph makes an appointment with a sale to add after 2016 fast put delay apparently, be first share right now during other and receivable money increases considerably.
The income that first share report forms affirms is added fast more slow, 2014-2018 year it is twenty billion eight hundred and fifty-one million yuan respectively, twenty-three billion six hundred and eighteen million yuan, twenty-nine billion eight hundred and eighty-three million yuan, mix thirty-nine billion seven hundred and thirty-six million yuan thirty-six billion six hundred and seventy-eight million yuan,
4 years of time, the income that first share affirms rises be less than 1 times, but other and receivable money already violent wind went up 630.98% , although the autograph of company of the corresponding period arranges a sale,also increasing considerably, but of 389.18% go up far not as good as this, and the place before be like is narrated, the autograph of first share makes an appointment with a sale to grow to basically be in considerably 2014-2016 year, and other and receivable money is to be climbed all the way rise to expand ceaselessly.
The other and receivable money of room look forward to basically comes from project of affiliation, jointly owned, and the part is associated square, the annals of look forward to of much home house confirmed this.
10 thousand divisions say other and receivable money increases basically is " just reach associated battalion project to pay to collaboration increase " , baolide is produced (600048.SH) it is " the come-and-go money of as square as enterprise of affiliation, jointly owned and subsidiary collaboration partner increases " , target of before the Shekou that enrol business 5 other and receivable moneys is main just give priority to with correlation.
And, come-and-go of this kind of capital is short-term property below most circumstance. From the point of object of before look forward to of much home house 5 other and receivable moneys, basically have equity concern, and deadline is in mostly a year of less than, of 3 years of above not common.
The other and receivable money of first share appears extraordinary, object of before the company 5 other and receivable moneys does not have equity basically to concern with first share, and deadline is in 1 year of above, the other and receivable money that year end did not have a company 2018 is in 1 year of less than, short criterion 2 years of less than, long is 3 years of less than.
First share came from the other and receivable money of these 5 companies to exceed 1.7 billion yuan, aggregate dimensions achieves ten billion six hundred and nine million yuan more than one billion four hundred and ten million and sixty-five thousand four hundred and eight yuan, so, whether do these 5 companies have equity to concern with first share?
The answer is negative. 2018 year end, first share is other and receivable the paragraph is limited company of investment of Chengdu beautiful abdicate the first (next weighing " Chengdu beautiful inferiors " ) , amount is 2.947 billion yuan, weather eye is checked show, the sole partner of this company is enterprise of Chongqing dragon lake extends limited company, latter is the wholy-owned subsidiary of dragon lake group; Other and receivable money course of study of buy of the hundred in the 3rd Beijing dragon lake limited company and Yue Cheng of the 5th Guangzhou city inscription estate limited company is same by Chongqing Long Hu enterprise extends limited company indirect and wholy-owned hold, namely the wholy-owned subordinate company that these two companies also are dragon lake group, the other and receivable money of two companies mixes 1.784 billion yuan for 1.925 billion yuan respectively; Limited company of the 2nd management of Shenzhen couplet new investment and the 4th Beijing defend amount of other and receivable money limited company of development of benefit battalion estate parts to mix 1.779 billion yuan for 2.174 billion yuan, former belong to restful, latter is the wholy-owned company that Baolide produces.
Outside the target of other and receivable money that exceeds 1 billion yuan besides these 5 amount, still dimensions also exceeded 1 billion yuan, 2018 year end, first share comes from the other and receivable money of 10 thousand family business limited company of Beijing to be 1.062 billion yuan, apparent this company and first share concern without equity likewise.
Is first share appear at the beginning extraordinary? Either. Be in at least 2016, in before the other and receivable money of the company 5 objects, main company and its have equity concern, namely other and receivable money also comes from the affiliation, object such as jointly owned.
2016 year end, other and receivable money exceeds first share 1 billion yuan object has 3, it is Shanghai respectively numerous bear course of study of buy of peaceful of of estate development limited company, Xiamen limited company and Xiamen warmth ablaze peaceful buy course of study limited company, amount is 2.584 billion yuan respectively, 1.284 billion yuan mix 1.01 billion yuan, of first share hold a scale to be respectively 37.5% , 49% with 49% .
Visible, 2016, the target of other and receivable money with first the mainest share comes from at enterprise of affiliation, jointly owned, and be in basically 1 year of less than, do not have with other house look forward to 2 send.
The circumstance began to produce change 2017. This year, in list of before first share 5 other and receivable moneys, the first, the 3rd mixes the 4th to have equity concern likewise with first share, additionally two company criterion and first share concern without any equity, namely the hundred in Chengdu beautiful abdicate and Long Hu, the remaining sum of other and receivable money of year end mixed 1.539 billion yuan for 2.52 billion yuan respectively 2017, total amount exceeds 4 billion yuan. Nevertheless, right now the debt time limit of these 5 companies is in 1 year of less than.
Actually, 2015, the rest in object of before first share 5 other and receivable moneys does not have any equity twice to concern with the company, but total amount of these two companies is less than 1.8 billion yuan, far be inferior to 2017 the debt level of a company.
From main debt the object is enterprise of the affiliation of the company, jointly owned, deadline is basic 1 year of less than, to debt the object becomes the tripartite that concerns without equity, and debt time limit is far more than 1 year, 3 years time head opened share to complete the transformation of the identity it seems that.
Annals shows, 2014-2018 year, the interest income of first share is 295 million yuan respectively, 112 million yuan, 173 million yuan, 152 million yuan mix 1.439 billion yuan. But 2018 in annals, the interest income 2017 became first stock 875 million yuan.
If such, so mixed 2017 2018, the interest income of first share appears erupt type grows, of coincidence is, two this years the other and receivable money of the company also is maintained was in the history is the most exalted.
In last few years, more and more room look forward to chose joint development mode, first share is not exceptional also, long Hu, protect benefit wait to have cooperative project with first share with 10 thousand divisions, these other and receivable moneys are to pay collaboration square money likely, as to what why choose to pay to concern without any equity with first share " tripartite " , is not the project company that collaboration of room look forward to establishs, this had first share to know only.
If be to pay collaboration square money, so, whether was collaboration just fulfilled as much pay obligation? Course of study of buy of Beijing city records limited company (next weighing " Beijing city records " ) it is first share other 2017 the 4th of receivable money, amount is 1.696 billion yuan.
Industrial and commercial data shows, the partner of Beijing city records has two, among them first share is held 49% , beijing city building (600266.SH) indirect hold 51% . First share becomes a shareholder is in May 2018 portion, before this Beijing city records is Beijing city building is wholy-owned 2017 subsidiary, apparent Beijing city building is theoretic should assume contributive obligation more.
Mixed 2017 2018, the other and receivable money of Beijing city building mixes 1.976 billion yuan for 1.014 billion yuan respectively, advanced in 5 debt object, only 2017 two exceeded 100 million yuan and be less than 200 million yuan, the before 5 form that there is Beijing city records in the name. 2018, beijing city building is in before other and receivable money 5 times 100 million yuan of above, but highest be less than 400 million yuan, there still is Beijing city records in list.
That is to say, no matter be wholy-owned,embrace some to still held a be in the majority 2017 2018, the other and receivable money that Beijing city found a capital did not come from Beijing city records, so first share was not being finished before becoming a shareholder, for what is paying a huge sum fund with respect to go ahead of the rest? Why didn't the Beijing city building of be in the majority fulfil contributive obligation on equity?
If Beijing city building was finished contributive, call in capital again subsequently, so leave a mark hard probably in year end, and although arrived 2018 year end, first share comes from the other and receivable money of Beijing city records to still have 1.206 billion yuan, this " come-and-go money " total time achieves 1 year of above once more.
Unit of before 5 main money and company concern without direct equity, first stock is free still loan of ground general financing, and of company oneself go turning a case and had disappeared, mushroom of the manufactured goods in goods in stock.
The manufactured goods of tall look forward to
First share ever was in what had shown a company 2014 to turn a case, in those days annals shows, company annual can is for selling an area three million four hundred and eighty-two thousand six hundred smooth rice, actual implementation sells an area one million five hundred and forty thousand seven hundred smooth rice, go changing namely rate only 44.24% , of as general as dimensions room look forward to 50%-60% go changing rate photograph to compare not tall.
After 2015, first share is announced no longer can offer sale status, the company changes a circumstance to be environment place no longer truely witting. Nevertheless, from inside company goods in stock " develop a product " namely in light of the circumstance of manufactured goods, the sale is not it seems that smooth all the time.
2014-2018 year,
Especially 2018, dimensions is made an appointment with to just cross one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two yuan circumstance to fall in the autograph, occupy than apparent not low.
With first share the autograph is sold about almost of without the slightest difference is Rongcheng development, the development product of period end had latter only 2018 fifteen billion six hundred and eighty-five million yuan; The development product of year end was the golden division share that signs approximate to exceed first share 2018 eighteen billion eight hundred and thirty-nine million yuan, likewise far not as good as first share.
What although the autograph makes an appointment with a sale to exceed first,drive stock is other appear on the market room look forward to is rare also and such expensive development product, the development product of year end was sunshine city 2018 twenty billion two hundred and forty-five million yuan, golden land group is eleven billion two hundred and nineteen million yuan, in south construction is more only 7.521 billion yuan.
Although building dish keep long in stock exceeds a person of the same trade, but do not affect first share to open the high salary that give to employee. According to appear on the market standard of company salary computation, this period = of amount of wages material benefits pays worker and the cash that pay for the worker + (period end deals with worker firewood to propose a toast - period) of worker firewood fulfil is dealt with first, include the income such as salary, bonus, allowance not only, also include social security, accumulation fund, education grooms the welfare such as funds, this numerical value divides the average worker firewood that be being counted with staff person is an enterprise to propose a toast, can regard as the pay before duty approximately.
According to this one standard, 2018, =10.76 of amount of material benefits of first share wages 100 million yuan + (3.62-2.99) 100 million yuan, namely 1.139 billion yuan, come of staff of year end company 1866 people, namely yearly salary of average per capita is 610 thousand yuan about, monthly pay 50866 yuan.
A dimensions appears on the market in room look forward to, yearly salary of average per capita exceeds 600 thousand yuan have first share only, congeneric Beijing country endowment Hua Yuan is landed (600743.SH) the average yearly salary that give out already belonged to Gao Shuiping, also do not cross more than yuan 50 or so, apparent not as good as the level of first share.
Treat oneself employee, first share gave out almost absolutely coronal A appear on the market the average salary of room look forward to proposes a toast, right " outside person " the company is done not have so easy.
Rose 2012, first share begins to disclose case of the bag outside the service. 2012-2018 year, the man-hour gross of the bag outside company service fluctuates basically in 300 thousand hours, the pay amount that the bag outside the service pays is climbed ceaselessly litre, achieved 14.19 million yuan 2018, relatively 5.76 million yuan of of 2012 growth that had twice, in man-hour gross change not big case falls, total firewood proposes a toast grow considerably mean average pay increasing.
2018, the man-hour gross of the bag outside first stock service three hundred and twenty-seven thousand eight hundred hours, the total pay according to 14.19 million yuan is knowable its hourly pay is 43 yuan about, according to 8 hours of duty, every months of 22 weekday computation is knowable, average month income is 7568 yuan about.
Nearly 8000 yuan month income is not not acceptability, but the monthly pay photograph that exceeds 50 thousand yuan with employee of first share oneself is compared, such work reward is shown slightly miserable and shabby. Although wait for a reason as a result of social security, accumulation fund, cannot realize complete equal pay for equal work, but whether does such big difference still belong to normal limits?
