Zhongxin Finance, April 24 (Zuo Yukun) Tahoe Group, which has been struggling in the whirlpool for a long time, has also "turned its face" in terms of performance.

  On the evening of the 22nd, Tahoe Group (000732.SZ) released a revised announcement on its 2021 annual performance forecast, with an estimated loss of 3.5 billion to 4.6 billion yuan, compared with an expected profit of 101 million to 132 million yuan.

  Pre-profit to huge loss, what happened to Tahoe in less than three months?

Data map: Huang Qisen, chairman of Tahoe Group.

Within three months, a loss of more than 3 billion?

  On the evening of April 22, Tahoe Group suddenly released a revised announcement on the 2021 annual performance forecast, stating that the estimated operating income in 2021 is 4.26 billion to 5.635 billion yuan, and the net profit attributable to shareholders of the listed company is a loss of 3.5 billion to 4.6 billion yuan. Net profit after deducting non-recurring gains and losses was a loss of RMB 3.6 billion to RMB 4.8 billion.

  The amendment announcement comes just one week before the official disclosure date of Tahoe's annual report.

According to the forecast, Tahoe Group will disclose the "2021 Annual Report" and "2022 First Quarterly Report" on April 30.

  Back on January 29, Tahoe did not say so.

  In the 2021 annual performance forecast released by Tahoe Group on January 29, the company will turn losses into profits in 2021. It is expected that the net profit attributable to shareholders of listed companies in 2021 will be 100 million to 132 million yuan, excluding non-recurring Net profit after profit and loss was 372 million yuan to 483 million yuan.

  At that time, Taihe said that the profit growth was mainly due to the substantial increase in the company's real estate project sales revenue during the reporting period compared with the same period of the previous year, and the company strictly controlled various expenses and fixed costs, which was effective in saving expenses. Expenses have dropped significantly, etc.

  However, according to the latest forecast, Tahoe has not only failed to "turn around losses" within a year, but has also fallen back to the level of 2020.

Tahoe, which has been in a state of loss for a long time, achieved net profits attributable to shareholders of listed companies of 467 million yuan and -4.999 billion yuan in 2019 and 2020, respectively, and net profits after deducting non-recurring gains and losses were -402 million yuan and - 4.456 billion yuan.

  Regarding the significant downward revision of the performance forecast, Tahoe said that it was mainly because the company re-evaluated the assets with signs of impairment as of December 31, 2021 in combination with the current market situation in the real estate industry and the continuing impact of the epidemic. Impairment losses on related assets have been raised.

  Tahoe also listed three other reasons. They were that the company re-evaluated the financing costs according to the latest progress of debt restructuring, and the amount of financial expenses was higher than the performance forecast; the company made corresponding estimates based on the latest litigation progress after the disclosure of the performance forecast. Liabilities; the company's estimated value-added investment property appraisal is less than the appraisal result.

  Tahoe also mentioned that according to the provisions of Article 9.8.1 (7) of the "Shenzhen Stock Exchange Listing Rules", the company may be issued other risk warnings by the Shenzhen Stock Exchange.

That is to face the risk of being ST.

According to publicly available data, as of September 30, 2021, the number of A-share accounts of Tahoe Group was 50,652.

Huang Qisen, Chairman of Tahoe Group.

Image source: Tahoe Group WeChat public account.

"Yard Department" luxury house manufacturer, the chairman is assisting the investigation

  According to the official website, Tahoe Group is a large and well-known listed company engaged in the development of residential and commercial real estate.

The company was founded in 1996 and successfully listed on the backdoor in 2010. It was the only real estate company listed in China that year.

  The head of such a real estate company is Huang Qisen, known as "Mr. Mansion".

The "hard-core resume" of the architecture department and the economics graduate student made him a rare "double talent" among real estate bosses.

  Looking at the architectural style, the "yard series" products are a prominent label of Tahoe's luxury houses, and it has also become a well-known Chinese-style luxury house manufacturer in the country.

  However, his background in economics and 8 years of banking experience add a layer of financial background to Huang Qisen's style. He once said on many occasions that "if you don't know finance, you can't do real estate well".

Huang Qisen, a long-sleeved and good dancer in finance, has used capital leverage to the extreme. With capital operations, Tahoe has achieved rapid expansion. At its peak in 2017, the scale reached 100 billion.

  However, what Huang Qisen relied on eventually almost dragged him down. The high turnover, high leverage and high debt model brought Tahoe, which had been "running at extreme speed", into a "leverage crisis".

In 2019, Tahoe first exposed the problem of tight capital chain. Although it has been promoting debt restructuring, due to various reasons, the progress is not as expected.

  On March 2, 2022, the official WeChat account of Tahoe Group released a signed article by Huang Qisen: "At the moment, we must soberly realize that the golden age of real estate is over, and 'survival' is the top priority. For a long time to come, we all have to be prepared for hard times."

  "Don't lie flat, follow the right path." Huang Qisen mentioned that Tahoe should be "small and beautiful, small and refined", and in terms of product positioning, it will mainly focus on "high-end boutiques" in the future; in terms of scale, 30 billion to 50 billion enough.

  It is also since March that Tahoe has been falling into the rumors of bankruptcy.

On March 10, Tahoe’s official microblog issued a solemn statement saying, “What our company has encountered is only a liquidity problem, not a problem of insolvency. At the same time, our company has no high-risk problems such as off-balance sheet liabilities and co-investment by employees. We believe that the company will be able to get through the temporary difficult period."

  A few days later, on the evening of March 16, Tahoe Group announced that Huang Qisen, the company's chairman and general manager, was assisting the relevant authorities in the investigation, and the company's board of directors had launched an emergency plan.

The "Open Letter to Friends Who Care and Support Tahoe Group" published on Tahoe's official website mentioned that the chairman can participate in the decision-making of corporate operations in an appropriate way in the near future.

  On April 1, due to the violation of the letter disclosure, the Shenzhen Stock Exchange also issued a supervision letter to the Tahoe Group and the company's chairman Huang Qisen.

Labels such as "dishonest person subject to execution", "consumption restriction order" and "judicial assistance" continue to surround Huang Qisen and Taihe.

  "Tahoe wants to be the No. 1 brand in the real estate industry, and hopes to become a respected company that can bring employees a sense of honor, achievement, and pride." In 2019, Huang Qisen said to the public.

Tahoe Group's share price chart.

  As of the close on April 22, Tahoe's share price was at 2.49 yuan, leaving only 6.197 billion yuan in market value.

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