The pig-raising company's "cross-border" was questioned as having no money, and it also received a letter of concern. Is it so miserable?

　　Zhongxin Finance, June 21 (Reporter Xie Yiguan) Since 2021, the price of live pigs has fallen all the way to a trough, dragging the performance of pig farming enterprises to a "trough".

Recently, some pig enterprises have even played "cross-border", but they soon received letters of concern.

Pig enterprises cross-border "new energy", " where does the

　　On June 17, Zhengbang Technology announced that it signed the "Carbon Neutral" Comprehensive Smart Energy Project Cooperation Agreement with State Power Investment Group Co., Ltd. Zhejiang Branch. Photovoltaic, wind power, comprehensive smart energy and other industries, strive to build ecological photovoltaic, wind power, distributed and centralized comprehensive smart energy of about 10 million kilowatts within three years, and the total investment is expected to reach about 40 billion yuan.

　　Perhaps due to the good news, the market opened on June 20, and Zhengbang Technology’s daily limit was quoted at 6.95 yuan per share.

Zhengbang Technology's stock price trend chart.

　　Just when the shareholders were immersed in joy, on the 20th, Zhengbang Technology disclosed the letter of concern issued by the Shenzhen Stock Exchange.

The letter of concern shows that the Shenzhen Stock Exchange requires Zhengbang Technology to explain in detail the company's obligations in this cooperation, the expected asset scale or investment amount (if necessary), and the possible impact of this cooperation on the company.

　　At the same time, on this basis, combined with the company's current production and operation status, liquidity and the source of funds required for this cooperation (if applicable), etc., it is necessary to explain whether the company has risks such as capital status and other conditions that are insufficient to support the development of relevant projects.

　　If you look at the recent performance of Zhengbang Technology, you will find that the Shenzhen Stock Exchange's concerns are not unreasonable.

　　According to the financial report, Zhengbang Technology’s net profit loss attributable to shareholders of listed companies in 2021 will reach 18.819 billion yuan, and it will lose another 2.433 billion yuan in the first quarter of 2022.

As of the end of the first quarter, the company's debt ratio was 97.03%.

There was also news of "filing for bankruptcy", which was later refuted by the company.

　　On the 8th, Zhengbang Technology also issued an announcement saying that due to the impact of the pig cycle, the company and its subsidiary Jiangxi Zhengbang Breeding Co., Ltd. recently had some commercial bills overdue due to tight liquidity. As of the announcement date, the balance of overdue and unpaid Total 54.205 million yuan.

　　Therefore, this "crossover" was also questioned by netizens, "There is no money to raise pigs, where will the money be invested in photovoltaics?"

The pig-raising leader Muyuan Co., Ltd. is caught in the "inflated profit" storm

　　Zhengbang Technology, which has fallen into huge losses, is busy with cross-border "self-rescue", and the industry leader Muyuan shares is caught in the question of "financial fraud".

　　Recently, some media issued a document that due to the under-accounting of 3.9 billion yuan in inventory depreciation reserves in the 2021 financial report, Muyuan shares are suspected of inflating profits.

　　The media believes that the cost of Muyuan shares is about 600 yuan per head when "nursing pigs" are converted into "fattening pigs", and the average weight at this time is about 29 kilograms.

Using the industry formula and the obtained data, the real cost of these pigs can be calculated as 1777.6 yuan per head.

It is 218 yuan higher than the feeding cost of 1559.53 yuan disclosed by the annual review agency.

Then, 218 yuan should be accrued for each fattening pig, and the total amount is about 3.9 billion yuan.

Data map.

Photo courtesy of Changchun Customs

　　In response to the above questions, a person from the securities department of Muyuan Co., Ltd. responded to the media, "In the above article, the predicted selling price of fattening pigs is divided by the market sales price to obtain the simulated average weight (118.7kg), and then multiplied by the author's simulated breeding cost to obtain The company's cost value. However, this method of reversing the column weight to demonstrate the impairment test does not match the logic of the real impairment test."

　　The above-mentioned Muyuan people also said that in the formula used in the article, three parameters: weight growth, feed price, (1 + other costs other than feed and depreciation / feed cost + depreciation cost / feed cost), and the company's actual cost The situation does not match.

　　In response to the above-mentioned media reports, on May 18, the Shenzhen Stock Exchange issued an inquiry letter to Muyuan for the 2021 annual report, requiring Muyuan to explain the reason and rationality of the company's failure to make provision for depreciation of relevant inventories in the current period.

At the same time, the annual auditing accountants are requested to check the above issues and issue clear opinions.

　　In the reply, Muyuan Co., Ltd. stated that it was reasonable that the company did not make provision for depreciation of relevant inventories at the end of the reporting period.

The annual auditing accountant also believed that the inventory balance of the company at the end of the reporting period was true; the company did not make provision for inventory depreciation at the end of the reporting period in line with the relevant provisions of the Accounting Standards for Business Enterprises.

Pig prices are rising, and the plight of pig enterprises is expected to improve

　　The so-called "poor people are right and wrong", the price of live pigs has been at a low point before, and the industry has fallen into a situation of "selling one head and losing one head", and pig companies are carrying "a lot of debt".

　　Qin Yinglin, chairman of Muyuan Co., Ltd., once said frankly that the rapid development of the pig industry, including Muyuan, depends on policy support. A large number of bank loans were used to build modern pig houses. Most of the time, pig enterprises will have tight cash flow. At the bottom of the round pig cycle, it is almost "on the line".

　　However, as pork prices have continued to rise in recent months, the plight of pig producers is improving.

　　Data from the Ministry of Agriculture and Rural Ministry showed that since late March, the average purchase price of pigs and the average factory price of white bars have risen for 11 consecutive weeks.

In the latest week (June 6th -June 12th), the average purchase price of pigs from the nationwide -scale pig -oriented slaughtering enterprises was 16.51 yuan/kg, an increase of 0.1%month -on -month.

The average ex -factory price of white meat is 21.69 yuan/kg, which is flat month -on -month.

Data map.

Photo by China News Agency reporter Tian Yuhao

　　The May sales data released by many listed pig companies also showed that the sales prices of pigs have risen, and the sales of pigs and their monthly income have also increased.

　　According to the data of the National Development and Reform Commission Price Monitoring Center, the data released by Zhuochuang Information showed that in the second week of June, the national pig price was 4.52, which was flat.

Based on the current price and cost, the average profit of live pig breeding in the future will be 131.77 yuan.

　　"For breeding enterprises, the third quarter may be a period of mild recovery of profits, but at the same time, the intermittent secondary fattening and slaughtering and uncertain factors such as weather may bring certain constraints to the rise in live pig prices, and it may be difficult for pig prices to rise sharply. ." Zhuo Chuang Information pointed out.

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