More than 500 million merchant tickets have not been paid overdue!Q1 Return to mother's net loss 2.4 billion, what is the solution of Zhengbang's science and technology dilemma?

In the first quarter of 2022, Zhengbang Technology has not reversed the decline in performance and continued losses. Operating income decreased by 48.92%year-on-year to 6.490 billion yuan, and net profit attributable to mothers decreased by 1249.73%year-on-year to -2433 billion yuan.

"Investment Times" researcher Lu Gong

In the quarter of 2021 and 2022, Jiangxi Zhengbang Technology Co., Ltd. (hereinafter referred to as Zhengbang Technology, 002157.SZ), which was over 20 billion yuan, is now under tension.

Zhengbang Technology recently issued an announcement saying that due to the influence of the pig cycle, Zhengbang Technology and subsidiary Jiangxi Zhengbang Breeding Co., Ltd., etc., recently due to the tension of mobile funds, some business tickets have not been paid overdue. As of the disclosure date of this announcement, the total amount of overdue payment balances total amount of non -payment balances totaling the total amount of payment balances. About 542 billion yuan. Among them, the overdue balance of Zhengbang Technology reached about 517 million yuan.

In the above announcement, Zhengbang Science and Technology stated that "the company will continue to actively negotiate with creditors, properly handle related business tickets for overdue payment, and will perform information disclosure obligations in accordance with the requirements of relevant laws and regulations." At the same time, the company said, " The company may face risks such as litigation and arbitration due to the above -the -dead issues. Investors are requested to invest rationally and pay attention to investment risks. "

Or affected by this news, in the two successive trading days after the announcement, Zhengbang Technology's stock price fell 11.18%, and the lowest stock price in the past three years (calculated by previous re -rights). However, the company's stock price has risen slightly in the past two days. As of June 15, Zhengbang Technology's stock price was 6.1 yuan/share; the company's market value was 19.193 billion yuan.

It is worth noting that behind the overdue incident of business tickets, Zhengbang Technology has greater debt pressure. Data revealed that until the first quarter of this year, the company's asset -liability ratio had climbed to more than 95%, reaching 97.03%. Earlier, Zhengbang Technology also reviewed the use of raised funds for supplementary funds due to cash flow, and extended return.

In addition, in terms of operating performance, Zhengbang Technology has not handled satisfactory results. It is reported that since the company's annual losses of 18.8 billion yuan in 2021, it has not turned losses in the first quarter of this year, and it has lost more than 2 billion yuan in a quarter.

A few days ago, the "Investment Times" researchers had issues such as tight funds, how to resolve the follow -up, and when they could turn losses to profits. The email communication outline asked the relevant departments of Zhengbang Technology and had not received the company's reply as of the press release.

When did the sales go down?

Recently, major pig breeding listed companies have announced the pig sales briefing in May 2022. The briefing shows that Muyuan (002714.SZ), New Hope (000876.SZ) and Wen's (300498.SZ) three companies this year The number of live pigs (sales of meat and pigs sold by Wen's shares) in May increased to varying degrees of growth, and the year -on -year increase was 89.31%, 50.81%, and 38.33%, respectively. In the same period, the number of pigs in Zhengbang Technology declined by 54.52%year -on -year, with only 749,700 heads.

Judging from the company's latest sales briefing data, since this year, the sales of Zhengbang Technology are still under the downward trend. In terms of the number of pigs sold in January this year, only the year -on -year growth rate has increased by 21.86%. —— May) declined year -on -year, and generally fell from 958,700 heads in January to 749,700 heads in May.

At the same time, the sales revenue of Zhengbang Technology during the same period has entered this year, and it is continuously sluggish. Regardless of the month's income or cumulative income, Zhengbang Technology's sales revenue from January to May this year has declined significantly year -on -year.

Data disclosed that the revenue of Zhengbang Technology from January to May this year was 1.219 billion yuan, 582 million yuan, 980 million yuan, 769 million yuan, and 700 billion yuan, respectively. , 3.035 billion yuan and 3.65 billion yuan; the company's cumulative revenue from January to May this year was 1.219 billion yuan, 1.801 billion yuan, 2.782 billion yuan, 3.550 billion yuan, and 4.250 billion yuan. 5.158 billion yuan, 8.04 billion yuan, 11.039 billion yuan and 14.688 billion yuan, the two values ​​of the two far exceeded this year.

In terms of operating performance, the data that Zhengbang Technology has presented in recent times is not ideal. According to the financial report data, in 2021, the company's performance suddenly turned sharply, and the net revenue was both declined. Among them, revenue decreased by 3.04%year -on -year to 47.670 billion yuan, and the net profit attributable to shareholders of listed companies (hereinafter referred to as returned to the mother) fell 427.62%year -on -year, from profit to losses, and the loss was as high as 18.819 billion yuan.

Regarding the decline in the annual performance of 2021, Zhengbang Technology explained in the financial report that due to the decline in the fluctuation of the domestic pig market price, the decline in the increase in sales of the company's sales volume has a greater impact on performance. In addition, the company's industry is single, and the contribution of revenue and profits mainly comes from pig breeding business. Therefore, companies with diversified businesses are more affected by the pig cycle.

After entering 2022, the business status of Zhengbang Technology has not improved to a large degree. In the first quarter, revenue was 6.490 billion yuan, a decrease of 48.92%from the same period last year. Yuan, a year-on-year decrease of 1249.73%. After deducting non-recurring profit or loss, it decreased by 436.86%year-on-year to -2.314 billion yuan. Regarding the decline in revenue, Zhengbang Technology explained in the first quarter report that it was mainly due to the decline in the market conditions of the pigs in this period and the decline in sales revenue of pigs. Zhengbang Technology in the first quarter of 2022 some accounting data and financial indicators

Data source: company financial report

Asset -liability ratio 97%of capital bearing pressure

In response to the overdue payment of some business tickets of Zhengbang Technology recently, the researcher of the "Investment Times" further studied that Zhengbang Technology had large debt pressure.

In the overdue announcement disclosed a few days ago, 11 overdue subjects such as Zhengbang Technology and subsidiary Jiangxi Zhengbang Breeding Co., Ltd. reached a total of about 542 million yuan. According to the previous quarterly report released by the company, the company's bills of payable are about 1.078 billion yuan, does this mean that the amount of the bill of receiving bills in the second quarter of this year has not been added, then the company has the company that has the company's company. Nearly half of the bills payable?

Pushing the timeline for another two months, Zhengbang Technology issued an announcement on the extension of the extension of the funds raised and continued to temporarily supplement the mobile funds in April this year. The proposal to repay the idle fundraising funds and continue to be used for temporary supplementation of mobile funds ", intending to be extended to return to the public offering of 1.102 billion yuan of funds for convertible corporate bonds in 2019, 2.440 billion yuan of idle funds for non -public offering of stocks in 2020 and continue to use it. Temporarily supplement the flow of liquidity, and the extension of the return period will not exceed 12 months from the date of review and approval of the board of directors.

And this is not the first time that Zhengbang Technology has temporarily supplemented mobile funds with idle funds. As early as April 2021, the company reviewed and approved the "Proposal on the use of some idle raised funds for the temporary supplement of mobile funds", agreed that the company's use of non -public issuance shares in 2018 should not exceed 160 million yuan. The funds raised by the conversion of corporate bonds will not exceed 1.130 billion yuan. In 2020, the raised funds raised by non -public offering of non -public issuance shall be temporarily supplemented with mobile funds.

Let's look at the company's current specific debt situation. In the first quarter of this year, Zhengbang Technology's asset -liability ratio has increased to 97.03%, close to 100%, an increase of more than 20 percentage points compared to about 60%in 2019. At the same time, this should be. The net cash flow generated by the company during the same period has also continued to negative since the first quarter of last year.

The high debt and capital pressure, coupled with the downward and continuous losses of business performance, the future road of Zhengbang Technology may be full of challenges and difficulties.

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