The stock price is the first, and the market value is the second. What does Zijin Bank have lost three years after listing?

Wen | Su Jinjian

Zijin Bank (601860.SH) has just finished the "Dazzling" performance Express in front of the feet, and apologies.

Picture source: Zijin Bank

On the evening of July 29, 2022, Zijin Bank issued an announcement saying that it was a stable stock price. Some executives of the company purchased 28,500 shares on July 14, 2022, and the average purchase price was 2.82 yuan/share.

The First Financial Daily commented on this, "Although most of the reasons for illegal operations will mention that they do not understand relevant laws and regulations, but do not rule out that some senior executives have the phenomenon of 'pretending to be confused'."

Ironically, Zijin Bank's stock price is indeed "stable". Closing on August 1st, Zijin Bank closed at 2.8 yuan/share, which has fallen by more than 75%compared to the historical highest price.

The Zijin Bank, known as the "first A -share listed provincial capital city agricultural bank", has been hovering since its listing. Among the nine listed banks in Jiangsu, the countdown value is the second, only less than 1 billion more than 1 billion yuan. The stock price ranks first, and the penultimate number of listed banks across the country.

Three years of listing, Zijin Bank has changed three chairmen, but there seems to be no better way. At the beginning of this year, the major shareholders started to vote with their feet.

Double -digit growth performance Express is also no surprise

In the first half of 2022, Zijin Bank handed over a "dazzling" answer.

According to the performance express, in the first half of 2022, Zijin Bank's revenue was 2.166 billion yuan, an increase of 2.64%year -on -year; net profit attributable to shareholders of listed companies was 824 million yuan, an increase of 10.05%year -on -year. It can be seen that Zijin Bank's net profit has achieved double -digit growth.

And this is actually the normal state of Zijin Bank before listing.

The "prospectus" shows that from 2017 to 2019, Zijin Bank's revenue was 3.622 billion yuan, 4.23 billion yuan, and 4.675 billion yuan, respectively, a year -on -year increase of 5.24%, 16.77%, and 10.54%; net profit was 1.138 billion yuan, respectively. , 1.254 billion yuan and 1.417 billion yuan, a year -on -year increase of 10.13%, 10.2%, and 13.03%, respectively.

However, unfortunately, in the first half of 2022, the high growth rate of Zijin Bank was based on the low base in the first half of 2021.

According to the financial report, in the first half of 2021, Zijin Bank's revenue was 2.11 billion yuan, a year -on -year decrease of 14.40%; net profit attributable to shareholders of listed companies was 749 million yuan, an increase of only 2.72%year -on -year.

In terms of horizontal comparison, in the first half of 2019 and the first half of 2020, Zijin Bank's revenue was 2.405 billion yuan and 2.466 billion yuan, respectively, and the net profit attributable to shareholders of listed companies was 715 million yuan and 729 million yuan, respectively.

It can be found that compared with two years ago, the scale of Zijin Bank's revenue has even declined.

Picture source: Zijin Bank Finance Report

Through annual data, it can be seen that Zijin Bank has hovering after listing.

The financial report shows that from 2019 to 2021, Zijin Bank's revenue was 4.675 billion yuan, 4.477 billion yuan, and 4.502 billion yuan, respectively; net profit was 1.417 billion yuan, 1.441 billion yuan, and 1.515 billion yuan, respectively.

Not only did the performance hover, the asset -liabilities of Zijin Bank also fell.

According to the financial report, in 2021, Zijin Bank's total assets were 206.666 billion yuan, a year -on -year decrease of 5.05%; total liabilities were 190.667 billion yuan, a year -on -year decrease of 6.01%. This is the first time since the listing of Zijin Bank.

This also directly affects the capital adequacy ratio of Zijin Bank. According to the financial report, as of the end of March 2022, the core first -level capital adequacy ratio of Zijin Bank was 10.2%, the first -level capital adequacy ratio was 10.2%, and the capital adequacy ratio was 14.59%. Compared with the end of 2021, the three major indexes fell 0.45%, respectively. , 0.45%and 0.61.

On the other hand, although the non -performing loan ratio of Zijin Bank is steadily declined, the data is still high compared to the industry at the same level.

According to the financial report, as of the end of 2021, Zijin Bank's non -performing loan was 2.030 billion yuan, a year -on -year decrease of 0.02%, and a non -performing loan rate of 1.45%, the best level since listing. However, in terms of horizontal comparison, the non -performing loan ratio of Xiamen Bank and Wuxi Bank in the same echelon as Zijin Bank are below 1%.

Considering that the loan interest income is the top priority of Zijin Bank's revenue, on the one hand, the capital adequacy ratio is under pressure, and on the other hand, the non -performing loan ratio has not been effectively controlled. This may be the "hidden disease" where Zijin Bank's performance is hovering.

Three years of listing, the chairman replaced the three people

The performance of Zijin Bank is hovering, and maybe there is a certain connection with the frequent changes in its leadership.

On the evening of April 28, 2022, Zijin Bank issued an announcement of executives to appoint senior management as saying that Shi Wenxiong was appointed as the president.

In Q1 2022, Zijin Bank also issued an announcement of the changes in chairman and vice chairman. On January 29, Zijin Bank issued an announcement on the approval of Chairman Zhao Yuankuan's qualifications; on March 16, Zijin Bank issued an announcement saying that Zhu Ming was elected as the company's vice chairman.

This also means that in the first half of 2022, the management of Zijin Bank had completed a great blood change. In fact, the above -mentioned blood changing is not an solitary case. Since its listing in 2019, Zijin Bank has replaced three chairman and many directors and supervisors have left.

In August 2020, Zhang Xiaojun, the former chairman of Zijin Bank, stepped down as chairman of the company. Subsequently, the board of directors of Zijin Bank elected Tang Yu as the chairman of the company's third board of directors. At the end of 2019, Huang Weiping, the former vice chairman of Zijin Bank, resigned from the relevant position for "personal reasons".

In November 2021, Zijin Bank issued two announcements saying that the chairman and chairman of the supervisory were adjusted. Among them, Tang Yu no longer served as the chairman of the company and was replaced by Zhao Yuankuan. At this time, the qualifications of Tang Yu's chairman were approved, just about a year.

Although Zijin Bank stated that the departure of directors and supervisors is mostly for personal reasons, "it will not have a significant impact on the company's management and management work." But for investors, stable executives often represent the company's firm development direction; executives executives; Frequent changes are difficult to not affect the company's long -term strategic decisions.

For example, on April 18, 2022, the stock price of China Merchants Bank fell sharply, a drop of 8.6%, and the minimum stock price was only 42.78 yuan/share. On the same day, China Merchants Bank's stock price was 43.39 yuan/share, down 7.35%.

In response, the China Fund News quoted people in the industry that the stock price of China Merchants Bank was mainly caused by the rumor of "China Merchants Bank President Tian Huiyu being investigated".

On the evening of April 18th, China Merchants Bank officially issued an announcement saying that it would be exempted from the position of the governor and director of Tian Huiyu China Merchants Bank.

Subsequently, China Merchants Bank's stock price began to fall. As of May 9, 2022, China Merchants Bank's stock price once fell to 34.95 yuan/share. Compared with April 15, 2022, it was rumored that the top 45.31 yuan per share appeared at a high of 22.86%.

It is true that because the wood has become a boat, the market cannot say that the frequent changes in management have led to the performance of Zijin Bank's performance. But in combination with history, the stable management does play a certain role in boosting the performance of Zijin Bank.

In August 2014, Zhang Xiaojun, president of Jiangnan Rural Commercial Bank, was transferred to the chairman of Zijin Bank. Under Zhang Xiaojun's governance, Zijin Bank has not only completed the feat of impacting the IPO, but also grows steadily.

Passive holdings are difficult to hide the trend

In the context of the performance of the performance and the stock price, in addition to telling the story of "inclusive finance", Zijin Bank's management also "real gold and silver" also saved the stock price.

However, among them, it is also because of the passive increase in stable stock price conditions.

From November 24th to December 21st last year, Zijin Bank stocks were lower than the company's net assets per share after the company's recent period of the recent period of 20 consecutive trading days, to achieve the initiative of triggering stable stock price measures. Management had to issue a stable stock price plan on December 31.

Picture source: Zijin Bank Announcement

This is not the first time Zijin Bank's executives have taken the initiative to increase their holdings.

On April 28, 2021, Zijin Bank also issued an announcement of a stable stock price plan. At the time of the company's salary (excluding independent directors), senior management personnel, the amount of currency of the company's shares was not lower than its above one. The annual income from the company's income from the company was not less than 2.1614 million yuan.

On November 24, 2021, Zijin Bank issued an announcement on the implementation of the implementation of the stabilization stock price plan. The main body of the increase in holding the holdings was increased by the company's shares in a concentrated bidding manner, accounting for 0.02% of the company's total share capital. , Cumulative holdings increased by 2.2134 million yuan, and the transaction price range was 3.17 yuan/share to 3.84 yuan/share.

The horizontal contrast can be found that the increase in the holding plan of the previous stage has just been completed for about a month, and Zijin Bank has continuously opened a new round of stable stock price plan.

From the perspective of time, Zijin Bank's holding plan has almost no effect on the company's sluggish stock price.

After listing in 2019, Zijin Bank's stock price rose to a high of 10.62 yuan/share, and then its stock price began to "fall into end." As of August 1, 2022, Zijin Bank's stock price was only 2.8 yuan/share, a decrease of more than 75%from the former high.

Of course, executives are obliged to stabilize the stock price, but the major shareholders of "profit" are also like retail investors, and they have begun to vote Zijin Bank with their feet.

On March 24, 2022, Huihong Group, a state -owned asset -owned holding company in Jiangsu Province, issued an announcement saying that the two holding companies (Huihong Zhongjin and Hui Hongzhong) were selected to reduce their holdings. Essence

All in all, although on the surface, the executives of Zijin Bank frequently increase their holdings and can indeed give a certain confidence to the capital market, but in terms of the core performance, Zijin Bank stopped. In addition, the frequent changes in Zijin Bank's executives will also allow the capital market to question whether its company can have a continuous macro strategy.

Therefore, most of the Capital Market is optimistic about Zijin Bank, most of them are speculators.In this regard, every time Zijin Bank releases its holdings, its stock price has a short peak.However, because the company does not have growth, the boom of each hold of holdings has faded, and the stock price of Zijin Bank has begun to steadily explore.Therefore, if Zijin Bank wants to make investors optimistic in the future, it still needs to practice internal skills to present dazzling financial data to the capital market.

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