Unbearable secrets?Why did Shanghai Beach Brokerage Giants "pit" by the company's four -line house?

China Times (chinatimes.net.cn) reporter Liu Chuan Chen Feng Beijing reported

A few days ago, Oriental Fortune (300059.SZ) released the 2022 semi -annual report. "Huaxia Times" reporter found that a real estate development company in Shandong "pitted" Oriental Wealth was 21 million yuan, which has not yet been repaid. Oriental wealth was not sounded, only in private. What happened behind this?

The reporter also found that the Tiantian Fund Company, which is engaged in third -party fund sales under Oriental Fortune, has a net profit margin of about 5%in the case of 95%of the gross profit margin.

Under normal circumstances, high gross profit means high net profit, and at least net profit should not be low. So why does the Tiantian Fund have a "high hair profit and low net profit" phenomenon?

With the above two questions, the reporter of Huaxia Times called Oriental Wealth. Oriental wealth staff has always been silent about the incident of 21 million yuan in arrears: "We no longer disclose that related content." And for the "high hair and low net profit" of the Tiantian Fund, Oriental Wealth always avoided this problem. : "You can look at other companies of peers, they may not be high yet."

The reporter checked the public information and learned that the sales industry in the third -party fund is not the "high hair and low net profit" referred to by Oriental wealth staff. The new three -board listed enterprise sold by third -party funds is good for buying wealth (834418.oc), which is a high -gross -profit and net profit enterprise.

Shandong Jining Real Estate Development Company arrears dispute

Oriental Wealth's half -annual report in 2022 shows that in the first half of the year, the company achieved total revenue of 6.308 billion yuan, an increase of 9.13%year -on -year; net profit was 4.444 billion yuan, a year -on -year increase of 19.23%. Among them, the company's Oriental Wealth Securities achieved revenue of 4.177 billion yuan in the first half of this year, an increase of 34.14%year -on -year; net profit was 2.848 billion yuan, an increase of 37.52%year -on -year.

In terms of the main business lines, Oriental Fortune Securities achieved a fee and net commission's net income of 2.441 billion yuan in the first half of this year, an increase of 30.0%year -on -year, and the revenue proportion was 58.4%; the net interest income of the two -financing business was 960 million yuan. , An increase of 25.4 % year -on -year, with revenue ratio of 23.0 %; the investment income and fair value changes generated by the self -operated business in total was 650 million yuan, an increase of 58.6 % year -on -year, and the revenue accounted for 15.6 %.

In terms of Tiantian Fund, as of June 30, 2022, a total of 151 public fund managers launched 14,358 fund products. The company's Internet finance e -commerce platform realizes a total of 130,282,396 transactions of fund recognition (application) purchase (inclusive investment) and fund sales of 992.2 billion yuan, of which a total of 109,753,298 transactions for non -currency funds have been recognized (applied), including (including Ding) transactions, and 109,753,298 transactions. Sales were 583.8 billion yuan.

As of the end of the reporting period, Tiantian Fund's cumulative fund sales exceeded 7 trillion yuan, non -monetary market funds have a scale of 669.5 billion yuan, and equity funds have a scale of 507.8 billion yuan. The daily number of active visits to the Tiantian Fund Service Platform is 2.3285 million, of which the number of active visits to the trading daily is 3.0147 million, and the number of active visits to non -trading daily visits is 1.0741 million.

The eye -catching performance also brought the stock price soaring. As of August 19, Oriental Wealth received 22.9 yuan/share, with a market value of 302.6 billion yuan, surpassing CITIC Securities again, becoming the highest market value broker in China.

"Huaxia Times" reporter found in the Oriental Fortune Half -year Daily that Jining Yuhan Real Estate Development Co., Ltd. owed 21 million yuan in Oriental Wealth, which was put under other receivable subjects by Oriental Wealth. At the end of June 2022, Oriental Fortune had accounted for 13.984 million yuan in arrears, with a proportion of nearly 70%.

The reporter found that the arrears first appeared in Oriental Wealth in 2020. At that time, Oriental Fortune's 2020 annual report showed that Jining Yuhan Real Estate Development Co., Ltd.'s arrears in Oriental Wealth were 20.615 million yuan. It is worth noting that as soon as the arrears appeared, Oriental Wealth was provided with 6.1769 million yuan.

Data from Tianyan Check shows that Jining Yuhan Real Estate Development Co., Ltd., founded in 2009, is located in Jining City, Shandong Province, with a registered capital of 30.5 million yuan. The business scope includes real estate development and operation; commercial housing sales; indoor and outdoor decoration; hydropower installation.

How can the securities giant in Shanghai beach have a relationship with the real estate development company in the fourth town? Oriental wealth staff said directly to the reporter of Huaxia Times: "We no longer disclose that related content,"

The mystery of the Daily Fund's high hair profit and low net profit

According to Oriental Wealth Financial Report, in the first half of 2022, the financial e -commerce service business achieved operating income of 2.201 billion yuan and a gross profit margin of 94.66%. In the whole year of 2021, the financial e -commerce service business achieved operating income of 50.072 billion yuan and a gross profit margin of 93.52%.

According to Oriental Fortune in the financial report, the so -called financial e -commerce service business, which is mainly through the Tiantian Fund, provides users with fund third -party sales services. The Tiantian Fund relying on the user's resource advantage and brand image advantages formed by the Internet wealth management ecosystem with the "Oriental Wealth Network" as the core, to provide users with one -stop Internet self -service fund trading services.

The Oriental Wealth Financial report shows that as of the end of June 2022, Tiantian Fund's total assets were 33.031 billion yuan, and net assets were 1.23 billion yuan. In 2021, the Tiantian Fund realized operating income of 5.081 billion yuan, realized operating profit of 342 million yuan, net profit of 282 million yuan, and a net profit margin of 5.55%; in the first half of 2022, Tiantian Fund realized operating income of 2.207 billion yuan, and operating profit of 144 million Yuan, net profit of 102 million yuan, and a net profit margin of 4.62%.

Under normal circumstances, high gross profit means high net profit, and at least net profit should not be low. So why does the Tiantian Fund have a "high hair profit and low net profit" phenomenon?

The staff of the Oriental Fortune Directors told the reporter of "Huaxia Times": "You can look at other companies of peers, they may not be high yet."

The reporter continued to ask: Is this the industry, does it mean reasonable? What is the cost of Tiantian Fund? The staff member said: "Why is it unreasonable for high gross profit and low net profit? We do not disclose the relevant cost details of the business of subsidiaries. You can check the industry's situation yourself."

"Huaxia Times" reporters checked the public information and learned that the sales industry of third -party funds is not the "high hair and low net profit" referred to by Oriental wealth staff. For example, a new three -board listed company that also sells for third -party funds is good for wealth, which is a high -gross -profit and net profit enterprise.

According to the data, the main products sold by good buying wealth are mainly public funds and private equity funds. Public funding funds are public fund products issued by other public fund management companies. Private equity products include FOF parent fund products issued by the company's asset management company and Private fund products issued by other private equity fund management companies. In 2021, the sales revenue of public funds was 135 million yuan, and private equity funds were sold for 870 million yuan, totaling 1005 million yuan, accounting for 96.5%of the current operating income.

It is said that in 2020, the company achieved operating income of 773 million yuan, a net profit of 284 million yuan, a gross profit margin of 92.84%, and a net profit margin of 36.71%; in 2021, operating income was 1.041 billion yuan, and net profit was 330 million yuan , Gross profit margin 94.44%, net profit margin 31.69%.

In this regard, the industry insiders told the reporter of Huaxia Times: "Mystery may be hidden in corporate income tax, Tiantian Fund's income tax rate is 25%, while the oriental wealth system has 15%of the income tax subsidiary. Perhaps the sales expenses formed by the name of the "drainage ', transferring the profit of the Tiantian Fund to the subsidiary of the low income tax rate to achieve tax avoidance. Good buying wealth is an independent company, and the income tax rate is 25%. ","

According to the Oriental Wealth Financial Report, in the Oriental Fortune System, only 6 companies including Oriental Wealth Information Co., Ltd. and Shanghai Oriental Fortune Financial Data Service Co., Ltd. applying for 15%of the income tax rate. %Income tax rate, or small and micro enterprise tax rate.

The reporter of Huaxia Times found that the Tiantian Fund was not listed in the 15%income tax rate company. Obviously, the Tiantian Fund did not belong to small and micro enterprises. Then, the income tax rate of Tiantian Fund was 25%.

Oriental wealth financial reports also show that in 2021, Oriental Wealth was included in the current profit and loss government subsidies of 121 million yuan; in the first half of 2022, this value was 323 million yuan.

Editor -in -chief: Ma Xiao Chao Editor: Xia Shencha

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