Yuehongyuan A's stock price crazy "roller coaster" Inside: Can its coal mines really valued 300 billion?

On the evening of September 14th, reporter Zou Yongqin, a reporter from Economic Observation Network, announced that the company's stock transaction price fell from the closing price of three consecutive trading days with the accumulated value of more than -20%. According to the relevant regulations of the Shenzhen Communications Office, the company's shares are abnormal fluctuations; and emphasized that "after self -inspection, the company does not have a case of violation of the fair information disclosure." It is hoped that investors will invest rationally and pay attention to risks.

This is the third announcement of the company's third stock transaction since September. The previous two were released on September 5 and September 8, respectively. During the period, the Shenzhen Stock Exchange also issued a letter of attention to the company on September 9, while the company responded to the company on September 13.

Behind a series of announcements is that Yuehongyuan A's stock price appeared crazy about the "roller coaster" market before and after the Mid -Autumn Festival: before the festival, he pulled 5 daily limit boards, but after the festival, there were two consecutive limit. With the ups and downs of the stock price, the company's rumors such as "the valuation of its coal mines is as high as 300 billion yuan" and "expanded from the lead battery recycling business to lithium battery recycling" and other market rumors and other market rumors.

So, what is the truth of the facts? Reporter conducted an interview.

"Mid -Autumn Festival" stock price shock

The three -day long holiday of the Mid -Autumn Festival is not good for 472.23 million investors holding Yuehongyuan A. Because on the closing time on September 9, the Shenzhen Stock Exchange suddenly sent a letter of attention to Yuehongyuan A; and in the weekly regulatory dynamics released after the closing of the day, the Shenzhen Stock Exchange also named Yuehongyuan A.

Behind the regulatory layer is the abnormal fluctuations in Yuehongyuan A shares trading.

Yuehongyuan A is a real estate development company concentrated in Dongguan. Although Yuehongyuan A emphasized in the interim report released on August 29 that "the economic development and population flow of the city and the population flow of the city of" new front -line 'cities and' doubles' cities will be expected to be relatively stable in the future of Dongguan's real estate industry. " However, the performance of the report was poor: In the first half of 2022, the company realized revenue by 45.66%year -on -year, and the net profit attributable to the mother decreased by 85.26%year -on -year.

After the bad interim reporting data was released, the stock price did not rise and rose, and from September 2nd out of the rising quotation of the five daily limit boards: from the lowest point of 3.08 yuan/share on August 29 to September 9 At the highest point of the highest point, the largest increase in the stock price within 9 days after the central report was released, the largest increase was nearly doubled. As the stock price rises, there are endless news about the market about the coal mine and regeneration lead in the market.

It is in the context of this, around 14:27 on September 9th, that is, Yuehongyuan A is only one point in the 6th daily limit (6.01 yuan/share). Display in the plate.

In the follow -up letter, the Shenzhen Stock Exchange respectively "whether the company's fundamentals have changed significantly"; "whether the controlling shareholder and actual controller of the company planned to transfer equity transfer, asset reorganization, and other issues that have significant impacts on your company"; " Whether there are matters that violate the principle of fair disclosure ";" whether there are suspected insider transactions "and other questions inquiries are asked to inquire, and Yuehongyuan A is required to reply before September 13.

With the release of the letter of attention, the share price of Yuehongyuan was instantly reversed on the same day, and at 14:52 and the limit. From the impact of daily limit to the daily limit, the whole process of "floor" was completed in just 25 minutes.

Although the stock price rebounded slightly later, it still closed at 5.31%on the same day, with a turnover rate of 41.63%. The transaction volume of 263 million shares was a new record since the listing of Guangdong Hongyuan A in 1994.

On the first trading day of the Mid -Autumn Festival, on September 13th, Yue Hongyuan A's reply announcement was not released. Settlement of the limit board. From 6 yuan/share to 4.65 yuan/share, just one Mid -Autumn Festival, investors of Yuehongyuan A float nearly 30%.

Therefore, many investors of Yue Hongyuan A left a message on the Internet and laughed at a "Mid -Autumn Festival"; and some investors were in the interaction to consult "whether to send a letter of attention in the disk whether it was illegal." In response to this issue, the staff of Yuehongyuan A replied to the interaction at around 14:00 on September 13th that "the company received a follow -up letter on the afternoon of September 9, 2022, which was due to the stock because of the stock "Caused by fluctuations in the transaction".

On the evening of September 13, the reply announcement of the follow -up letter was released. In the announcement, Yuehongyuan A replied to the four issues of the Shenzhen Stock Exchange: "No major changes have undergone the fund's fundamentals"; "The company's controlling shareholder and actual controller as of the current no plans do not have plans to pay equity on Yue Hongyuan's equity. Transfer, asset reorganization, and other matters that have significant influence on Yue Hongyuan ";" there is no such thing as violating the principle of fair disclosure ";" there is no suspected insider trading. "

Since the insider trading and other situations are suspected, the share price of Yuehongyuan A stock price should stop or even regain the rise? However, the reality is that on September 14, Yue Hongyuan A continued to empty and lowered and eventually closed at the limit. On September 15th, it continued to empty and lowered it at noon. Judging from the data of the Dragon Tiger List on September 14, a number of seats related to strength -related money such as Huaxin Securities Co., Ltd. Shenzhen Branch and Ping An Securities Co., Ltd. Shanghai Branch have appeared in large net sales behavior. Essence The "Mid -Autumn Festival" market that Yue Hongyuan A encountered seems to be over. After eating two consecutive limit, more Yuehongyuan A investors questioned the approach of attention in the market. The information that believes that this will have a significant impact on the stock price. Information receiving asymmetric.

So, is it illegal or inappropriate to send a letter of attention in the market? In this regard, Mr. Bao, who worked at the director office of a listed company in South China, said in an interview with reporters that of course, the announcement issued by the listed company is of course at non -trading time, but the information of the attention letter is directly published by the exchange. There is no time limit, so there is no violation of the rules and no violations.

"In fact, on September 9th, the Shenzhen Stock Exchange issued a letter of attention to several motherboard companies, all trading during the trading period, not only for Yuehongyuan A." Mr. Bao said.

According to statistics, the reporter found that two follow -up letters (Yue Hongyuan A and Tianqi Lithium Industry) were issued on September 9th, and three inquiry letters (*ST sea nuclear, Chinese porcelain electronics,*ST Jinzhou) The time period was around 14:20 pm, not just for Yuehongyuan A.

The valuation of the coal mine is 300 billion?

Some market participants pointed out to reporters that although Yue Hongyuan A clarified the inside story transaction suspicion in the reply announcement, but at the same time, the concept of coal mines, regeneration leads involved in the stocks that the stocks were most concerned about in the near future, Perhaps it was the cause of the limit of the limit on September 14.

Public information shows that in the process of Yue Hongyuan A in the Mid -Autumn Festival, the news of the short -term rising market, news about the company's coal mines and regenerative lead on the Internet one after another; there are also rumors that the company's total reserves of the two coal mines under the company are rumored As high as 120 million tons and a total valuation of about 300 billion yuan. Compared with its current market value of only about 3 billion yuan, there is indeed a lot of imagination.

In the announcement of the reply letter, Yuehongyuan A emphasized that investors are requested to pay attention to risks. The company's "subordinate walnut coal mines and coal groove coal mines are still in the preparation stage of technical reform and expansion. The construction process of the two coal mines is relatively cumbersome, and the estimation of the production cycle is long. In addition, the company's lead battery recycling business is regenerative lead. It is currently affected by factors such as the dull demand, the fluctuation of lead prices, and the procurement cost of raw materials. Ideally, the recycled lead business in the first half of this year is in a state of losing money. "

The meaning of its words is that the theme of the coal mines of the stock in the market in the near future is just "flowers in the mirror, the moon in the water", and it is still in the unprepared stage.

In this regard, the above -mentioned market participants expressed different opinions. He told reporters that Yuehongyuan A did have a coal business before, and therefore shined in the market of coal stocks from 2014 to 2015. How can we say that "no output has been excavated"?

Linking data DataYES! Statistics show that in the operating income composition of Yue Hongyuan A from 2010 to 2019, there is indeed a coal business; the revenue of its contributions from 2010 to 2019 was 71 million yuan, 67 million yuan, 70 million yuan, and 75 million yuan. The yuan, 039 million yuan, 126 million yuan, 120 million yuan, 116 million yuan, 111 million yuan, 0.04 million yuan. However, after reaching the highest 075 million yuan in 2013, it gradually contracted, and the emergence of no coal business revenue data from 2020.

So, is the company's previous coal business income from the two coal mines: walnutping and coal groove? If so, why is it inactive from 2020? Also, the "total reserves valuation of up to 300 billion yuan" is credible and geometric?

According to the contact information disclosed by Yuehongyuan A's central report, the reporter interviewed Yuehongyuan A on September 14 and September 15th on the relevant issues of the current market through emails and telephones.

The company's relevant staff told reporters that the previous coal business revenue was indeed produced from the two coal mines, walnut flats and coal grooves. "We bought mine around 2009, and after buying it for a while. By around 2015, according to the requirements of the coal integration policy of Guizhou Province, the company's coal mines entered the integration process, and coal groove coal mines were produced until 2019. After 2019, the planned technological reform was reduced to 450,000 tons. Due to the complicated procedures, the technical reform continued until it continued to reach until the procedures continued until until the procedures were complicated. Now. "

The reporter found through the company's annual annual report data that Yuehongyuan A was 60%of the equity of 60%of the Eryl Coal Coke Co., Ltd. of Weining County, Guizhou in June 2009 (the company legally owns the mining rights of walnutping coal mines, with a production scale of 150,000 Tons/year), which is initially tried to get involved in the field of mineral resource development.

Regarding the field of advanced mineral resources, Yue Hongyuan A has not explained too much. It just claims that "in recent years, the state's integration of the state in the resource industry, especially the coal industry, will closely grasp the advantage of favorable opportunities to combine the relevant national industrial policies and combine the combination of national industrial policies The actual situation of the company has gradually tried to expand the scale and field of investment. " In September 2010, Yuehongyuan A acquired 70%of the equity of coal gutter coal mine in Weining County, Guizhou, further penetrated into the field of mineral resources development. The shareholding ratio finally increased to 100%, thus completing the current pattern of having the two coal mines.

In 2013, Yue Hongyuan A responded to the coal merger and reorganization policy of Guizhou Province. Later, it reached an agreement with Guizhou Hongxi Mining Co., Ltd. to participate in its cooperation and operation of its coal mine mergers and reorganization. It can be said that 2013 was the year of the coal business of Yuehongyuan A. The coal business revenue reached 75 million yuan in history. Subsequently, the two coal mines successively entered the process of technological reform and expansion.

However, it is worth noting that in the central report in 2021, Yue Hongyuan A disclosed that its two mines 450,000 tons/year coal mine expansion work made some progress: of which coal groove and coal mines have obtained 450,000 tons/year mining at the end of 2020 Certificate, and walnuton coal mines are in the application stage of 450,000 tons/year mining certificate.

So, does these indicate that the expansion of the 450,000 tons/year coal mines of the two mines is about to be completed? Is there a clear re -production schedule? In this regard, the above -mentioned staff gave a negative answer, "Because some details are temporarily determined, such as involving some land leases and changes in the nature of the land. This cannot be determined, so there is no timetable."

In addition, the reporter learned that the latest status of the two mines: in terms of coal ditch, the starting order has been obtained. Among them, the "Water Resources Research Report" has been approved in August, and the "Soil and Water Conservation Plan" is under review; After the "two sets" review filing, there are follow -up documents such as "EIA", "Water Insurance" and "Water Resources Research".

The reporter noticed that in the central report in 2022, Yue Hongyuan A clearly expressed its resource reserves of the two coal mines. 99.41 million tons (Guizhou Tufu Reserve [2017] No. 48); Walnut Ping Coal Mine Reserved Mining Area Achieved the Reserved Reserves of Coking Coal 32,428,800 tons, of which 29.65 million tons of resource reserves (Guizhou Nature Reserve [2020] No. 246 No. 246 To.

The resource reserves of the two coal mines have 129 million tons, which is in line with the rumored 120 million tons. So, is the rumor of "valuation as high as 300 billion yuan"?

In this regard, the staff member said that the data of 300 billion yuan was guessing at the latest price of coking coal, and then took all the resource reserves that have not been dug out to estimate.

"But in reality, coal is under the surface, and how much it can be dug is still unknown; and even after digging out, it is necessary to deduct a series of costs in the mining process. It is not reasonable enough, and it is too ideal and optimistic. "The staff member said.

From "lead battery recycling" to lithium battery recycling?

Putting aside the coal business that is still unable to touch, the regenerative lead business (lead battery recycling) is the highlight of Yuehongyuan A in recent years. Linking data DataYES! Statistics show that Yuehongyuan A's regenerative lead business revenue began in 2018. From 2018 to 2021, it was: 338 million yuan, 274 million yuan, 438 million yuan, and 411 million yuan, which was generally gradually increasing. ; In the first half of this year, it became the company's largest source of revenue for 250 million yuan.

According to this development momentum, will the regenerative lead business become the main business of Yue Hongyuan A in the future? What was the original intention of the company's entered the field of regeneration lead? What are the development blueprints for it now?

"In recent years, the company has actively explored industrial transformation and investigating investment opportunities for other industries while consolidating the basic industry." Yue Hongyuan A's staff said that they acquired Yingde Xinyu Company in 2017 to hold Holdings. Equity, which starts to get involved in the recycled lead industry. "The company's entering the regenerative lead industry is a new attempt made in the industrial transformation and upgrading. Profit growth".

However, he also pointed out that most of the recycled lead companies that are now legally operated are still trapped by the problem of illegal processing points and illegal collection points in raw materials procurement competition. The cost is high, and there are also differences in environmental inspectors and fiscal and tax policies in various places. As well as, "The income of regenerative lead in the near future is indeed relatively high, but it is not the main business. After all, the profit margin of real estate is higher than it, and the regenerative lead is still in a loss state, and its net profit for net profit is of net profit. The contribution is negative. "

In the announcement of the reply letter, Yue Hongyuan A also emphasized that the company's lead battery recycling business is regenerative lead. It is currently affected by factors such as the dull demand, the fluctuation of lead prices and the procurement cost of raw materials. Ideal, the recycled lead business in the first half of this year is in a state of losing money.

"In fact, the focus of market attention is not to regenerate lead, but whether the company can enter the field of lithium battery recycling from lead battery recycling. After all, new energy power batteries are now high, and power battery recycling and utilization are the air outlets for national policies to encourage strong encouragement "A professional investor who has long followed Yue Hongyuan A said to reporters. He further stated that in fact, whether in the interim report or interaction easy, recent Yue Hongyuan A revealed the willingness to pay attention to the field of lithium battery recycling. The reporter noticed that Yuehongyuan A stated in the interim report that Yingde Xinyu Company is a large regenerative lead enterprise in Guangdong Province. Accumulation and technical reserves, "With the continuous rise in the penetration rate of the new energy vehicle market, the space for lithium battery recycling markets is increasingly prominent. The company has continued to pay attention to and excavate potential investment opportunities. It is expected to be an extension of projects based on lead -acid battery recycling business to promote improving the company's waste battery recycling business industry chain. "

In terms of interaction, in response to the question of investor "whether the company has the recycling business of new energy vehicle batteries", Yuehongyuan A also responded on September 7, "New energy vehicle batteries generally use lithium batteries, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream, mainstream. There are lithium iron phosphate and ternary lithium battery technology routes. In the future, there will be certain market space and investment opportunities in lithium battery recycling. The company has initially done some preliminary research and demonstrations for the company. Essence

At the same time, the reporter found that Yuehongyuan A set up a new company at the beginning of this year: Yingde Xinyu Power Technology Co., Ltd., and its main business scope includes new energy vehicle waste power batteries recycling and stair use. So, is this the first step in the field of lithium battery recycling by Yue Hongyuan A?

In this regard, the relevant staff of Yuehongyuan A told reporters that Yingde Xinyu Power Technology Co., Ltd. is an enterprise invested by Yingde Xinyu Company. The company was established in January 2022, with a registered capital of 1 million yuan and operating operations. The scope does include the recycling of new energy vehicle waste power batteries and steps.

"But the original intention of the company to establish is the expansion and extension of the battery recycling industry chain of Xinyu Company. Because the new energy battery recycling operation requires administrative license, the company's project is currently in the project stage. The company has no actual business, "the staff member said.

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