Huaqiang Fang specially cost 3.1 billion to open a new paradise, but he has to raise funds for salar

Huaqiang Fangte (834793), known as China Disney, has been deeply trapped in mud.

On May 31, the New Third Board company Huaqiang Fangte released a fixed -increase plan. It is planned to raise no more than 1.68 billion yuan to pay employees, repay bank loans/borrowings, and purchase raw materials.

Behind the theme park, many theme park projects operated by Huaqiang Fangte are in losses. Under the epidemic, the new paradise has become the bottom of Huaqiang Fangte's finances, bringing a slight increase in revenue, and also increased the loss of losses, so that "China Disney" multiple debt pushes, hoping to pay for shareholders.

Is Hua Qiangfang's money or no money?

Authorized this article reproduces from the Tourism Realm (ID: lvjienews)

01

Crazy expansion: increasing income without gaining profit

The New Third Board Company Huaqiang Fangte (834793) is known as Disney, but has been deeply trapped in the mud.

On May 31, the New Third Board company Huaqiang Fangte released a fixed -increase plan. It is planned to raise no more than 1.68 billion yuan to pay employees, repay bank loans/borrowings, and purchase raw materials.

According to Huaqiang Fangte's 2021 financial report, its annual operating income was 4.49 billion yuan, an increase of 11%year-on-year, but the net profit in 2021 was -240 million yuan, a decrease of 150%year-on-year, and fell into a strange circle of increasing income.

As of the end of 2021, the balance of cash and cash equivalent that Huaqiang Fangte can be realized at any time was 360 million yuan, and the salary of employees that only needed to pay was up to 200 million yuan. The non -current liabilities of the period are 210 million yuan, and the mobile ratio is only 0.15. The tension of the capital chain is evident.

One day before the release of the fixed increase plan, Huaqiang Fangte received an inquiry letter from the two annual reports of the New Third Board, asking him to explain the ability to operate performance and debt repayment, long -term asset impairment, large and long -term account receivable reasons for recovery and rationality, etc. Many issues.

The cash flow is facing the risk of breaks. Huaqiang Fangte is still opening the park. In early June, the new brand "Fangte Dinosaur Kingdom" was released.

Public information shows that the total investment of Zigong Fangte's Dinosaur Kingdom is 3 billion yuan, covering an area of ​​400,000 square meters. It is expected that more than 3 million tourists can be attracted each year after opening the park.

It is worth mentioning that behind Huaqiang Fang specially set up the theme park, many theme park projects operating in the operation are in losses.

In 2021, Huaqiang Fangte created a large -scale theme park brand Dongfang to know, trying to take the red cultural experience as a breakthrough. Among them, Ningbo Fang -Special Oriental wants to know, Ganzhou Fang East Oriental Institute of Park has exceeded 3 billion yuan, but the operation is bleak, but the operation is bleak, but the operation is bleak, And the debt ratio has soared.

Taking Ningbo Hua Fu culture, which operates Ningbo Fang Special Oriental, as an example, Huaqiang Fang specially holds 45%of the shares, and last year's operating income was 17.3 million, with a loss of 2.98 million.

The Fangte Oriental Oriental Tourism (Ganzhou) Tourism Development Co., Ltd., which operates Ganzhou Fang Special Oriental Park, has a total assets of 680 million yuan, a total liabilities of 640 million yuan, and a debt ratio of 94%. Last year, operating income was 130 million yuan, with a loss of 2.26 million.

The prospectus shows that as of the end of 2018, Huaqiang Fangte had a total of 77 holding subsidiaries, of which more than 40 of them were in a loss state. The largest amount of losses was Xiamen Fangte, which lost 116 million yuan in 2018, followed by Wuhu Fangsie, with losses. 85 million yuan.

In addition, Huaqiang Fangte's previous prospectus shows that the company's opening of Qingdao Fantasy Kingdom Investment and Operation Company in 2011 lost 25.83 million yuan in 2018; 895.35 million yuan; Xiamen Fang Special Dream Kingdom, Xiamen Fang Special Oriental God Painting, Xiamen Fang Special Water Park opened in April 2013, April 2017, and June 2017, all of which were investment and operation of Xiamen Fangte. In 2018, in 2018, Losses were 116 million yuan; Zhuzhou Fangte Happy World and Zhuzhou Fang Special Dream Kingdom were also in a loss in 2018. The company investing and operating the company lost 54.4551 million yuan ...

Huaqiang Fangte's layout in Wuhu, Anhui is the most dense, but most projects are also losing money. Among them, in 2018, Wuhu Fangte loses 850.823 million yuan, Wuhu Fang special production loss is 53.439 million yuan, Wuhu Fangte's tourism loss is 1.0155 million yuan, and Wuhu Fangchar Hotel loses 232,500 yuan.

Under the epidemic, the new paradise has become the bottom of Huaqiang Fangte's finances, bringing a slight increase in revenue, and also increased the loss of losses, so that "China Disney" multiple debt pushes, hoping to pay for shareholders.

02

Shipstick in the fire: only for government subsidies?

At this time, Huaqiang Fangte's "Dinosaur theme" paradise industry was not optimistic.

Earlier, the Changzhou Dinosaur Park with the theme of dinosaur culture was based on Changzhou, but the transformation of external light assets was not smooth, and the IPO has not failed for many years. The only large -scale theme park project that exported to the outside world has progressed slowly.

A person in the theme park pointed out to the tourism world that "Huaqiang Fangte has rely on" Bear "IP to create a paradise in the past, but after many years of dominant screens, its original audience has grown up. With the decrease in its heat, Huaqiang Fangtete has decreased, Huaqiang Fangtete Recently, the new IP has also appeared weak. There is no new IP that has been called. After the box office of "The City of Fignes" rushed to the street last year, it was suspected of creating dinosaur theme parks. "

In fact, Huaqiang Fangte's crazy expansion is also difficult to say behind. In the early years of public information, whenever Huaqiang Fangte was going to the theme park, Liang Guangwei, chairman of Huaqiang Group, would lead the Huaqiang executives including Huaqiang Fang special executives to visit the senior management of the local government, and these Huaqiang systems are high. The tube also includes the person in charge of the Huaqiang Real Estate sector.

Tourism research has found that government subsidies have supported the profits of Huaqiang Fangshang, and data show that from 2018 to 2021, the government subsidies of Huaqiang Fang specially entered the current profit and loss of 327 million yuan, 312 million yuan, and 384 million Yuan, the proportion of the total profit of 36.45%, 32.06%, and 51.07%, respectively, and if the government subsidizes 320 million yuan in 2021, the loss of 530 million yuan after deduction is 456%year -on -year.

In addition, Huaqiang Fangte enjoyed tax reduction and exemption of value -added tax and income tax in accordance with relevant national tax preferential policies. The prospectus shows that from 2016 to 2018, the proportion of income tax discounts of Huaqiangfang's special enterprises accounted for net profit, which were 16.04%, 16.06%, and 16.75%.

However, whether it is government funding or preferential tax policies, it has great uncertainty. If these discounts are canceled, the profitability of Huaqiang Fangte will adversely affect.

Industry insiders said that if there are losses in the park for many years, it is difficult for Huaqiang Fangte to cooperate with the theme parks across the country to say that there is a significance. Increasing the invisible debt and credit risk of the local system; second, the premium of the land around the theme park is also based on the premise of continuously growing passenger flow and industrial support. In the long run, the losses of the theme park operation will eventually lead to the premium of the land. The growth of passenger flow and the maturity of industrial facilities cannot be mentioned.

The person believes that the revenue profit of theme parks is essentially derived from consumers. If a theme park does not have government subsidies and tax incentives, it cannot be profitable. It is like a wood without soil. It may eventually pay for local governments and partners.

03

Internal and external difficulties: still do the Yuan universe?

Huaqiang Fangte disclosed in the annual report that in the future, it will strengthen the investment in the development of the Yuan universe and digital content, and build the cultural travel industry Yuan universe platform.

It is reported that Huaqiang Fangte has established the Yuan Universe Application System Research Institute, looking forward to the construction of the Yuan universe platform of the cultural travel industry, exploring its future development direction and market prospects, and forming a reasonable business profit model. Most of them are at the conceptual level.

Especially in the case of the tight cash flow of Huaqiang Fangte, it also attracted the attention of the New Third Board Regulatory Institution, requiring factors such as the operation environment and industry policies, profitability, research and development capabilities, and market competition. Technical research and development, personnel reserves and capital support; and explain the correlation between the main business of the Yuan universe and the company's main business, and whether it has actually carried out the Yuan universe business or related preparations.

After the crazy opening of the park, Huaqiang Fangte seemed to be trapped in the unbalanced revenue structure. The Yuan universe was a new gimmick, but it was difficult to reduce operating pressure and contributed to the cash flow of quenching thirst.

Regardless of the short -term goal of achieving the IPO dream, or from the perspective of supporting the company's future revenue capabilities, Huaqiang Fangte has been the most dangerous moment.

Power statement

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