Consumer giant financing interest rate for innovation: Golden telletin is only 1.76%, Illi 1.85%

21st Century Business Herald reporter He Hongyuan Beijing report

Large enterprises are the most direct beneficiaries under the loose liquidity.

On July 25, the Golden Aurea announced that the third phase of the third phase of ultra -short -term financing coupons had been completed in 2022, and the raised funds had been received on July 25, 2022.

The announcement shows that the 22 Golden Arrow SCP003 (rural revitalization) super short -term financing coupon, the actual total issuance is 2 billion yuan, the term is 157 days, and the ticket rate is only 1.76%.

It is worth noting that the interest rate of the first phase of the first phase of the first phase of the Golden Aragona was still 2.43%, and the interest rate of the second phase of the ultra -short -term financing coupon fell to 1.82%, and the issuance dropped again.

In fact, this is a general trend.

On July 12, Yili announced that it issued the 21st phase of the 2022 ultra -short -term financing voucher on July 11 with a total issue of 4 billion yuan, a period of 80 days, and 1.85%of the issuance interest rate. The company's interest rate of ultra -short -term financing coupons in the eighteenth, 19th, and 20th period of 2022 is still 2.00%.

"Loose loose"

Behind it, the market liquidity is generally loosened, and the comprehensive financing cost of enterprises has decreased significantly.

In the first quarter, the central bank effectively carried out the short -term capital surface disturbance caused by factors such as the Spring Festival holiday, fiscal revenue and expenditure and government bond issuance through the flexible market operation, and maintained a reasonable and abundant liquidity of the banking system. The short -term market interest rates such as repurchase interest rates (DR007) fluctuate slightly around the policy interest rate center.

In the second quarter, the central bank lowered the reserve ratio to pay the deposit profit to the central government. Drive the short -term market interest rates such as DR007 significantly down, which is significantly lower than the policy interest rate center.

In the first half of the year, the central bank lowered 10 basis points each of the 1 -year MLF and 7 -day reverse repurchase interest rates, driving the 1 -year and 5 -year LPR decreased by 10 and 20 basis points respectively; Focus on stabilizing the cost of bank liabilities and promote reducing the actual loan interest rate.

Affected by this, the interest rate of corporate bonds, corporate bonds and mid -term bills in the first half of the year significantly declined. According to data from the central bank, from January to June this year, the corporate loan interest rate was 4.32%, a year-on-year decrease of 0.31 percentage points, a new low of statistics. Among them, the new corporate loan interest rate was 4.16%in June, 34 basis points lower than the same period last year.

On July 9, the National Bureau of Statistics released data showing that in June, the National Residents' Consumption Price Index (CPI) rose 2.5%year -on -year, and many brokerage firms predicted that the growth rate of CPI would break through 3%in the second half of the year. This means that the actual interest rate of the golden fish in the short -term financing coupon may be negative.

"Not bad money"

On the other hand, from the perspective of cash, both consumer giants seemed to be generous.

The first quarterly report showed that the balance of cash and cash equivalent at the end of the Golden Aurel was 20.572 billion yuan, and the same period last year was 21.607 billion yuan. In the current period, Golden Aurea's revenue was 56.5 billion yuan, a year -on -year increase of 10.68%; net profit was 110 million yuan, a year -on -year decrease of 92.71%.

The company's profit decline has a major environmental factors.

Golden Dragon Fish said that the rapid rise of raw materials such as soybean soybeans in the first quarter was unprecedented, mainly due to factors such as the expected expectations of soybean production and geopolitical conflicts affected by the drought output of South America. In addition, the domestic epidemic was small. Other expenses have increased. Although it has raised the price of some products, the overall price increase is not enough to offset the rise in costs. At the same time, because the overall demand is weak, it is also controlling the price increase and delayed price increases as much as possible.

In June, Golden Aurea disclosed in the investor exchange discipline that the current price of imported raw materials has been peak at decades. It believes that in this case, the management of raw materials is particularly cautious. If the situation changes, such as Russia's restoration of raw materials exports, or the climate of the production site is good, the price of raw materials may fall sharply, otherwise, it does not rule out the possibility of continuing price rising.

The good news is that the cost is being controlled. Taking the key palm oil as an example, Indonesia's prohibition of palm oil exports has caused the domestic palm oil industry chain to be full of inventory. Under the influence of the pressure of domestic swelling libraries, the Indonesian government issued a number of policies to accelerate palm oil exports. As of July 15, Indonesia has approved 2.49 million tons of palm oil exports. About 1.39 million tons permitted in accordance with the domestic market obligations (DMO) plan, and the rest were distributed according to the acceleration plan.

Yili looks much more indifferent. In the first quarter, its revenue was 30.913 billion yuan, an increase of 13.41%year -on -year; net profit was 3.519 billion yuan, a year -on -year increase of 24.32%. In the quarter, the balance of cash and cash equivalents at the end of the period reached 37.039 billion yuan, and the same period last year was 17.502 billion yuan.

In 2020, Pan Gang, chairman of Yili, proposed that in 2025, he advanced to the "top three global dairy industry" mid -term targets and the long -term strategic goal of "global dairy industry first" in 2030.In 2021, the company's revenue exceeded the 100 billion mark, achieving operating income of 110.595 billion yuan (CAGR = 14.79%of revenue from 2005-2021).On July 26, Golden Aurea closed at 47.36 yuan, an increase of 0.42%; Yili received 36.58 yuan, a decrease of 0.08%.

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