Investment real estate accounts for about 70% of total assets, and Red Star Macalline received an inquiry letter from the annual report.

Every reporter: Chen Qing Every editor: Tang Hui

On May 23rd, Red Star Macalline (60 1828, SH, hereinafter referred to as Red Star Macalline), a giant of home stores, received an inquiry letter from the Shanghai Stock Exchange. According to the announcement, the inquiry letter was issued by the supervision department of listed companies on the Shanghai Stock Exchange, mainly inquiring about the investment real estate, main business operations and main financial information of Red Star Macalline.

The National Business Daily reporter noted that recently, Red Star Macalline had announced that Alibaba had fully subscribed for about 4.4 billion yuan of exchangeable bonds of Red Star Macalline's controlling shareholder. Stimulated by good news, the share price of Red Star Macalline opened at 16 in May, that is, the daily limit.

Investment real estate has a great influence on net profit.

According to Red Star Macalline's 20 18 annual report, the company is a leading home decoration and furniture mall operator in China, mainly providing comprehensive services for merchants, consumers and partners by operating and managing self-operated shopping malls and entrusted shopping malls. At the same time, the company also provides pan-home consumption services and logistics distribution services including Internet home improvement and Internet retail.

Red Star Macalline's 20 18 annual report shows that the net profit attributable to shareholders of listed companies in 20 18 was 4.477 billion yuan, a year-on-year increase of 9.8%.

The inquiry letter first paid attention to the investment real estate of Red Star Macalline. According to the inquiry letter, during the reporting period, the fair value change income of Red Star Macalline investment real estate was 65.438+82 billion yuan, accounting for 30.24% of the total profit. Changes in the fair value of investment real estate have a great impact on net profit. Accordingly, the Shanghai Stock Exchange requires the company to list the location, land nature, purchase unit price, property area and book value of investment real estate at the end of the reporting period.

The inquiry letter also shows that from 20 16 to the end of 20 18, the book value of Red Star Macalline's investment real estate was 66.948 billion yuan, 70.8365438 billion yuan and 78.533 billion yuan respectively, with rapid appreciation year by year; As of the end of the reporting period, investment real estate accounts for 70.84% of the total assets, which is the most important long-term operating asset. Accordingly, the Shanghai Stock Exchange requires Red Star Macalline to explain the rationality of investment real estate valuation in combination with the average local real estate price level.

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20 18 interest-bearing liabilities increased by 60% year-on-year.

In addition to investment real estate, Red Star Macalline's high debt and interest expenses have also attracted the attention of the Shanghai Stock Exchange. The inquiry letter shows that the interest-bearing liabilities such as short-term loans, long-term loans and bonds payable disclosed in the annual report are 2 billion yuan11000 billion yuan, up 60.6 1% year-on-year. Interest expense was 65.438+67 billion yuan, a year-on-year increase of 32.46%. In addition, there are 203 million yuan of interest expenses capitalized.

Accordingly, the Shanghai Stock Exchange requires Red Star Macalline to make supplementary disclosure: the cost and main purpose of new loan funds; Combined with the recent expansion of the company's debt scale and the increase of financial expenses, it explains whether there are capital turnover risks and debt risks, and explains the countermeasures that the company intends to take.

The fluctuation of Meikailong's net profit has also attracted the attention of the regulatory authorities. The inquiry letter shows that in the fourth quarter, Red Star Macalline achieved an operating income of 4.248 billion yuan, a year-on-year increase of 365,438+0.20%; The net profit was 3,654,387,000 yuan, a year-on-year decrease of 74.38%. Accordingly, the Shanghai Stock Exchange requires the company to disclose the reasons and rationality of the sharp decline in net profit while the operating income increased in the fourth quarter.

The National Business Daily reporter noted that by the first quarter of 20 19, both the revenue and net profit data of Red Star Macalline had increased. According to the announcement, in the first quarter of 20 19, Red Star Macalline achieved revenue of 3.535 billion yuan, a year-on-year increase of 22.37%; The net profit attributable to shareholders of listed companies131400 million yuan, up 1 1. 14% year-on-year.

According to the inquiry letter, the Shanghai Stock Exchange requires Red Star Macalline to disclose its reply to the inquiry letter before May 3, 20 19, and at the same time, make corresponding amendments and disclosures to the periodic report as required.

National business daily