What happened when the figure of "Shenzhen Diwang" faded out of Zhongzhou Holdings?

If we want to regain the confidence of investors, the "10 billion" Zhongzhou still needs a fight.

Qin Jiali/From Beijing

Zhongzhou Holdings does not seem to be out of the Woods.

In the semi-annual report disclosed on August 2 1 day, Zhongzhou Holdings showed that "increasing income does not increase profits", and its operating income in the first half of the year was 356.5438+06 million yuan, up nearly 50% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+0.55 billion yuan, down 20%.

Since the sales scale in 20 15 broke through10 billion yuan, Zhongzhou Holdings has been hovering at the threshold of10 billion yuan. Following the sales record of 20 19 1552 1 100 million yuan, the company lowered its sales target in 2020 to10.3 billion yuan. In the first half of the year, the sales amount of Zhongzhou Holdings was 6 billion yuan/kloc-0 billion yuan, achieving the annual target of 45%.

1993, Chapman Huang Guangmiao founded Zhongzhou Group, a real estate development enterprise, and in 20 13, through holding the real estate listing platform of Shenzhen SASAC, the A-share curve was listed. So far, Zhongzhou Holdings is the only real estate listing platform of Zhongzhou Group, and Huang Guangmiao and his concerted actions hold 52.8+0% of the total share capital of Zhongzhou Holdings.

At present, this veteran Shenzhen real estate enterprise is facing the problem of stagnant development and construction of its main business. At the bright moment, Zhongzhou Holdings once acquired core plots such as Shenzhen Huang Jintai and Baocheng District 26 through equity acquisition, and was called "the king of land acquisition in Shenzhen". In the past few years, the above-mentioned projects have been controversial because of the problem of "idle land", and the overall progress of the company's project construction has been slow. As of June 30, the inventory of Zhongzhou Holdings was 3,365,438+37 million yuan, accounting for 71.14% of the total assets; Inventory depreciation reserve is 797 million yuan.

"Lack of money and lack of project development conditions, Zhongzhou Holdings has a slow sales pace in recent years. If its development scale continues to decrease, there is indeed great uncertainty in the future development path. " Some insiders commented on this.

Increasing income will not increase profits.

In the latest semi-annual report, this veteran housing company still shows its own characteristics. As the birthplace of the Group, Guangdong-Hong Kong-Macao Greater Bay Area currently accounts for 80% of the national saleable value of Zhongzhou Holdings.

In addition, from the simple real estate development in the early years to the full coverage of hotel management, property management, asset management, equity investment and other businesses, Zhongzhou Holdings has performed well in some "sideline businesses". According to its semi-annual report, in the first half of 2020, the operating income of the company's asset sector was 620 million yuan, providing a safe haven; The rentable property area of commercial and office buildings is about 246,000 square meters, with an average occupancy rate of 88%. Due to the increase of sales amount, consideration of disposed shares and net financing, the net cash flow generated by the company's operating activities, investment activities and financing activities turned positive one after another.

However, all kinds of bright spots can't cover up the loss of Zhongzhou Holdings' performance. In the first half of 2020, the company's operating income was RMB 356,543.8+0.6 million, a year-on-year increase of RMB 4,765,438+0.6%; The net profit attributable to shareholders of listed companies was 65.438+0.55 billion yuan, a year-on-year decrease of 23.654.38+0.7%. The overall performance is that the increase in income has not increased profits.

During the reporting period, the real estate sales area of Zhongzhou Holdings was 253,000 square meters, and the sales amount was 6,065,438 million yuan, down 2.4% from the same period of last year. According to its sales target of 654.38+03.3 billion yuan in 2020, the target for the first half of the year is about 45%.

Compared with the previous performance, this result is not too unexpected. From 20 16 to 20 19, the sales amount of Zhongzhou Holdings105.85 million yuan,14495438+0 million yuan,131720,000 yuan and 6548+.

At present, the debt repayment pressure faced by the company is still great. As of June 30, the total assets of Zhongzhou Holdings were 46.58 billion yuan, a year-on-year increase of 3.19%; The balance of cash and cash equivalents was 4.4 billion yuan; Total liabilities are 38.39 billion yuan, of which non-current liabilities due within one year are 42 19 billion yuan, long-term loans due within one year are 2.923 billion yuan, and non-current liabilities in other years are/kloc-0.29 billion yuan, so short-term liabilities may not be covered by cash flow.

In fact, in recent years, the profitability of Zhongzhou Holdings has risen and fallen, and the overall breakthrough is not great. From 20 15 to 20 19, the company's annual operating income was 5.048 billion yuan, 865.438+/kloc-0.60 million yuan, 8.65 billion yuan, 7.94 billion yuan and 7.20./kloc-0.300 billion yuan respectively. The year-on-year growth rates were 65.26%, 60.78%, 6.5%, -8.2% and -9. 18% respectively. The net profit attributable to shareholders of the parent company is 40,654.38+0,000 yuan, 2,665.438+0,000 yuan, 6,654.38+0.5 million yuan, 447 million yuan and 787 million yuan in turn; The year-on-year growth rates were 30.80%, -35.06%, 136. 19%, -27.4 1% and 76.22% respectively.

20 19 is a special case in recent years, during which the company's revenue decreased, but its net profit increased. It was also in this year that Zhongzhou Holdings fell into the paradox of "selling children for blood"-if the disposal income of 953 million yuan formed by the sale of Zhongzhou Holdings' Hong Kong subsidiary was excluded, the company's profit continued to decline for two consecutive years after 20 18. After deducting non-recurring gains and losses, the net profit returned to the mother in that year was 89 million yuan, down 76.3% year-on-year.

In 2020, it seems that Zhongzhou Holdings did not completely withdraw from the public opinion of "selling children". In June, Zhongzhou Capital, a wholly-owned subsidiary of the Group, reached an equity transfer agreement with Shenzhen Dax Technology Co., Ltd. to sell its equity of Shenzhen Construction Engineering Group Co., Ltd. 19.9438+04% to the other party for a consideration of 240 million yuan. However, Zhongzhou Holdings said that the purpose of this sale is to focus on the main business and optimize the company's property rights management, which will not affect the profit and loss.

Inventory "indigestion"

In recent years, the scale has been stagnant, and Zhongzhou Holdings is showing its people with a snail-like pace of transformation, and its reserve expansion and construction are conservative.

From 20 15 to 20 19, the newly started area of Zhongzhou Holdings is 660,300 square meters, 594,200 square meters, 133 1800 square meters and 989,000 square meters respectively. The year-on-year growth rates were-1 1.42%,-10/%,127.85%,-1.63% and -25.74% respectively.

As of June 30 this year, of the 24 major development projects of Zhongzhou Holdings, 2 1 project completion area is 0, and the cumulative completion area of 15 project is 0. According to preliminary estimates, millions of square meters of land reserves of Zhongzhou Holdings are in an "idle" state, and most of the land acquisitions came from two years ago.

In terms of new land reserve, from 20 15 to 20 19, Zhongzhou Holdings increased1470,600 square meters, 207,300 square meters, 987,800 square meters, 244,900 square meters and136,200 square meters respectively; The floor area ratio is 2145,700 square meters, 5148,000 square meters, 16.84 square meters and 385,600 square meters respectively.

In the first half of this year, Zhongzhou Holdings did not publicly take land. Recently, it won a plot of land in August this year, and its subsidiary Bao Li Real Estate won a commercial and residential land in Huizhou at a reserve price of 2160,000 yuan. On the whole, the newly-added soil storage and newly-started area of the company reached the peak at around 20 17, and showed a downward trend in the past two years.

Not only did land acquisition slow down, but Zhongzhou Holdings reduced its "turtle speed", which also led to a decline in inventory prices. As of June 30, the inventory of Zhongzhou Holdings was 3,365,438+37 million yuan, accounting for 71.14% of the total assets; At present, the inventory depreciation reserve is 797 million yuan, involving 65,438+04 projects under construction and completed in Chengdu, Huizhou and Wuxi.

Jaco, Dean of the Branch of 58 Anjuke Real Estate Research Institute, said: "Impairment provision refers to the situation that some inventory itself will have a slow pace of decontamination and low user attention during the sales process, which is related to the location of the project, the products of the project itself and the sales rhythm. If its development scale continues to decrease and the pace of development continues to be slow, there is indeed great uncertainty in the future development path. "

The former "Shenzhen Diwang" gradually faded out.

In fact, Zhongzhou Holdings once deserved the title of "Shenzhen Diwang", but in recent years, its figure in the base camp has faded out.

Zhongzhou Holdings has always been good at acquiring land rights and interests through urban renewal, enterprise acquisition and equity investment. At present, its heavyweight projects, such as Shenzhen Huang Jintai Plot and Baocheng District 26, are indirectly acquired through equity acquisition. At the beginning of 20 17, the company and South China City, both "Shenzhen Department", launched a large-scale restructuring strategy to acquire 23.2% equity of South China City, partly because it owns more than 40 million square meters of land reserves in South China City nationwide. Although the acquisition finally "aborted" due to the change of capital source and securities market environment, Zhongzhou Holdings, which missed the opportunity of M&A, accelerated the replenishment in the local auction market. In 20 17, the newly-increased land reserve was 987,800 square meters, more than four times that of the previous year.

However, due to "bad luck" or "indigestion", the problem of idle land of Zhongzhou Holdings in Shenzhen has attracted much attention in recent two years.

At present, the company's projects under construction in Shenzhen are only Sungang International Logistics Center in Luohu District, with an estimated investment of 9.465 billion yuan, exceeding the company's total net assets. Since the start of construction on 20 14, the project progress has been 10%, so it is questioned that the progress is slow.

The projects planned by the company in Shenzhen include two projects, namely, the Huang Jintai plot and the 26 th district of Baocheng. Among them, the 26 th district of Baocheng is planned as a commercial office project. It has been three years since the acquisition of land rights and interests, and it is still in the stage of negotiation and signing of demolition compensation, and the start time and investment scale are still uncertain; In April this year, the Huang Jintai project brokered by Zhongzhou Holdings for nearly 20 years was finally "missing" and was taken back by the government due to idle problems.

It is understood that the Huang Jintai project is located in the commercial core area of Shenzhen North Station in Longhua District, and was jointly developed by Huadian Real Estate, Longhua Company and Dongbao Company on 199 1. 200 1 zhongzhou holdings indirectly acquired part of the rights and interests of the project through the acquisition of Huadian real estate. However, in the following years, the Huang Jintai project has been involved in ownership disputes, and several lawsuits filed by Huadian Real Estate and Dongbao Company for "monopolizing" the rights and interests of the Huang Jintai project were rejected. In March this year, the Guangdong Higher People's Court made a final judgment, and Dongbao Company enjoyed the profit-sharing right of 10% of the project, which means that Zhongzhou Holdings owns 90% of the rights and interests of the Huang Jintai project through Huadian Real Estate.

In the process of falling into ownership dispute, the Huang Jintai project plot was identified as idle land by Shenzhen Planning and Land Resources Committee on 20 13, and was included in the development plan. In April this year, Zhongzhou Holdings announced that at present, about 285,000 square meters of land for the Huang Jintai project has been recovered by Longhua Administration of Shenzhen Planning and Natural Resources Bureau. According to the compensation plan, after the government recovers the land use right, it will give Zhongzhou Holdings 90,000 square meters of reserved land. According to the plot ratio, the building area that Zhongzhou Holdings can hold in Huang Jintai is about 450,000 square meters.

At this point, the remaining Huang Jintai plot may have become one of the few projects that Zhongzhou Holdings can exert its fist in Shenzhen. Zhongzhou Holdings stated in the semi-annual report in 2020 that "Huang Jintai Project is located in the commercial core area of Shenzhen North Station in Longhua District, with superior location conditions", and the company expects to invest 665,438+44 million yuan in it, which will be started in June 2020 and completed in May 2024.

At present, except for a few self-sustaining properties, the Shenzhen project is no longer on the sales list of major projects disclosed by Zhongzhou Holdings, and Chengdu, Huizhou and East China cities are becoming the company's main sources of income.

The promise of "injecting assets into the listed platform" needs to be fulfilled.

Everything depends on human effort, and the development track of the enterprise will eventually be related to the actual controller.

Born in Shantou, Guangdong Province, he went out to make a living and started a business in his teens and made his first fortune by auto parts. 1993 moved to hong kong and founded zhongzhou group in the same year. Like many Chapman, Huang Guangmiao is low-key, aggressive and good at doing business.

Huang Guangmiao and Zhongzhou Group appeared in the real estate industry after 2000. With various cooperation with CITIC South China Group and investment in municipal engineering and old city reconstruction, it has gradually become the mainstream housing enterprises in Shenzhen.

In 20 13, Zhongzhou Real Estate, a subsidiary of the Group, took over the controlling stake of Shenzhen Great Wall Investment Holding Co., Ltd. (hereinafter referred to as "Shenzhen Great Wall") from Luen Thai and changed it to "Shenzhen Zhongzhou Investment Holding Co., Ltd.", thus realizing the listing on the A-share curve. Shenzhen State-owned Assets Supervision and Administration Commission (SASAC) transformed the Great Wall into Zhongzhou era and became the main financing platform of Zhongzhou Group.

Landing in the capital market has brought new business opportunities to Zhongzhou Group. In recent years, the territory of Zhongzhou Group has completed the national layout from early Guangdong-Hong Kong-Macao Greater Bay Area. However, after Curve went public, the solution of horizontal competition proposed by the company has not been fulfilled so far. On the platform of investor interaction, how to avoid horizontal competition has always been a question frequently asked by investors in China.

According to the promise of Zhongzhou Real Estate 20 13 after successfully hunting the Great Wall, the company will propose a solution to horizontal competition within five years, and inject assets into listed companies through issuing shares to purchase assets, cash purchase and other ways permitted by laws and regulations.

Huang Guangmiao also promised on 20 15 that Zhongzhou Holdings would be the only platform for its real estate development and sales business. Within 3 years, I will gradually transfer the undeveloped land use right that I control and currently hold to other enterprises and to Zhongzhou Holdings or unrelated third parties.

The node has arrived, and the assets of Zhongzhou Group have been injected into the listed company, and the plan is waiting to be cashed. Although in May, 2065438+2008, Zhongzhou Holdings announced the suspension of trading, indicating that Zhongzhou Group planned to inject a number of projects into listed companies with a transaction amount of more than 3.5 billion yuan, this asset plan was terminated only in the past month because "some assets still have certain defects, including some land reserve projects that have not been substantially developed beyond the contract period and some assets are mortgaged".

It is understood that these assets include Shenzhen Zhongzhou Building, Yi Cuiyuan Phase I and Phase II shops, Zhongzhou Xintiandi and other real estate projects, some soil storage projects in Qingdao and Huiyang, as well as 99.50% shares of Shenzhen Zhongzhou Commercial Management Co., Ltd., 72% shares of Shenzhen Langyi Property Management Co., Ltd., 95% shares of Shenzhen Zhongzhou Chuangfu Management Co., Ltd. and 95% shares of Shenzhen Zhongzhou Technology Venture Capital Co., Ltd. Currently,

In fact, after years of professional control by Zhongzhou Holdings, Huang Guangmiao has retired behind the scenes. The current chairman of the listed company is Yao Ribo, from CITIC Real Estate. At an annual meeting after the listing of A shares, Huang Guangmiao said that his dream of establishing a listed company has come true. However, there are still many asset pressures to be solved.

In the latest semi-annual report, fund management has become the key word of Zhongzhou Holding's 2020 plan. Reportedly, this year, Zhongzhou Holdings will take sales payment as the top priority of the whole year, strengthen budget management, strive to revitalize regulatory funds, and attach importance to cash flow management. On the one hand, we will continue to broaden financing channels and explore new financing models. On the other hand, we will continue to implement fund plan management and cost management seriously.

From the secondary market, Zhongzhou Holdings is one of the few listed real estate enterprises whose share price is lower than the net assets per share. In August, the company 1 closed at 9.43 yuan/share, which was lower than 1 1.73 yuan's net assets per share. In order to regain investor confidence, tens of billions of continents still have to fight.