On the evening of November 23, Yanjing Brewery (000729. SZ) announced that the company had recently received the short form equity change report of Beijing Yanjing Beer Co., Ltd. from Shanghai Chongyang Strategic Investment Co., Ltd. and Chongyang Group Co., Ltd., which was approved by Shanghai Chongyang Strategic Investment Co., Ltd. (on behalf of the private investment fund issued as fund manager) on November 20, 2020 The centralized bidding trading mode of the stock exchange reduced the companys shares by 22.9769 million.
After the equity change, the above shareholders hold 141 million shares of the company, accounting for 4.999999% of the total share capital of the company. They are no longer shareholders holding more than 5% of the companys shares and intend to continue to reduce their shares in the next 12 months.
In fact, with the recent drinking market, Yanjing Beer has risen by more than 20% in 25 trading days. In addition, since the stock hit a stage low of 5.39 yuan / share on March 19, its share price has risen by more than 62%. Up to now, the market value of Yanjing beer is 25.141 billion yuan, but far less than 110.1 billion yuan Qingdao beer and 52.8 billion yuan Chongqing beer.
Zhongyang beer is in favor of Yanjing beer
For a long time, Chongyang investment has always been in favor of Yanjing Beer, and its investment can be traced back to 2012. In the 2012 annual report, among the top 10 circulating shareholders of Yanjing Beer, Chongyang phase 3 held 16.2682 million shares, accounting for 0.64%.
Subsequently, the number of shares of Chongyang phase 3 increased in the first half of 2013 compared with the previous period, but decreased continuously in the second half of 2013. At the end of 2013, the number of shares held was 19.5 million, accounting for 0.69% of the total. In addition to Chongyang phase 3, another private product of Chongyang, Chongyang hedge No.1, also broke into the top ten shareholders of Yanjing beer at the end of 2013, holding 21.3 million shares, accounting for 0.76%.
In 2014, the performance of Yanjing beer was not good. The share price of Yanjing Beer fell continuously in the first half of the year, and rose continuously in the second half of the year. The stock price fell by 0.18% in the whole year. By the end of 2014, Chongyang hedging No.1 ranked the sixth among the top ten circulating shareholders, accounting for 0.82% of the total equity.
Or because of the poor market performance of Yanjing Beer in 2014, Chongyang investment disappeared from the list of shareholders in 2015, which also missed the outbreak period of Yanjing Beer in the first half of 2015. In 2015, the roller coaster of Yanjing Beers share price has soared by nearly 60% in the first half of the year, and dropped sharply in the second half of the year. In the next few years, the share price has been in a wide range of shocks.
That is to say, in the two years from the end of 2012 to the end of 2014, the share price of Yanjing Beer has risen by about 45%, and Chongyangs investment has made considerable profits.
Until 2017, Chongyang group and Chongyang strategic Juzhi fund rushed into the top ten shareholders again, holding 34.72 million shares in total, accounting for 1.23% of the total shares. And in the following time, Chongyang series continued to increase its holdings, and has been among the top three shareholders since 2018.
Since the second half of 2017, the price range of Yanjing Beer has fluctuated greatly. In the second half of 2018 and the second half of 2019, Yanjing Beer has experienced two rounds of decline. The stock price hovers in the low price range. If the time cost is included, the investment income in this period is not too high, and it is in the dormant period of value. However, benefited from the recent stock price rise again, Yanjing Beers stock price has risen by nearly 40% since this year, and the investment value has also shown.
Chongyang system has been decreasing in recent years
Due to the recent resurgence of drinking market, Chongyang investment continued to reduce its holdings at a high level. On November 6, Yanjing Brewery disclosed that from August 24 to November 4, its shareholders Shanghai Chongyang Investment Management Co., Ltd. (hereinafter referred to as Chongyang investment), Shanghai Chongyang Strategic Investment Co., Ltd. (hereinafter referred to as Chongyang strategic investment) and Chongyang Group Limited company (hereinafter referred to as Chongyang group) reduced their holdings by 1.262% through centralized trading The total number of shares held was 246 million shares, accounting for 8.7372%, ranking the second largest shareholder.
In addition, on November 10, Yanjing beer was again reduced by the Chongyang system. According to the announcement, from November 5 to November 9, Shanghai Chongyang Investment Management Co., Ltd., Shanghai Chongyang Strategic Investment Co., Ltd. and Chongyang Group Co., Ltd. reduced their shares by 1.4248% of the total share capital of the company. The shares reduced by the above shareholders were all from the call auction transaction in the secondary market.
Therefore, the reduction of Chongyang investment again seems to be expected. According to rough calculation, Chongyangs annual income from the reduction of 22.9769 million shares was about 52.62 million yuan.
As an old private equity fund, the scale of Chongyang investment exceeded 10 billion in 2011, becoming the first 10 billion private placement organization in China. Qiu guogen, who is the leader of private equity, sticks to the value investment and has no edge. In the third quarter of this year, Qiu guogen continues to firmly hold Yanjing Beer, with a total of 185 million shares. Meanwhile, he has increased his holdings of Sichuan investment energy with 28.16 million shares. From the investment of Chongyang system, it is inclined to the second-line blue chip. In addition to Yanjing Beer, Chongyang has invested in Shanghai Jiahua, SDIC power, XinHeCheng, Sichuan investment energy, Guodian Nari and other companies in recent years.
Double growth of revenue and net profit of Yanjing Beer Q3
Fundamentals continue to improve
On October 21, Yanjing Brewery disclosed the third quarter report, which showed that in the first three quarters, the companys operating revenue reached 9.865 billion yuan, a year-on-year decrease of 4.87%; and the net profit attributable to shareholders of listed companies was 482 million yuan, a year-on-year decrease of 24.68%. In the first three quarters, Yanjing beer sold 3.386 million kiloliters of beer.
However, Yanjing Beers performance in the third quarter rebounded. In the third quarter, the companys beer sales increased by 25% year-on-year, the operating income increased by 10% year-on-year, and the net profit attributable to shareholders of listed companies increased by 67%.
It is worth noting that as of the end of the third quarter, the inventory of Yanjing beer was 3.841 billion yuan, accounting for nearly 20% of the total assets, which was not significantly improved compared with 3.985 billion yuan at the end of the second quarter. Compared with Tsingtao Brewery and Chongqing beer which have not disclosed the third quarter report, Yanjing Beer has the highest proportion of total assets in the same industry.
From the perspective of performance in 2020, the improvement trend of Yanjing beer is obvious. The members of its board of directors have been iterated. The old people of Yanjing have closed the curtain and the young people have begun to take power. The performance of Yanjing beer may also be related to the managements governance.
Yanjing Beer said that in the first three quarters of this year, the companys production and operation were affected by the epidemic situation and faced with greater pressure. Under the premise of doing a good job in epidemic prevention and control, the company takes the four key measures of strong brand, tamping channels, deeply cultivating the market and intensive operation as the important layout of strategic transformation, focusing on the three important grasp points of products, channels and market, and actively takes various measures.
Minsheng Securities said that Yanjing Beer fundamentals are expected to continue to clarify the companys development goals, adhere to both revenue and profit. In terms of marketing, we continued to promote the brand rejuvenation. At the same time, Q2 continued to make efforts to promote the large-scale growth of the market. The sales performance far exceeded the industry average, and the strong market continued to improve the profitability. It is believed that the turning point of the companys fundamentals has arrived, and the implementation of large single product strategy and the effectiveness of series of cost reduction and efficiency improvement measures will continue to promote the future profitability of the company.
Source: Ren Hui, editor in charge of China Fund News_ NBJ9607