Qinghai gelatin main industry repeatedly deficit trap or into investment "tool"

To do gelatin for the name of the investment bank, or Tianjin Teda Science and Technology venture Capital AG (hereinafter called Tianjin Teda) into the "gelatin first" Qinghai gelatin (000606. SZ) The accurate generalization of the operation path in the past 8 years. Qinghai Gelatin recently disclosed that its sun company Kim Yo-da to sell 643,000 strands of morning life (300138.SZ), profit 4.24 million yuan, Qinghai gelatin to obtain 1.515 million yuan pre-tax investment income. This is just near the end of the Qinghai gelatin performance "trap" a microcosm. At the end of December 2013, the company also sold its shares through government subsidies and sales (002696). SZ) equity profit of 31.78 million yuan, so that 2013 1-September deducted after net profit of 15.65 million yuan of Qinghai gelatin again escaped losses. In fact, in recent years, the main business of gelatin in Qinghai province is poor, often rely on government subsidies and the sale of financial assets and other non-recurrent income to supplement the main loss of the deficit. From 2010 to 2012, the company deducted after the net profit of 27.9756 million yuan, 41.2417 million yuan, 5.999 million yuan, 2010 and 2012 company all rely on non-recurrent income to be profitable. "The big shareholder Tianjin Teda and the innate investment gene, makes the Qinghai gelatin to become Tianjin Teda's one investment tool, but is not the industrial management platform." Liu Yahui, general manager of CITIC Investment Hunan Wealth Management Center, analyzes the way. Mother weak son is not strong Qinghai gelatin predecessor was founded in 1956, the old state-owned enterprise Qinghai Bone Glue Factory, December 1993 changed its name to Qinghai Rubber Corporation, October 1996 Company in Shenzhen stock market, after nearly ten years, the company has been to gelatin for the main business. 2005, Tianjin Teda United Beijing National Gold Trust Company to acquire Qinghai gelatin big shareholder Qinghai Enterprise Technology venture Capital holding 53.742 million shares of Qinghai gelatin state-owned corporate shares, Tianjin Teda has become the largest shareholder of Qinghai gelatin. But Tianjin Teda's arrival did not bring the Qinghai gelatin performance leap, especially after 2010, the company has fallen into the "mother weak son not strong" dilemma. Qinghai gelatin financial Results show that 2011, 2012, 2013 years ago three quarters, the company realized operating income of 4 million yuan, 0 yuan, 0 yuan, the core profits are-14 million yuan, 15 million yuan, 19 million yuan, net profit is 34 million yuan, 13 million yuan,- 29 million yuan. And the balance sheet shows, Qinghai gelatin parent company 2011, 2012, 2013 years ago three quarter other receivables 229 million yuan, 210 million yuan, 269 million yuan respectively, long-term equity investment is 545 million yuan, 555 million yuan, 656 million yuan. "The parent company has no long-term revenue or small revenue, while other receivables and long-term equity investment is huge, indicating that Qinghai gelatin parent company is similar to a group, basically do not do gelatin business, more like a financial company, for the subsidiary to carry out investment and financing services." "Senior CPA Dragon Yu Liang bluntly. Long Yuliang of Qinghai MingGum calendar year after the annual report to the 21st century economic reporter analysis, Qinghai Gelatin's parent company seems to be only a convenient investment operation structure of the financial company, the subsidiary is really engaged in gelatin and related business. Qinghai gelatin 2013.5 Annual report disclosed that the company's Qinghai Gelatin Co., Ltd., Qinghai-Connaught capsules and other 9 major subsidiaries and equity companies registered capital of 570 million yuan, has accounted for the Qinghai gelatin Consolidated balance sheet of the total assets of 38%. However, these mainly engaged in gelatin and related business subsidiaries of the performance is clearly not: 2011, 2012, 2013 years ago, three quarters, Qinghai gelatin subsidiary of the core profits of 42 million yuan, 5 million yuan,-2 million yuan. Subsidiary business Weak under, 2013 years ago three quarter, Qinghai gelatin revenue 265 million yuan, the year-on-year growth of 20%, deducted after the net profit is-15.65 million yuan. In stark contrast to this, the Dongbao creatures with gelatin as the main industry (300239). SZ), but the operating performance is beautiful: The company 2013 years before the three-quarter revenue, deducted after the net profit of 296 million yuan, 31.05 million yuan, the year-on-year increase of 85%, 40.57%. "Core profit reflects the comprehensive profitability of the business assets and is one of the important indexes to measure the competitiveness of enterprises." From the operating situation of Qinghai Gelatin subsidiary, it is difficult to say that the operation of the subsidiary company is successful. The Dragon Yu Liang bluntly. Poor performance, Qinghai gelatin products have also been involved in the "Quality Door", 2012, Qinghai gelatin cooperation related party Henan Golden Arrow industry was exposed medicinal capsules chromium exceeded, because the Golden Arrow industry as the Qinghai gelatin subsidiary of Gold Arrow Gelatin, one of the shareholders, so this incident also aroused public concern about the quality of Qinghai gelatin products, The company has also made a special clarification on this matter. Gelatin or investment? Qinghai gelatin 2013.5 Annual report data show that the company's gelatin and related products to achieve the revenue of 173 million yuan, more than 99% of total revenue, while the investment achieved less than the total revenue of 1%. Qinghai Gelatin 2012 Annual report disclosed in the 9 subsidiaries, and investment-related only Tianjin Haida venture, Qinghai Ning Tatsu Venture, Guangxi Haidong Technology Venture 3. Therefore, whether it is the revenue, or the establishment of subsidiaries, it seems that the Qinghai gelatin is a real gelatin enterprises. But is the truth so? Data show that Qinghai gelatin is obsessed with long-term equity investment, its long-term equity investment in recent years, including Qinghai small Western cattle Bio-dairy company, Qinghai Hong Chuan Xinyuan Industrial Company and many other enterprises, some years of long-term equity investment even up to more than 10. Data show that 2011, 2012, 2013 years before the three quarter of Qinghai gelatin parent company long-term equity investment is 545 million yuan, 555 million yuan, 656 million yuan, accounting for its parent company total assets of 66%, 45%, 56%, respectively, More than the corresponding period of the combined statement operating income-41 million yuan, 240 million yuan, 391 million yuan. At the same time, Qinghai Gelatin also holds the Chenguang biological, the day vapor mold (002510. SZ) and hundred ocean aquatic products three listed companies, in the consolidated statements in 2011, 2012, 2013 years ago three quarters of the financial assets available for sale reached 64 million yuan, 141 million yuan, 69 million yuan respectively. Obviously, the Qinghai gelatin on the one hand in gelatin, on the other hand, is engaged in investment. The reason seems rather puzzling. However, once opened the company related to the high resume, the answer immediately leaps, self-evident. Data show that Qinghai gelatin Chairman Zhao Hua, vice chairman Yanggong, director and President Zhaoxia and other senior executives are engaged in long-term investment work, the relative lack of business record. Among them, Zhao Hua, Zhaoxia born in Tianjin Teda, and Yanggong has served in Tianjin Teda Group, another listed company Tianjin Binhai Development (000897. SZ). "Use the method of investment to do gelatin, which should be the typical model and characteristics of Qinghai gelatin." Liu Yahui bluntly. And in November 2013, Qinghai Gelatin and announced the new Henan Mingyuan Gelatin, with investment to do gelatin story again kicked off.