HAOXIANGNI(002582) 证券时报网·2024-11-11 02:03Core Viewpoint - The company "好想你" has struggled to maintain its business momentum after the lucrative sale of 百草味, with its red date business continuing to incur losses and significant portions of its investment returns being depleted [1][2][3] Financial Performance - In 2020, the company reported an investment gain of 31.21 billion yuan from the sale of 百草味, but by the third quarter of this year, the cash and equivalents from that sale had decreased to 18.86 billion yuan, indicating a reduction of 25.76 billion yuan in just four years [2][3] - The company has continued to incur losses, reporting a net loss of 6070.87 million yuan in the first three quarters of 2024, although this represents a 48.66% improvement year-on-year [5] Shareholder Actions - Over the past four years, the company has conducted four share buybacks totaling 9.18 billion yuan, with the largest buyback occurring in 2021 at 5.87 billion yuan [2][3] - The company has also distributed five dividends totaling 10 billion yuan, which have exceeded its net profits in some years, raising concerns about the sustainability of such payouts amidst ongoing losses [3][5] Strategic Investments - In late 2022, the company invested 7 billion yuan in a stake in "零食很忙," a leading snack retailer, aiming to enhance its operational efficiency and sales in the red date business [4][5] - The investment in "零食很忙" has a post-investment valuation of 105.4 billion yuan, reflecting the company's strategy to leverage successful past investments to drive future growth [4] Related Transactions - The company engaged in a related party transaction by purchasing residential properties for employee housing, which amounted to 1.07 billion yuan, raising questions about the allocation of funds from the sale of 百草味 [5]