中粮科技出售徽商银行股权 剥离非核心资产背后的业绩困局与转型阵痛

Core Viewpoint - The sale of Huishang Bank shares by COFCO Technology for 103 million yuan marks the completion of its financial asset divestment plan, reflecting the company's strategic focus and highlighting issues with its core business profitability and reliance on asset disposals to improve financial statements [1][2]. Group 1: Share Transfer Details - COFCO Technology successfully transferred 40.31 million shares of Huishang Bank, accounting for 0.2902% of the bank's total equity, to Anhui Investment Group [1]. - The initial listing price for the shares was set at 156 million yuan in February 2024, but was reduced to 103 million yuan due to market caution regarding Huishang Bank's shares [2]. - The divestment is part of a broader strategy to reduce non-core assets, aligning with the national directive to focus on real economy and mitigate financial market volatility risks [2]. Group 2: Financial Performance Insights - In 2024, COFCO Technology reported a net profit attributable to shareholders, but the adjusted net profit was a loss of 76.6397 million yuan, indicating insufficient core business profitability [3]. - The company's net profit improvement was largely driven by asset disposals and government subsidies, while its main sectors, such as food and bioenergy, are experiencing revenue growth without corresponding profit increases [3]. - The bioenergy segment remains vulnerable to international crude oil price fluctuations, with Brent crude oil prices dropping by 12% in 2024, leading to a 9% decrease in fuel ethanol prices and a revenue decline of approximately 320 million yuan [3]. Group 3: Transformation Challenges - The short-term benefits of selling Huishang Bank shares include alleviating liquidity pressure and optimizing asset structure, but the long-term value hinges on the company's ability to rebuild its core competitiveness [4]. - COFCO Technology must innovate in high-margin markets through products like allulose, capitalize on biodegradable materials for green economy opportunities, and enhance collaboration with COFCO Group in procurement and distribution [4]. - Successfully transforming the "stopgap" effect of asset sales into "blood-generating" business upgrades is crucial for COFCO Technology to redefine its identity beyond being a "cyclical enterprise" [4].