Workflow
掏空式分红
icon
Search documents
火腿肠“遇冷”!双汇超250亿利润流向境外股东,市值已蒸发上千亿
Sou Hu Cai Jing· 2025-08-23 14:47
出品 | 创业最前线 作者 | 王亚静 编辑 | 蛋总 美编 | 邢静 审核 | 颂文 2025年上半年,双汇发展终于止住了业绩下滑的颓势。 具体而言,公司实现营收284亿元,同比增长2.97%;归母净利润23亿元,同比微增1.17%。 不过,双汇发展并不打算留下这些利润。按照计划,公司拟分红22.5亿元,占当期归母净利润的97%。 (图 / 双汇发展2025年中期财报) 这一定程度上源于生鲜猪业务的回温。2025年上半年,其生鲜猪产品实现营收138亿元,同比增长3.33%,贡献了48.46%营收,是公司第一大收入来源。 只不过,这种增长是以牺牲毛利率为代价的。报告期内,双汇发展的生鲜猪产品毛利率下挫0.26%至4.90%,已经跌破5%。 即便如此,资本市场反应仍然平淡。2025年中期财报披露次日(8月13日),双汇发展股价仅微涨1.21%。 其实,双汇发展的股权极其集中,70.33%股权由控股股东罗特克斯持有,因而散户投资者持股比例并不高。而按照罗特克斯的持股比例计算,今年上半 年就能拿走约15.8亿元分红。 罗特克斯是一家中国香港的公司,最终控制方是英属维尔京群岛成立的兴泰集团。通过这样的股权架构,双汇发 ...
济川药业19亿交班背后的增长困局:王牌产品失速、研发投入乏力、高分红掏空未来
Xin Lang Zheng Quan· 2025-07-23 07:49
Core Viewpoint - The transition of control at Jichuan Pharmaceutical has led to a dramatic response from shareholders, with only 34 out of 19 billion yuan in margin deposits being accepted, highlighting the company's significant challenges in product performance and financial stability [1] Financial Performance - In 2024, Jichuan Pharmaceutical reported revenue of 8.017 billion yuan, a year-on-year decline of 16.96%, and a net profit of 2.532 billion yuan, down 10.32% [1] - For Q1 2025, the company experienced further declines, with revenue of 1.525 billion yuan, a 36.51% decrease year-on-year, and a net profit of 440 million yuan, down 47.91% [1] Product Challenges - The company's key products, which previously supported a compound annual growth rate of 21.49% in net profit, are now facing significant declines, particularly the flagship product, Pudilan Oral Liquid, which saw a 24% drop in sales in 2019 after regulatory changes [2] - The product has been removed from the medical insurance directories of 13 provinces, leading to a more than 20% decline in revenue from heat-clearing and detoxifying products in 2024 [2] - The digestive product, Rabeprazole Sodium Enteric-Coated Capsules, has lost market share due to price reductions from national procurement, with inventory levels rising by 23.85% in 2024 [3] Operational Efficiency - Jichuan Pharmaceutical's inventory turnover days and accounts receivable turnover days reached new highs of 114.61 days and 110.01 days, respectively, indicating a decline in operational efficiency [3] - The net cash flow from operating activities as a percentage of total revenue fell sharply from 35.88% in 2023 to 27.15% in 2024, marking a three-year low [3] Marketing vs. R&D Investment - The company has prioritized marketing over research and development, spending 2.954 billion yuan on sales expenses in 2024, which accounted for 36.85% of revenue, while R&D investment was only 445 million yuan, representing 5.55% of revenue [4] - The disparity is evident as the company distributed 5 billion yuan in dividends over five years, with the controlling family benefiting significantly, raising concerns about the sustainability of this cash distribution model [5] Future Prospects - Jichuan Pharmaceutical's pipeline includes the pediatric constipation drug, which faces multiple commercialization challenges, and other innovative drugs that are still in the application stage [6] - The company must address a significant revenue gap due to the underperformance of its key products, as new drugs may not provide immediate relief from the current downturn [6]
超600亿“掏空式分红”让它再次出圈,科兴生物的那些股东们意欲何为
第一财经· 2025-07-18 15:32
Core Viewpoint - The article discusses the recent massive dividend distribution by Sinovac Biotech Ltd. (SVA.US), which has reignited interest in the company and highlighted ongoing control disputes among its shareholders. The total dividend amount could reach up to $8.911 billion, raising concerns about the sustainability of the company's financial health and future development [1][2][3]. Dividend History - In April and June 2025, the board led by Li Jiaqi announced three rounds of dividend plans, with a total potential payout of $8.911 billion, which is approximately 80% of the company's cash reserves of $10.724 billion as of June 30, 2024 [1][3][4]. - The first round of dividends has already been implemented, while the second and third rounds are still pending [4]. Financial Background - The cash reserves of Sinovac Biotech have significantly increased due to profits from the sales of its COVID-19 vaccine, which was approved for conditional use in February 2021 [7][9]. - The company's cash and cash equivalents rose from $1.041 billion in 2020 to $12.7 billion in 2023, largely due to the success of its COVID-19 vaccine [11]. Control Disputes - The control of Sinovac Biotech has been contested between its founder Yin Weidong and Li Jiaqi, with the latter gaining a stronger position following a judicial ruling in January 2025 [2][12]. - The ongoing disputes may distract from the company's focus on developing new drugs, as Li Jiaqi aims to shift attention towards the research and development of innovative medicines [12]. Impact on Future Development - The massive dividend payouts could hinder the company's ability to invest in research and development, which is crucial for its long-term growth, especially as revenues from COVID-19 vaccines decline [12][14]. - The company has faced losses, with a reported net profit loss of $258 million in 2023, indicating financial strain amid declining vaccine sales [12][13]. Historical Context - The article references past instances where shareholder dividends negatively impacted product development, suggesting a potential repeat of history if the current dividend strategy continues [14][15].
超600亿“掏空式分红”让它再次出圈,科兴生物的那些股东们意欲何为
Di Yi Cai Jing· 2025-07-18 12:21
Core Viewpoint - The recent massive dividend payout by Sinovac Biotech has reignited concerns about its impact on product development and control disputes within the company, reminiscent of past events in its history [1][10]. Group 1: Dividend Details - Sinovac Biotech's board, led by Li Jiaqiang, announced three rounds of dividend proposals totaling up to $8.911 billion, which is approximately 80% of the company's cash reserves of $10.724 billion as of June 30, 2024 [1][3][9]. - The first round of dividends was set at $55 per share, amounting to $3.952 billion, followed by subsequent rounds of $19 and a range of $20 to $50 per share, potentially bringing the total to $8.911 billion [3][4]. - The total dividend amount proposed is 19 times the company's market value of approximately $465 million, raising concerns about the sustainability of such payouts [3][10]. Group 2: Historical Context and Control Disputes - The company has a history of control disputes, notably a privatization attempt in 2016 that led to a power struggle between founder Yin Weidong and chairman Pan Aihua, with Li Jiaqiang later siding with Yin [2][10]. - The recent dividend proposals are seen as a strategy by Li Jiaqiang to stabilize shareholder confidence amid ongoing control disputes and to compensate for previous years without dividends [9][11]. - The board's decision to issue dividends comes after a period of significant cash accumulation due to profits from the COVID-19 vaccine, which has since declined, leading to a net loss of $258 million in 2023 [6][10]. Group 3: Financial Performance and Future Outlook - Sinovac's financial health has been bolstered by the success of its COVID-19 vaccine, which contributed to a cash reserve increase from $1.041 billion in 2020 to $12.7 billion in 2023 [9][11]. - The company faces challenges in maintaining profitability as sales of its vaccines decline, particularly the EV71 hand-foot-mouth disease vaccine, which has seen reduced demand [10][11]. - The ongoing control struggle and the massive dividend payouts could hinder the company's ability to invest in research and development, which is crucial for future growth [11][12].
Hope Sea港股IPO:冯苏军家族控股100% “掏空”利润2年分红超5亿元 董事会成“一言堂”?
Xin Lang Zheng Quan· 2025-07-04 03:52
Core Viewpoint - Hope Sea Inc. is preparing for an IPO on the Hong Kong Stock Exchange, with plans to raise funds for service expansion, IT system upgrades, international expansion, and general corporate purposes [1][2]. Company Overview - Hope Sea is a comprehensive supply chain solution provider based in China, focusing on cross-border supply chain solutions for electronic products, particularly integrated circuits [2]. - The company is controlled 100% by the Feng family through family trusts, with the founder Feng Sujun and his family holding all shares [2][4]. Financial Performance - In 2023 and 2024, Hope Sea distributed a total of 525 million yuan in dividends, significantly exceeding its net profit of 169 million yuan during the same period, raising concerns about potential profit extraction [5]. - The company's revenue showed a trend of decline followed by recovery, with total revenues of 253 million yuan, 221 million yuan, and 235 million yuan for the years 2022, 2023, and 2024 respectively [7]. - The gross merchandise volume (GMV) for imports reached approximately 34.8 billion yuan in 2024, making it the largest provider of electronic product import supply chain solutions in China [2]. Governance Structure - The board of directors consists of six members, including family members and independent directors, raising concerns about the independence of the board due to family control [4][5]. - The independent non-executive director's connection to the auditing firm may pose risks related to conflicts of interest and independence [6]. Business Model and Strategy - Hope Sea's business model includes supply chain solutions and cross-border fund arrangements, generating revenue primarily through service fees based on GMV [7]. - The company adopted a "price for volume" strategy, leading to increased GMV but a decrease in average fee rates, indicating potential weaknesses in bargaining power [8]. Cost Structure and Risks - Transportation costs rose significantly, accounting for 13.01% of total revenue in 2024, up from 9.92% in 2023, indicating increased operational costs [8]. - The company faces currency exchange risks due to its reliance on USD for cross-border transactions [9]. Debt and Financial Health - As of the end of 2024, Hope Sea's debt-to-asset ratio was high at 94.75%, with total borrowings of 13.134 billion yuan, primarily related to cross-border fund arrangements [12]. - The company has significant restricted cash, amounting to 13.147 billion yuan, closely tied to its borrowing activities [13].