Zhengbang is even worse. According to Oriental Fortune, Zhengbang Technology's margin financing and securities lending information shows that on February 14, 2023, the net repayment of financing was 3,055,700 yuan; The financing balance was 460 million yuan, hitting a new low in nearly one year, down 0.66% from the previous day.
It is worth mentioning that on February 5th/kloc-0, the total market value of Zhengbang Technology was still116.56 million, which was relatively stable in the near future.
But it is lamentable that such a large pig-raising enterprise with a market value of 10 billion bears the burden of millions of pigs nationwide. At present, the financing balance is only 460 million, and it is still burdened with tens of billions of debts, which can be said to be difficult.
Zhengbang's rapid decline is not only the cash flow, but also the rapid loss of fixed assets.
On the one hand, Zhengbang tried to sell its subsidiaries many times in 2022, including the "Dabeinong acquisition case" that caused great trouble later.
On the other hand, Zhengbang itself promoted a large number of new projects from 2020 to the beginning of 20021,but under the sweeping of the pig cycle, it finally had to take the initiative to eliminate and give up a lot of production capacity, and some new projects had not even had time to enter the pig operation.
According to Zhengbang's own disclosure, combined with the overall strategy and development needs, the Group scrapped assets of 654.38+0.25 billion yuan in 2022.
Among them, the scrapping of fixed assets involves 576 asset groups, all of which are self-built investments, and the net value of a single project is 1.25 1.400 yuan; Scrapping of projects under construction involves 297 projects under construction, all of which are self-built investments, and the loss of a single project is 6.5438+0.7783 million yuan.
The number of projects is greatly reduced, and the company's funds are tight, which will naturally lead to a large number of active or passive employee losses! The data shows that at the end of 2022, the number of employees in Zhengbang dropped from 22,088 a year ago to around 8,000, with a total drop of over 60%! Of course, the reduction of a large number of employees has also brought about an intuitive "cost reduction"-in 2022, the salary of employees decreased by 56.25% year-on-year, and the travel expenses decreased by 6 1.54%.
Although the number of unprofitable projects has been greatly reduced and the salary expenses of employees have also been greatly reduced, it can't stop the depressed pig price since 2022.
Therefore, in 2022, Zhengbang announced that the pre-loss was as high as10 billion yuan, and by the end of the third quarter, the debt ratio was as high as1/3.8%.
How much debt does Zhengbang have now? It is hard for outsiders to know, but judging from the low pig price since the fourth quarter of 2022, I am afraid it is even worse!
This situation reminds me of a scene in a Stephen Chow movie. Anyone who sees it must go up and draw the word "miserable".
Since Zhengbang faced the financial crisis, Dabei Nong has sold assets abroad many times in order to withdraw funds, hoping to tide over the difficulties.
Among them, the most striking thing is that Dabeinong acquired eight feed subsidiaries in Zhengbang, with a transaction amount of 2-2.5 billion yuan, and Dabeinong also paid 500 million advance payment to Zhengbang.
At that time, it seemed that I really thought that 2 billion was a timely help from Zhengbang!
However, I never thought that such a seemingly "win-win" transaction case was finally brought to court. Dabeinong announced that Zhengbang breached the contract in the transaction and filed a lawsuit with the court, demanding that it refund the advance payment of 500 million yuan and pay interest and liquidated damages of 609 million yuan.
From the perspective of Dabei Nong, it is understandable for enterprises to safeguard their own rights and interests! However, from the perspective of practitioners who have been facing recession in recent years, there is indeed a sad feeling for Zhengbang, which is really difficult for everyone!
Not surprisingly, Zhengbang did not promise to return and compensate Dabei Nong for 609 million yuan.
The dispute between the two sides seems to have reached a deadlock, until February 2023 14, when a piece of news once again triggered the collection. ......
According to financial reports, Dabeinong requested the court to seal up, detain or freeze the property worth more than 6.09 million yuan of the respondent Jiangxi Zhengbang Technology Co., Ltd. and its legal representative LAM Raymond and more than ten companies under Zhengbang Technology.
The court found that the application was in compliance with the law and ruled that it should be implemented.
It can be seen that after the court passed the audit investigation, Zhengbang had a high probability of violating the rules in the transaction case and should return 609 million yuan to Dabei Nong, but Zhengbang may be unable to pay this huge sum for the time being.
You know, now Zhengbang's financing balance is only 460 million. ......
When can we get out of the quagmire? It's really hard .......
The fate of the market is now in a quagmire, and one of the huge factors is the "fate" of the pig price market.
Looking back on the pig market in the past 20 years, we have never seen such drastic fluctuations from 20 19 to 2022. The high pig price in the past two years has made me numb and careless. I just want to make money by feeding pigs!
Zhengbang, which raised the price of pigs, happened to meet the period of falling pig prices, which was tantamount to the Titanic hitting an iceberg, and huge losses were inevitable! To make matters worse, Zhengbang is still in the cold winter after falling into the water. In 2022 and 2023, we may not be able to wait for the good days of "pig prices rising and turning losses into profits".
In 2022, Zhengbang * * * sold 8,446,500 pigs, with a sales income of 9 billion yuan and a sales price of 1.060 yuan/head, with a gross profit loss of about 4.5 billion yuan and a gross profit margin of about -50%.
Zhengbang's sales briefing on June 5438+ 10 in 2023 showed that 565,000 pigs were sold in that month, with a profit of 535 million yuan, and the average selling price of commercial pigs was only 13.54 yuan/kg! Judging from the cost near Zhengbang 20 yuan/Jin, the loss is still an unavoidable problem.
However, it is worth collecting that the average selling price of live pigs in Zhengbang 5438+1October was 1 17.94 kg/head, which was 13.7 1% lower than last month, but it can also be seen that their pig weight basically returned to the "normal range".
Since February, the pig price market is still not good.
According to the monitoring of the Ministry of Agriculture and Rural Affairs, during the week of February 6-February 12, the average price of pigs purchased by slaughtering enterprises in China was 15.70 yuan/kg, and the price of pigs continued to fall 15 weeks, still chilling!
Although pig prices rebounded on February 14 and February 15, we should be vigilant at this time, because the supply of live pigs is still relatively loose at present. If the pig price rebounds too early and too fiercely, it will be in danger of overdrawing the market outlook in advance, forming a "trap" similar to last year's 10, which will lead to a longer bottom grinding of pig prices nationwide!
However, for farmers with high costs like Zhengbang, how long can they last?