The "Iron Chicken" In The Underwear Industry -- The First Time In 20 Years, The Dividend Paid By The Company Is Only 6 Cents.

Since its listing, the company has gone through 20 financial years, including 6 years of losses, a total loss of 307 million yuan since its listing, and a total net cash flow of 217 million yuan.

As a fighting chicken in a rooster, it has announced its first cash dividend today, but it has only 6 cents per share.

The company announced today that the board of directors proposed a profit distribution plan for the 2017 year, that is, to distribute 0.6 yuan (including tax) to every shareholder in every 10 shares, not to increase capital stock by capital reserve fund, or to distribute 5 million 833 thousand and 100 yuan to all shareholders.

However, referring to today's closing price of 19.72 yuan, the dividend yield of the dividend scheme of the Sha Sha share company is only 0.3%, giving investors a relatively limited return.

According to the statistics, there have been 20 financial years since the stock market listed, of which 6 years of loss, the cumulative loss of 307 million yuan since the listing, the total net cash flow of 217 million yuan.

It is worth noting that in the 2016 and 2017 two financial years, the profits of the shares of the group were largely dependent on bank financing, and the bank financial income reached 2 million 190 thousand and 900 yuan and 6 million 433 thousand and 100 yuan respectively, accounting for 16.28% and 28.03% of the net profit respectively.

A phenomenon that few investors are concerned about is that A shares listed as a member of the group. Its main business is actually selling shorts instead of selling socks. The sands socks industry has remained inside the group and has not been injected into the listed companies.

Another interesting thing is that in recent years, the company has begun to diversify and has been involved in the field of payment and micro business.

In the 19 year, the Iron Rooster finally pulled out its hair, and the 10 stock pulled 6 wool.

In order to strengthen the supervision of "high delivery and pfer" and guide the company's cash dividends, the company has stood on the cusp of public opinion, and its record of 19 consecutive years of non dividend has also become an important factor of stock price suppression.

In December 1, 2017, at the news conference of the SFC, the SFC made it clear that it would strengthen the on-site inspection of the "high pfer" listed companies, especially for the "iron chicken" which had no cash dividends for a long time.

Affected by the news, the shares of the Sha Sha company began to drop 7 days from 2017 to 4 days, and the total decline reached 39.35%, including 3 consecutive down limits, and the stock price has not recovered so far.

Under the dual pressure of stock price and regulatory situation, in response to investors' queries in January 18, 2018, the chairman of the board of directors of lssha said, "judging from the operating results in 2017, we can reach the cash dividend conditions this year through the subsidiary's dividend payment to the parent company, which once again attracted the investors' vision."

But the annual report released today shows that the cash return from the shares is still limited, with a dividend of only 0.06 yuan per share and 19.72 yuan at the closing price today. The current dividend yield is only 0.3%, which is not a very substantial dividend return.

On the scale of cash dividends, the cash dividend scale reached 5 million 833 thousand and 100 yuan, accounting for 25.41% of shareholders' net profit.

Helpless to be a rooster?

Despite the fact that the rooster has become the object of public opinion, it is easy to find out that there are both subjective and objective restrictions on cash dividends and the objective limitations of historical issues, and the scale of dividends in 2017 is close to the upper limit of distributable profits.

As a backdoor listing stock, Changjiang holdings, the predecessor of the shares, was once insolvent and left a big loss to the shares of the company. So the annual profits of the company must be given priority to make up for the remaining losses until 2017, which is the main reason for the loss of the shares.

Looking back at the historical data, the Changsha holding company, the predecessor of the Changsha share holding company, has lost 5 years in the first 8 years since its listing in 1998. By the end of 2006, the shareholders' rights and interests of the company had been negative, reaching -2.63 billion yuan, the undistributed profit of the combined caliber reached -4.9 billion yuan, and the undistributed profit of the parent company's caliber was -4.47 billion yuan.

In May 2006, after signing an agreement with the Yibin state capital company, the company controlled the 70 million shares of the Yangtze River holding 34 million 671 thousand and 300 shares of state shares. The Changjiang holding company turned the deficit into a profit and resolved the risk of suspending the listing.

According to the company law and the regulations of the company, the distribution order of company's net profit is first to make up for the company's losses in the previous year, followed by the withdrawal of statutory surplus reserves, and then to extract any surplus surplus, and finally to pay the general dividend.

However, after the listing of the company, the undistributed profit of its parent company remained negative until 2017, which led to no profit distribution for the first 19 years.

Then, will the shares of the Sha Sha group give more dividends?

On the face of it, according to the company's financial report, in 2017, the company realized a profit of 22 million 953 thousand and 600 yuan, which is nearly 4 times the current cash dividends. At the same time, the currency fund of the shares of the company has 293 million yuan, which is 50 times the current cash dividend scale.

However, according to the information information of the annual report, the undistributed profit under the caliber of the joint stock statement of the Sha Sha shares reached 26 million 580 thousand and 900 yuan. However, after the parent company made up the remaining losses through its wholly-owned subsidiary to make up the remaining losses, only 6 million 675 thousand and 200 yuan was left for the undistributed profits. After the withdrawal of the statutory surplus 10%, only 6 million 7 thousand and 700 yuan could be allocated to the shareholders.

Therefore, compared to the current 5 million 833 thousand and 100 yuan dividend scale, the company has allocated 97% of its distributive profits to cash dividends.

Accumulated losses of 307 million yuan in 20 years, and profits depend on bank financing.

According to the statistics of China Securities reporter, in the 20 earnings records since the listing, the company has experienced losses in 6 years, of which 5 years before the reorganization in 2007, it accumulated a total loss of 307 million yuan, and failed to create positive operating income for all shareholders since its listing.

Among them, the biggest loss occurred in 2002. In the year, it lost 668 million yuan a year. It directly hit the negative equity of shareholders and reached -5.21 billion yuan. It also left behind a heavy financial debt for the subsequent backlog of the shares.

After the reorganization, the proportion of the loss year of the Sha Sha shares declined, only in 2015 it lost 21 million yuan, and the rest of the year realized profits.

So how does the company achieve profitability? According to the data in 2016 and 2017, actively participating in bank financing is an important means of profit.

Data show that in 2016, the investment income of the group reached 2 million 190 thousand and 900 yuan, accounting for 16.28% of the net profit of the year, all of which came from the investment income of the bank's financial products. During the period of 2017, the investment income of the group also reached 6 million 433 thousand and 100 yuan, accounting for 28.03% of the net profit of the whole year, and it also came from the investment income of the bank's financial products.

According to the financial annotations, the above investment income comes from the purchase of financial products such as Bank of communications, Ping An Bank, CITIC Bank, Shanghai Pudong Development Bank and Xingye Bank.

As of the end of 2017, rtha shares still hold 80 million yuan of bank financial products, the product type is for the public structured deposits (linked interest rate) products, for the short-term guaranteed floating income products.

In terms of cash flow, 20 years since the launch of the shares, the cash flow has been totally net inflow of 217 million yuan, and the investment cash flow has been net outflow of 313 million yuan, while the cash flow from the fundraising has also been net inflow of 333 million yuan.

Sha Sha shares: do not sell stockings to sell shorts

As a well-known brand of socks, "Sands" has always been a household name. But many of its friends do not know that the A shares are not the sock business, but the main selling shorts.

。

2017 annual report data show that the first source of revenue from the company is shorts, a total revenue of 187 million yuan, accounting for 55.24% of the total revenue, second revenue source is

A total of 95 million 984 thousand and 300 yuan, accounting for 28.36%.

The main reason is that when the shell was taken back in 2006, the group just injected the Lingsha underwear into the listed company, leaving its core snail socks industry in the group, the company of Sha Sha and the industry of Lingsha hosiery.

What is interesting is that if we continue to observe the group, we will find that this company is not only operating.

In the wake of the accident, it began to diversify, especially in the financial field, and launched "the payment of the Sha Sha" and involved in the micro business field.

According to official website information, it is composed of Jin Ye financial information service outsourcing company of Zhejiang, Shanghai information technology company and three party operation team. It is a comprehensive financial service group, which is based on payment as core business, bank card maintenance, financial value-added services, and technology development.

In addition, on the official website of the Sha Sha group, a micro commercial brand "La Sha international" was also released, and the "micro agent policy" was promulgated.