Shanghai San Mao " Persistent " Selling House Behind: Once Regard Real Estate Resources As The Core Competitiveness.

A few days ago, Shanghai Sanmao (600689, SH) a sale of real estate unsuccessful news attracted many attention.

As a listed company, why is it so persistent in selling its property?

"Daily economic news" reporter noted that the main business of Shanghai San Mao in recent years, the main industry downturn, real estate resources has become its core competitiveness.

At the same time, the company has repeatedly planned to sell off its assets, and selling the house is only part of the disposal of the company's assets.

Frequent asset disposal

At the end of 3 2018, Shanghai San Mao announced that it had to sell 5 properties in Chongqing and Shenzhen.

Among them, the company will be located in Shenzhen Hai Wang building residential building 13B, 13C room two properties listed on the Shenzhen joint stock exchange listing pfer.

The first time the listing price was 11 million 771 thousand and 100 yuan, which was nearly 20% higher than the assessed price (9 million 809 thousand and 300 yuan).

If the house can be sold, Shanghai San Mao can make a big profit. After all, the net book value of these two properties is only 2 million 243 thousand and 300 yuan.

But the reality is beyond Shanghai's three Mao's expectations. Shenzhen's two sets of real estate have not gone smoothly.

After twice lowering the listing price, the final listing price of the two real estate is 9 million 809 thousand and 300 yuan, but it still can not be sold.

The daily economic news reporter noted that Shanghai San Mao's sale of three properties in Chongqing was not smooth.

Up to now, three properties have been sold only one place, one is terminated in September 2018, only one is still listed.

Shanghai San Mao has disposed of assets in recent years, and property is only part of it.

As early as 2016, Shanghai San Mao pferred the holding of Ancheng insurance and Costa's garments.

In July 2017, Shanghai San Mao announced the pfer of a 100% stake in Shanghai one wool textile Chongqing Co., Ltd. (hereinafter referred to as Shanghai one wool), and the listing price was 34 million 961 thousand yuan for the underlying assets.

Since then, the company has lowered the listing price of Shanghai's top price to 24 million 472 thousand and 700 yuan by three degrees, and finally withdrew its cards in August 2018 because it did not collect the intention pferee.

In October 2018, Shanghai San Mao announced that it intended to sell all or part of Shanghai bank stocks held.

At the end of 11 2018, the company sold 890 thousand and 60 shares of Shanghai bank stock.

After sale, it also owns 1 million 900 thousand shares of Shanghai bank stock.

In December 2018, Sanmao announced two assets disposal announcements in Shanghai. The company intends to pfer 10% equity interest of Shanghai Shufeng international travel agency and 90% equity interest of Shanghai Maoming estate.

For the disposal of assets, Shanghai San Mao mostly takes "further cleaning up inefficient assets and consolidating asset quality" as the reason.

However, it should be pointed out that for listed companies, the more direct benefit of asset disposal is to reverse the performance loss situation.

Net profit for 15 years

Shanghai Sanmao mainly engaged in import and export trade, security services and park property leasing management business, including import and export business is the main source of revenue.

Financial data show that Shanghai Sanmao in 2003 ~2017, the company's net profit after deduction has been negative for 15 consecutive years.

In the first three quarters of 2018, Shanghai San Mao realized a net profit of about 2 million 380 thousand yuan, down 93.28% from the same period last year.

However, the net profit after deducting the net profit is negative 2 million 710 thousand yuan, but it has not yet turned the corner.

In recent years, as the main business is not "giving strength", asset disposal seems to be an important bargaining chip for Sanmao's performance in Shanghai.

In 2016, Shanghai San Mao was located in the 8 hills of Qilian mountain road, and received about 130 million yuan of revenue. The company realized net profit of 92 million 489 thousand and 800 yuan, which turned into a profit in the same period last year.

In 2017, the non recurring gains and losses generated by the disposal of the company's non current assets amounted to about 56 million yuan, mainly due to the acquisition and storage of the 7 hills of Qilian mountain road and the pfer of Ancheng insurance shares. The net profit of Shanghai's San Mao was 20 million 702 thousand and 700 yuan in the current period.

Obviously, the land acquisition and storage and pfer of insurance companies' equity, to avoid the company's performance into a loss situation.

In the first three quarters of 2018, the profit and loss of Shanghai San Mao assets was 4 million 400 thousand yuan.

Daily economic news reporter noted that although the main trading business, but in Shanghai Sanmao's operating system, the importance of real estate resources should be higher.

In the 2018 semi annual report, Shanghai San Mao has said that the core competitiveness of the company is mainly manifested in the stock of real estate resources.

In Shanghai and its surrounding areas, the company has 5 stock and 45 thousand square meters of floor space.

The above real estate resources not only provide stable operating income for the company, but also guarantee resources for the company to adjust and pform.

For the company's business strategy, Shanghai Sanmao stakeholders told the "daily economic news" that the corresponding situation will be disclosed in the 2018 annual report, whichever is the annual report.