“4+？”“ Capital Restraint Of Junyao Clan And Wang Junhao'S Impulse Of "Vegetable Garden"

There are many stories in the "ten li Yangchang".

In the whole course of China's capital market for 30 years, there have been a large number of capital tycoons in Shanghai. Many "capital systems" dominate the world and stir up the development of the securities market.

The growth of "Junyao system" is much different.

Looking back on the development of "Junyao system", the acquisition of Wuxi state-owned listed company building shares (now known as "big Oriental") in 2004 is the starting point of its capital market; In 2015, auspicious aviation was listed, which was the re launch of its private aviation dream; In 2018, Junyao's accession to the main Aijian group through the transfer of shares and fixed increase is an extension of Junyao to the financial field, while Junyao's healthy listing is the upgrading of its large consumption sector.

In the process of capital market development, Junyao often developed with a thick line of capital operation logic, rarely used complex capital techniques to call on the wind and rain, and exercised extreme restraint.

The Junyao group, which started in 1991, is also in its thirties.

By the end of April 22, the total market value of the four A-share companies exceeded 55.4 billion yuan.

As Wang Junhao, chairman of Junyao health, mentioned in the listing of the company, "we hope that every 'pillar' of the group can rank among the top private enterprises in China and have international competitiveness."

With multiple expansion, Junyao group's debt is also soaring.

At the beginning of 2017, the total assets of Junyao group were 42.780 billion yuan, and the total liabilities (consolidated statements) were 28.203 billion yuan. By the end of the third quarter of 2020, the total assets were 87.414 billion yuan, and the total liabilities were 59.650 billion yuan. At present, the asset liability ratio was 68.24%.

Facing the target of "100 billion scale and 10 billion profit", where will Junyao do "addition"?

"Big consumption" track turn sample

As early as 1997, with Zhang Xueyou's endorsement of "because of love, health is always there", Junyao milk once became a household name.

Today, the pure milk business has been spun off by Junyao group.

Junyao health, who "changed the track" to bet on Lactobacillus drinks, successfully landed in the capital market in 2020 after being implicated in Ruihua accounting firm involved in kangdexin's financial fraud case, and its IPO was once "suspended from examination".

More than 90% of the income of Junyao health comes from the "flavor power" series of normal temperature lactic acid bacteria. From 2017 to 2019, the revenue of Junyao health is 1.146 billion yuan, 1.287 billion yuan and 1.246 billion yuan respectively, and the net profit attributable to the parent is 226 million yuan, 254 million yuan and 295 million yuan respectively.

This is not a "generous" achievement in the field of FMCG. Moreover, the health revenue and net profit of Junyao declined after listing.

On the evening of April 15, Junyao health released its performance report. In 2020, the operating revenue was 852 million yuan, a year-on-year decrease of 31.62%, and the net profit attributable to the parent was 214 million yuan, a year-on-year decrease of 27.6%.

In this regard, Junyao health explained, "affected by the special epidemic situation, the growth rate has declined for the first time in nearly ten years."

Junyao health mentioned that "other competitive products adopting low price and low quality strategy undertake the withdrawal share of other core brands, which makes the competition pattern of the industry in the dimension of low price more intense, and the industry concentration tends to disperse."

It seems that there is a certain direction for the competitive products of low-quality strategy.

The core logic behind it is that the golden period of high-speed growth of normal temperature lactobacillus beverage market is gradually fading away.

According to Euromonitor International data, during the five years from 2015 to 2019, the domestic market scale of normal temperature lactobacillus beverage increased from 7.72 billion yuan to 14.88 billion yuan, with a compound growth rate of 17.8%. In the next five years, with the slowdown of macroeconomic growth and the gradual saturation of normal temperature lactobacillus beverage market, its market growth will slow down.

Perhaps in this context, on April 9, Junyao health, which has been listed for only half a year, announced its entry into the field of natural mineral water, and its shares also rose.

On April 14, Junyao health limit.

According to the announcement, on April 8, Shanghai Junyao natural mineral water Co., Ltd. (hereinafter referred to as "Junyao mineral water"), a wholly-owned subsidiary of Junyao health, plans to purchase 70% equity of Hubei sanjuoshan Beverage Co., Ltd. (referred to as "sanjuoshan") for 21 million yuan.

Sanzuoshan beverage is an enterprise mainly engaged in mineral water exploitation, production and sales. It insists on building a plant in the water source area. It is a mineral water enterprise with legal mining rights in Eastern Hubei Province. Its own brands are "core water run", "Jixi" and alliance brand "Shanwai family".

Nongfu mountain spring's landing in Hong Kong stock market shows the rapid growth and high gross profit of the "water" business. Junyao health, which also targets the "water" business, said that its natural mineral water anchored the middle and high-end consumer market and helped the company's health industry continue to grow stronger and bigger.

"Vegetable garden theory" and incremental impulse

Junyao's healthy choice of "pillar" business, much more.

In mid March, Junyao Health announced that it had signed the strategic cooperation agreement with Jiangnan University to establish the "Junyao health Jiangnan University big health joint innovation laboratory" (unincorporated organization, hereinafter referred to as "Joint Laboratory"), Junyao health will provide no less than 15 million yuan of scientific research funds for the cooperation between the two sides during the five-year cooperation period.

It is worth mentioning that after the establishment of the joint laboratory, the two sides will discuss the research and development and industrialization direction of "including but not limited to probiotics, epigenetics, functional dairy products and hyaluronic acid (hyaluronic acid) food" after the establishment of the joint laboratory.

In an interview with the media, Wang Junhao, chairman of Junyao health, revealed that it is expected that hyaluronic acid food will be officially launched in three months“ Sometimes the strategy is not so complicated. It's just a saying of the ancestors: eat in the mouth, look in the bowl, think in the pot, and think in the garden. "

In addition to Junyao's health, the consumption sector of "Junyao" is also reflected through another A-share company, big Oriental.

On July 9, 2004, Junyao group formally entered the parent company of the main building shares - Jiangsu Wuxi Commercial Building Group Co., Ltd., thus winning the first A-share listed company.

At present, big Oriental has developed into three business sectors: modern department store retail (big Oriental Department Store), auto sales and service chain (Dongfang automobile), and Chinese time-honored brand "sanfengqiao" (sanfengqiao). It is the first commercial retail listed enterprise in Jiangsu Province under the approval system.

Big Oriental has won an important share of the distribution of convenience stores in Hubei Province.

On July 11, 2018, great Oriental set up a wholly-owned subsidiary "Hubei Dongfang Meilin convenience store Co., Ltd." and signed a regional franchise contract with "711 (China) Investment Co., Ltd." to license Dongfang Meilin to develop and operate 7-Eleven convenience store stores in Hubei Province.

By the end of 2019, the "Hubei Oriental beauty neighborhood" team has more than ten stores in Wuhan market.

In 2020, the revenue of big Oriental is 7.936 billion yuan, a year-on-year decrease of 15.23%; The net profit attributable to the parent company was 315 million yuan, with a year-on-year increase of 41.26%.

On April 16, the 21st Century Capital Research Institute sent a letter to the Dongfang securities affairs department. A person from the Department explained that "the revenue in 2020 is basically the same as that of last year. The decrease is mainly due to the implementation of the new income standard. The income of some joint ventures is not included, only the profits are included.".

As for the operation of authorized 7-11 convenience stores, the above-mentioned people said, "it is not in a profitable state at present.".

On April 16, the total market value of big Oriental was only about 3.9 billion yuan.

In addition, Junyao group also has Shanghai Junyao Ruyi Culture Development Co., Ltd. in its large consumption sector, Junyao culture has participated in and operated projects including: licensed manufacturers and retailers for the 2008 Beijing Olympic Games, senior sponsors of licensed product production in 2010 Shanghai World Expo, and the introduction of six major international IP, such as Disney, marvel, star wars, globegroup and DreamWorks in 2016.

The challenge of "performance cow"

Junyao Health said that the attempt in the field of mineral water will be conducted in Jixiang aviation (603885. SH), another A-share company of "Junyao system".

Junyao Health said that after acquiring three mountains, it launched 258ml of "gift" mineral water with a retail price of 5 yuan, and planned to cover all passengers of auspicious Airlines first.

The aviation business of "Junyao" takes Jixiang aviation as its core, and aviation has become the focus of its industry.

In an interview with the media, Wang junjin, the actual controller of Junyao group, said that the aviation business accounted for about 40% of the profits of "Junyao system", which can be said to support half of its territory.

According to the official website of Junyao group, on July 28, 1991, Wang Junyao and Wang junjin contracted to open a charter flight route from Changsha to Wenzhou, which was the starting point for Junyao to go to glory.

On September 4, 2019, China Eastern Airlines announced that the non-public offering of Junyao group was implemented.

Almost at the same time, auspicious airlines also announced the results of its private placement of China Eastern Airlines, which means that the cross shareholding of China Eastern Airlines and lucky Airlines has finally settled after one year.

As of December 2020, Jixiang Airlines has introduced 98 new Airbus (Boeing) aircraft and opened more than 100 routes from Shanghai to major cities in China, including Hong Kong, Macao and Taiwan, Japan, South Korea and Southeast Asian countries.

From 2016 to 2019, the main business income of Jixiang Airlines continued to grow, reaching 9.816 billion yuan, 12.232 billion yuan, 14.198 billion yuan and 16.576 billion yuan respectively, which is one of the fastest growing airlines in China.

In recent year, the civil aviation industry has been hit by the epidemic, and Jixiang Airlines has been tested.

In 2020, the net profit of auspicious airlines will be about - 473 million yuan. After a 19.34% year-on-year decrease in net profit in 2019, Jixiang airlines will encounter Waterloo again, with a year-on-year decrease of 147.64%.

The "pillars" that have been tested, as well as the financial sector, have another brilliance of Junyao system here.

In the financial field, Junyao group relies on Aijian group, Shanghai Huarui Bank Co., Ltd., and Shanghai Dongrui Insurance Agency Co., Ltd.

Among them, the A-share Aijian group now covers trust, leasing, asset management, investment, wealth management, securities and other institutions.

Since 2017, Guangzhou fund international equity investment fund (hereinafter referred to as "Guangzhou fund international") has raised its name for the first time, and there are many stories in the eyes of this institution. The first thing to come is the cyclical decline of the industry.

At the performance presentation meeting on April 1, when replying to investors' questions, Aijian group said, "the follow-up matters of Guangzhou fund international tender offer are still in progress. At present, there is no specific cooperation between the two sides.

On April 22, the 21st Century Capital Research Institute called the Securities Affairs Department of Aijian group for further information, but the phone was not answered.

From 2018 to 2020, the net profit of Aijian group to its parent company was 1.158 billion yuan, 1.319 billion yuan and 1.352 billion yuan respectively, both of which achieved positive growth.

However, the growth rate of net profit slowed down, with 39.57% and 13.88% in the first two years, and only 2.51% in 2020.

At the performance presentation meeting on April 1, investors asked, "the main performance of Aijian group comes from trust, but the highlight moment of trust industry seems to have passed. How do you view it and whether there will be explosive growth point?"

Aijian group responded, "the company attaches great importance to the concentration of business and profits, and has made continuous efforts to promote the balanced development of various sectors. At present, there are three aspects to be considered: first, focus on building the operation function of the group and changing the situation of the cost center of the group itself; Second, combining long-term and short-term interests, from top to bottom, consolidate and enhance the efficiency of existing sectors, promote and promote the promotion and linkage of other sectors, and play a synergistic effect; The third is to increase innovation and promote business transformation in combination with changes in external environment. "

But the wind direction of trust development is changing, which is already the industry consensus.

Add new army conjecture?

"It is only natural for those who do their main business in a down-to-earth manner, with the development and growth of various sectors, and having a number of listed companies.

"On the contrary, in the past few years, the acquisition of assets through" manufacturing system "with the intention of using leverage funds to obtain asset appreciation gains has not been very good." On April 16, Ruan Chao, the founder of Fuxin capital, told the 21st Century Capital Research Institute. According to the data sorted out by the 21st Century Capital Research Institute, Junyao group has also set up new industries such as scientific and technological innovation, including Junyao new ceramic materials, Shanghai huamo Technology Co., Ltd., Shanghai Junyao scientific innovation Information Technology Co., Ltd., and Shanghai Fengxun Technology Co., Ltd.

As early as 2016, Junyao group established scientific and technological innovation as the fifth business sector of the company.

Junyao ceramic aluminum new materials, committed to the application of nano ceramic alloy promotion, product development, technical support and marketing. According to the 2021 working meeting of Junyao group, the equity adjustment of Anhui ceramic aluminum new material research institute was completed in 2020.

In addition, according to the 2020 annual report of great Oriental, Junyao has also laid out the medical field.

"Shanghai Junyao Medical Project" will comprehensively promote the equity investment business with medical service institutions as the core, and promote the construction of multiple platforms such as hospital management, doctor group and trading company. The market also has conjectures about adding new troops to the capital market of "Junyao system". If an investor asks Wang junjin, the actual controller of Aijian group, "Junyao group owns excellent assets with potential, such as new materials, aviation learning aircraft and education group, whether it has considered injecting into Aijian group to become Aijian's new growth point?"

From the perspective of senior management, Wang junjin and Wang Junhao almost have several positions: at present, Wang junjin serves as the chairman of Aijian group, the chairman of Jixiang aviation, the director of Junyao health, and the chairman of Jiangsu Wuxi Commercial Building Group Co., Ltd., the controlling shareholder of big Oriental. However, on March 16, Wang junjin resigned from the position of director of Junyao health for work reasons.

In addition, Wang Junhao, one of the three Wang brothers, is in charge of the dairy industry and serves as the chairman of Junyao health.

Coincidentally, Jiang Hailong, vice president of Junyao group, appears in the directors of Aijian group, Jixiang aviation, Junyao health, Wuxi Commercial Building Group Co., Ltd., and Shanghai Huarui Bank Co., Ltd.

Gao Binghua, another vice president of Junyao group, serves as chairman of the board of directors of Jiangsu Wuxi Commercial Building Group Co., Ltd.

Now, after re integration, air transportation, financial services, modern consumption, education services, and scientific and technological innovation have become the latest industrial front of "Junyao system".

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