When Zhao Chen took care of United States's affairs, Henglong's annual report briefing also came out.
After coming out, Chen Qiming immediately sent it to Chen Xi.
When Chen Xi knocked on the door, Zhao Chen was standing in front of the hotel Floor-to-Ceiling Window, holding Su Wantang's freshly brewed Pu'er in his hand.
"Zhao Zong, Chen Qiming sent the annual report forecast."
Chen Xi walked in, holding a laptop in his hand, with the screen still on.
"The unaudited first draft, the official annual report needs to be signed by the auditor, but the core data has been finalized."
Zhao Chen took the computer and looked at the screen.
The reports made by Chen Qiming are just like him, without any unnecessary embellishments.
The numbers are arranged row by row, the font is the same width font preferred by financial personnel, and the two decimal points are neatly aligned.
Zhao Chen started looking down from the first line, and his eyes moved very slowly.
At the end of 2017, Henglong Group had total assets of 22.85 billion yuan, total liabilities of 11.2 billion yuan, and net assets of 11.65 billion yuan.
The annual net profit was 680 million yuan, almost all of which came from the main real estate business.
That was his first complete annual report after his rebirth and settled in Henglong, and it was also his first report card in the Zhao Chen era.
11.2 billion liabilities weigh on Henglong's balance sheet like a mountain.
The asset-liability ratio is close to 50%, and interest expenses alone eat up a large chunk of profits every year.
He turned down.
At the end of 2018, Henglong Group had total assets of 17.3 billion yuan, total liabilities of 3 billion yuan, and net assets of 14.3 billion yuan.
The annual net profit was 2.55 billion yuan, of which the main real estate business contributed about 500 million yuan and investment income was 2.05 billion yuan.
Zhao Chen's finger stopped on the touch pad.
Total assets dropped from 22.85 billion to 17.3 billion, a decrease of 5.5 billion.
The part that has shrunk is not a loss, but a debt repayment.
The total debt of 11.2 billion was reduced to 3 billion, and the entire debt of 8.2 billion was cleared within this year.
The asset-liability ratio dropped from 49% to 17%, which is three percentage points lower than the target set by Chen Wei at the beginning of the year for Board of Directors.
Net assets increased from 11.65 billion to 14.3 billion, a net increase of 2.65 billion, which is approximately equal to the annual net profit.
Profits from the main real estate business dropped from 680 million to 500 million.
It's not because Henglong's Real Estate Sector has a problem, it's because Zhao Chen personally gave the order at the beginning of the year--
Haoyu Construction is shrinking across the board. It will no longer acquire new land or open new projects. It will focus all its energy on destocking and reducing debt.
Chen Wei carried out this order to the letter, National Day had a 15% discount promotion and collected 750 million in seven days. At the end of the year, it launched a wave of special housing, pushing the inventory to a historical low.
Profits dropped by more than 100 million, and in exchange more than 8 billion in debt disappeared from the world.
The goals set at the beginning of the year are to reduce debt, reduce inventory, adjust structure, and increase profits.
All four items were achieved.
He turned to the second page.
Details of investment income.
2.05 billion.
This number was broken into several pieces, and Chen Qiming marked the original investment and exit time behind each item.
Shunxin Agriculture made a liquidation profit of approximately 648 million yuan, which was the first major profit after the establishment of Henglong Capital.
Chen Xi cleared its position in July last year when the stock price of Shunxin Agriculture reached 41 yuan, with 28.5 million shares at a cost of 18.2 yuan, earning nearly twice the profit.
Then there are floating profits on positions - Tongce Medical, Pianzaihuang, Bidiya, Shanxi Fenjiu, Wuliangye,
The total floating profit of the five stocks at the end of the year was approximately 1.4 billion yuan. Chen Qiming listed the realized income and unrealized floating profit separately in accordance with accounting standards.
Each item is attached with the exchange's transaction records and year-end closing price as the basis for valuation.
Zhao Chen's eyes stopped on those lines of position details.
Tongce Medical, 22.3 million shares, cost 44.97 yuan, accounting for 4.99% of the total share capital.
Pianzaihuang, 16 million shares, cost 93.56 yuan, accounting for 2.65% of the total share capital.
Bidiya, 136 million shares, cost 42.68 yuan, accounting for 4.99% of the total share capital.
Shanxi Fenjiu, 43.2 million shares, cost 32.8 yuan, accounting for 4.99% of the total share capital.
Wuliangye, 24 million shares, cost 53.8 yuan, accounting for 0.62% of the total share capital.
Five stocks, with a total investment of 11.013 billion yuan.
Zhao Chen remembers every decision-making moment when Chen Xi stood behind these numbers.
Tongce Medical opened a position last year when the market was at its most pessimistic. At that time, the valuation of the dental chain was driven to the floor.
Pianzaihuang It's also the time when the traditional Chinese medicine sector was abandoned by the entire market.
Bidiya has the largest position, 136 million shares, 4.99%, with a total investment of 5.805 billion.
Chen Xi read Blade Battery's patent documents and acupuncture test report from beginning to end for this ticket.
He continued to scroll down.
Unlisted Equity part.
Yunnan Agriculture Group, Henglong invested 390 million to acquire 20% of the shares, and gave up Voting Rights.
Bubble Mary, holding 31.2% of the shares.
Zhao Chen paused at this number for two seconds.
From participating in Private Placement last year with a valuation of 1 billion and taking 5%, to acquiring Existing Shares at a premium and ultimately holding 26.3% of the shares.
Then this year, with Mololoy and Labobo's Global Copyright exchanging shares for additional issuance, Henglong's shareholding exceeded 30%, becoming the second Major Shareholder of Bubble Mary.
Wang An said something at the negotiation table - "Zhao Zong took 31.2% of my shares, but gave me two tens of billions of IPs."
Zhao Chen remembers that his answer at the time was that the more shares Henglong took, the tighter the ties to Bubble Mary would be.
From today on, Henglong is no longer an investor in Bubble Mary, but a partner of Bubble Mary.
Green Energy Technology, Series B were diluted to 32% after financing.
The 200 million yuan invested by Henglong more than four years ago, the corresponding equity value today is--
Based on a post-money valuation of US$1.5 billion, 32% of the shares are worth US$480 million, equivalent to more than RMB 3.3 billion.
And the Pilot Line that Zhou Bingcheng, Old Fang and his team burned for four years, burned away three Co-founders, and burned half of his hair white, is just the starting point.
When Thousand-Ton Scale Mass-Production Line is put into production, when the Ten-Thousand-Ton Scale production line is expanded, when the door of Tesla Supply Chain is officially opened, the valuation of Green Energy Technology will not stop at 1.5 billion US Dollar.
Zhao Chen Close the computer and put it on the coffee table.
In one year, Henglong Group went from a local real estate company with a debt of 11.2 billion and an annual profit of less than 700 million.
It has become an investment holding platform with total liabilities of 3 billion, net assets of 14.3 billion, and annual profit of 2.55 billion.
The main business of real estate has dropped to less than 20%, and investment income accounts for more than 80%.
Henglong's main business has changed from real estate to investment.
"Zhao Zong." Chen Xi's voice came from the side,
"Chen Qiming also asked me to ask you, how to write the wording on changes in the main business in the official annual report?"
Zhao Chen's fingers slowly circled around the edge of the teacup.
Change of main business.
Putting these five words in the annual report means that the industry classification of Henglong in Hong Kong Stock Exchange will be changed from "real estate" to "investment holding".
No one needs to explain how the market will interpret these five words--
If a real estate company transforms into an investment company, if the investment performance is good, the market will give a higher valuation multiple;
If the investment performance is not good, the market will vote with its feet, and even the valuation of the main real estate business will be discounted.
The investment performance of Henglong is clearly written on the report form of Chen Qiming -
2.05 billion investment income, 11 billion A-share position, Bubble Mary 31.2%, Green Energy Technology 32%, Yunnan Agriculture Group 20%.