Beautiful ecological “God” operation: 1.6 billion to buy and 16 million to sell

Recently, Meili ecology announced that the company intends to transfer 100% equity of Jiangsu Bada Garden Co., Ltd. (hereinafter referred to as “Bada garden”) to Guizhou Xinlong Zhixing Construction Development Co., Ltd. at RMB 16113600. After the sale, Meili ecology and its subsidiaries will no longer hold shares in Bada garden. < / P > < p > you know, Bada garden was purchased by a listed company five years ago at a high price of 1.66 billion yuan. Now, it is only sold for 16.11 million yuan, which can be called “blood loss” of beautiful ecology. < p > < p > for the sale of 100% equity of Bada garden, Meili ecological said that it was based on the actual operation situation and future strategic development needs of the company, which was conducive to optimizing and integrating the company’s existing resource allocation, focusing on core business and improving the overall core competitiveness. < / P > < p > in addition, this sale of Bada garden is expected to generate investment income of RMB 25.3627 million on the consolidated statements of the company this year, but the final amount shall be subject to the audit results of the annual auditor. < p > < p > < p > < p > the reporter of international financial news found that the sale of 100% equity of Bada garden was mainly due to the company’s serious loss and the pressure of listed companies. < p > < p > from 2017 to 2019, the operating revenue of beautiful ecology was 758 million yuan, 345 million yuan and 1893 million yuan respectively, and the net profit was – 1.05 billion yuan, – 727 million yuan and 126 million yuan respectively. In the first half of 2020, the operating revenue of the company is 553 million yuan, with a year-on-year increase of 17.02%; the net profit attributable to the parent company is about 8.82 million yuan, but the corresponding net profit after deduction of non-profit is about – 3.33 million yuan. < p > < p > in 2019, beautiful ecology sold two wholly-owned subsidiaries of Ningbo landscape architecture design and Research Institute Co., Ltd. and Zhejiang Shenhua New Ecological Construction Development Co., Ltd., at a price of 41.8 million yuan and 62.48 million yuan respectively. In the consolidated financial statements of 2019, the company confirmed the investment income of RMB 1.87 million generated by the disposal of equity transaction, and finally realized the shell protection. < / P > < p > the acquisition dates back to 2015. At that time, Meili ecological invested 1.66 billion yuan to buy 100% equity of Bada garden. < / P > < p > it is reported that Bada garden business is mainly divided into three categories, namely, landscape engineering construction, landscape design, seedling planting and sales. Landscape engineering construction mainly serves municipal garden and real estate landscape; landscape design and seedling planting mainly serve landscape engineering construction projects undertaken by Bada garden. Bada garden and listed companies are peer companies. < / P > < p > at that time, beautiful ecology said in the announcement that, on the one hand, Bada garden has many business qualifications such as urban landscaping grade I and landscape engineering design grade B, and its scope of work covers many places in China. The acquisition of Bada garden will strengthen the construction ability and project management ability of the company’s landscape engineering construction business; on the other hand, Bada garden achieved a revenue of 90084 in 2014 The net profit was 87.0806 million yuan. After the acquisition, the company’s operating income and net profit will be greatly improved, and the profitability and sustainable operation ability will be further enhanced. < / P > < p > in this acquisition, the commitment party made performance commitment. From 2016 to 2019, the net profit of Bada garden after deduction of non-profit was no less than 168 million yuan, 243 million yuan, 300 million yuan and 300 million yuan respectively, and the accumulated net profit was no less than 1.011 billion yuan. However, in fact, in the first year after the acquisition, Bada garden failed to fulfill its performance commitment, and its performance has become worse and worse since then. Specifically, from 2016 to 2019, the actual net profit of Bada garden after deduction of non-profit was 90.3101 million yuan, – 300 million yuan, – 622 million yuan and – 104700 yuan, respectively, with an accumulated loss of – 832 million yuan. < / P > < p > for the performance loss of Bada garden, the company explained that after the cancellation of garden qualification, the contracted projects were affected, and the financing channels were not smooth, and the projects that the company had participated in were affected by the policy of tightening government debt, resulting in the slow progress of the project and the decrease of income. < / P > < p > due to the high proportion of Bada garden in the main business of beautiful ecology, it also directly affects the performance of beautiful ecology. From 2017 to 2018, the net profit of Meili ecology was – 1.06 billion yuan and – 732 million yuan respectively. Due to two consecutive years of losses, the company was warned of delisting risk by Shenzhen Stock Exchange, and the stock abbreviation was changed to * ST Meili. According to the financial data, as of June 30, 2020, the total assets and liabilities of Bada garden are 1.321 billion yuan and 1.301 billion yuan respectively. In the first half of 2020, Bada garden has a revenue of 155 million yuan and a loss of 2.4012 million yuan, which is still in a deep loss. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. 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