Wanjiale core assets "change" - Wanjiale gas stove The financial data of the subject assets disclosed in the revised draft differs from the data disclosed in Wanjiale's annual report by tens of millions or even hundreds of millions of yuan, and the subject assets whose performance has "declined" present two completely different scenes from similar listed companies. Tibet Huishun Investment Co., Ltd. (hereinafter referred to as "Tibet Huishun"), which has just relinquished the position of controlling shareholder of Wanjiale (000533. SZ), has taken up the idea of core assets under Wanjiale. On November 24, Wanjiale announced that it planned to divest its kitchen and bathroom appliance business and transfer 40% and 60% of the equity of Guangdong Wanjiale Gas Appliance Co., Ltd. (hereinafter referred to as "Gas Appliance Company") to Tibet Huishun and Zhang Yicheng in cash. On March 29, Tibet Huishun transferred 120 million shares of the listed company to Guangzhou Huifuboyan Investment Partnership (Limited Partnership) (hereinafter referred to as "Huifuboyan"), accounting for 17.37% of the total shares of the company, with a total transaction price of 1.55 billion yuan. On May 23, the transfer of shares was completed, and Huifu Boyan became the top major shareholder of the company. Wanjiale said that after realizing the kitchen and bathroom appliance business and asset realization, the listed company will further adjust its business. In addition to increasing investment in power transmission and distribution equipment and other businesses, it will also cultivate new business growth points, improve the efficiency of the company's resource utilization, and lay a good foundation for the future listed companies to improve their profitability. However, the reporter of Securities Market Weekly found that some financial data of gas appliance companies disclosed in the revised draft were different from those disclosed in Wanjiale's annual report by tens of millions or even hundreds of millions of yuan; Moreover, in contrast to the sudden "decline" of the performance of gas appliance companies, the performance of similar listed companies in the first three quarters of 2016 was "gratifying", and many questions need to be reasonably explained by Wanjiale. In addition, in the first half of 2016, the growth rate of sales revenue and gross profit margin of another core product of Wanjiale, "transformer", both declined, and the future sales prospects were worrying. The reporter of Securities Market Weekly, the "double-sided" financial data of the gas appliance company, found that some of the financial data of the gas appliance company disclosed in the revised draft were significantly different from those disclosed in Wanjiale's annual report. The annual report of Wanjiale shows that in 2014, the total assets and net assets of the gas appliance company were 1.129 billion yuan and 620 million yuan respectively, and the operating revenue, operating profit and net profit were 2.485 billion yuan, 171 million yuan and 132 million yuan respectively. The revised draft shows that at the end of 2014, the total assets and net assets of the gas appliance company were 1.379 billion yuan and 656 million yuan, respectively, 250 million yuan and 36.08 million yuan more than the amount disclosed in the annual report; The operating revenue, operating profit and net profit were 2.618 billion yuan, 152 million yuan and 113 million yuan respectively, which were 133 million yuan, -19.16 million yuan and -19.18 million yuan more than the amount disclosed in the annual report. The above differences reappeared in 2015. The annual report shows that in 2015, the total assets, net assets, operating revenue, operating profit and net profit of the gas appliance company were 1.599 billion yuan, 723 million yuan, 2.409 billion yuan, 123 million yuan and 104 million yuan, respectively. In the revised draft, they were 1.834 billion yuan, 723 million yuan, 2.568 billion yuan, 102 million yuan and 76.33 million yuan, respectively, which were 234 million yuan, - 67000 yuan 159 million yuan, - 20.48 million yuan and - 27.54 million yuan. In this regard, Zhang Chushan, the representative of Wanjiale Securities, told the reporter of Securities Market Weekly that "the data in the annual report is the data of the parent company, while the draft is the consolidated data of the gas appliance company and its subsidiaries." Not only that, but the sudden loss of the gas appliance company in July August 2016 may also have another mystery. According to Wanjiale's financial report, from January to June 2016, the operating revenue, operating profit and net profit of the gas appliance company were 1.304 billion yuan, 51.74 million yuan and 37.34 million yuan respectively. However, the data disclosed in the revised draft shows that from January to August 2016, the operating revenue of the gas appliance company was 1.636 billion yuan, an increase of 332 million yuan over the first half of the year, but the operating profit and net profit were only -23.3 million yuan and -18.39 million yuan, down 75.04 million yuan and 55.73 million yuan respectively from the first half of the year. In the announcement in response to the inquiry letter of the Exchange, Wanjiale said that the gas appliance company lost 55.73 million yuan in July August 2016, including 23.51 million yuan of trademark impairment. Excluding the impact of trademark impairment, the current net operating loss was 32.22 million yuan. "In recent years, due to the intensification of industry competition, the company has increased its marketing investment, which has led to the increase of marketing expenses, the continuous decline of net profit, and the overall competitiveness of the company's kitchen and bathroom electrical appliances business has weakened," said Wanjiale. The reporter of Securities Market Weekly found that in 2015, the sales expense of the gas appliance company was 514 million yuan, with a sales expense rate of 20.02%, an increase of 2.22 percentage points over 2014; From January to August 2016, the sales expense of the gas appliance company was 410 million yuan, with a sales expense rate of 25.05%, an increase of 5 percentage points over the whole year of 2015. According to the audit report, from January 2016 to August 2016, the amount of after-sales service fees and promotion expenses in the sales expenses were 105 million yuan and 102 million yuan respectively, compared with 118 million yuan and 107 million yuan in 2015. "The business performance of the gas appliance company has continued to decline compared with the first period of the last two years, especially from January to August 2016, which is an important reason for the sale of kitchen and bathroom appliances business." said Wanjiale. However, similar listed companies achieved good sales performance from January to September 2016. Among them, Boss Electric (002508. SZ) achieved an operating revenue of 3.985 billion yuan from January to September 2016, up 27.69% year on year; The net profit attributable to shareholders of the parent company was 701 million yuan, up 43.67% year on year. Wanhe Electric (002543. SZ), whose main business is the research and development, production and sales of kitchen and bathroom electrical products, had an operating income of 3.457 billion yuan and a net profit attributable to shareholders of the parent company of 294 million yuan from January to September 2016, up 12.21% and 14.64% year on year respectively; Vantage (002035. SZ) realized operating revenue and net profit attributable to shareholders of the parent company of 3.118 billion yuan and 201 million yuan, up 18.41% and 51.69% year on year respectively. Moreover, Boss Electric said in its 2016 semi annual report that since the beginning of 2016, the domestic real estate market has seen a positive recovery trend. Under the pull of the real estate market, the overall growth of the kitchen appliance industry has improved in the first half of 2016. According to the retail monitoring report of Zhongyikang, in the first half of 2016, the sales of range hoods, gas stoves and disinfection cabinets, the main kitchen electrical products, increased by 9.84%, 4.31% and 3.33% respectively. In addition, Vantage also said that, according to the data of Zhongyikang, from January to June 2016, the retail scale of kitchen and bathroom products was 86.6 billion yuan, an increase of 12.6% year on year. "The overall characteristics of the industry's products are the steady growth of traditional kitchen appliances, the continuous expansion of emerging categories, and the overall high-end trend remains unchanged." However, in this revised draft, Wanjiale said, "In recent years, with the further intensification of market competition and insufficient investment, the competitiveness and market influence of gas appliance companies tend to decline." The problem is, Can Wanjiale, which has suffered "declining competitiveness and market influence" in the kitchen and bathroom field, break through in the transformer field? Wanjiale, the "depressed" power transmission and transformation business, said in the revised draft that after the completion of the transaction, the company's business will mainly focus on the power transmission and distribution equipment business; The cash flow obtained from this transaction is used to support the funds needed for the development of power transmission and distribution equipment business, which is conducive to the company's gathering resources, accelerating the optimization and upgrading of the company's business and capacity expansion, and consolidating the company's leading position in the industry. However, the financial report data shows that in the first half of 2016, the operating revenue of Wanjiale's "transformer series" was 664 million yuan, an increase of 4.52% over the same period of the previous year, with the growth rate declining by 36.39 percentage points over the same period of the previous year; In the first half of 2016, the gross profit rate of "transformer series" sales was 32.85%, also down 2.96 percentage points compared with the same period last year. It can be seen that the performance of Wanjiale's "transformer products" is not ideal. Wind information shows that the performance growth of TBEA (600089. SH), a "listed company in China's transformer industry", has also declined for many consecutive years. From 2013 to 2015, its operating revenue was 29.175 billion yuan, 36.075 billion yuan and 37.452 billion yuan, with an increase of 43.54%, 23.65% and 3.82% respectively; Net profits attributable to shareholders of the parent company were 1.328 billion yuan, 1.649 billion yuan and 1.888 billion yuan, with growth rates of 35.46%, 24.11% and 14.49%, respectively. The growth rate of performance declined significantly. In particular, from January to September 2016, TBEA's operating revenue fell 3.4% year on year to 26.34 billion yuan. TBEA said in its financial report that in 2015, the global economy was recovering difficultly, and the company was facing multiple difficulties such as overcapacity, insufficient demand, high pressure of transformation, and prominent risks in the industry; In the first half of 2016, the downward pressure of China's economy was great, the growth of power demand was slow, the competition in the industry market where the company was located was intensified, and the company faced greater difficulties in operation... It is also understood that as early as 2013, after the approval of the seventh board meeting and the second extraordinary general meeting of shareholders of Wanjiale, Shunte Electric Co., Ltd. sent cash to Schneider Electric Southeast Asia (headquarters) Ltd. acquired 10% equity of Shunte Electrical Equipment Co., Ltd. (hereinafter referred to as "Shunte Equipment"). This major asset restructuring was completed on December 27, 2013. As of the end of June 2016, Wanjiale indirectly held 75% equity of Shunte Equipment. Shunte Equipment, established in December 2009, is mainly engaged in the production and sales of power transmission and distribution equipment. At present, Wanjiale plans to further acquire 15% of the equity of Shunte Equipment. According to the evaluation results of the Evaluation Report at that time and the negotiation between the two parties, the transaction price of 10% equity of Shunte Equipment was RMB 172 million. Shunte Electric and Schneider signed the Compensation Agreement, and the compensation object is the 10% equity of Shunte Electric in the difference between the actual and predicted net income of the comprehensive intangible assets of Shunte Equipment. According to the prediction at that time, the sales revenue of Shunte Equipment is expected to be 1.199 billion yuan, 1.369 billion yuan, 1.571 billion yuan, 1.803 billion yuan and 2.055 billion yuan in 2013-2017 (unchanged after 2017). According to the annual report, in 2014 and 2015, Shunte Equipment realized sales revenue of 1.266 billion yuan and 1.544 billion yuan respectively, 103 million yuan and 26.09 million yuan less than the above forecast. To sum up, the future sales prospects of Wanjiale's "transformer business" are difficult to be optimistic. Netizen comments