Source: GPLP Rhino Finance (ID: gplpcn)

On June 18, the official website of the Shenzhen Stock Exchange showed that the IPO review status of Shenzhen Han’s CNC Technology Co., Ltd. (hereinafter referred to as “Han’s CNC”) was changed to “Inquired”.

It is reported that Han’s CNC intends to issue no more than 42 million shares this time, and raise funds of approximately 1.707 billion yuan, which will be used for equipment production transformation and expansion and equipment technology research and development center construction projects.

Han’s Laser Splits the Pledge of Han’s CNC Listed Shares

The prospectus shows that Han’s CNC was established in 2002. Its main business is the research and development, production and sales of PCB special equipment. The registered capital is 378 million yuan. The controlling shareholder is Han’s Laser (002008.SZ). Han’s Laser directly holds 94.15% of the company’s shares.

In addition, the actual controller of Han’s CNC is Gao Yunfeng, who directly holds 9.03% of Han’s Laser, and indirectly controls 15.17% of Han’s Laser through Han’s Holdings, and controls a total of 24.20% of Han’s Laser.

The Han’s Laser’s split and listing of Han’s CNC also caused investors to worry.

On May 27, an investor asked Han’s Laser that there are a large number of related transactions and related guarantees between the parent company and listed subsidiaries. How does the company deal with such problems? It is true that the splitting of subsidiaries can better obtain financing to facilitate the further development of the subsidiaries, but it is an act at the expense of all investors. Does Han’s Laser consider the position of investors?

Han’s Laser stated that after this spin-off, Han’s Laser and Han’s CNC have no related party transactions that affect independence or are obviously unfair, which meets the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on related party transactions.

However, GPLP Rhino Finance noticed that Han’s Holdings and Gao Yunfeng’s holding of Han’s Laser pledged shares have certain risks, which may indirectly affect the stability of Han’s CNC decision-making and management and the company’s production and operation.

As of April 30, 2021, the cumulative number of pledged shares of Han’s Laser held by Han’s Holdings was 5.36 million shares, accounting for 36.68% of its holdings and 5.56% of Han’s Laser’s total share capital.

The accumulated pledged shares of Han’s Laser held by Gao Yunfeng are 89.140 million shares, accounting for 92.55% of the shares held by him and 8.35% of the total share capital of Han’s Laser. The total number of pledged shares of Han’s Laser held by Han’s Holdings and Mr. Gao Yunfeng totaled 149 million shares, accounting for 57.52% of the shares held by the two and 13.92% of the total share capital of Han’s Laser.

GPLP Rhino Finance noted that the sponsor of Han’s CNC this time is CITIC Securities Co., Ltd. (hereinafter referred to as “CITIC Securities”). As of December 31, 2020, CITIC Securities held approximately 1.0635 million shares of Han’s Laser, accounting for approximately 0.10% of Han’s Laser’s total equity. Han’s CNC stated that if Han’s Holdings and Gao Yunfeng cannot repay the loan on or before the due date of the guaranteed loan, the pledged Han’s Laser shares may be subject to the risk of forced disposal, which may lead to changes in the equity structure of Han’s Laser, which may be indirect Affect the stability of Han’s CNC decision-making and management and the company’s production and operation. There are still connected transactions with Han’s Laser, and the high cash flow of accounts receivable is under pressure However, Han’s CNC still has connected transactions with Han’s Laser. From 2018 to 2020, the related sales amount of Han’s CNC is 17.2676 million yuan, 48.292 million yuan and 22.107 million yuan respectively. The sales between Han’s CNC and related parties are mainly the sale of laser forming machines and mechanical drilling machines to the controlling shareholder Han’s Laser, and the testing and sales of mechanical forming machines and mechanical drilling machines to the associated company Mingxin. The related-party purchase transactions of Han’s CNC were 127 million yuan, 60 million yuan and 118 million yuan respectively. The purchases between the company and related parties are mainly purchases of chillers, linear motors, lasers, etc. from the controlling shareholder and its controlled companies Han’s Motor and Han’s Tiancheng. Can the performance of Han’s Laser be able to maintain steady growth without Han’s Laser’s Han’s CNC? The prospectus shows that Han’s CNC has seen a sharp decline in its performance in 2019, and will only pick up in 2020. From 2018 to 2020, Han’s CNC’s operating income was 1.723 billion yuan, 1.323 billion yuan, and 2.21 billion yuan, and net profits were 374 million yuan, 227 million yuan, and 304 million yuan. The revenue growth rates in 2019 and 2020 are -23.24% and 67.10% respectively; the net profit growth rates are -39.25% and 33.86% respectively. Despite the support of Han’s Laser, the gross profit margin of Han’s CNC is far lower than the industry average. From 2018 to 2020, Han’s CNC’s gross profit margins were 34.03%, 35.90%, and 34.92%, while the industry averages over the same period were 49.94%, 46.52%, and 44.01%, respectively. (Source: Han’s CNC Prospectus) In addition, the inventory of Han’s CNC has increased year by year and accounted for a relatively high proportion. From the end of 2018 to the end of 2020, the company’s inventory book value was 246 million yuan, 261 million yuan, and 799 million yuan, accounting for 14.32%, 15.19%, and 28.69% of current assets, respectively. From the end of 2018 to the end of 2020, the total book value of Han’s CNC’s notes and accounts receivable was 1.124 billion yuan, 972 million yuan, and 1.269 billion yuan, accounting for 65.51%, 56.66%, and 45.56% of current assets, respectively. In this regard, Han’s CNC stated that in 2020, due to the increase in orders for PCB special equipment, the company increased its inventory, resulting in a relatively high inventory balance. Han’s CNC stated that the high inventory balance will occupy a large amount of its working capital on the one hand, which puts the company under pressure on working capital; on the other hand, if there is an order cancellation or customer return due to changes in customer demand or major adverse changes in operating conditions Circumstances, may lead to the risk of stagnation and impairment of inventory, and the company’s operating results will be adversely affected. GPLP Rhinoceros Finance noted that in 2020, the substantial increase in operating receivables combined with the accumulation of inventory, Han’s CNC’s net operating cash flow turned from positive to negative. From 2018 to 2020, its net operating cash flow was 185 million yuan, 270 million yuan, and -509.714 million yuan. Han’s CNC stated that if the company cannot obtain financing in a timely manner, it may result in insufficient business operating funds, which will further negatively affect its financial status and production operations. (This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

Source: GPLP Rhino Finance (ID: gplpcn)

On June 19, Xueda Education (000526.SZ) announced that it would invest no more than 800 million yuan in entrusted financial management in the next 12 months. Entrusted wealth management will invest in short-term, low-risk bank wealth management products, structured deposits and monetary funds with high security and good liquidity.

Xueda education relies heavily on investment income. The annual report shows that in 2020, its investment income will reach 73.397 million yuan, accounting for 94.19% of the total profit. Among them, the income from long-term equity investment was RMB 8,899,300, the investment income during the holding period of transactional financial assets was RMB 1,189,600, the investment income from disposal of trading financial assets was RMB 47.593,000, and the income from bank wealth management products was RMB 15.716 million.

In addition, on June 19, Xueda Education issued another announcement stating that as of June 17, 2021, the company’s fund-raising account balance was about 559 million yuan, and about 247 million yuan of raised funds had been used. Among them, the adjusted investment projects and use plans of raised funds include: teaching online store construction project, teaching network optimization project, OMO online trading platform construction project, repayment of shareholder Ziguang Zhuoyuan’s loan, etc.

The financial report shows that in the first quarter of 2021, Xueda’s education revenue was 692 million yuan, a year-on-year increase of 15.31%; net profit was 5,366,900 yuan, a year-on-year increase of 133.47%, turning losses into profits.

It is worth noting that on May 18, the Beijing Municipal Education Commission issued the “Notice on Examining Problems Found in Off-campus Training Institutions”, which was on the Educational List of Xueda University. The reason for the notification was that it carried out improper advertisements such as low-price marketing and sales anxiety.

(This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

Wrong interest calculations BaFin is taking action

Status: 21.06.2021 5:08 p.m.

Premium savings contracts have long promised savers big money. However, in the low interest rate phase, many banks corrected the promised profit commitments downwards. BaFin is now intervening – in the interests of customers.

From Ursula Mayer, Mr

The Federal Financial Supervisory Authority BaFin obliges banks and savings banks to inform holders of premium savings contracts with a variable interest rate about ineffective interest rate adjustment clauses. To this end, the authority has published a general order – which is considered a sharp sword in the financial sector. The financial institutions must also explain to savers whether they have received too little interest as a result of the ineffective clauses. In this case, either back payments beckon or the banks can offer customers modified contracts with an effective interest rate adjustment clause. The changes apply retrospectively and also compensate for insufficiently paid interest in the past. According to BaFin, at least 247 banks and savings banks are affected. The total amount is open.

So far, banks have stood across the board

In the period between 1990 and 2010 in particular, the financial institutions offered a large number of premium savings contracts. These long-term contracts contain clauses that allow financial institutions to unilaterally change the guaranteed interest rate. They often did that in the low interest rate phase and cut savings rates, in some cases massively – at the expense of their customers. The Federal Court of Justice has meanwhile classified the clauses as ineffective.

BaFin Executive Director Thorsten Pötzsch refers to this in the general decree. He speaks of a “grievance” for consumers, which BaFin wants to remedy in terms of collective consumer protection. “We ensure that affected customers are comprehensively informed and legally treated,” says Pötzsch. Because for more than a year the supervisors have been trying to find a solution with the financial institutions in the interests of the customers, even at a round table – so far without success. The general decree shows that BaFin’s patience has come to an end.

Hundreds of thousands of customers affected

“We are assuming that banks and, above all, savings banks have concluded hundreds of thousands of premium savings contracts nationwide,” says financial expert Andrea Heyer from the consumer center in Saxony. She and her team have specialized in recalculating such contracts. More than 7700 customers from all over Germany have already contacted us.

As the consumer advocates have calculated together with experts, the financial institutions have calculated the interest rates too low for years in almost all cases. As a rule, consumers were unable to understand how they set the variable interest rate. Often the financial houses have lowered interest rates too much, in too large interest rate steps downwards. “Depending on the case, those affected are entitled to additional payments of a few hundred to over 40,000 euros in individual cases,” says Heyer. In this respect, she welcomes the fact that BaFin is now intervening – that is an important signal.

Suddenly it was 15,000 euros less

Karina Rother from Frankfurt, for example, signed such a premium savings contract at Frankfurter Sparkasse in the 1990s and wanted to do something for her retirement with it. “The Sparkasse promised me that with a term of 25 years it would really be worth it for me,” says Rother. She promised the customer steadily rising interest rates and ever higher cash rewards.

Rother assumed that she would get around 77,000 euros in the end – as it was calculated in an advertising flyer. Suddenly it should be around 15,000 euros less. In the end, she agreed with the Sparkasse on an extra payment of around 4,000 euros – but, says Rother: “It annoys me that a public institute in particular causes such trouble, even though it is in the interests of the company ‘Joe Bloggs’ should have in view. “When asked, the Sparkasse did not want to comment on the case because of banking secrecy.

Savings banks oriented towards the common good have a duty

Julian Merzbacher, consumer protection expert of the citizens’ movement Finanzwende, also sees the savings banks in particular as having an obligation to finally act and to approach customers on their own initiative. “It is a cheek that the public welfare-oriented institutes have so far mainly relied on the time factor and statutes of limitations when it comes to saving premiums”.

The general decree of BaFin also explicitly refers to contracts that have already been terminated. But the extent to which claims from customers are already statute-barred – or maybe not – is not a matter for BaFin, it says there, but the courts would have to clarify in case of doubt.

Big incomprehension among the banks

However, the credit institutions now have four weeks to appeal against the general ruling. This is currently being checked, according to the Deutsche Kreditwirtschaft, the umbrella association for the banking industry. “It is astonishing that the Federal Financial Supervisory Authority is pre-empting the courts,” said a written statement.

Because there is still another judgment pending at the Federal Court of Justice, according to which specific criteria banks have to adjust interest rates in long-term savings contracts. When this decision will be announced is not yet known – consumer advocates are expecting the verdict in the fall. And of course the German banking industry wants to take this into account, according to its own statements.

Don’t just accept comparison offers

But just waiting until then is not an option, according to BaFin. After all, it is uncertain when a decision by the Federal Court of Justice can be expected, according to the general ruling. As a result, the situation is unnecessarily prolonged for the financial supervisors, and consumers should now be informed urgently.

With a view to the general ruling, consumers do not have to do anything at first. However, you should pay attention to whether you will soon receive mail from your house bank regarding premium savings contracts or not. If comparative offers are made, consumer advocate Heyer recommends having them checked so that no saver is taken advantage of

Author丨Li Wenxian

Produced丨Sohu Finance

It has been a year since the sale of Baicao Wei, and I missed you for announcing the focus on the main business of red dates, but you have repeatedly fallen into doubts from investors.

On June 14, I really want you to receive an annual report inquiry letter from the Shenzhen Stock Exchange, and you were asked to respond to 11 questions about the sale of Holmes, performance, and the decline in the gross profit margin of jujube products.

Since the delivery was completed in June last year, I miss your net profit for two consecutive quarters. In 2020, the gross profit rate of jujube and related products is 29.34%, a year-on-year decrease of 3.46%.

One year after the release of the share repurchase plan, I really want you to significantly reduce the repurchase ratio. During the period, the second largest shareholder Hangzhou Haohong Industrial Co., Ltd. (hereinafter referred to as “Hangzhou Haohong”) reduced its shareholding nine times and cashed out about 180 million yuan in total. .

Since the announcement of the reduction of the repurchase ratio, I miss your share price plummeting for 5 consecutive trading days. As of today’s close, I miss your share price at 10.30 yuan, down 1.62%.

After selling Baicaowei, I miss your net profit for two consecutive quarters.

After selling Baicaowei, I really miss your revenue in 2020.

The annual report shows that in 2020, I miss you to achieve operating income of 3.001 billion yuan, a year-on-year decrease of 49.65%.

On February 23, 2020, I miss you an announcement that it will sell 100% of Baicaowei’s equity. The buyer is Pepsi Beverage, a subsidiary of PepsiCo. The negotiated transaction price of the two parties is US$705 million, which is approximately RMB 5 billion.

On May 14th last year, I missed the transfer of the equity you held in Holmes (that is, Baicaowei) to Pepsi Beverage. On June 2nd of the same year, I missed the announcement that you had received US$698 million from Pepsi.

According to the disclosure, from the first quarter to the fourth quarter of 2020, I miss you operating income of 1.773 billion yuan, 713 million yuan, 250 million yuan and 264 million yuan, respectively. The third and fourth quarter revenues are less than the sixth quarter of the first quarter. One part.

At the same time, in the third and fourth quarters, I miss you a loss of 18 million yuan and 83 million yuan in net profit respectively in the two quarters. After deducting non-net profits, you will lose three consecutive quarters. The second, third, and fourth quarters will lose about 114 million yuan, 17 million yuan and 19 million yuan.

The Shenzhen Stock Exchange asks you to combine the situation of comparable companies in the same industry, as well as the seasonal characteristics of the company’s business (if any), market demand changes, product price trends, cost and expense confirmation basis, and changes in amounts, and explain the quarters of the reporting period. The reasons and reasonableness of the large fluctuations in financial data, and whether there is an inter-period recognition of income or expenses.

Jujube business revenue declines year after year, gross profit margin declines 3.46%

Before selling Baicaowei, I miss your jujube business has been declining year after year.

From 2017 to 2019, the revenue of I miss you jujube products were 961 million yuan, 868 million yuan, and 735 million yuan, respectively, accounting for 23.61%, 17.54%, and 12.33% of the revenue. Revenue has fallen for two consecutive years.

In 2020, I miss your jujube revenue of approximately 666 million yuan, a year-on-year decline of 18.87%, and a gross profit margin of 3.46%.

Compared with jujube products, nuts have contributed 1.187 billion yuan in revenue, which is nearly twice that of jujube business, but they are also facing a decline in gross profit margin.

The financial report shows that in 2020, the gross profit margin of I miss you nuts products is 20.90%, a year-on-year decrease of 4.36%.

The inquiry letter requires you to combine marketing model, product positioning, market share, cost structure and other factors to explain the reasons for the decline in the gross profit rate of red dates and nuts during the reporting period, and analyze whether related factors will continue to affect the company’s production and operation.

I miss you announcing the return to the main business of jujube, and decided to terminate the contract of 4770 acres of land leased by the subsidiary Xinjiang Jujube Agriculture and Forestry Co., Ltd., and concentrate resources on the company’s own high-quality raw material base.

After the termination of the land lease agreement, you no longer own the ownership of the jujube trees, employee dormitories, warehouses and other ground attachments on the corresponding land, and the remaining land lease fees paid will no longer be returned. The total asset loss is 45.66 million yuan.

The inquiry letter requires you to estimate whether the cost of using the leased land to obtain raw materials such as red dates is significantly different from the cost of the company obtaining raw materials such as red dates through other channels. Combined with the reasons for your company’s early termination of the land lease, further explain the company’s termination of the land lease Whether it is conducive to safeguarding the interests of listed companies.

At the same time, according to the disclosure that I wanted to focus on the main business of red dates when you sold the shares of Holmes, it explained whether the company took other methods to consolidate the supply of upstream raw materials while terminating the 4770 mu land lease of the subsidiary Xinjiang Dazaoshu Agriculture and Forestry Co., Ltd. .

The repurchase plan has shrunk sharply, the second shareholder reduced their holdings and cashed out 180 million yuan

I really miss you to change the stock repurchase plan, which also caused investor complaints.

On June 3, 2021, I really want you to disclose the “Announcement on Adjusting the Share Repurchase Program” stating that the number of shares to be repurchased will be adjusted to no less than 41.2 million shares and no more than 67.2 million shares.

Compared to the most embarrassing repurchase plan in history that was thrown out in June last year, the number of shares you bought back has shrunk dramatically.

I really want you to disclose that the number of shares repurchased is no less than 113 million shares and no more than 226 million shares, accounting for no less than 21.91% and no more than 43.83% of the company’s total share capital. The repurchase price does not exceed 13 yuan per share.

As of May 10, 2021, I really want you to repurchase approximately 28.79 million shares through centralized auction trading, accounting for 5.58% of the company’s current total share capital. The highest transaction price is 13 yuan per share, and the lowest transaction price is 10.93. Yuan/share, the total turnover is about 339 million yuan.

During the period, Hangzhou Haohong, the second largest shareholder, reduced its shareholding 9 times, with a cumulative reduction of 13.84 million shares. The number of changes accounted for more than 3% of the outstanding shares. The average transaction price was 11.95 yuan to 13.79 yuan, and the cumulative cash out was about 180 million yuan.

After the announcement of the adjustment plan, I miss your stock price plummeting for 5 consecutive trading days.

The inquiry letter asks, I really want you to further explain the reason and rationality of the company’s adjustment to the repurchase plan in the past 12 months before the shareholders’ meeting reviewed and approved the share repurchase plan, and whether there is a situation of using repurchase matters to cooperate with relevant entities to reduce holdings Wait.

Author丨Li Wenxian

Produced丨Sohu Finance

It has been a year since the sale of Baicao Wei, and I missed you to announce the focus on the main business of red dates, but you have repeatedly fallen into doubts from investors.

On June 14, I really want you to receive an annual report inquiry letter from the Shenzhen Stock Exchange, and you were asked to respond to 11 questions about the sale of Holmes, performance, and the decline in the gross profit margin of jujube products.

Since the delivery was completed in June last year, I miss your net profit for two consecutive quarters. In 2020, the gross profit rate of jujube and related products is 29.34%, a year-on-year decrease of 3.46%.

One year after the release of the share repurchase plan, I really want you to significantly reduce the repurchase ratio. During the period, the second largest shareholder Hangzhou Haohong Industrial Co., Ltd. (hereinafter referred to as “Hangzhou Haohong”) reduced its shareholding nine times and cashed out about 180 million yuan in total. .

Since the announcement of the reduction of the repurchase ratio, I miss your share price plummeting for 5 consecutive trading days. As of today’s close, I miss your share price at 10.30 yuan, down 1.62%.

After selling Baicaowei, I miss your net profit for two consecutive quarters.

After selling Baicaowei, I really miss your revenue in 2020.

The annual report shows that in 2020, I miss you to achieve operating income of 3.001 billion yuan, a year-on-year decrease of 49.65%.

On February 23, 2020, I miss you an announcement that it will sell 100% of Baicaowei’s equity. The buyer is Pepsi Beverage, a subsidiary of PepsiCo. The negotiated transaction price of the two parties is US$705 million, which is approximately RMB 5 billion.

On May 14th last year, I missed the transfer of the equity you held in Holmes (that is, Baicaowei) to Pepsi Beverage. On June 2nd of the same year, I missed the announcement that you had received US$698 million from Pepsi.

According to the disclosure, from the first quarter to the fourth quarter of 2020, I miss you operating income of 1.773 billion yuan, 713 million yuan, 250 million yuan and 264 million yuan, respectively. The third and fourth quarter revenues are less than the sixth quarter of the first quarter. One part.

At the same time, in the third and fourth quarters, I miss you a loss of 18 million yuan and 83 million yuan in net profit respectively in the two quarters. After deducting non-net profit, you will lose three consecutive quarters. In the second, third and fourth quarters, the net profit after deduction of non-profit loss will be about 114 million yuan, 17 million yuan, and 19 million yuan.

The Shenzhen Stock Exchange asks you to combine the situation of comparable companies in the same industry, as well as the seasonal characteristics of the company’s business (if any), market demand changes, product price trends, cost and expense confirmation basis, and changes in amounts, and explain the quarters of the reporting period. The reasons and reasonableness of the large fluctuations in financial data, and whether there is an inter-period recognition of income or expenses.

Jujube business revenue declines year after year, gross profit margin declines 3.46%

Before selling Baicaowei, I miss your jujube business has been declining year after year.

From 2017 to 2019, the revenue of I miss you jujube products were 961 million yuan, 868 million yuan, and 735 million yuan, respectively, accounting for 23.61%, 17.54%, and 12.33% of the revenue. Revenue has fallen for two consecutive years.

In 2020, I miss you jujube revenue of about 666 million yuan, down 18.87% year-on-year, and gross profit margin down 3.46%.

Compared with jujube products, nuts have contributed 1.187 billion yuan in revenue, which is nearly twice that of jujube business, but they are also facing a decline in gross profit margin.

The financial report shows that in 2020, the gross profit margin of I miss you nuts products is 20.90%, a year-on-year decrease of 4.36%.

The inquiry letter requires you to combine marketing model, product positioning, market share, cost structure and other factors to explain the reasons for the decline in the gross profit rate of red dates and nuts during the reporting period, and analyze whether related factors will continue to affect the company’s production and operation.

I miss you announcing the return to the main business of jujube, and decided to terminate the contract of 4770 acres of land leased by the subsidiary Xinjiang Jujube Agriculture and Forestry Co., Ltd., and concentrate resources on the company’s own high-quality raw material base.

After the termination of the land lease agreement, you no longer own the ownership of the jujube trees, employee dormitories, warehouses and other ground attachments on the corresponding land, and the remaining land lease fees paid will no longer be returned. The total asset loss is 45.66 million yuan.

The inquiry letter requires you to estimate whether the cost of using the leased land to obtain raw materials such as red dates is significantly different from the cost of the company obtaining raw materials such as red dates through other channels. Combined with the reasons for your company’s early termination of the land lease, further explain the company’s termination of the land lease Is it conducive to safeguarding the interests of listed companies?

At the same time, according to the disclosure that I wanted to focus on the main business of red dates when you sold the shares of Holmes, it explained whether the company took other methods to consolidate the supply of upstream raw materials while terminating the 4770 mu land lease of the subsidiary Xinjiang Dazaoshu Agriculture and Forestry Co., Ltd. .

The repurchase plan has shrunk sharply, the second shareholder reduces their holdings to cash out 180 million yuan

I really miss you to change the stock repurchase plan, which also caused investor complaints.

On June 3, 2021, I really want you to disclose the “Announcement on Adjusting the Share Repurchase Program” stating that the number of shares to be repurchased will be adjusted to no less than 41.2 million shares and no more than 67.2 million shares.

Compared to the worst repurchase plan in history that was thrown out in June last year, the number of shares you bought back has shrunk dramatically.

I really want you to disclose that the number of shares repurchased is no less than 113 million shares and no more than 226 million shares, accounting for no less than 21.91% and no more than 43.83% of the company’s total share capital. The repurchase price does not exceed 13 yuan per share.

As of May 10, 2021, I really want you to repurchase approximately 28.79 million shares through centralized auction trading, accounting for 5.58% of the company’s current total share capital. The highest transaction price is 13 yuan per share, and the lowest transaction price is 10.93. Yuan/share, the total turnover is about 339 million yuan.

During the period, Hangzhou Haohong, the second largest shareholder, reduced its shareholding 9 times, with a cumulative reduction of 13.84 million shares. The number of changes accounted for more than 3% of the outstanding shares. The average transaction price was 11.95 yuan to 13.79 yuan, and the cumulative cash out was about 180 million yuan.

After the announcement of the adjustment plan, I miss your stock price plummeting for 5 consecutive trading days.

The inquiry letter asks, I really want you to further explain the reason and rationality of the company’s adjustment to the repurchase plan in the past 12 months before the shareholders’ meeting reviewed and approved the share repurchase plan, and whether there is a situation of using repurchase matters to cooperate with relevant entities to reduce holdings Wait.

Produced｜Sohu Finance

Author｜Wu Ya

On the evening of June 14th, Juran Zhijia (SZ:000785) issued multiple announcements in a row, disclosing various contents such as “Adjustment of Beijing Juran Zhijia Home Furnishing Chain Co., Ltd. (hereinafter referred to as “Home Chain”) related performance commitments.

Jiaranzhijia said that in view of the comprehensive impact of various factors such as the sudden outbreak of the new crown epidemic in early 2020, the listed company plans to adjust the performance commitments of the home chain after consultation with the performance pledger.

In the original performance promise, the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses (hereinafter referred to as “net profit deducted from the parent company”) realized by the household chain in 2020 should not be less than about 2.42 billion yuan; and financial data Shows that this indicator for the household chain in 2020 is about 1.297 billion yuan, which is 1.118 billion yuan less than the original performance commitment, and the performance completion rate is 53.59%.

The announcement shows that after this adjustment, the household chain will no longer assume the performance indicator of deducting non-parent net profits in 2020; the original performance commitment will be postponed to the next fiscal year, that is, 2021; in addition, other performance compensation The method and calculation formula, the implementation of profit compensation and other original terms are not adjusted.

Photo source: “Announcement of Juran Home New Retail Group Co., Ltd. on Adjusting Beijing Juran Home Furnishing Chain Co., Ltd.’s Performance Commitments”

Jia Ranzhi was established in 1999. In December 2019, it backdoor Wuhan China Merchants reorganization and listing and landed on the A-share capital market. At that time, Jia Ranzhi signed a performance betting agreement with Wuhan Zhongshang, the holder of Shell Resources.

In 2019, the first annual report after listing, home furnishing chain achieved 2.117 billion yuan of net profit deducted from the parent company, fulfilling the first performance period commitment; but in the first year after backdoor, the home furnishing chain performance was unqualified for gambling.

In the first quarter of this year after the epidemic, the business of Jia Ranzhi ushered in a rebound. According to the plan of Jiaranzhijia, in 2021, it will have breakthroughs in the development of six self-service modes, and the establishment of its first overseas store outside the country.

Home furnishing chain deducts only 1.297 billion yuan in net profit from non-returned parent in 2020, “unqualified”

The result of “the first year of backdoor performance is not qualified for gambling” has been reflected in the 2020 annual performance forecast announcement. At that time, Jiaranzhijia had announced that in 2020, the non-net profit will be reduced by up to 30% to only 1.45 billion yuan; and that “preliminary estimates that the home chain will not be able to complete the 2020 annual performance forecast”.

Judging from the statement of the announcement, the new crown epidemic is the main factor that has caused such a predicament for home furnishing chains. Jiaranzhijia stated that “the household chain’s operating income was directly reduced by 2.161 billion yuan due to the impact of the epidemic, and the net profit attributable to the parent company will be reduced by 1.277 billion yuan after deducting non-recurring gains and losses in 2020.”

Among them, home furnishing chains reduced rents, property fees, market management fees, and advertising and promotion fees for a total of 1.569 billion yuan (72.6%); during the epidemic period, the leased area was reduced, and the rent was also reduced by 259 million yuan; Signing of franchise stores has been significantly reduced compared with the same period and plan, and the loss of household chain stores is 152 million yuan.

However, due to multiple factors such as preferential policies and property owners’ rent reductions, the household chain will save 443 million yuan in operating costs in 2020.

The home furnishing business is mainly engaged in home furnishing products retail, home improvement services, home store business, decoration business and other pan-furniture businesses. In December 2019, after nearly a year, the home actually backdoored Wuhan Zhongshang to land in the A-share market (issued by Wuhan Zhongshang) The shares purchased 100% of the home furnishing chain) and became another home furnishing store giant that has landed on the A-share market after Macalline (SH: 601828).

At that time, from the book assets alone, the transaction consideration of 35.65 billion yuan between the two parties was not cheap; compared with the net asset value of 11.199 billion yuan involved in the transaction, the premium rate was 218.54%.

As a result, this also left the sword of Damocles hanging over the head of the unexpected house-the gambling agreement. At that time, the two parties made performance commitments for the home furnishing chain: from 2019 to 2021, the home furnishing chain will achieve a net profit of no less than 2.06 billion yuan, 2.42 billion yuan and 2.72 billion yuan, respectively.

The agreement signed by the two parties also clarified that “if a force majeure event occurs that causes part of the original profit forecast compensation agreement to be unfulfilled or delayed, neither party is required to bear any liability for breach of contract due to the unfulfilled part or delayed performance caused by the force majeure event.” .

The first annual report after listing is the first performance commitment period. The net profit of household chain deductions from non-parents is approximately 2.117 billion yuan, far exceeding the commitment target of 2.06 billion yuan, and the performance completion rate is 102.76%.

In the first year after the backdoor, that is, the second performance commitment period, the final result showed that the net profit attributable to the owners of the parent company in the consolidated statement of the household chain was 1.368 billion yuan; the actual profit is the net profit after the deduction of the non-parent company after the consolidated statement. 1.297 billion yuan; and 2.42 billion yuan of performance commitments, there is still a gap of 1.118 billion yuan.

Photo source: “Special Verification Opinions of CITIC Securities Co., Ltd. on the Realization of the 2020 Performance Commitments and Performance Commitment Adjustments of Beijing Juranzhijia Home Chain Co., Ltd

In view of this, Zhiranzhijia said that it intends to adjust the performance commitments: After the adjustment, the net profit of the home chain in 2019, 2021 and 2022 will not be less than 2.06 billion yuan, 2.42 billion yuan and 2.72 billion yuan, respectively. ; In addition, the original performance does not make adjustments to other major terms in the gambling agreement.

In other words, after this adjustment, the 2020 performance commitment of the home furnishing chain will be postponed to the next fiscal year, 2021.

According to the announcement, the new crown epidemic is an unforeseen and insurmountable force majeure event that was unpredictable and insurmountable when the original performance betting agreement was signed, and it is directly related to the failure of the household chain to achieve the 2020 performance promise, so this adjustment plan is reasonable.

“This adjustment plan is conducive to further urging home furnishing chains and companies to increase the speed of performance recovery, increase the rate of performance improvement, and essentially improve the quality of listed companies, which is conducive to the long-term interests of all shareholders, especially small and medium shareholders.” Jiaran said.

This year’s GMV may exceed 100 billion yuan, and plans to open no less than 70 new stores

The annual report shows that due to the impact of the epidemic, the total revenue of the house in 2020 was 8.993 billion yuan, a year-on-year decrease of 2.56%; the net profit attributable to the parent was 1.363 billion yuan, a year-on-year decrease of 56.81%.

During the period, the operating cost of the house was 5.36 billion, a year-on-year increase of 9.3%; the expense ratio was 18.2%, a year-on-year increase of 4.6%, which was a drag on the company’s performance. In addition, in 2020, the annual sales (GMV) of Jia Ranzhi was 65.7 billion yuan, a year-on-year decrease of 17.87%.

In addition to the sharp decline in performance, from 2018 to 2020, the interest-bearing liabilities of the house were 258 million yuan, 3.104 billion yuan, and 4.131 billion yuan respectively, which increased by about 16 times in three years; of which, the long-term interest-bearing debt was 1.32 respectively. Billion yuan, 2.305 billion yuan, 2.587 billion yuan, 5.1 times in three years, accounting for more than 51%.

In May 2020, Ranzhijia, which was listed on the backdoor for only half a year, launched a fixed increase, issuing stocks to no more than 35 specific investors, raising funds no more than 3.595 billion yuan for store renovation and upgrading, and smart retail construction of Zhongshang Supermarket And replenish working capital and other matters.

In December of the same year, the unexpected home announced that it had completed a fixed increase of 3.5 billion, and companies such as Xiaomi, Ali, and Centennial Life Insurance appeared in the list of subscription targets, which brought a great “blood-tonifying” effect to the unexpected home affected by the epidemic.

Among them, Xiaomi Technology (Wuhan) Co., Ltd., furniture listed company Gujia Home Furnishing (SH: 603816), and Centennial Life Insurance each subscribed for 14.1643 million shares, each with a shareholding ratio of 0.22%; Alibaba (Chengdu) Software Technology Co., Ltd. subscribed 28,329,600 shares, with a shareholding ratio of 0.43%.

The latest financial report shows that in the first quarter of 2021, the house of unexpectedly realized revenue of 3.34 billion yuan, a year-on-year increase of 39.05%; realized a net profit of 630 million yuan, a year-on-year increase of 144.58%. Compared with the same period in 2019, the growth rates have also reached 61% and 43% respectively.

In this regard, Jiaranzhijia said that during the reporting period, the investment rate of the company’s direct-operated stores has overcome the impact of the epidemic and returned to a high level, and the expansion of franchise stores has also resumed rapid growth.

It also predicts that the company’s GMV is expected to exceed 100 billion yuan in 201, and it plans to open no less than 70 new stores throughout the year.

For Jia Ranzhi, 2021 is the second fiscal year after listing, and it is also a crucial year for its digital strategy. In December last year, Jia Ranzhi held a new retail achievement and digital strategy press conference, and for the first time disclosed in detail the new strategy of “building a home improvement and home furnishing industry service platform in the digital age”.

Wang Linpeng, chairman and chief executive officer of Juran Home, said that Juran Home is no longer a traditional home furnishing store, a traditional home retail enterprise, and a real estate-style property service provider. It must become an enterprise with long-term value.

At that time, Ranzhijia launched six self-operated IPs, covering design, decoration, auxiliary materials, logistics and distribution, smart home and after-home services, covering all the upstream and downstream tracks of home improvement and home furnishing, including lying flat designer home, digitalization Six platforms including smart home improvement service platform.

According to the plan of Juranzhijia, these six IPs have the profitability to run wildly along their respective tracks; they can also be interconnected and empowered with each other. It is estimated that “every track can contribute more than 10 billion in revenue within 5 years after it runs through.”

In terms of the main business, Jia Ranzhi predicts that in the next 5 years (2025), offline stores will strive to exceed 1,000, with GMV exceeding 150 billion yuan; within 10 years (2030), offline stores will strive to exceed 1,500, GMV More than 300 billion yuan.

However, the performance of the house in the stock market is not optimistic. On June 11, the stock price of Jiaranzhijia hit 6.31 yuan, the lowest since December 28, 2018; it closed at 6.73 yuan, down 0.16%.

On June 15th, the first trading day after the announcement of the adjustment of the performance commitment compensation plan, the stock price of Jiajiao reached the bottom again at intraday, to 6.22 yuan; it closed at 6.29 yuan, down 1.26%.

Coral reefs in the sea area of ​​Phan Rang-Thap Cham city. (Photo: Nguyen Thanh/VNA) Ninh Thuan waters have high biodiversity with hundreds of marine species of economic and conservation value. For sustainable development, the preservation of biodiversity and rational exploitation of resources from the sea has been identified by Ninh Thuan province as one of the priority tasks in the socio-economic development strategy. Rich in biodiversity potential Ninh Thuan has a coastline of more than 105km and a territorial sea of ​​over 18,000km2. According to the latest studies on biodiversity by the provincial Department of Natural Resources and Environment, in the waters of Ninh Thuan, coral reefs and the diversity of coral reef organisms are one of the most important components of the environment. Biodiversity most prominent. Scientists have recorded 6 coral reefs with an average coverage of about 42.6%. The coral reef has been identified with over 334 species belonging to 15 families, 59 varieties of reef-forming corals, of which 46 species have been newly recorded and added to the list of coral species in Vietnam. Coral reefs are home to many species of creatures, including coral reef fish with 147 species belonging to 81 genera, 32 families. Seagrass beds were also identified with 5 species distributed on the coastal bottom with an area of ​​about 341ha. Biodiversity of Ninh Thuan sea area is also shown in the record of 538 fish species, including 146 pelagic fish species, 392 benthic fish species, of which 68 fish species have high economic value. In addition, marine species include 45 species of mollusks, 24 species of crustaceans, 13 species of echinoderms, and 22 species of polychaetes. Notably, the waters of Nui Chua National Park – Ninh Thuan are currently one of the few rare areas on the mainland in Vietnam with a population of sea turtles spawning every year, including: green turtles, tortoiseshell turtles. Regeneration of aquatic resources With the potential of valuable ecosystems and biodiversity, the conservation of marine biodiversity has always been of special interest to Ninh Thuan province. Over the past time, functional branches of the province have cooperated with research institutes, universities, domestic and foreign organizations to implement many topics, projects and research programs on biodiversity. such as: upgrade database – GIS about Coral reef and coastal ecosystems; develop a program for periodic monitoring of coral reefs in Ninh Thuan; survey typical marine ecosystems in Ninh Hai and Thuan Nam districts; restore mangrove ecosystems in Nui Chua and Dam Nai sea areas to protect and create a development environment for marine species. In particular, Ninh Thuan province established a marine protected area in Nui Chua National Park with a total area of ​​7,352 hectares. Nui Chua marine conservation area includes strict protection zones, ecological restoration areas and development zones with the function of protecting endemic and rare marine species in order to regenerate aquatic resources, protect and enhance the biodiversity of local marine protected areas. Mr. Tran Van Tiep, Deputy Director of Nui Chua National Park Management Board, said that over the years, the park has coordinated with domestic and foreign scientific research units and organizations to investigate and evaluate the potential, develop data on marine resources and environment within the conservation area to serve as a basis for implementing projects on environmental protection and restoration of marine ecosystems. Currently, the Park is implementing synchronously many plans and solutions to effectively and sustainably protect sea turtle populations and their habitats and other endangered and rare aquatic species. Specifically, the Park builds and maintains strict protection zones for sea turtles at spawning grounds in the area; building a turtle conservation station, establishing volunteer groups to participate in protecting sea turtles; at the same time, build a marine life rescue area to receive, rescue, treat, raise and train turtles in captivity, catch, and ensure sufficient conditions for turtles to live on their own before being released into the environment. nature. Simultaneously, the Nui Chua National Park Management Board has promoted propaganda measures to raise awareness and knowledge of the community about the importance and value of marine biological resources. From there, creating consensus, support and active participation of local people in protecting the marine ecosystem and environment, Mr. Tran Van Tiep added. In order to protect, regenerate and develop aquatic resources, Ninh Thuan province has been implementing many measures to manage, propagate and organize fishing in the right season, using the correct net size as prescribed. exploit the right route, do not use toxic chemicals, explosives, electric pulses to exploit. At the same time, the province deducts a part of the local budget and mobilizes businesses to release millions of tiger shrimp and fingerlings into the sea to regenerate and supplement seafood resources. Particularly in 2021, Ninh Thuan has organized to release 700,000 tiger shrimp seed into the sea to regenerate aquatic resources for local waters. Improve efficiency of management and conservation Through the assessment, the conservation of marine biodiversity has been better protected by all levels and sectors, but like coastal localities in the country, Ninh Thuan’s marine biodiversity is currently under pressure. face many challenges. It is the decline of biodiversity and fishery resources, aquaculture activities, and waste that make some marine areas at risk of pollution, climate change is causing pressures. significant contribution to the conservation and development of local marine biodiversity. Seaweed covers a large coral reef in Phuoc Dinh commune (Thuan Nam district). (Photo: Nguyen Thanh/VNA) According to Chairman of the People’s Committee of Ninh Thuan province, Tran Quoc Nam, identifying biodiversity resources in general, especially marine biodiversity resources, is of great significance to socio-economic development. Every year, Ninh Thuan integrates the task of environmental protection and biodiversity conservation into the province’s general socio-economic development plan. In order to improve the efficiency of biodiversity management and conservation, the Provincial People’s Committee assigned the Department of Natural Resources and Environment to coordinate with agencies and units to periodically observe, analyze and evaluate the current state of the environment. annually and once every 5 years to create initiative for the development of orientations on environmental protection policies in the whole province. Regarding biodiversity conservation in general, marine biodiversity conservation in particular, in the coming time, Ninh Thuan will continue to develop mechanisms and policies to attract resources from the central and local governments. implementation of investment programs and projects in order to improve the operational efficiency of marine protected areas. The province promotes scientific research, basic investigation of marine resources and environment; focus on biodiversity conservation, restoration of Ecosystem , especially coral reefs, seagrass beds, mangroves, coastal protection forests. At the same time, Ninh Thuan improves its capacity to respond to marine environmental incidents, actively propagates people living in coastal areas not to discharge domestic waste and plastic waste into the sea, actively collect clean the marine environment to prevent and minimize risk factors that may affect the development of marine organisms.

Accordingly, US investors have made a profit of up to $ 4.1 billion by investing in this world’s number 1 “virtual currency”. Right behind the US is China with 1.1 billion USD. The remaining positions in the top 5 include Japan ($0.9 billion), UK ($0.8 billion) and Russia ($0.6 billion). Notably, this list also includes the presence of Vietnam. According to Chainalysis estimates, Vietnamese investors have earned $0.4 billion in 2020 by investing in Bitcoin. On a global scale, Vietnam ranks 13th in the world in terms of Bitcoin-related profitability. Vietnam is also the 4th country in terms of cryptocurrency profits, just behind China, Japan, and South Korea. Ranking of the 25 most profitable countries from Bitcoin in 2020. According to Chainalysis, due to the decentralized nature of the technology, it is very difficult to find out where the parties are in a cryptocurrency transaction. The published results were estimated using transaction data from services that Chainalysis tracks. In its analysis, Chainalysis measures the total volume of Bitcoin transactions at each crypto exchange. They estimate the amount earned by the difference in the price of Bitcoin at 2 times of entering and leaving the exchange. Chainalysis then distributes this profit based on each country’s share of web traffic on each exchange. By doing this, Chainalysis has produced a report on how much return investors in each country will make with Bitcoin in 2020. Even so, Chainalysis’s methodology is approximate and not yet available. regardless of the profits from the digital assets still in the exchanges. Vietnam currently ranks 10th on the Global Cryptocurrency Acceptance Index. According to Chainalysis, Vietnam is a perfect example of a country where the level of participation in cryptocurrency transactions far exceeds the ranking of the economy. Although only ranked 53rd in GDP with about $262 billion and ranked as a low-middle-income country, Vietnam still has a fairly high level of acceptance for cryptocurrency transactions. Accordingly, Vietnam ranks 10th out of 154 countries in the Global Cryptocurrency Acceptance Index. This is one of the rare indexes where Vietnam has the same rank as developed countries such as the US, China or South Africa, even more than many other developed countries such as the UK, France, Germany, and Spain. , Japan, Korea,… With such popularity, Chainalysis is not surprised that Vietnamese investors ranked 13th in the world in terms of income earned from Bitcoin in 2020. Many Vietnamese Bitcoin investors have won big in 2020. Similar to Vietnam, this phenomenon also occurs in a number of other countries such as the Czech Republic (54th in GDP, 18th in income from Bitcoin), Turkey (25th in GDP, 16th in revenue). Bitcoin income) and Spain (19th in GDP, 9th in Bitcoin income). On the other hand, despite having the 4th largest economy with the 2nd largest population in the world, India is being left behind in the crypto economy. In 2020, the country’s investors only made 241 million USD from the increase in the price of Bitcoin, ranked 18th in the world. This is because the Indian government does not seem to be very friendly with cryptocurrencies. India used to ban all cryptocurrency transactions in the country, until the Supreme Court of India lifted the ban in March 2020. Although many Vietnamese investors are making big profits from cryptocurrencies. Having said that, investing in Bitcoin or other cryptocurrencies is a very risky investment. Therefore, investors need to be careful and learn carefully before deciding to enter this harsh market.

Opec Plastics Joint Stock Company, also known in English as Opec Plastics, is headquartered at 13th Floor, BIDV Tower, 194 Tran Quang Khai, Hanoi. The history of the enterprise stretches with important milestones since 2002 as follows: 2002 year Asia Plastic Factory was established and built in Nhu Quynh industrial cluster, Hung Yen province. 2004 Established subsidiaries, namely Dong A AID and Nam A AID, specializing in supplying raw materials for production and distributing products for Asia Plastics Factory. 2006 – 2008 Won Gold Cup for Vietnamese Products, Gold Cup for Environmental Protection, WTO-compliant Products on Intellectual Property, Competitive Trademark. 2009 Established Opec Plastic Joint Stock Company (Opec Plastics., JSC), acquired Asia Plastic Factory. Year 2010 – 2011 The company invests methodically with large capital, senior personnel from abroad, business strategy highly focuses on the value chain and supply chain of the plastic – chemical industry. Year 2012 Put the new factory into operation, in Pho Noi A Industrial Park, Hung Yen province, specializing in the production of export PE packaging. The company became a strategic partner of Dung Quat Oil Refinery, distributing most of PP plastic products for the Plant. 2013 With its position as one of the leading plastic enterprises in Vietnam, with professional management, Opec Plastic continues to expand production and business, create more jobs for workers, and ensure the living standards of the people. employees. Year 2014 to present As the Top Plastic Enterprise in Southeast Asia, the largest plastic resin distributor in Vietnam and Southeast Asia, Opec Plastics always strives to connect and support Plastic enterprises in Vietnam and in the world. world in order to create added value for the parties through win-win and sustainable cooperation. In addition, Opec Plastics is also known as one of the leading manufacturers of biodegradable packaging in the country. Opec Plastic Joint Stock Company is growing and expanding In addition to the head office in Hanoi, Opec Plastic Joint Stock Company also has representative offices and many logistics centers in 3 North – Central – South regions, and representative offices in the United States, Singapore, Indonesia, the Philippines, and China. Quoc, Dubai … have factories producing plastic packaging for export with a total area of ​​​​nearly 10 hectares in Pho Noi A Industrial Park, Hung Yen and at Km 56, Highway 5, City. Hai Duong. These achievements have helped Opec Plastics rank 40th in the Top 100 Largest Private Enterprises in Vietnam and 91st in the Top 500 Largest Enterprises in Vietnam in 2020. As can be seen, the business has completely confirmed it. Top position in Vietnam plastic industry in both depth and breadth. Branch system and factories of Opec Plastic JSC HANOI OFFICE at 13th floor, BIDV Tower, 194 Tran Quang Khai – Ly Thai To Ward, Hoan Kiem District, Hanoi. HO CHI MINH CITY BRANCH at Lot L12A-16, Floor 12A, Vincom Center Dong Khoi Building, 72 Le Thanh Ton, Ben Nghe Ward, District 1, HCMC. CENTRAL BRANCH at Building C1-13, Van Tuong Binh Son Urban Area, Quang Ngai. HAI PHONG BRANCH at Room 703, 7th Floor, LP Builing, No. 508 Le Thanh Tong Street, Van My District, Ngo Quyen District, Hai Phong City, Vietnam. FACTORY 1 at Lot 16, Street 206, Zone A, Pho Noi A Industrial Park, Dinh Du Commune, Van Lam District, Hung Yen Province. FACTORY 2 at Km 56, National Highway 5, Nam Dong, Hai Duong City, Hai Duong Province. How does Opec Plastic Joint Stock Company do business?Continuously increasing capital Formerly known as Asia Plastic Factory, established in September 2009, Opec Plastic Joint Stock Company, formerly known as Asia Plastic Factory, operates mainly in the field of manufacturing foam bags, plastic packaging, etc. plastic beads… with initial charter capital of 55 billion dong. This number is contributed by 3 founding shareholders, including Chairman of the Board of Directors and General Director Dinh Duc Thang (VND 30.25 billion); Mr. Nguyen Minh Tu (19.25 billion VND); Mr. Nguyen Duc Ha (5.5 billion VND). Up to now, through many capital increases, the charter capital of Opec Plastics has increased to VND 550 billion, 10 times higher than before. Total assets by the end of 2019 of Opec Plastics reached VND 7,210 billion, nearly double that of the end of 2016. Equity even reached VND 675 billion at the end of 2019, an increase of more than 8 times in the period. this time. With the ratio of liabilities to total assets regularly maintaining over 90%, most of Opec Plastic’s assets are still financed from debt capital, although this debt ratio is showing signs of decreasing. The business results of Opec Plastics are also significantly affected by the use of high leverage. Revenue far exceeds many “big guys” in the plastic industry Opec Plastic’s revenue grew strongly in the period of 2016-2019 during the expansion process, sometimes reaching double the figure of Tien Phong Plastic (code NTP) and Binh Minh Plastic (code BMP) combined and high much higher than the target of An Phat Xanh Plastic (code AAA), these are all “big guys” in the same listed plastic industry. Specifically, in 2019, Opec Plastics grew 11.5% compared to 2018 when it recorded VND 16,162 billion in revenue. The record revenue that An Phat Xanh Plastic, another big player in the industry, achieved in 2019 is 9,258 billion VND, which is only about 57%. Profits eroded by leverage In 2019, net profit decreased by 64% compared to the previous year when this business only earned 37 billion dong in net profit. With 1,000 dong of revenue, it brought in just over 2 dong of profit, equivalent to a net profit margin of only 0.22%. Profit margins of Opec Plastics are only low because profits cannot keep up with capital raising process. In 2019, the return on equity (ROE) was only approximately 5.5%, and the return on assets (ROA) was only 0.5%.

Illustrated photo TL Generali Group’s Deputy Chief Financial Officer, Mr. Cristiano Borean, commented: “Generali Group ended the first quarter of 2021 with excellent results, in line with the set targets and affirming the effectiveness of the strategy. Generali 2021′”. “The Group continues to be one of the market’s leading insurers, with a strong financial position. We are in the process of rebalancing our life insurance product portfolio and thus have been able to maintain positive profitability in the context of low interest rates. Generali also continues to achieve the best and most consistent mix ratios in the market, as well as impressive results in asset management and other businesses. The strong growth in operating profit and net profit also shows that the group continues to operate effectively in the context of the macro economy still facing many uncertainties caused by the pandemic.” – Mr. Cristiano Borean shared. Specifically, as of March 31, 2021, Generali’s operating profit reached 1.6 billion euros (up 11%), thanks to the profit growth of non-life insurance, asset management and other business activities. At the same time, the life insurance segment achieved a stable profit compared to the same period last year. Gross premium revenue reached 19.7 billion euros (+4.2%), of which life insurance increased by 5.5% and non-life increased by 1.9%. Net cash flow from life insurance business amounted to €3 billion (up 1%), focused on unit-linked and protection products. The combined ratio hit 88% (down 1.4 percentage points) and the return on new mining revenue also recorded impressive results, leading the market at 4.44% (up 0.4 points). percent). Net profit of up to 802 million euros (compared to 113 million euros in the same period last year) – the first quarter of 2020 was significantly affected by the decline in investment assets and funding costs for the Special International Fund Covid-19. Strong financial position, with a solvency margin of 234%, thanks to an effective capital optimization strategy and positive market situation in the first quarter of 2021.

The victim said that on June 18, 2020, he had invested in GBhub Company and was introduced to this business as a partner of… Google. The reason is that after consulting and researching, this retail investor saw that GBhub Company has a logo similar to Google’s logo, and there are many websites associated with the “giant” of technology Google. Therefore, Mr. Du trusted him, so he invested without thinking much. To open an ID (account) to log into the company’s website, Mr. Du must pay an account activation fee and receive weekly interest. CEO of GBhub . Company After officially becoming an investor of GBhub Company, Mr. Du was given a promise to make investors throughout the provinces and cities in the country more confident such as: opening a visa payment gateway in August and September 2020; open a private exchange of GBPro coin for investors to trade on the exchange quickly; opened an investment fund company, a Block Chain academy in Vietnam in October; and finally opened the “banking portal” GBCloudbank (self-proclaimed international affiliated bank; trading more than 22 different currencies around the world) in November of the same year. Through this “banking portal”, GBhub company said it will pay interest daily and withdraw money directly from USD to VND. Initially, the company paid interest for regular withdrawal so that investors had confidence in the future of the business, so some people in different provinces and cities also put their savings to invest in. However, up to now, GBhub Company has not fulfilled any promises, only opening GBCloudbank and allowing investors to withdraw money in the first month. After that, this account… does not allow withdrawal anymore. For example, investors deposit 10,000 USD, then they will receive interest of 40% of the deposited amount. The next week, they paid $6,000 again, and got a 40% interest again. The third time, they have to enter 10 thousand USD, this time they can withdraw 40% of the amount paid. The fourth time, they paid another 10 thousand USD and the company… locked the phone. GBhub . Company’s “explosive” advertisement From January 2021 up to now, virtual currency participants have not been able to withdraw a single coin from the bank portal and were also emailed by a representative of Google Vietnam “warning about abuse of power and spreading fake logo images”. by Google”. The money that they are receiving daily interest will be sold to the so-called “managers” in Vietnam at extremely low prices compared to the USD price.Currently, the company has blocked the contact of phase 1 investors. with stage 2 and lock the ID (password) so that these victims can do nothing more. According to our research, many victims have used money in savings books, even borrowed, mortgaged real estate documents… to participate in playing virtual money and “lost money”. On April 6, GBhub Company held an office opening ceremony on Le Hong Phong Street (P2Q10) but did not have… a license to operate. Then, on April 24, this business also opened an office in Nghe An, located on Nguyen Quoc Tri Street (Hung Binh Ward, Vinh City). The director of this company is both Malaysian and Vietnamese. On its website, the company advertises that “global membership will surpass one million in the next three years”. LS Nguyen Thi Sinh (Ho Chi Minh City Bar Association) said that the Ministry of Finance needs to coordinate with departments and sectors to come up with regulations to protect the rights and interests of investors when investing in the virtual currency market. Despite always being warned about potential risks, what makes virtual money still attractive to investors is the huge profit offered to attract. Not to mention, more sophisticated, many virtual currency exchanges also entice investors to buy real virtual currencies, then use these virtual currencies to buy back “junk” virtual money to make high profits, then investors lose everything. their investment amount. Currently, many people are interested in investing in GBhub, especially the elderly in rural areas. It is easy for them to lose money for real money investment games on virtual networks because the servers are located abroad. The company will call from person to person to transact with cryptocurrencies in a short period of time, to avoid statements and documents. After that, the company will close the server (server), that is, delete all original data information of customers, causing them to lose money.

Compile | High song Edit | Jiang Xinbai Wisdom news on May 24, yesterday, Nikkei Asia reported that US storage manufacturer Micron is challenging Samsung Electronics’ position in the semiconductor storage industry. The latest quarterly financial reports of Micron and Samsung Electronics show that in the first quarter of 2021, Samsung’s semiconductor business operating profit margin was 18%, while Micron reached 20%. And in the past five years, Samsung Electronics’ market share in DRAM and NAND flash memory products has declined, while Micron has increased by 3% and 1%, respectively. The Nikkei Asian Review stated that the reason why Samsung Electronics’ semiconductor business profit margin has declined is that, in addition to weather such as snowstorms in Texas, it is also possible that Micron’s rapid progress in the memory chip manufacturing process has made Samsung Electronics’ semiconductor storage division more competitive. decline. Because the memory chip business is the main source of profit for Samsung Electronics, it is also an important income component of the semiconductor business. The decline in Samsung Electronics’ profitability in this area may also affect the company’s other businesses such as foundry, display devices and smart phones. ▲The quarterly operating margin changes of Samsung Electronics, SK Hynix and Micron (Source: Nikkei Asia) 1. Micron hires Japanese and Korean engineers, technical strength may be comparable to Samsung It is reported that the Texas blizzard in the United States has caused losses to some semiconductor companies. In mid-February, a blizzard occurred in Texas, the United States, causing a large-scale power outage. This also caused the local chip factories of Samsung Electronics, NXP, and Infineon to shut down for a period of time, while Micron, which had no factories in Texas, escaped the disaster. In addition, Nikkei Asia believes that the reason for the decline in the profit margin of Samsung’s storage business is inseparable from the decline in the competitiveness of its products. At present, Samsung Electronics’ semiconductor storage business revenue is about 49 billion U.S. dollars (about 315.2 billion yuan), accounting for about 40% of the global market, and still ranking first in the world. In terms of technology, Jin-man, vice president of Samsung Electronics, said in a conference call on April 29 that Samsung Electronics has the highest proportion of 15nm DRAM and will continue to take the lead in 14nm DRAM in the second half of the year. But on the other hand, Micron has begun mass production of DRAM particles based on the 1α process, and is the first company in the world to mass produce the fourth-generation 10nm DRAM; in terms of NAND flash memory, Micron has also taken the lead in launching 176-layer NAND flash products. , And walked in front of Samsung Electronics. During Micron’s 2021 second fiscal quarter (December 2020-February 2021) earnings conference call, its CEO Sanjay Mehrotra mentioned that Micron’s cutting-edge products will be mass-produced as planned and will become Micron’s 2022 leading product. Insiders believe that Micron’s rapid technological development is due to the support of many overseas engineers. It is reported that Micron is hiring a large number of Japanese and Korean engineers from storage vendors such as Kioxia (formerly Toshiba Semiconductor), SK Hynix and Samsung Electronics, and is developing storage chip manufacturing processes in factories in the United States and Japan. In addition, Micron also acquired Japanese storage manufacturer Elpida in 2013. Elpida has many excellent DRAM engineers. After using these engineers to complete the process research and development, Micron has already possessed the technical capabilities that rival Samsung Electronics. 2. Micron is eating away at Samsung’s storage market share According to data from the British consulting company Omdia, Samsung Electronics’ DRAM market share is as high as 41.7% in 2020, ranking first in the market. SK Hynix and Micron occupy the second and third positions with 29.4% and 23.5% market shares respectively. But in the first quarter of this year, SK Hynix’s operating profit margin was only 16%, ranking last among the three companies. Samsung Electronics, Micron and SK Hynix together accounted for 94.6% of the DRAM market. This makes the market highly concentrated and allows the three companies to obtain high profits. In 2018, the hot DRAM market allowed Samsung Electronics, Micron and SK Hynix to achieve operating profit margins of more than 50%. Behind the high profit margin is the investment adjustment strategy adopted by Samsung Electronics. For example, when DRAM prices in the market begin to fall, Samsung Electronics will adjust the amount of investment to maintain a balance between supply and demand. Because Samsung Electronics monopolizes cutting-edge DRAM products and has an overwhelming market share, this strategy has effectively maintained the stability of the DRAM market. ▲ DRAM market share in 2020 (Source: Nikkei Asia) Nikkei Asia said that if Micron’s technological improvements threaten Samsung’s market position, it may intensify the competition between the two or cause turbulence in the DRAM market. In fact, Micron has begun to eat away at Samsung Electronics’ DRAM market share. In 2016, Samsung Electronics’ DRAM market share was 46.6%, and fell to 41.7% in 2020. In addition, Samsung Electronics’ market share of NAND flash memory products has also fallen from 36.1% to about 34% in 5 years. From 2016 to 2020, the market share of Micron’s DRAM and NAND flash memory products increased by 3% and 1%, respectively, to 23.5% and 11.2%. For Samsung Electronics, the semiconductor storage business has always been its main source of profit, and it often provides financial support for other businesses. At present, in order to compete with TSMC in the foundry field, Samsung Electronics is continuously increasing its investment in the foundry business; and its R&D investment in display screens and smartphones is also increasing. If Samsung Electronics’ profitability in the storage field declines, it may affect the company’s other businesses. Conclusion: Samsung’s profitability is still above the average level, and the competitive situation may continue Although Samsung’s operating profit margin was 18% in the first quarter of this year, which is a decline from previous periods, in the manufacturing sector, this ratio is still above the average level. In addition, Samsung Electronics has a larger business scope than Micron, and has a certain degree of anti-risk capabilities. It is difficult for the competition between the two to distinguish the winner or loser in the short term. In the current global shortage of cores, the importance of Samsung’s foundry business is also increasing, and the storage business may be fed back in the future. In the future, Samsung Electronics, SK Hynix, and Micron will continue to have a triumphant position in the DRAM market for some time. What can determine the final outcome will also be the landing experience and actual performance of various products. Source: Nikkei Asia

Photo: Reuters Specifically, when asked about the possibility of Amazon and Facebook being affected by the new proposal, Ms. Yellen said: “It will include companies with large profits and those companies mentioned above, I believe, will be in the bottom line. among affected companies by almost any definition.” Photo: Reuters A joint agreement by the G7 finance ministers recently said it would solve the tax avoidance problem of “the largest and most profitable multinational enterprises”. Reuters says Amazon has a lower profit margin than most other tech giants, and European countries are concerned that Amazon could avoid additional taxes with the US’s initial proposals to the G7. Photo: Forbes For its part, Facebook is open to the changes the G7 team is discussing. The largest social network on the planet also accepts the fact that it may pay more taxes in many countries, Nick Clegg, Facebook’s global affairs director, told Reuters . Photo: Variety “Facebook has long called for a global tax overhaul and welcomes the significant changes introduced by the G7,” Clegg said on Twitter. “Today’s agreement is an important first step toward certainty for business and improving public confidence in the world tax system.”

Toyota and Honda from Japan, Volkswagen, BMW and other automakers from Germany are currently world-class automakers. Of course, the wealth-making ability of these car companies is quite good. It is now the second quarter of 2021. Naturally, the relevant performance report for 2020 has been successfully released. It can be seen that the future development trend is still new energy vehicles. The data is real, and in the 2021 global rich list, Musk’s worth has successfully reached the top of the world’s richest man, and also the richest man with the largest increase in global wealth last year. Of course, the biggest contribution is Tesla Motors. Of course, the comprehensive strength of some domestic new energy automobile manufacturers is also very good, such as Weilai Automobile and Xiaopeng Automobile. Moreover, in the global market value rankings of auto companies, China’s auto companies can be said to have won a big victory, occupying 9 seats in the top 20. In addition to the two automakers mentioned above, BYD, Great Auto, Geely, SAIC Group, GAC Group and Ideal Automobile are all on the list. There are new energy car manufacturers and some traditional car manufacturers. Of course, because the future development trend of the automobile market is new energy vehicles, the market value of Weilai, Xiaopeng, Ideal Auto, etc. are also rising all the way, of course, it is inseparable from capital support. Especially NIO, whose market value has reached more than 80 billion U.S. dollars, this result is quite outstanding. However, the current domestic new energy vehicle industry giant is BYD Auto. The current market value is as high as 484.7 billion yuan, ranking first in the industry. Of course, BYD has also received investment from Buffett, which shows that BYD Auto is very successful. In 2020, BYD Auto’s revenue reached 156.6 billion yuan, and its net profit increased by 4.23 billion yuan. This result is already excellent enough. After all, it experienced a relatively difficult period of time last year. However, the most profitable domestic car company is not BYD Auto. It is China FAW Group. In 2020, its revenue will reach 700 billion yuan, and its net profit will be as high as 46.7 billion yuan, which is equivalent to 10 times that of BYD Auto. In other words, FAW Group can earn 127 million yuan every day. Among them, the revenue of FAW Jiefang heavy trucks is relatively high, reaching 113.7 billion yuan, and the profit is as high as 3.5 billion yuan. It can be said that the performance is very important. Moreover, the sales volume of FAW Jiefang heavy trucks has ranked first in the country for five consecutive years. Of course, FAW Group’s profits are due to joint ventures, and FAW Audi has contributed the most. Of course, domestic companies still need to improve their competitiveness. At present, many domestic companies have shown strong competitiveness, and it is hoped that these car companies can create better results.

In addition to the two companies above, tech giants including Amazon, Facebook and Apple will also be subject to a tax called “Google tax”. Accordingly, large technology companies will have to pay a certain amount of corporate tax, although there is no specific number for this tax. “The government will have grounds to tax them if a deal is reached. At the moment, everything is still incomplete,” an official from the Korean Ministry of Finance said on June 1. The move is part of a global wave to tax lucrative businesses based on the country that generates their revenue, not the country where they are headquartered. Many tech heavyweights around the world have long tended to set up headquarters in countries with low tax rates in order to reduce or avoid paying taxes. Meanwhile, the profits they earn come from all over the world through online business activities that are not limited to a specific country. The OECD’s plan is said to detail ways to modify the tax regimes of member countries, in light of the rapid transformation of digital business. It also seeks to address the problem of tax base erosion and profit shifting (BEPS), combating strategies that exploit loopholes or inconsistencies in tax rules to shift profits to areas where they are not. collect or have a low tax rate. Another point of contention in the plan this time around is the push to amend the law on a permanent establishment, or a fixed place of business that generates income and a value-added tax liability in a jurisdiction. Specifically. This also includes establishing a global minimum corporate tax rate. According to the Financial Supervisory Service’s electronic disclosure system, Google Korea said that on April 14, it recorded a revenue of 220.1 billion won (equivalent to 198 million USD), up about 3.6% from a year earlier. Google’s operating profit was 15.5 billion won, up 53.4% ​​year-on-year. Net profit for the same period was 6.2 billion won, up 741.2 percent. These numbers stand in sharp contrast to tech companies in Korea such as Naver and Kakao. According to the report, the annual sales of these two companies are 5.3 trillion won and 4.1 trillion won respectively. The staggering difference is the result of Google Play Store revenue being recognized as revenue by Google Asia Pacific, which is headquartered in Singapore, not Google Korea. Industry observers also estimate Google Korea’s domestic sales to be between 5 trillion won and 6 trillion won. According to the Mobile Internet Business Association, in the group of IT and telecommunications businesses, Google Play’s sales in 2019 in the country are estimated at about 5.7 trillion won. Just as fast as Google is Facebook Korea. According to FSS data, the business recorded sales of 44.2 billion won and operating profit of 11.7 billion won last year. Facebook’s sales in South Korea grew 10.3% from 40.1 billion won in 2019, and business profits are reported to have increased six-fold year-on-year. The company’s net profit also reached 6.3 billion won, up 33 times from 190 million won in 2019, thanks to a surge in advertising revenue from Instagram. Chang Pang Hyo, head of the IT Committee at the Citizens Coalition for Economic Justice, said the US tech giants actually exist in the virtual world, and their activities cannot be determined if based only on the tax code in the branch location “Calls are growing to amend the laws to come up with a clear statement that companies are taxed where their customers use their services, not where they are located. headquarters,” he said. Thuong Hai According to Korea Times

Sea turtles are wrapped around a plastic net. Blue sea cries for help Sea pollution is happening more and more seriously! That is the affirmation of many domestic and foreign environmental experts and organizations. In Vietnam, for many years now, due to waste from human activities, marine pollution has been clearly noticed. According to estimates by scientists, 80% of the waste entering the sea comes from activities on land. Vietnam has 112 estuaries, which is the source for garbage to drift into the ocean. Many creatures mistake garbage for food or get caught between fishing gear leading to habitat destruction. Data from the United Nations Environment Program announced in 2018, each year Vietnam discharges 0.28 to 0.73 million tons of plastic waste into the ocean (accounting for 6% of the world), ranking fourth in the world. A huge amount of garbage is dumped from the mainland to the sea every day by many different routes. Many coastal estuaries have been polluted by industrial and urban wastewater. In many coastal provinces, the discharge of untreated or untreated wastes has not met the standards, causing great economic losses, life and livelihoods of coastal communities and unpredictable damages. for marine ecosystems. However, this situation is not only happening in Vietnam. On a larger scale, marine environments around the globe are on red alert. The biggest danger comes from the huge amount of plastic waste that is floating day and night on the ocean currents. Although warnings about plastic pollution are continuously raised to a higher level, although countries have been trying to solve the problem from plastic waste and recycling, it is difficult to solve the problem on the basis of an early mooth afternoon. In fact, plastic waste has been slowly accumulating in the marine and ocean environment since the 1960s, to the point where we have huge mountains of plastic floating in the ocean and other plastic waste drifting across the oceans. Beautiful clean beaches in the world. There are an estimated 580,000 different sized pieces of plastic per square kilometer, with more than 8 million tons of plastic waste entering the oceans each year. The amount of plastic from waste can release harmful chemicals that seep into the surrounding soil, which can then seep into groundwater or other surrounding water sources and the world’s ecosystems. This can seriously harm water-drinking species, including marine and terrestrial creatures, including humans. Environmental activists have warned that there could be more plastic waste than fish in the oceans by 2050. Globally, it is estimated that more than 100 million marine animals are killed each year by plastic waste. . Black sewage discharged into a sea. Return the roof to sea creatures According to statistics of the Ministry of Natural Resources and Environment, marine pollution in recent years has caused many marine species to plummet in number, some species have become locally extinct. Up to 236 rare and precious aquatic species are threatened at different levels, of which more than 70 marine species have been listed in the Red Book of Vietnam. The exploited seafood resources are increasingly depleted in both quantity and quality. Fish stocks have declined from 4 million tons in 1990 to 3 million tons today. The average fish size and species diversity also decreased significantly. What is heartbreaking in the consequences of pollution is the disappearance of populations of turtles in the water. Vietnam has five of the seven species of turtles in the world. These are snail, tortoiseshell, hawksbill turtle, leatherback turtle, and pineapple tortoiseshell, all five species are currently included in the Vietnam Red Book. Many species are almost extinct. Previously, sea turtles were distributed mostly in the seas of our country with high density. Looking at the information box about sea turtle species, we can see that all five species of sea turtles in Vietnam are now in a significant decline in numbers. During the period from 2008 to 2013, only one leatherback turtle was recorded on Cat Dai beach in Cam Lam district (Khanh Hoa province) and Hai Lang (Quang Tri province) in 2013. In other localities There have been leatherback turtles to lay eggs like Quang Ngai, Binh Dinh, Phu Yen… there is absolutely no trace of leatherback turtles coming ashore to lay eggs. Expanding to Southeast Asia and the world, quite a few marine animals are in danger of extinction. Photographs taken by photographers around the world show the dire plight of many creatures in response to the onslaught of garbage. The fishes are wrapped around the body with nylon rope. Dead fish in a plastic soda bottle. The long-snouted fish was starved to death by a rubber band wrapped around its snout. Sea turtles swallow plastic foam until their intestines are blocked. Many of them died with a large amount of plastic in their stomachs. In June 2018, a whale was found on Songkhla beach, southern Thailand, choking to death with 80 pieces of plastic garbage weighing 8 kg in its stomach. Around the same time, a green turtle was found dead in Chanthaburi, Thailand, with plastic debris from fishing gear, rubber bands and other marine debris in its stomach. In 2016, a Sei whale and a Baleen whale were found on a beach in the southern Malaysian state of Johor. The photos and stories that bring tears to the viewer’s eyes as a shock to human conscience: Live well and let the creatures have “living land”. It is the irresponsibility, lack of consciousness and greed of mankind that have contributed to climate change, global warming, and creatures being hunted and destroyed. The ocean here and there changes color, only a dull brown color thanks to the secretion of plastic waste, sewage… And where is it only marine life that is destroyed by humans? Sea life is gradually worn down by the pollution of the ocean, causing people’s lives to be turned upside down, poisoned, and reduced quality of life. Back to the story in Vietnam, in order to conserve endemic, precious and rare aquatic species, the State has issued many policies to protect aquatic resources as well as conservation and regeneration of aquatic species. , valuable assets such as: Law on Fisheries 2017; Decision No. 742 in 2010 on planning and setting up 16 marine protected areas; Decision 1479 in 2008 on planning and setting up 45 inland aquatic conservation zones; Decree No. 33/2010 on management of fishing activities; Circular 19/2018 guiding the protection and development of aquatic resources… The most recent is Decree No. 26/2019/ND-CP detailing a number of articles and measures to implement the Fisheries Law 2017, including content on management of endangered and rare aquatic species… People’s habits, from daily living habits to making a living, fishing with fishery exist a lot of ugly behaviors, thinking only of their own benefits but casually destroying the surrounding environment. However, in parallel with the regulations applied in life, there is also a need for a “big surgery” in people’s awareness. It is a change of perception by practical, thorough and effective propaganda. That is the practical action of young people when carrying out environmental protection projects, from picking up beach trash, exchanging trash for trees, beach trash projects… Every small change turns into a big change. If each person is subject to positive change, the environment and life will be more positive and greener. We have a big roof to live in, so do creatures. Change and action is to protect the roof for people, aquatic creatures and onshore.

Canh said, the hotter the weather, the more expensive the crabs are. This is a cooling food, can cook many dishes from vermicelli, soup to hot pot. Not to mention, on this occasion, the restaurant is closed, families cook at home more. Therefore, for about a week now, the number of customers ordering crabs online has increased dramatically when Hanoi is experiencing scorching hot days. The price of copper crab is only 130,000 VND/kg, not increasing, but the amount of goods sold every day has increased sharply, she shared. At the beginning of the summer, she only sold about 50-60kg per day. Customers can buy raw crab, shredded crab or pre-ground crab. But these days, the amount of crabs sold fluctuates in the range of 1-1.5 quintals. At the peak like yesterday, 1.8 quintals of crabs were all ordered by customers. Hot weather, people race to order crabs to eat to cool off (photo: Thuy Dang) “I only sell online, but on this occasion customers flocked to order. If you buy less, 1kg, if you buy more, 2-3kg each time to eat gradually and also to save money on shipping,” she said. Most customers choose to buy ready-made crab (with the shell and bibs removed) or pre-ground crab because it’s convenient, so she has to mobilize her parents and her two children to make crabs in time for the shippers to deliver the goods. guest. “Every day I have to work from 4 am until all the crabs are sold out. Fortunately, in exchange for profits, you can earn up to several million dong/day,” she revealed. Ms. Dang Thuy – a focal point specializing in selling crabs online at lane 214 Nguyen Xien (Thanh Xuan, Hanoi), also said that before summer, she only consumed about 12-20kg of field crabs every day. But from the beginning of May until now, she has sold out 40-50kg every day, even up to 60kg of field crab every day. These days, customers often prefer to buy ready-made or pre-ground crabs for processing (photo: Thuy Dang) According to Ms. Thuy, many people are afraid to make crab because it takes a long time, so they choose to order pre-ground. Accordingly, after grinding crabs, she often divides them into small bags for customers to put in the freezer. Each meal takes 1-2 bags to cook, depending on how many or fewer people in the family. The price of raw or pre-ground crab is the same, 120,000 VND/kg. “On this occasion, when the sun is hot, people are afraid to go to the market. Due to the epidemic, they also limited going to crowded places, so the number of customers ordering online increased sharply,” she said. Ms. Hoang Thien Tam from Yen Ninh (Ba Dinh, Hanoi), shared that in the summer, field crabs are her family’s favorite cooling dish. Early in the summer, the weather was not too hot, she still worked hard to go to the market to choose each field crab and ask the seller to grind it for her. The number of crabs bought each time is only about 1kg, just enough to cook a meal. About a week ago, the heat was like fire, she switched to ordering online because she was afraid to squeeze her feet into the market. The amount of crab sold out increased 3-5 times compared to the time before summer (photo: Thuy Dang) “Today I also ordered 5kg of field crabs, thanks to them pre-ground in plastic bags. Crab bricks are also divided into small bags for easy cooking of each meal. She said and said, now that many orders, she also gets free shipping by the owner. On the market today, the price of copper crab usually ranges from 120,000-180,000 VND/kg, depending on the type. In many places, when customers require preliminary processing and ready to go, they often have to pay an additional 10,000-15,000 VND/kg. Small traders selling field crabs at traditional markets said that these days, the amount of crabs consumed has nearly doubled compared to before summer. As for online traders, it was revealed that the number of crabs sold increased 3-5 times compared to other seasons of the year. In hot weather, people are often afraid to go to the market, so they often choose to order online for convenience.

It is known that RM bought a luxury apartment in Hannam-dong for 4.9 billion won (about 101 billion VND) in November 2019. The apartment has an area of ​​​​284.2m2, located in the golden land in Seoul and located in the same building as BTS’s dormitory. On May 5, the leader of BTS sold his apartment for 5.8 billion won (about 119 billion VND). Thus, after just over a year, the male idol has earned a profit of 900 million won (about 18 billion VND). RM became the new real estate giant of Kbiz when he earned a profit of 18 billion dong after only 1 year thanks to the sale of the apartment. RM’s luxury apartment is located in an expensive complex Hannam The Hill of the rich is stunned by the luxury It is known that Hannam The Hill is the most expensive villa complex in Seoul. At the time of 2019, the powerful leader of BTS stunned when it was easy to “buy” an expensive apartment with cash in just 1 time. This is also the residence of many famous Korean stars such as Kim Tae Hee – Bi Rain, Han Hyo Joo, So Ji Sub, Jin (BTS) and many leading Korean businessmen. RM used to be a neighbor of a series of Kbiz stars like Kim Tae Hee – Bi Rain, Han Hyo Joo, So Ji Sub, Jin (BTS),…

Tidal flat in Quan Lan island, Van Don district, Quang Ninh province. Photo TTH Fresh sa worms sold at the tidal flats cost more than 300,000 VND/kg, reaching the consumer’s table can be up to millions of dollars and preliminarily processed and dried depending on different prices, the most expensive can be up to nearly ten million VND. /kg. So enough to see, Sa worm is more expensive than many rare and precious specialties from the sea. Sa worm is less distributed, easy to exploit and reproduce, it is more difficult to maintain the natural breed, meanwhile, it is not possible to artificially breed this high-value seafood. In the Northeast Sea, which is geographically located in the Gulf of Tonkin with many bays, conifers and coastal saltwater ponds, it is the ideal habitat of the Sa worm. In addition, the tidal flats must have primary flora and mangrove trees for the slugs to reside. This layer of mangroves keeps the plankton in the water and is the food for the worms and many other bivalve molluscs such as clams, clams, oysters, blood cockles… Sa worm is mentioned as a specialty of Quan Lan and Minh Chau islands, Van Don district, Quang Ninh province because in the tidal flats along Quan Lan island, there is the best kind of worm. Another reason is that the oldest fishery of worms originated from the inhabitants of the island. There are families whose profession of digging and catching fish is passed down from generation to generation, supporting many generations. Increasingly, this item is more and more expensive due to scarcity and there was a time when sage was hunted and sold. Officers of Quan Lan Border Guard Station (Quang Ninh Border Guard) stationed in the area always integrate propaganda content to protect aquatic resources whenever there is a meeting or propaganda sessions. But only the fisherman understands better, if not protected, not “saved” for the next season, the risk of worms will also disappear like blood cockles, boredom, silk clams… Most of the fishers are women. They understand the characteristics of this intertidal marine species. With a specialized sand shovel, they arrived at the tidal flat early in the morning. At night, the worms in the nest come up to eat plankton, they use a shovel to quickly roll up the sand layer to catch it. The sun is up, the temperature is high, the sand is hot, the animal will hide deep down, not being caught anymore. It is important that the fishing profession is completely manual. If mechanized or used tools to plow the sand, the slugs will no longer be able to reproduce and will disappear until they disappear. It has happened in other sea areas such as Tien Yen, Ha Long, and Quang Yen of Quang Ninh province, when the tidal flats dried up, mangroves were cut down, over-exploited, encroached on the sea, and sucked sand. make the sage disappear. The People’s Committee of Quang Ninh province has regulated the period of banning the exploitation of worms in June and July every year (the breeding time of the worms). Mining is only allowed by the traditional manual method of using apricots and spades and only for worms that have reached a size over 10cm long. Along with people’s lives, Quan Lan Border Guard Station, when receiving people’s feedback, authenticates information and coordinates with many levels and branches to protect the intertidal area. Due to the large profits, many traders instigate people to use high-pressure pumps, pump out water, and plow the tidal flats to catch worms. The whole coastal shoal area was overturned, the environment was polluted, and large and small seafood was destroyed. There are times, early in the morning, when people go to the beach to “hunt” sa worms, Border Guard officers also come out to support people in protecting the intertidal area, propagandize and mobilize so that people do not exploit in the form of fishing. extermination, peace of mind to pursue their livelihoods, and at the same time, severely punish households who do not comply with the general regulations, exterminate fishing, and destroy the environment. Van Don has more than 2,000 hectares of tidal flats and nearly 1,000 fishermen make a living by hunting worms and natural intertidal mollusks. The original people in the island very well understand that seafood is their source of life, but when people from other places come, traders only buy for profit, there are always fishing activities that go against the interests of the community. this population. Especially, sand mining activities have been boycotted, protested and petitioned by fishermen, causing the locality to suspend this activity and rearrange order and stability in coastal residential areas. Accordingly, all acts of encroaching on the tidal flats, destroying the habitat of marine resources, local authorities encourage people to detect, denounce and clarify. Recently, Quan Minh Co., Ltd., an enterprise that dredging creeks and exploiting silica sand, has been accused by people of affecting the environment and attacking tidal flats, dumping waste, polluting the environment. affect the growth of the worm. In many places, people see both young worms and the fear of the extinction of worms is real. Van Don district immediately suspended the project’s construction to protect marine resources and at the same time maintain security and order in the area.

Build a new life Sitting on a motorboat, invested by Mr. Nguyen Van Trieu with an amount of more than 100 million VND, with all necessary equipment for tourists such as life jackets and lifebuoys, I feel the life of the people. The bed of the Sesan 4 Hydropower Plant has changed and is much different from 10 years ago, when they first came here to determine to build a new life, in their second homeland. The sound of the boat’s engine going up and down the lake reverberated and stirred the whole area. The wind blows on the lake surface, with a faint, strong smell characteristic of the river. Trieu’s houseboat pairing boat, tourists quickly spread out, some people are eager to feed fish, people go to see fish drying, making fish sauce, laughing and talking. As for me, hanging around Mr. Trieu to ask about his daily work. Mr. Trieu said, when the gray smoke behind the raft houses started to emerge, the men were ready to go and drop nets. 10 years living on this lake bed, his rafts and the people around him are getting bigger and bigger, sure, life is much better, old age and children can learn more words, but with The men from all over the country gather here are still the same: pulling nets at night, pulling nets during the day to drop nets and nets, and then sell fish to traders. Mr. Trieu confided, 10 years ago, the bed of Se San 4 lake was vast and lonely, with countless fish. On the first day of coming here, the people of Thua Thien Hue and Quang Binh fished gobies and chameleons; people in the west fish Dinh sesame, red-tailed snout; and the people in the central region, in the southeastern part of the country, they will catch any fish. “Now the fish are less and wiser, they just swim under the rotten wooden trunks of the lake bed, rarely come up, so if they drop the nets deep down, they will all be torn. In the past, there was a night when catching half a kilo of fish, at least from 10 kg to 20 kg. For the past few years, it’s only been a few kilograms, so you guys have to switch to fishing,” said Mr. Trieu, pointing out to tell me where there are rafts built by people there and floating on the lake. At about 17 o’clock, when the sunset fell, we got on the boat to follow Mr. Trieu and the households in the fishing village to prepare tools to cast nets and cast nets. The atmosphere becomes bustling by the sound of motorboats and fishermen calling each other. Trieu’s family has a total of 20 baskets, each with an investment of about four million dong. As he walked, he introduced me, each basket was placed at least 200 m apart, we clearly divided the area so that families did not concentrate on mining in one place, each time it took more than 1 It took hours to return to the shore because the distance was quite long. Each rack will be fitted with a battery used to connect to light a light bulb. That’s how to catch Sesan anchovies. Just stretch out, drop the lights down, the anchovies see the light and gather. Around 3 am the next morning, the boat went out to pull the nets and harvested the fish. Those who are afraid will bring it to Se San market to sell, diligently bring it back to dry and sell it gradually. Up to now, Sesan anchovy has become a famous specialty. When the batches are finished, the people of Sesan fishing village come back to pick up every piece of trash and waste floating on the river. It’s not because hundreds of people are always diving and roaming the river, so they do that but that’s the reason for living. Mr. Trieu said: Contaminating the river also means harming yourself, that thought is deeply rooted in the thinking of this fishing village. Living off the products on the river, more than a hundred people in Sesan fishing village always consider the river as a living being, like a soulmate to remind themselves not to do anything harmful to the river. Mr. Dang Van Thuoc, Director of Se San Cooperative, saw that Mr. Trieu’s house had visitors, so he rowed over to chat with us. He asserted that: I was one of the first people to come here with Mr. Trieu, well versed in all fishing channels, but I always remind the fishing village households to never fish in an extermination way, only with nets. Traditional , . We agree to make the eyeballs according to a certain size, only the big and right sized fish will be harvested and the fry and small fish will fall in to continue to grow. Especially from the 14th to the 20th day of the lunar calendar every month, the people of the fishing village will not pull the net and release the net because this is the breeding cycle of anchovies. In the most difficult times, absolutely no one is allowed to use explosives to fish in the river. It is a crime, it is to destroy the river. Gently stepping through the wooden planks to connect the floating rafts of the houses together, helping the nearby families to come to the house to chat, I met Mr. Nguyen Van Tung, who is over 70 years old this year. With a bright smile when welcoming a stranger to visit, he happily said: Every morning he wakes up very early to wait for the morning sun, and then begins his working day. “In the past, the whole family of six of us lived in a river down to the east, but there people were indifferent to the river, did not protect the river, so the fate of people was poor when the river was polluted. more shrimp. Up here, everyone has a sense of preserving the water flow and the landscape, so life has been warmed up,” said Mr. Tung. Beautiful fishing village After nearly 10 years of clinging to the Se San river, the lives of the fishing village households are still precarious, their children cannot go to school, their lives are floating along the water. Through the monitoring process, the households in the fishing village are all diligent, honest and have the desire to settle down for a long time, so the leaders of Kon Tum province have created conditions for the households to gradually stabilize their lives. The Lunar New Year of the Pig in 2019, the joy of the fishing village was multiplied many times when all 29 households with more than 100 people were imported, were granted 400 m2 of residential land and each household was supported 50 million VND. to make a house. From a place of floating and precarious living along the water, the people of the fishing village have been settled. Mr. Nguyen Van Trieu said, with the same amount of 50 million dong, most families in the fishing village try to contribute from 50 to more than 100 million dong to build a house. Therefore, 29 spacious and spacious Great Solidarity houses with an area of ​​​​from 80 m2 to 120 m2 with corrugated iron roof and flower tile background were inaugurated. Ashore, many families were able to buy motorbikes, televisions and refrigerators. Comrade Tran Trung Dung, Deputy Secretary of the Party Committee, Chairman of the People’s Committee of Ia Toi Commune, said that from the capital of the national target program on building new countryside, the fishing village was invested by the State with more than three billion VND. pull electricity from the grid to the village. In the coming time, we are focusing on bringing clean water to each household because this is still the most urgent issue today. For the education of children in the fishing village to be what it is today, families are always grateful to Mr. Nguyen Quang Tho, Head of Education and Training Department of Ia H’Drai district. Mr. Tho went to each campaigner, creating conditions to bring their children to class. Mr. Tho shared his memories of the first days of mobilizing families: Most of the people in the fishing village were afraid to send their children to school because it took a long time to pick them up. They think very simply that their parents and themselves who were born and raised on the raft are literate but still live well. However, I was not discouraged, went out to friends to talk, persevered, and encouraged each family so that the children could go to school. Thanks to that, all children born in the fishing village today who reach school age can go to school fully. Comrade Vo Anh Tuan, Deputy Secretary of the District Party Committee, Chairman of the District People’s Committee Ia H’Drai said: In the coming time, the district government will focus on supporting and investing more methodically in developing the tourism economy in the province. fishing village, to effectively exploit this potential. Tourism cannot be generalized but must deal with specific problems. For example, it is necessary to build a tour with a specific schedule so that visitors feel like coming back and recommending to friends to visit. The overnight stay of tourists at the raft can only meet a few, but not guarantee for large groups. In addition, the district will seek and call for capable and enthusiastic investors to invest in building more tourist attractions in the lakebed area, thereby forming a closed ecotourism chain. with its own charms. Deep lake night. The raft house of Mr. Nguyen Van Trieu sways with each wave. Lying down listening to the waves crashing into the raft house, from time to time there was the sound of fish jumping below, we kept awake. The alarm clock sounded at 3 am, I quickly got up to prepare to follow Mr. After two hours, when we returned, the sun began to shine. Before parting after a night of experiencing the life of the people of Sesan fishing village, I made an appointment with the people here to come back to witness the change when the tourism potential on the bed of Sesan 4 becomes a reality. Se San fishing village will become an attractive destination on the travel map of Kon Tum, the Central Highlands region in particular and the whole country in general.

Xiaomi “integrated” fashion and technology in the launch event of Mi 11 lite and Mi 11 lite 5G in Vietnam in mid-April. Xiaomi (stock code: 1810) has just announced the unaudited consolidated results of the first three months of the year to March 31, 2021. In the first quarter of 2021, total adjusted revenue and net profit exceeded market expectations. In which, total revenue in the period reached 76.9 billion yuan, up 54.7% over the same period last year, while adjusted net profit reached 6.1 billion yuan, up 163.8 percent over the same period last year. last. Regarding the smartphone business, this quarter continued to record a remarkable growth rate. Smartphone sales reached 51.5 billion yuan, up 69.8% year-on-year. Global smartphone shipments in the period reached 49.4 million units and gross profit margin reached 12.9%. According to Canalys, Xiaomi continues to hold the third position in terms of smartphone shipments, accounting for 14.1% of the global market share. Notably, the premium smartphone portfolio is increasingly diversified, contributing to Xiaomi’s strong growth in this segment. In the first quarter of the year, Xiaomi shipped more than 4 million phones priced over 3,000 yuan in China and over 300 euros in international markets. In addition, third-party data shows that Xiaomi accounted for 16.1% of the market share of smartphones priced between 4,000 yuan and 6,000 yuan in China in the first quarter of 2021, far ahead of 5.5% in the first quarter of 2020. Meanwhile, Xiaomi’s core strategy of “Smartphone x AIoT” continues to underpin outstanding performance. IoT and lifestyle products saw strong business performance with revenue up 40.5% year-on-year to 18.2 billion yuan. Also in this quarter, the number of Xiaomi smart TVs sold reached 2.6 million units. According to All View Cloud (AVC), the number of TVs shipped ranked first in China for nine consecutive quarters and was always in the top five globally. In particular, widescreen smart TVs are well received by the market. AVC said that Xiaomi and Redmi TVs continue to take the No. 1 position in retail sales in the 70-inch TV segment in China with 29% market share, retail sales increased by more than 160% over the same period. last year. The group’s IoT and lifestyle product segment is also following a hot growth trajectory in the international market. Revenue from IoT and lifestyle products in overseas markets increased by 81.1% over the same period last year. The products of electric vehicles, air conditioners, Mi Box receivers … of Xiaomi have penetrated widely into families. Xiaomi is increasingly expanding its AIoT platform. As of March 31, 2021, the number of IoT connected devices (excluding smartphones and laptops) on the AIoT platform has reached 351.1 million units. The number of consumers owning at least 5 devices connected to the AIoT platform (excluding smartphones and laptops) reached 6.8 million, up 48.9% over the same period last year. In March 2021, Xiaomi’s AI Assistant had 93.0 million monthly users, while the number of monthly Mi Home software users reached 49.2 million, up 22.8% year-on-year. The Group’s Internet services segment continued to grow steadily with revenue increasing 11.4% year-on-year to 6.6 billion yuan in the first quarter of 2021. Gross profit margin of the services segment Internet reached 72.4%. Advertising revenue hit a quarterly record of 3.9 billion yuan, up 46.3% year-on-year. Also in the first quarter of 2021, Xiaomi’s revenue from overseas markets increased by 50.6% year-on-year to 37.4 billion yuan. According to Canalys, Xiaomi’s market share in the first quarter was in the Top 5 smartphone companies in terms of number of shipments in 62 countries and territories globally, in particular, taking the No. 1 position in 12 countries and regions. earth. Xiaomi has positioned itself to compete in key markets. According to Canalys, this quarter Xiaomi entered the Top 2 smartphone companies for the first time in Europe, with smartphone shipments increasing by 85.1% year-on-year and 22.7% market share. Notably, Xiaomi has held the No. 1 throne in Eastern Europe for 2 consecutive quarters, with smartphone shipments increasing by 81.8% over the same period last year, accounting for 32.5% of the market share. The group was also ranked 1st in Russia for the first time with 32.1% market share. Xiaomi still maintains the 3rd position in Western Europe with market share increasing to 16.6%, after smartphone shipments increased by 89.3% over the same period last year. The group ranked No. 1 in Spain for 5 consecutive quarters, achieving 35.1% market share. Also, promoted to No. 2 in Italy; 3 in Germany and France, and broke into the top 5 for the first time in the UK, all with over 90% growth in phone shipments compared to the same period last year. Most impressively, Xiaomi maintained the No. 1 position for 14 consecutive quarters in India, capturing 28.3% of the market share. The group is on a strong growth path when conquering new markets…

In the world, it is true that there are many digital currencies (like Bitcoin) that are recognized by countries and in fact many entrepreneurs have become billionaires thanks to it. Many technology experts believe that digital currencies in the future will be encrypted with top secret, able to cross space, time, and transact easily… Of course, the current operating environment is only for transactions in one multinationals (there are large American companies that are even richer than a sovereign nation) are experienced enough; did not say anything on the internet. As long as some large enterprises accept the transaction (a certain digital currency) it can circulate within the allowed range. Recently, with the participation of billionaire Elon Musk (famous Tesla boss of South African origin), Bitcoin has skyrocketed in price. Because the community using digital currency is still a minority (compared to real money), it is still called virtual money. Because, transactions are still converted into real money (through strong currencies like USD). Just like real money, there are different types of virtual money. As a general trend, many digital businesses want to create their own currency. For example, even the social network Facebook also formed a coin called Diem (formerly named Libra). The problem is that in Vietnam, the currencies that are used by the world’s billionaires and some countries for the above transactions are not accepted by the authorities in the country. There are many reasons, but it is possible that controlling such coins is not easy. In addition to virtual currencies with “cheek numbers”, many fake “boss” set up floors and set up servers abroad to attract participants with huge profits. These brokers are called binary options trading (a way of betting to predict the price of virtual currencies, stocks rising/falling). Many times, its form is no different from a type of online gambling. Not to mention, with this virtual currency, football betting houses (overseas) or something similar can easily receive bets. Virtual money transfers are also difficult for the state to control through tax collection… Most importantly, both in the world and in Vietnam, many exchanges suddenly closed, collapsed due to the sudden death or escape of the owner. led to the deaths of tens of thousands of “mommoths”. The deaths are similar to the collapse of the multi-level system.

Business development in a large population, scientific organization, diversified product line combined with tourism, entertainment is a very successful economic model in the world. Especially, when tourists increasingly prioritize convenient experiences, they do not have to move much, they also quickly enter the era of “3T”: Integration – Convenience – Experience. Mr. Nguyen Quoc Ky, Vietravel’s General Director, took Thailand as an example: “It’s not like they went back many times because they wanted to visit the Palace. It is the experiences of shopping, dining and overnight activities that help visitors constantly discover the local culture, attracting them to come back ”. A typical example is the night market of Ratchada or Asiatique, which is planned into perfect shopping, entertainment and culinary complexes, contributing to bringing a new color to the nightlife in the tourist city of Bangkok. Large shopping areas that gather brands from international to local, to small business households are arranged adjacent to the restaurant complex, street food stalls, interspersed with performances, lively activities in public areas. Thanks to these “night market” models, Bangkok has become the leading destination in Southeast Asia with international spending of nearly US $ 200 / day. Ratchada night market in Bangkok is well planned, attracting tourists In Vietnam, the model of “trading with friends, selling with wards” has existed for a long time, such as Ben Thanh Market, Bui Vien pedestrian street, Ta Hien pedestrian street, giving visitors a local experience itinerary, from visiting, shopping, eating, playing in the same area. Although not yet professionally planned, it is undeniable that these destinations still attract millions of international visitors each year, becoming a place to “check-in” on the international tourist map, bringing a source of revenue. “Endless” collection for shops around the area. Finance expert, Dr. Can Van Luc also said that the combined model of tourism, entertainment and commerce has increased the value of the economy “under the light”, bringing “huge” profits to the players. tourism agencies such as Genting (Malaysia), Pattaya (Thailand), Singapore … “Shared home” worth billions of dollars for all industries and services Following the “golden road” of these retail travel models, the super-complex Phu Quoc United Center will pioneer to explore the night economy when it launches on April 21, 2021. This super complex will be the first large-scale “communal house” with a full range of services for tourists: relaxation – entertainment – shopping. This is the “symbiotic” way, which has an irresistible attraction to tourists, thereby forming a diversified business community with “huge” profits. Grand World is planned into subdivisions with international architecture, creating a strong impression on visitors Specifically, built according to the model of a commercial street, Grand World Phu Quoc is integrated with a series of record works and unique experiences: the largest bamboo legend in Vietnam, the first Teddy Bear House in Vietnam. Scale of the world’s top 5, Garden of Eden and Garden of Glory with European architectural style, Venice Canal with romantic Dating Tower on the surface of Love Lake. These impressive check-in points are arranged throughout, leading customers to all commercial shop subdivisions. In addition, the commercial area is planned into subdivisions with typical international architecture: Indochine street (Indochina) is designed in Indochina style and shops with bustling Asian street culture. . “Business community” here is Phu Quoc Grand World Night Market unique with hundreds of stalls with street food prepared and enjoyed hot on the spot; NightZone 68 with a vibrant night entertainment model open until 6:00 am. Along with that are a variety of culinary brands such as: Ham Ninh seafood world, Phu Quoc silk beef and German draft beer, Nguyen Ky fried rice, Hanoi noodle soup, Pizza Villa, Volcano Beefsteak, Kimbusam BBQ … Interwoven into the “culinary world” will be such beverage and coffee brands Hokkaido Baked Cheese Tart, Napoli Coffee, Pozaa Tea … All will resonate together to provide visitors with a unique “concept” experience, holding them from store to store. The Mediterranean Quarter offers unique architecture and generous, vibrant nightlife experiences Located right next to the Indochine subdivision is Mallorca Street – a vibrant street of bars and pubs playing all night. Gathering a series of “cult” faces of activities under the light such as: JC Fun Pub, Zingxi Hongkong by Night, Phoenix 84, Yolo Bar, Relax Bar … This will be one of the busiest neighborhoods at Grand World, promising to “bumper” in the night. Meanwhile, the Shanghai neighborhood is indispensable for hundreds of culinary brands with typical Asian flavors such as: Kien Xon noodle soup, Pho Ly Quoc Su, Bach Restaurant, Tu Xuyen barbeque, American restaurant … with Yotea, Bello House, Fern Forest Coffee, Goofoo Gelato, Ha Long Pearl Yogurt, Vinh Long Pomelo Tea, The Mekong Connect … and shop for souvenir products and unique specialties from Bird’s-nest nests on pearl island, Huong Sac of Coconut, Giving Smile, Vietnamese Craft Village and convenience store Daiso, Minigood. Along the two sides of the Venice Canal – the colorful neighborhood of Grand World – is the world of coffee and shopping booming with domestic and international chain brands that are loved by customers. Visitors can enjoy the sweet taste from The Coffee House, Trung Nguyen Legend, PLA Coffee, Tous les Temp, Power Mia … and prominent shopping and fashion brands like The Ao Dai Sy Hoang, Pierre Cardin, Rabity, My Kingdom … In particular, the super shows that are invested tens of millions of USD “The quintessence of Vietnam” or “Colors of Venice”, the bustling festivals all year round at Vu Dieu Tropical Square … will also be the magnet to attract. guests, taking them on the journey leading to the busy commercial streets. High-class entertainment activities will resonate together, enhance the experience for visitors Phu Quoc United Center is considered a “common home” for all industries, services, and symbiosis to create a unique travel experience never before seen for visitors in Vietnam. In addition to special shopping, resort services, entertainment at Vinpearl, Vinpearl Safari or Corona Casino, they will also be companions with Grand World, causing visitors to continue to register Phu Quoc United Center. to the tourist list each year, for many years to come, providing long-term income for retail investors here.

Illustrative image – Photo: Reuters. Ethereum is “occupying waves” in the virtual money market because of its rapid growth. In the past 1 week, the second largest virtual currency in the world has increased by nearly 20%, surpassing USD 4,000 for the first time in the session on May 10. If counted in the past 1 month, Ethereum price has nearly doubled. At nearly 8:00 am on May 11 in Vietnam time, the Ethereum price according to the data on Coinmarketcap.com was $ 3,933, far exceeding the level of $ 176 a year ago. Another virtual currency that has also seen a dramatic rise recently is Dogecoin. However, there is a big difference in the uptrend of Dogecoin and Ethereum that CNBC pointed out. That is, Dogecoin price is pushed up mainly by the status lines (tweets) on the social network Twitter and the “inundation” of the crowd of individual investors on the Reddit forum. Meanwhile, Ethereum has the backing of institutional investors and is heavily chosen for multi-million USD NFT transactions. Ethereum is built on blockchain technology like Bitcoin, but Ethereum’s proponents do not view the virtual currency as a form of “digital gold” – a name attributed to Bitcoin. Instead, many investors, including billionaire Mark Cuban, consider Ethereum to be more applicable. One use of Ethereum is as infrastructure for the decentralized Internet, and people can develop applications on the Ethereum network. With a market cap of nearly $ 482 billion on May 10, Ethereum is now larger than the total capitalization of beverage company Coca-Cola, social network Snap, and Ford Motor, combined. In the world of virtual money, Ethereum is second only to Bitcoin – the virtual currency with a market cap of $ 1.1 trillion. If you bought Ethereum earlier this year, you can now pocket a pretty good return. Ethereum virtual currency price movements in the past 1 year. Unit: USD / Ethereum – Source: Trading View. According to CNBC estimates, with $ 1,000 buying Ethereum on Jan. 1 at $ 731, investors had the equivalent of $ 5,711 on May 10 when Ethereum’s price peaked at $ 4,174. The return on this investment is 471%. This rate of return is higher than the return on Bitcoin investment. If you spend $ 1,000 to buy Bitcoin at the beginning of the year, the investor currently has $ 1,948, equivalent to a near 95% return. However, this does not mean that Ethereum will certainly continue to bring big profits for its investors in the future. Experts always recommend that investors should not pour into virtual money an amount greater than the amount of damage they can accept.

Bagan Sekinchan fishing village. Many fishing vessels here have small capacity, ineffective against changes in the fishing grounds. Photo: Hai Seng Huat wharf management agency. The small crane diligently carried each barrel of fish from the ship to the Hai Seng Huat wharf while the traders were busy choosing the right fish on the wet port floor. This sea trip was a big hit, especially for Indian mackerel. But with Chia Tian Seng, a 47-year-old fisherman in this area, there is still a worry in his heart. He and his three siblings, who worked together as fishermen, noticed that the weather was getting more and more unusual. With Seng’s seafaring profession, the weather will determine the effectiveness of each sailing trip. For 10 years of being directly in charge of a fishing boat, Seng has never seen an unusual wind and current like now. “Previously, in the main season, the wind and the water flow were usually very stable, now it is uncertain, very unpredictable, now it can hit like this, but it can also be empty,” said Seng. According to Seng, the changes in natural conditions also prevent the target from being caught. “In the past, the sea cases at the beginning of the year never had squid, it was only in the middle of the year, but from the Lunar New Year until now, my ship caught a few tons”. Seng’s brother, Mr. Hee, who is currently the chairman of the Fisheries and Fisheries Association of Sekinchan town (Sabak Bernam city, Selangor state) added that, for 2 years now, I have not understood why Indian mackerel is so much. Before fishermen hunt, it is rare, now every trip is available, so the price is not good. Fishermen He said that every trip to the ship owner complained that the team cost was too much. Vessels now often have to go farther and more winding than they can to see the flow of fish. According to experts, climate change is the agent that makes the marine profession change and more difficult. The waiting fish tanks were transferred to Hai Seng Huat jetty. Photo: Hai Seng Huat wharf management agency. Tee Kai Seng, a 27-year-old fisherman who has been in the ocean for 10 years, noticed that the fish were getting smaller and smaller, causing the boat to move more to get big fish. “Previously I earned at least 2,000 RM (about 11 million VND) to 3,000 RM, about this year no trip has been more than 2,000 RM,” he said. In addition, the traditional fishing area that Tee Kai Seng used to go to now has not many fish, making each voyage go further. The Malaysian government recently revised the law, extending the ban on fin net fishing from 5 to 8 nautical miles from the coast. In the narrow Malacca Strait, outside 8 nautical miles for fishing is very difficult due to the busy passage of ships on the world sea, and it is also easy to violate the anti-IUU fishing regulations when the Indonesian territorial waters are too near the. But Chia Tian Seng still emphasizes the factor of climate change that is making Malaysian fisheries more difficult. The former northeast or southwest winter time – from November to March of the following year and from May to September – is usually the time when the Malaysian fisherman is carrying fish. Climate change changes the fish seasons. “Sometimes going to the sea, the wind blows from all sides, so the fish can not be determined,” said Seng. “Sometimes 3-4 days in a row the wind blows in the southeast direction, suddenly it turns to the northeast, then changes again”, the fisherman who is now the owner of the Hong King Mooi fish bowl added. According to Mr. Mooi, the wind changes, the flow of fish is difficult to find, more dangerous than fishermen’s boats that are easily dangerous. The phenomenon started appearing in 2004, and has become more frequent more and more recently, according to fisherman Hee. Malaysia is one of the countries with a high rate of fish consumption in daily meals in the world. Some figures in 2016 show that a Malaysian eats 168g of fish per day. That same year, the Center for the Development of Southeast Asian Fisheries assessed the total marine fish catch in Malaysia was worth 2.5 million USD. Newer figures from the Malaysian Bureau of Statistics in 2018, the output of sea fishing reached 1.45 million tons, in 2019 it was 1.46 million tons.

Mr. Luong Thanh Hao said that at first, he did not think the fish were many tons, seeing some animals stirring the water surface, so he put down food for them, was lured, they gathered more and more, estimated about 2- 3 tons. Many people are curious to see the fish, to add more things to make food, there are quite large fish that are picked up for everyone to caress and still “cooperate” normally. The most observed fish are pangasius, mackerel and a few red carp living around. Mr. Hao affirmed: “Raise for fun and protect them, as much as we can feed them, we will stop when the fish flock”. The wild fish population is cared for and fed every day by people In order to create a safe living environment for the fish to live, Mr. Hao’s family made a fence around, installed fishing ban boards, hung lights overnight, family members and residents took turns watching. . Every time she fed the fish, Mrs. Nguyen Thi Le Thuy (wife of Mr. Hao) whispered, “Eat and hide, listen to some children, let them catch them”. Since the fish school, Ms. Thuy has been working, preparing food every day, cooking padded potatoes and adding to the food for the fish. Some people intentionally come to the sentence or provoke, she immediately reminds. As for Mr. Hao, until midnight, he still lights up the lights and wanders around a few times to be assured. Mrs. Thuy said: “If you get used to it, then you see people catching fish, then it is pitiful. I do not regret it, I am not tired, because it is so much fun to feed them. I have to worry about farming, so I have to go back to take advantage of “visit” them. At the same time, at Than Nong canal route (in the area of ​​Phu Quoi hamlet, Phu Thanh commune), thousands of fish came together to live at the water wharf of Mr. Tran Van Dang’s family. Mr. Dang initially estimated that only a few tons of fish, up to now the number is up to over 10 tons of fish of all kinds: tra fish, catfish, sesame fish … Over 1 year staying here, thanks to good care the fish increased both weight and quantity. Mr. Dang’s family placed bamboo stakes containing water hyacinths so that the fish could shelter. Many people believe that when the water level below the canal falls low, the fish will leave, but in contrast, the number is increasing. Every day, Mr. Dang slices morning glory and mixes cooked plates for fish to eat. The number increased sharply, so to save the effort, he saved money to buy industrial food for fish. Mr. Dang informed: “I cannot worry about it alone. Over a year of nurturing, me and my relatives in this area gathered more than 140 million dong to buy food for this herd of fish. Seeing a lot of fish, I am also concerned that people are catching, but this situation has never happened, they are protected by the people here, the common goal of everyone is to do good deeds and contribute to protecting the source. aquatic resources ”. At the time of net water on Than Nong canal, the water level was measured about 2.5m. Everyone was surprised, because the water was not deep, but the flock of fish gathered was very strange, so they raised each other. As Mr. Tran Van Tre (households living in close proximity often come to feed the fish) shared: “The fish in the fields are now exhausted, it is very precious to be protected by the fish flock here to stay here! Where there are no gatherings but they stop at this point, the fish probably feel safe and can live, so I try to contribute to raising and protecting them. Around people who regularly provide food, whenever there is a shortage of industrial food, they are filled with other vegetables, which are easy to raise ”. Currently, the aquatic resources in the wild are decreasing day by day due to the destruction of human fishing. People’s jobs are only single actions, but show a positive change in awareness, contributing to the protection of natural resources.

The Falkland Islands or Malvinas located in the Atlantic Ocean are one of the most famous places in the world. The economic benefits of this place mainly come from sheep husbandry, ecotourism and fishing. In particular, the island has nearly 170 times more sheep than the population, making many people curious and interested. Specifically, most of the area on the Falkland Islands is used as lawns to feed sheep. People on the island raise sheep for high quality wool and raise meat. Therefore, the number of sheep on the Falkland Islands is always higher than the population. According to a 2002 census, the population of the island was about 3,000 people. Meanwhile, the number of sheep raised in the Falkland Islands is about 500,000. This means that there are 167 times more sheep in the Falkland Islands than there are people living there. Due to the large number of sheep on the island, some people call the Falkland Islands an island of sheep. In addition to sheep, the Falkland Islands are also home to a number of other animals such as eagles, albatross, penguins … English is the official language of the Falkland Islands. A small number of people speak Spanish as a second language. An interesting thing about the phone numbers of the people of the Falkland Islands are only 5 numbers. Unlike many parts of the world, the Falkland Islands do not have a chain of stores. Invite readers to watch the video: Green tourism in the Ivory Coast’s plastic island. Source: THĐT 1.

Currently, melon is in bloom, on average, each pole brings income to people in Nghi Huong about 15-20 million VND. Photo: Thanh Phuc On the 3-hectare field of Dien Bien (Nghi Huong ward, Cua Lo town), people are busy, rushing to harvest melons in time to bring them to the market. This is a traditional melon variety, sticking with the people of Nghi Huong for 30 years. Nghi Huong watermelon has an oblong shape, when ripe, the skin is cracked, the flesh of the melon is smooth and fragrant, very “popular” with consumers. This year, the weather is favorable, melons are in good season and good value. After being harvested, melons are bought by traders at the field for 12,000 VND / kg or according to the fruit from 10,000 – 30,000 VND / fruit (depending on size). Compared to every year, each fruit increases on average from 3,000 to 5,000 VND / fruit. On average, each pole of melon gives an income of 18-20 million VND, excluding expenses, and a net profit of 10 million VND, 7 times higher than that of rice cultivation. Melons are purchased by traders from the field with high prices. Photo: Thanh Phuc Ms. Hoang Thi Hong, a melon farmer in Dien Bien, said: “Melon is a local variety, plant it by itself, takes little care of it, does not have to control pests and diseases and has a short growth time, only 1, 5 months (melon) and 2.5 months (main season melon) for harvest. Each year, 2 melon crops are planted, the main crop is planted from February to early April for harvest; The fruit season starts from May to the end of June for harvest. Compared with rice and maize, melon has many times higher economic value ”. Dien Bien block has 200 households working in agriculture, about 120 households growing melon. For the past two years, the area of ​​the Nghi Huong people of melon has been narrowed down due to the land acquisition for the construction of the coastal road. Previously, the entire ward had 10 hectares to grow melon, but now it is reduced to 4 hectares. From the economic efficiency of melon plant brings and wants to preserve and develop local melon varieties, in the near future, Nghi Huong ward is planning to develop melon growing area on rice land. Cantaloupe Nghi Huong, Nghi Thach is a local traditional melon, which is especially delicious and different from new varieties of melon in other provinces. Photo: Thanh Phuc In Nghi Thach commune (Nghi Loc), there are about 10 hectares of melon, mainly concentrated in the villages: Xuan Lac, Xuan Hoa, Xuan Tien, Xuan Thinh and Trung Khanh. According to melon growers, melon has the advantage of not having to buy seeds and materials such as nitrogen, phosphorus or plant protection drugs. This plant only likes manure. Low cost while high resale price, so growers are profitable. Mr. Nguyen Tho Khang, a farmer who grows melon in Xuan Thinh hamlet, said: “This year, the heat comes early, the melon is consumed strongly. After harvesting, someone buys them right at the field. Many households sell to customers across the road along National Highway 46 to Cua Lo; import for beverage bars and retail in Vinh city markets with higher prices. My family harvests 40-50kg of melons every day, earning about 1 million VND “. Melon is present at local markets in Vinh city, is a cool fruit on summer days that many people choose. Photo: Thanh Phuc Currently, melon is in full bloom, every day on Nghi Huong melon fields, traders from all over Nghi Thach pour in to buy. People also actively connect with beverage shops to find a stable outlet for melon. Therefore, when harvested, melons are sold out. Only about 1 week to end the main melon crop, continue to do soil, sowing for the melon crop. Melon is a delicious fruit – nutritious – cheap – cool, both refreshing, good heat, and cures many diseases such as: Cure acne and pigmentation, smooth skin, cure insomnia, cough anhydrous, constipation … When buying, choose a thin shell, heavy-handed. The delicious and safe melons on the skin still have a thin layer of undercoat, emitting a pleasant aroma. If the melon is chemically soaked, both the undercoat and the scent will be lost.

By Thomas Spinnler, tagesschau.de At first glance, the Tesla growth story looks completely intact. In the first quarter, sales rose by 74 percent to 10.4 billion euros. The bottom line was that the group earned 438 million dollars, which corresponds to 362 million euros. In the first quarter of 2020, Tesla had only made a profit of $ 16 million. Tesla made just under $ 600 million operationally from January to March. The US group delivered 184,877 electric cars – a new record and more than twice as many as in the previous year.

Lucrative side business

However, the result once again benefited in particular from trading in emissions certificates. In the first quarter, Tesla turned over $ 518 million. That is 46 percent more than a year ago. Trading in the cryptocurrency Bitcoin also had a positive effect on the result. Tesla had acquired bitcoins for $ 1.5 billion. The group had sold 300 million again and made gains of more than 100 million in the process.

Side business for Tesla In order to force the auto industry to build more climate-friendly cars, many US states and the EU have issued criminally enforced climate protection guidelines. Manufacturers who are above the limit values ​​can buy emissions certificates from competitors who meet these emission standards in order to improve their emissions balance.

Since Tesla only manufactures electric vehicles, the fleet’s eco-balance is so good that the Californian company has considerable leeway here and can trade with the lucrative certificates.

“A bit more opaque”

“The profits in trading with emission certificates and with Bitcoin speculations have to be deducted from the operating result,” explains the Nord LB economist Frank Schwope tagesschau.de . “Basically, Tesla still doesn’t make any money selling cars.” Bitcoin trading in particular makes the Tesla business model a bit more opaque, said the expert. Tesla boss Elon Musk is considered a great advocate of Bitcoin, who recently made positive comments about the cryptocurrency via Twitter. This should not have harmed the price development – for his own benefit and for the benefit of Tesla. Customers can now also pay for their Tesla model with Bitcoin . “Higher emissions certificates, lower taxes and bitcoin sales drive earnings,” said Craig Irwin, analyst at Roth Capital Partners. If these factors were excluded, the figures would be a disappointment, according to the expert.

Investors dissatisfied

This also explains the negative reaction from investors. Despite the record profit, the Tesla paper has lost more than two percent today. Because investors are of course aware that the profits made through bitcoins and emissions certificates are not sustainable. After all, the competition is noticeably catching up with electromobility. And the more electrical and therefore more climate-friendly the competitor’s fleets become, the less money Tesla will be able to earn through certificates. In addition, it is uncertain in which direction the Bitcoin price will develop in the future, especially in view of the ongoing discussions about possible regulation.

“Quality takes precedence over speed”

The start of production at the new Tesla factory in Grünheide is also uncertain. The final environmental approval is still pending. “The first car will roll off the assembly line when the final approval is in place and the plant has been built,” said Brandenburg Minister for Economic Affairs, Jörg Steinbach (SPD) today. When the approval process will be completed, he could not give a specific date. The principle of quality over speed applies. So far, the start of production was expected in the middle of this year. According to the information in the annual report, production is expected to start late in 2021.

Edit｜ Zhang Yating

On April 28, the Securities Regulatory Commission’s website pre-disclosed China Telecom’s prospectus. Yesterday, China Telecom’s application for the issuance and listing of A shares was accepted by the China Securities Regulatory Commission.

According to the prospectus, subject to regulatory requirements such as the minimum issuance ratio in the place of listing, China Telecom intends to publicly issue no more than 12,093,342,392 A shares (that is, no more than 13% of the total issued share capital after the issuance, and before the over-allotment option is exercised) ). At the same time, China Telecom can authorize the lead underwriter to exercise the over-allotment option under the premise of complying with laws, regulations and regulatory requirements, and the over-sale of A shares does not exceed 15% of the number of A shares issued (before the over-allotment option is exercised). .

China Telecom intends to take advantage of the opportunity of issuing A shares to introduce strategic investors with complementary advantages and synergy effects with the company, further improve corporate governance and market-oriented operation mechanisms, expand the ecological territory, and enhance the company’s products and services, technological innovation and other fields. Comprehensive Competitiveness.

In terms of operating performance, China Telecom has seen steady growth in operating revenue in recent years, leading the industry in service revenue growth for many years, and increasing net profit year by year. In 2018, 2019 and 2020, operating income was 374.929 billion yuan, 372.20 billion yuan and 389.939 billion yuan, and the net profit attributable to shareholders of the parent company was 20.432 billion yuan, 20.521 billion yuan and 20.855 billion yuan, respectively.

In terms of business development, China Telecom ranks first in the industry in a number of indicators. As of December 31, 2020, the scale of mobile users has reached 351 million, and the number of net additions has led the industry for three consecutive years. Among them, 5G package users have reached 86.5 million, with a penetration rate of 24.6%, ranking first in the industry. In 2020, the industry’s digital revenue reached 84 billion yuan, ranking first in the industry; Tianyi Cloud ranked first in the global operator public cloud IaaS, and its revenue scale ranked first among domestic operators; IDC resources have the largest number and widest distribution , Is the largest IDC service provider in China.

In terms of reform and innovation, China Telecom has made remarkable achievements in technological innovation, promoting independent control of core technologies in the fields of cloud-network integration, 5G, security, Internet of Things, and smart homes. Actively undertake major national scientific and technological research tasks. Since 2018, it has undertaken a total of 26 national key scientific and technological research and development projects. In 2020, 40 international standardization projects will be completed. As of the end of 2020, the number of valid patents has exceeded 3,000. China Telecom implements the strategy of strengthening the company with talents and builds a talent team with differentiated competitive advantages. Implementing a market-based incentive mechanism, according to the latest value-added rights plan in 2021, and in accordance with the principles of “divided by contribution”, “divided by potential”, and “acquired by performance”, 8,239 core staff members were granted approximately 2.412 billion shares of stock appreciation rights. Vigorously promote the market-based selection and employment mechanism, and continue to increase the introduction of 5G, cloud-network integration, and ABCI related talents.

In terms of the use of raised funds, the net funds raised this time are planned to be used for 5G industrial Internet construction projects, cloud-network integration new information infrastructure projects, and technological innovation research and development projects. The total investment scale in the next three years will be 102.1 billion yuan, of which, it is planned to use The amount of raised investment funds will reach 54.4 billion yuan.

Through the in-depth implementation of the “cloud-to-digital conversion” strategy and this A-share listing, China Telecom will comprehensively enhance the company’s competitiveness, innovation, control, influence, and anti-risk capabilities, and strive to build a service-oriented, technology-based, and secure enterprise . Looking forward to the next three years: China Telecom’s technological innovation capabilities and talent innovation vitality have been significantly enhanced, the industry’s digital expansion capabilities have been significantly improved, the business structure has been further optimized, and the proportion of industry digital revenue has increased year by year. The layout of the strategic emerging industry segments has been further strengthened, the development model and growth mode have been effectively transformed, the operating income has grown steadily, the income and profit margin has been steadily improved, and the value of the company has been newly improved.

Volunteers in Con Dao and scientists transplant coral corals on the natural bottom. Photo: VNA broadcast Master Nguyen Cong Danh, Director of the Department of Science and Technology of Ba Ria – Vung Tau province, Chairman of the Advisory Council evaluating and accepting the project implementation results, chaired the meeting. The waters of Con Dao have marine biodiversity among the first in Vietnam with coral reefs playing an important role. Recent research shows that many Con Dao coral reefs have recovered quite well after being degraded. However, some reefs cannot recover from degradation or have narrow areas due to the lack of hard bottoms for coral growth. Therefore, the issue of restoring hard corals was proposed by Con Dao National Park and approved by the People’s Committee of Ba Ria – Vung Tau province. The Management Board of Con Dao National Park has cooperated with Nha Trang Institute of Oceanography to implement the project “Selection of applied models of hard coral recovery in ramsar area of ​​Con Dao National Park”. The project is implemented from May 2018 to April 2021 to restore and regenerate coral reefs affected by natural disasters but cannot restore naturally. The project has a common goal of restoring and managing a number of coral reefs in the ramsar area of ​​Con Dao National Park with community participation with 2 specific objectives: assessment of resilience and management of the reef. Ramsar Coral Park Con Dao National Park on the basis of coral reef status analysis and application of restoration techniques; building models of planting and restoring coral reefs in ramsar area of ​​Con Dao National Park (scale of 3 ha) and managing coral reef ecosystems to regenerate aquatic resources, protect the environment, and serve tourism. marine ecology. The project has 6 identified contents, including site selection survey, determining the scale of hard corals restoration in the ramsar area of ​​Con Dao National Park; assess the current status of coral reefs in the selected area before and after the rehabilitation, building a set of criteria for evaluating the restoration results; train community awareness on conservation and training skills in coral reef restoration for local officials and communities. The project also restored reefs on natural bottoms and artificial victim modeling; monitor and supervise the trend of change, the development ability of the recovered corals, the biological resources at the recovery location; building procedures for restoration, scale for the care and protection of hard corals. The members participating in the project to install iron piles as a permanent support for corals on the natural bottom. Photo: VNA broadcast Deputy Director of Con Dao National Park Tran Dinh Hue said, based on the survey results, the implementation team has chosen the method of restoring corals on the natural bottom (which used to be coral but degraded) and artificial bottom (previously no corals). On an artificial bottom, corals were recovered by group fragmentation according to Heeger & Sotto and Edwards’ recovery instructions. For an artificial substrate, the coral groups are fixed on an arched concrete platform with a diameter of 100x60cm (2 bottoms), 80cm high, 5cm thick, with 8-10 holes (10 – 15 cm) to increase coral immobilization and facilitate habitat entry. The total number of concrete tanks as artificial substrates in this project is 150 tanks. For natural substrates, coral conglomerate fragments are fixed directly on dead corals by wire or drawstring. To create strength, use iron stakes or steel nails mounted on the dead coral foundation as a permanent support for the coral. The average distance between colonies is about 0.50 – 1 meter with the way that the corals are vertically oriented and the most contact with the substrate is dead coral or iron piles. In addition, the “transplanted” coral branches are tagged to facilitate periodic inspection. Seven corals of three genera Acropora, Montipora, Pocillopora and two families Acroporidae and Pocilloporidae were selected for restoration. A detailed assessment of the current bottom status of the coral restoration area after restoration in September 2020 shows that the average coverage of hard corals at 3 points of Bai Cat Lon, Hon Tai, Dat Doc increased from 1. , 5 to 12%. This proves that restoring hard corals in degraded reef areas or creating coral recovery media on the bottom both creates conditions for the growth of corals and landscaping for living creatures. According to the assessment, in September 2020, the average density of coral reefs in the coral rehabilitation areas in Con Dao ranged from 175 to 752 individuals / 100 m2. The project has achieved its overall goal of restoring and managing a number of hard coral reefs in Con Dao National Park ramsar with community participation. During the period from October 2018 to September 2020, the project organized 5 rounds of hard coral assessment and restoration in 3 areas, including Dat Doc, Southwest Hon Tai and Bai Cat Lon. A total of over 6,000 pieces of the coral group were relocated and fixed on an area of ​​3 hectares, 1 hectare each. For corals recovered on natural bottoms in Dat Doc and southwest of Hon Tai (over 4,400 groups), the average survival rate of 5 recovered corals including Acropora grandis, Acropora hyacinthus, Acropora robusta, Acropora millepora and Acropora formosa are 82.1% and 82.9%, respectively. Meanwhile, the artificial bottom restoration of concrete tanks (over 1,600 groups) had a higher survival rate (85.6% for the 3 species of Acropora grandis, Acropora robusta and Acropora formosa). Some hard corals of beautiful shapes and colors also provide 100% survival. The average monthly growth rates of the three species of Acropora formosa, Acropora robusta and Acropora grandis in Dat Doc were 0.82cm, 0.89cm and 0.5cm, respectively. For the Hon Tai area, the average monthly growth rates of these three species are 0.81cm, 0.62cm and 0.47cm, respectively. On the artificial substrate, the average growth rate of Acropora formosa was higher than that of Acropora grandis with 0.88 cm / month and 0.74 cm / month, respectively. These values ​​indicate that the recovered branch corals in Con Dao were well developed. Volunteers in Con Dao and scientists transplant coral corals on the natural bottom. Photo: VNA broadcast According to Associate Professor, Dr. Vo Si Tuan, Director of Nha Trang Institute of Oceanography, Con Dao coral suffers many disasters, but fortunately, the natural regeneration of the coral reefs is very good, the coral cover is high. . In the near future, Con Dao National Park needs to strengthen the management of coral reefs, establish coral conservation zones to create conditions for marine life to live, develop and spread to the natural environment; mobilize by means of socialization of tourism businesses for the community to join hands in both exploiting aquatic resources and protecting, cultivating and exploiting aquatic products in a sustainable manner. The project has contributed to improving 3 reef areas, increasing coral coverage, increasing sustainable attachment prices for regenerating corals and creating a stable environment for development of the reef biome. The project has met the most basic criteria to evaluate the effectiveness of restorative corals including: survival rate, growth rate of coral colonies and habitat characteristics of the rehabilitation zone such as change. changes in the coverage of the benthic components, the emergence of species of economic and ecological value, an increase in density as well as the size of the reef biome. Through training and hands-on training, the project has supported Con Dao National Park to improve capacity and from now on Con Dao National Park Management Board can organize hard coral restoration with on-site human resources. employees and partners from the local community. After the meeting, the Advisory Council assessed, accepted and accepted the satisfactory evaluation of the project “Selecting the application model of hard corals recovery at ramsar, Con Dao National Park” with the consensus of all all 9 out of 9 scientific members join the Council. After transferring the project to the beneficiary of Con Dao National Park, the authorities encourage businesses to join the management of coral reef restoration for tourism, creating Artificial reefs in deep sea areas to develop adventure tourism.

At present, more than half of the financial reports of A-share listed pig companies have been disclosed. In 2020, the net profit of Wen’s shares is about 7.426 billion yuan, a year-on-year decrease of 46.83%. In contrast, Muyuan’s 2020 performance report shows that it belongs to listed companies The net profit of shareholders is approximately 24.751 billion yuan, a year-on-year increase of 348.97%. The net profit of Wen’s shares is less than one-third of Muyuan shares.

On April 22, Wen’s shares closed at 15.16 yuan per share, a single-day drop of 2.82%, and a total market value of 96.622 billion yuan.

“The most profitable listed pig company” is no longer aura, Wen’s shares report the reasons for the decline in performance

The financial report shows that in 2020, Wen’s shares will achieve operating income of approximately 74.924 billion yuan, an increase of 2.47% year-on-year; the net profit attributable to shareholders of listed companies is approximately 7.426 billion yuan, a year-on-year decrease of 46.83%; the deduction of non-profits attributable to shareholders of listed companies The net profit from recurring gains and losses was approximately 6.381 billion yuan, down 51.11% year-on-year.

Facing the decline in performance, Wen’s shares said there are three reasons.

First of all, due to the oversupply of the live poultry market and the declining demand for poultry meat in the catering industry under the new crown pneumonia epidemic, the sales price of live poultry has dropped significantly compared with the same period in 2019. In 2020, Wen’s shares will sell 1.051 billion broilers (including hairy chickens, fresh products and cooked foods), and 56.928 million meat ducks (including hairy ducks and fresh products). The average sales prices of hairy chickens and hairy ducks have dropped by 21.79% year-on-year. 32.94%, the profit of chicken and duck farming business fell sharply year-on-year, and there was a large loss.

Secondly, in 2020, the impact of the domestic African swine fever epidemic will still be severe. In order to control risks, Wen’s Co., Ltd. proactively adjusted the progress of piglet distribution and production in the early stage. During the reporting period, the company’s pig production decreased accordingly; in addition, under the influence of the African swine fever epidemic, it actively eliminated some threatened sows and kept sows. The overall production performance of the pigs has declined, resulting in a phased reduction in the number of healthy piglets on the breeding farm. At the same time, the market rate of pigs in the fattening process has also declined.

As a result, Wen’s shares will sell 9.5455 million pigs (including hairy pigs and fresh products) in 2020, a year-on-year decrease of 48.45%. Although during the reporting period, the company’s average sales price of hairy pigs increased by 79.95% year-on-year, the sales revenue of pigs (including hairy pigs and fresh products) only increased by 0.72% due to the large year-on-year decline in the sales volume of pigs (including hairy pigs and fresh products).

Third, in order to increase the stickiness of farmer cooperation and promote the stable and continuous growth of breeding resources, Wen’s Co., Ltd. will implement the “company + farmer” long-term cooperation mechanism in the second half of 2019, sign long-term cooperation agreements with cooperative farmers, and set up The related rules on poultry listings and net profit share income with raisers. During the reporting period, the amount of income shared by cooperative farmers was 1.19 billion yuan.

When the pig price went up, the sales volume missed a good opportunity. Now, the pig price goes down, and Wen’s quarterly report this year is not good.

In the first quarter of 2021, Wen’s shares achieved operating income of 16.816 billion yuan, a year-on-year decrease of 3.60%; net profit attributable to shareholders of listed companies was 544 million yuan, a year-on-year decrease of 71.28%.

At a time when net profit fell, the executive team’s salary increased sharply last year, and the stock incentive plan attracted the attention of the exchange

Although last year’s performance was not satisfactory, Wen’s senior management team is raising salaries. In 2019, Wen’s Co., Ltd. paid a total of RMB 63,299,100 to a total of 26 directors, supervisors and senior managers; in 2020, Wen’s Co., Ltd. paid a total of RMB 96,123,300 to a total of 30 directors, supervisors and senior managers.

Shell Finance reporter noticed that the annual salary (before tax) of Chairman Wen Zhifen and Vice Chairman Yan Juran has increased from RMB 5,244,100 and RMB 5,236,700 respectively in 2019 to RMB 6,886,100 and RMB 6,229,400 in 2020. In other words, Chairman Wen Zhifen increased his salary last year by 1.64 million yuan, and Vice Chairman Yan unexpectedly increased his salary last year by nearly one million yuan. The annual salary (before tax) of Wen Pengcheng, Wen Junsheng, Wen Xiaoqiong, Huang Songde, and Yan Juneng, the directors of Wen’s Co., has increased from 5.0496 million yuan, 2.2803 million yuan, 3.188.8 million yuan, 1.4762 million yuan, and 2.18224 million yuan respectively in 2019 to 2020. In the year, 5.788 million yuan, 2.3104 million yuan, 4.686 million yuan, 1.8468 million yuan, 3.0932 million yuan.

In addition, the above-mentioned seven people will not receive compensation from Wen’s related parties in 2019, and will receive compensation from Wen’s related parties in 2020.

The actual controllers of Wen’s shares are the Wen family, specifically Wen Pengcheng, Wen Junsheng, Wen Zhifen, Wen Xiaoqiong, Liang Huanzhen, Wu Cuizhen, Wen Zirong, Chen Jianxing, Liu Rongjiao, Sun Fen, and Gu Jinying, a total of 11 people.

Yan Juran and Yan Juneng are brothers; Huang Songde, born in 1953, has a bachelor’s degree. In 1992, he joined Wen’s predecessor and served as director of the company’s office, vice president, secretary of the board of directors, and director.

In addition to a substantial salary increase for executives, Wen’s recently proposed third-phase restricted stock incentive plan has also attracted attention.

The draft shows that the incentives granted by the incentive plan for the first time do not exceed 3741 people, including company directors, senior managers, actual controllers and their spouses and children. According to the announcement, the incentive targets involved 9 people including Chairman Wen Zhifen, Honorary Chairman Wen Pengcheng, Director Wen Junsheng and Wen Xiaoqiong. The above 9 persons will be awarded a total of 6.33 million shares. Calculated according to the closing price of Wen’s shares today, the total market value of these shares is about 95.96 million yuan.

“The company has the face to motivate itself in this way,” some investors expressed dissatisfaction with the incentive plan in the stock bar.

On April 20, the Shenzhen Stock Exchange issued a letter of concern to Wen’s shares, asking Wen’s shares to explain: “The actual controllers of the company’s Wen family members, their spouses, parents, and children’s specific positions and main responsibilities are planned to be Whether the basis and reasonableness of the number of shares granted are consistent with their duties and contributions.”

Pork prices have dropped for 12 consecutive weeks, what should pig companies do?

On April 19, the Ministry of Agriculture and Rural Affairs released information that “the average weekly price of pork in the wholesale market was 31.62 yuan per kilogram, a decrease of 2.8% from the previous month, which was a 12-week decline, with a cumulative decrease of 33.1%, which was 30.1% lower than the same period last year.”

Recently, the reporter visited and found that more than 10 yuan a catty of pork had appeared in the supermarket.

Faced with the downward price of pigs, how do pig companies respond?

Wen’s shares said: “In 2021, the price of commodity pigs is expected to remain at a relatively high level, and the annual average price is estimated to be 22-24 yuan/kg.”

In 2021, Wen’s stock plan: “The pig industry should continue to strengthen the construction of the biosafety system, and through the implementation of the most stringent biosafety prevention and control measures, the threat of the disease will be minimized, and the goal of the 2021 slaughter plan will be completed with all efforts. To lay a solid foundation for the goal of slaughter pigs in 2022. Reshape the pig breeding system and improve the breeding capacity and quality of breeding pigs.”

On March 16, Muyuan said: “Currently, there is still a gap between supply and demand. Compared with other normal years, the price of live pigs has increased by more than 10 yuan/kg. Although live pigs are bulk commodities, China’s consumption of fresh meat is the main product. The characteristics determine that market clearing can be achieved through price adjustments every year, and the elasticity of supply is greater than that of the industry, and it is unlikely that the industry will suffer continuous long-term losses.

According to media reports, on April 20th, Chen Guanghua, Deputy Director of the Animal Husbandry and Veterinary Bureau of the Ministry of Agriculture and Rural Affairs, introduced at the meeting: “The main reason for the recent sharp drop in pig prices is the significant increase in live pig production and the decline in pork consumption after the Spring Festival. The two factors have come together. In addition, some farmers panic slaughter has formed a “stomping effect”. According to the trend of the annual pig price, around the Dragon Boat Festival, as the consumption of pork increases, the price of pigs may rise. But. Calculating from the number of newborn piglets in the previous period, it is expected that in the second quarter, the year-on-year increase in fat pig output from large-scale pig farms across the country will reach 50%. The market supply is generally abundant, and the price is unlikely to exceed the previous high.”

“On the whole, the most tight period of pork supply has passed, and the supply will become more and more loose in the later period. According to the current production recovery momentum, in June and July this year, the live pig inventory is expected to return to the level of normal years. There will be four more years later. In about a month, the monthly output will gradually return to the average level.” Chen Guanghua said.

Beijing News Shell Finance reporter Yan Xia editor Li Weijia proofreading Li Shihui

The coral reefs in Con Dao waters have been recovered after the “catastrophe”. RECOVERY 7 TYPES OF MARRIES Con Dao sea area is considered to be the place with the highest marine biodiversity in Vietnam with coral reefs playing an important role. However, since 1997, the coral in Con Dao sea has developed slowly, in many places, the coral has died and bleached. Therefore, the Provincial People’s Committee “ordered” Con Dao National Park and Institute of Oceanography project “Selection of applied models of hard coral restoration in ramsar area of ​​Con Dao National Park”. Associate Professor – Dr. Vo Si Tuan, Former Director of Institute of Oceanography (Nha Trang City, Khanh Hoa Province) – project manager, said that the coral reef restoration was done in 3 areas: Dat Doc, Southwest of Hon Tai (recovered on natural bottoms) and Bai Cat (restored on artificial bottoms). Rehabilitation activities include: assessment of current conditions, removal and fixation of corals, and monitoring of survival and growth (conducted 5 turns over a 2 year period). Accordingly, there are 7 types of corals belonging to 3 varieties: Acopora, Montipora and Pocillopora selected to be restored in the waters of Con Dao. In addition, some types with beautiful shapes and colors such as Echinophyllia echinoporoides, Oxypora glabra, Echinophyllia cehinoporoides were also tested to create diverse habitats for ecotourism. In the coral restoration area on the artificial bottom, the scientists split the pieces and then fixed the corals to 150 dome-shaped concrete tanks. In areas with natural bottoms to ensure good coral growth, scientists make direct fixings on dead corals by wire or drawstring. To make sure, the group used a 35cm iron pole or 10cm steel nail mounted on the dead coral foundation as a support. Talking about the project implementation process, Associate Professor, Dr. Vo Si Tuan said that the project team of up to 20 people (including scientists from Nha Trang, Con Dao National Park staff and fishermen) is not concerned. day and night, wind waves to work both on the sea and under the ocean. In particular, the hardest thing is to bring 150 dome-shaped concrete tanks of 100x60cm size to the sea. After being manufactured in Con Dao, these 150 tanks were implemented by the team implementing the project to rent a crane to Ben Dam port. From here, it takes 25 more boat trips to transport these concrete tanks to Hon Bay Canh. Dozens of healthy fishermen were mobilized to bring the concrete tub to Cat Lon beach (Hon Bay Canh) and put it in the right position (distance from 0.5-1m). According to Mr. Tran Dinh Hue, Deputy Director of Con Dao National Park, the agency in charge of the project, said that he has accompanied the scientists of the Institute of Oceanography during 2 years of implementing the project. The project is carried out entirely on the sea, under the ocean, so it is very difficult, depends a lot on weather factors. “Sometimes, when we are implementing the work, the weather is unfavorable, the waves are strong, the wind is strong, we have to stay 10 days before we can continue to deploy”, Mr. Hue said. SIGNIFICANT IMPROVEMENT After 2 years (from October 2018 to September 2020), implementing an experimental coral restoration in Con Dao waters showed that corals have recovered well. Specifically, according to a detailed assessment of the current status of the bottom of the coral restoration area in September 2020, it shows that the amount of coral has been significantly improved through the coverage data of living corals. Accordingly, in Bai Cat Lon area, the coverage of hard corals varies from 0-13.1%. Hon Tai area The coverage of hard corals increased from 3.8% to 13.1%. Similarly for the Dat Doc area the coverage of hard corals increased from 0.6% to 10%. Thus, after 2 years of restoring corals, coverage of average hard corals at the three recovery points increased from 1.5 to 12% with the number of more than 4,400 coral groups restored on the natural bottom and 1,600 coral groups have been restored on the man-made reef. Mr. Nguyen Cong Danh, Director of the Department of Science and Technology, said the project “Selecting an application model for recovery of hard corals in the ramsar area of ​​Con Dao National Park” is an experimental project of great significance to the province and country. In particular, coral rehabilitation and development for the Con Dao ramsar area has achieved the main goal of improving coral reefs by increasing coral cover, increasing the cost of sustainable attachment for corals. restore and create a stable environment for the development of the coral reef biomes. From there, contributing to biodiversity conservation and restoration of natural resources, improving the quality of the ecosystem.

Since the second half of 2019, pig raising has become the new wealth code. In addition to traditional pig breeding companies, real estate companies such as Vanke, Country Garden and some Internet companies have started to raise pigs. In 2020, pig companies have indeed made unprecedented profits. Tianbang shares have increased their profits by more than 1,000 times a year, but the result of relying on the sky is that the profits of pig companies will shrink sharply when the price of pigs falls after the year.

The pigs that fly into the air have a one-year profit exceeding 4.6 times the total since the listing

In fact, the same is true. As long as the pigs can be raised alive to the slaughter, a lot of money can be made. In this wave of pig cycles, the price of pork rose from about ten yuan a catty to more than fifty yuan a catty.

At present, most pig companies have disclosed performance data for 2020, which is basically a big increase as expected, and some even earn enough profits for decades in a year.

On April 21, Tianbang Co., Ltd. announced its 2020 performance report. It achieved operating income of 10.764 billion, a year-on-year increase of 79.2%, realized a net profit of 3.245 billion attributable to the parent, a year-on-year increase of 3131.98%, and realized a non-net profit of 3.312 billion, a year-on-year increase of 106917.13 %.

Interestingly, since Tianbang shares went public in 2007, its main business includes pig breeding and pork product processing, pig vaccines, pig feed and aquatic feed, and pig breeding technical services. Based on historical data as of 2019 It can be seen that the total net profit of the company attributable to the parent is only 702 million, and the net profit in 2020 is 4.6 times that.

In other words, no matter how long this strong performance can last, Tianbang has made more than sixty years of profits in this year alone. Previously, due to the impact of African swine fever, the national pork production capacity fell off a cliff in 2019. Although it is in the process of recovery in 2020, the market is still in short supply, resulting in a high level of live pig market prices throughout the year.

According to data from the Ministry of Agriculture and Rural Affairs, the average price of live pigs in 2020 is 34.03 yuan/kg, a sharp increase of 60.36% year-on-year, while the annual report of Tianbang shares shows that the average sales price of the company’s multi-breed combination of live pigs reached 51.46 yuan/kg, an increase of 177% year-on-year . In addition, Tianbang shares achieved 3.0778 million pigs for slaughter throughout the year, an increase of 26.17% year-on-year. Among them, the number of breeding pigs for slaughter was 329,100, an increase of 515% year-on-year, and the number of piglets for slaughter was 1.687 million, an increase of 443% year-on-year. The main reason for the huge increase in company profits.

On the 22nd, Wen’s shares also published its annual report. In 2020, operating income was 74.923 billion, a year-on-year increase of 2.47%, but the net profit attributable to the parent was only 7.426 billion, a year-on-year decrease of 46.83%, and non-net profit was only 6.381 billion, a year-on-year decrease. 51.11%. Judging from the current leading pig companies that have publicly disclosed their performance, Wen’s shares are also the only pig company that has experienced negative profit growth.

Unlike Tianbang, which only breeds live pigs, Wen’s breeding business includes live pigs and white feather chickens and other poultry. In 2020, the revenue of pig farming will increase by 10.84% ​​year-on-year, and the gross profit rate will increase by 1.74%. However, the revenue of broiler and other farming products fell by 9.3% and 1.92% respectively. Especially when the price of broiler chicken and the price of live pigs fluctuated in the opposite direction, the gross profit margin of the broiler business fell sharply by 25.93% to 0.38%, which is also the company’s net profit. One of the main reasons for the decline.

Pig prices fell, performance fell, piglet market enthusiasm continued

Unlike the elated annual report, the quarterly report of the pig company is full of sorrows.

From New Year’s Day to early April, pork prices were nearly cut in half, with a drop of 43.74%. Especially after the Spring Festival, market demand was weak. Since March, the price of pigs has continued to decline. As of April 9, the average domestic pig price was 20.84 yuan/kg, a drop of 30.99% from March 2.

A few days ago, the relevant person in charge of the Ministry of Agriculture and Rural Affairs also said that as the supply and demand situation continues to improve, pork prices have fallen for 12 consecutive weeks, falling to about 40 yuan per kilogram, a year-on-year decrease of about 25%. After April 9th, the pig price bottomed out and rebounded. As of the 21st, the pig price has experienced two short-term rebounds.

But at the same time, the cost of raising pigs has increased, with corn up 47.0% year-on-year, and compound feed for fat pigs up 16.1% year-on-year. Pig prices fell and feed prices climbed. In the end, the price of pigs and grains fell rapidly. In late March, it fell to around 9.23, and it was as high as 20 in the same period in 2020. It is currently falling back to the level of August 2019.

In such a market environment, the quarterly reports of pig companies have almost all fallen. The profit of Tianbang shares shrank to 191 million to 238 million, a year-on-year decrease of 50%-60%. Zhengbang’s net profit also fell to 205 million to 305 million, a year-on-year decrease of 66.32%-77.36%. Wen’s shares realized net profit attributable to the parent 544 million, a year-on-year decrease of 71.28%.

The reason is mostly due to the sharp decline in domestic pig prices and the superimposed increase in corn and other feed prices to squeeze profits. In addition, the slaughter structure of live pigs is also known as one of the other major influencing factors. Early elimination of some sows and early slaughter of fat pigs to avoid the risk of epidemic accounted for a relatively high proportion, while breeding pigs and piglets accounted for a relatively small proportion.

At present, only Muyuan’s first quarterly report has achieved growth. The company expects the net profit attributable to the mother will reach 6.7 billion to 7.3 billion, an increase of 62.17%-76.7% year-on-year. The company said that it was due to the expansion of the scale of pig farming and sales of 7.72 million pigs in the first quarter. , An increase of 201.09% year-on-year.

In fact, my country has always been a big country for pig breeding and consumption. However, due to various factors, it has been plagued by the “pig cycle” all the year round. This time, after many real estate companies and Internet companies have entered the pig breeding market, can they change the problem? The situation of the neck may be the point.

Different from the volatility and decline of live pig prices, since December 2020, piglet prices have risen steadily. Even if they decline after the year, they are still higher than the live pig market prices. From this perspective, the market supply has more momentum for continuous pig raising. .

Perhaps it is a question of the uncertainty of the pig breeding sales market. The live pig futures listed on DCE have continued to fluctuate and fall after the market plummeted, and the pork sector in the secondary market is also more negative than positive. (Blue Whale Capital Xu Xiaochun xuxiaochun@lanjinger.com)

This result is due to the improvement of domestic market demand as the COVID-19 epidemic has gradually been controlled. Demand for diesel oil is high and gasoline demand is quite good. Demand for Jet A1 jet fuel has improved compared to the COVID-19 outbreak in late January 2021. Binh Son Refining and Petrochemical Joint Stock Company. In addition, oil prices in recent months have increased, making production and business activities of Dung Quat Oil Refinery more favorable. At the beginning of March 2021, the price of Brent oil sometimes increased to nearly 70 USD / barrel. In particular, the drastic implementation of the COVID-19 response solution package and oil price volatility are also very important factors to help BSR overcome all difficulties and exceed the targets. In addition, the Board of Directors of BSR has devised a strategy to overcome difficulties during a pandemic, implemented many drastic solutions such as adjusting the capacity range to suit market needs, enhancing cash flow management, and reducing maximizing costs and promoting activities of scientific research, innovation, innovation, and labor creation. With these foundations and the results achieved in the first quarter of 2021, BSR continues to propose flexible and trendy solutions and strategies to make stronger breakthroughs in the coming time. Accordingly, the company set targets to strive to achieve an output of about 6,497 million tons; revenue is 70,661 billion dong, paid to the State budget 7,698 billion dong and profit after tax is about 864 billion dong. To complete the tasks of 2021, BSR has proactively built business scenarios and plans to actively respond to unpredictable market fluctuations such as: Focusing on safe and stable plant operations in high capacity with optimal operating mode and product structure; continue to do well in market forecast work; promote innovation, research, application and diversification of new products with higher value. BRS also continues to thoroughly implement the work of reducing, saving costs and managing cash flow; improve governance capacity, increase digitalization of the management system to improve operational efficiency; continue to well implement the PetroVietnam Cultural Restoration Project, build BSR’s foundational culture based on the program “7 effective habits” to strengthen employees’ spiritual strength. In 2020, BSR also successfully overcame the crisis with positive results. BSR completed the 4th general maintenance of Dung Quat Oil Refinery; operating the plant safely, continuously and stably; production output reached 5.93 million tons, finishing 19 days before, exceeding 7% of the year plan. Notably, BSR achieved revenue of 57,895 billion VND, paid to the State budget 6,242 billion VND and reduced the loss to only 2,852 billion VND, lower than originally expected. BSR started to be profitable again from the third quarter of 2020, ending the accumulated loss for 2 consecutive quarters; cost reduction is nearly 2,000 billion VND; over 350 innovations and 40 initiatives were put into use, benefiting the company hundreds of billion dong.

Prior to this, Liu Qingfeng, chairman of iFLYTEK, said in a speech at the “Sixth China Manufacturing Power Forum” that artificial intelligence will begin to replace existing jobs in a large amount in the next 5-10 years, and machines are playing a role in more and more fields. Has been recognized by the industry and the general public.

For example, in medical care, iFlytek’s intelligent medical assistant based on artificial intelligence technology has passed the national medical qualification examination. According to the data given during the two sessions this year, there are only 300,000 doctors with general practice qualifications in my country, and there are probably more than 3 million doctors with qualification certificates. After the wise medical assistant passes the exam, he can become a general practitioner’s assistant.

Up to now, HKUST Xunfei Smart Medical Assistant has provided a total of 170 million diagnosis and treatment services, covering more than 200 counties and districts across the country, increasing the basic diagnosis and treatment capacity to more than 90%. The most important of these is that intelligent medical assistants can automatically detect major infectious diseases and dangerous diseases, including 40 legal infectious diseases and 15 key diseases. Machines can automatically carry out investigations on the front line, and can be detected by human doctors. The alarm starts automatically.

Benefit from the advantages of artificial intelligence in the medical field. In 2020, HKUST Fei’s smart medical business revenue was 313 million yuan, an increase of 69.25% year-on-year, and this increase, in 2021 and beyond, will follow the country’s intelligent prevention and control of infectious disease discovery systems and intelligentization. The great importance of universal medical care has seen a higher rise.

In addition, another field that can be directly felt by ordinary people and achieved excellent results in artificial intelligence is wisdom education.

Up to now, the iFLYTEK Smart Education System has been widely used in 31 provinces and cities across the country, serving more than 38,000 schools across the country, benefiting more than 100 million teachers and students.

It is understood that the use of the iFLYTEK Education System of HKUST can reduce students’ invalid exercises by more than 49%, teacher preparation time is reduced by an average of 53%, homework correction time is reduced by an average of 42%, and classroom efficiency is improved by at least 30%; using big data for “precision” After the teaching, the number of questions for students in Hefei No. 6 High School Mathematics has been reduced from 60 questions per week to 20 questions, the time to master knowledge points has been shortened by about 30%, and the repetitive error rate has been reduced by about 16%. By correcting the questions and doing well, the mathematics scores of all-level students increased by about 12% month-on-month.

In 2020, iFLYTEK’s smart education business revenue was 4.019 billion yuan, a year-on-year increase of 70.68%, accounting for 30.86% of operating income.

At the same time, the financial report shows that in 2020, other businesses of HKUST will also develop steadily, with a considerable growth rate. Among them, the open platform was 1.921 billion yuan, a year-on-year increase of 66.42%, and its proportion in operating revenue increased from 11.45% last year to 14.57%.

It is precisely because of the increasing role of artificial intelligence in various fields that Liu Qingfeng believes that in some typical industries, artificial intelligence will largely replace existing jobs in the next 5-10 years. The development of artificial intelligence will also shift from empowering products to empowering enterprises to transform and upgrade.

According to Liu Qingfeng, the digital transformation of enterprises can be roughly divided into three levels:

The first is networking, which mainly solves early tasks such as remote network office, remote control, and corporate Internet publicity.

The second is digitization. After a large amount of data is gathered in the background, unified modeling can be carried out, which can provide more help to enterprises in manufacturing and business decision-making.

The third is to further improve the production efficiency and operating capabilities of the structured data through the deep learning of artificial intelligence, so that the enterprise can reach a new level.

In the first quarter of 2021, Viglacera reported a profit after tax of 279.5 billion VND, up 65% over the same period (Source: Internet) Viglacera Corporation (Viglacera – Ticker: VGC) has just announced its Q1 / 2021 financial statement. Accordingly, the company recorded net revenue for the period of VND 2,358 billion, a slight decrease of 0.6% compared to the same period last year. However, the cost of goods sold decreased sharply, at 8.6%, down to 1,681 billion dong. L Therefore, Viglacera reported a gross profit of 677 billion VND, up 27% compared to Q1 / 2020. In the first 3 months of the year, revenue from financial activities of Viglacera reached 4.9 billion VND, down more than 66% compared to the same period last year, while the cost of this activity was still flat at 46 billion VND. Selling expenses decreased slightly by 5% to 149.5 billion, while administrative expenses increased 28% to over 151 billion. Profits from joint ventures and associates of Viglacera reached more than 16.8 billion, up 5.8 times compared to Q1 / 2020; Loss from other activities also decreased by more than 55%, to VND3.8 billion. As a result, Viglacera’s profit before tax in Q1 / 2021 reached VND 347.7 billion, up 58% over the same period and completed 34.7% of the year plan. After tax, Viglacera reported a net profit of 279.5 billion VND, up 65% over the same period, of which profit attributable to the parent company was 277 billion VND, up 182% over the same period in 2020. In 2021, Viglacera sets a target of a total revenue of 12,000 billion VND, an increase of 27% compared to 2020; Profit before tax is expected to reach VND 1,000 billion, an increase of 19% compared to the previous year. In terms of investment activities, in 2021 Viglacera plans to spend VND 2,400 billion on investment in technical infrastructure and services in industrial zones (IZs); VND 375 billion for the housing business and VND 25 billion for materials, research and development, and training. In which, the company plans to deploy, prepare to invest in new projects such as: Viglacera Eurotile brick factory, with a capacity of 9 million m2 / year in Ba Ria – Vung Tau; Thuan Thanh I Industrial Park is 249.75 hectares in Bac Ninh; worker housing project in Dong Mai Industrial Park, Tien Hai Industrial Park, social housing area in Tien Duong – Dong An. In addition, Viglacera also researches and develops industrial zones, including: Doc White Stone Industrial Park in Van Phong Economic Zone – Khanh Hoa (288 ha, expected to be invested by Yen My Industrial Park Joint Stock Company); industrial zones in Hue such as La Son Industrial Park, expanded Phong Dien Industrial Park (about 160 ha). Since April 6, 2021, Viglacera officially became a subsidiary of Vietnam Electrical Equipment Corporation (Gelex – Ticker: GEX). Accordingly, Viglacera’s business results will be consolidated into the parent company from the beginning of Q2 / 2021. /.

This is an indicator that Vietcombank will reach and exceed its profit target for the whole year 2021. Previously, Vietcombank pre-tax profit in 2020 reached more than 23 trillion dong, equivalent to 2019 and reached 116.3% of the plan assigned by shareholders. Market capitalization by the end of 2020 reaches 15.7 billion USD and by April 22nd is over 16.4 billion USD – leading the industry. Expectedly, in 2021, the bank sets a target of 11% consolidated pre-tax profit (estimated at 25,585 billion dong), and separate pre-tax profit of 25,000 billion dong. Total assets are targeted to increase by 5%, capital mobilization from the economy increases by 7%, credit increases by 10.5%, and bad debt ratio is below 1%. In addition, the bank also plans to pay 2021 dividends at a rate of 8%. Mr. Nghiem Xuan Thanh, chairman of Vietcombank, said that the bank has set a strategic goal of 2 billion USD profit by 2025, of which the retail segment will contribute 50%, regardless of the Covid-19 epidemic affecting economy in general. Vietcombank also plans to increase its capital by more than 13 trillion dong to over 50 trillion dong by issuing shares to pay dividends from the remaining profit in 2019 and issuing separate shares with a scale of 6.5. % charter capital for up to 99 investors. Strategic partner Mizuho Bank will buy about 46.1 million additional shares to keep a minimum ownership rate of 15%. The bank continues to make great profits. Currently, Vietcombank is the bank with the highest new credit in the system. Therefore, if the capital is not raised, Vietcombank will not ensure the capital adequacy ratio as prescribed and this will affect the bank’s ability to provide credit to the economy, affecting its operational efficiency. In 2021, VCB expects that its total assets growth for the whole year will reach 5%, capital mobilization will increase 7% and credit growth will reach 10.5%. In the first quarter of 2021, many banks recorded high profit results and also set high targets for the year. VIB Q1 profit before tax increased 68% to more than 1.8 trillion dong thanks to the growth in scale and quality of the asset summary sheet, along with diversifying income sources. non-credit. ROE is 31%, highest in the industry. Also in the first quarter, Ho Chi Minh City Development Joint Stock Commercial Bank – HDBank (HDB) of billionaire female billionaire Nguyen Thi Phuong Thao recorded pre-tax profit of over 2.1 trillion dong, up 88% year-on-year. . During this year’s congress season, many banks have set out very impressive profit growth plans. Tien Phong Commercial Joint Stock Bank (TPBank) of Mr. Do Minh Phu is expected to grow 32% of its profit before tax this year compared to 2020, equivalent to about VND 5,800 billion. Saigon Hanoi Commercial Joint Stock Bank (SHB) of Mr. Do Quang Hien approved the highest 2021 profit plan to increase 88% to 6,100 billion if the bank completes raising capital in the third quarter. Viet Capital Commercial Joint Stock Bank – Viet Capital Bank (BVB) aims to grow 44% of its profit in 2021 thanks to its strategy of promoting retail sales, increasing bad debt collection, expanding network of operations … On the stock market, bank shares have risen sharply. From the beginning of this year to the end of the third week of April 2021, many Vietnamese banking stocks have had a very high growth rate of over 50%. The average increase in the banking sector’s share price was 15%, higher than the 10% increase in the number of VN-Index. The dominance of bank share prices is driving the entire stock market. It is forecasted that the profit of listed banks will grow 25-30% this year will be the main driving force to make bank shares more exciting. On the stock market (stock market), the VN-Index recovered to close to the threshold of 1,250 points. Closing the session on April 23, the VN-Index increased by 20.71 points to 1,248.53 points; The HNX-Index fell 3.4 points to 283,634 points. Upcom-Index increased 0.65 points to 80.4 points. Liquidity reached 23.3 trillion VND.

Specifically, Techcombank targets 2021 consolidated pre-tax profit at 19,800 billion, up 25.3% compared to the result in 2020. Credit balance is expected to reach nearly 356,200 billion, growth of at least 12%. compared to last year and within the amount allowed by the State Bank. Deposit value (including certificates of deposit for individual customers) is expected to reach VND 334,291 billion, growing at least 14.7% and in line with actual credit growth. Notably, Techcombank targets 2021 consolidated pre-tax profit to reach 19,800 billion, up 25.3% compared to 2020. NPL ratio is expected to be below 2%. Techcombank 2021 shareholders meeting Techcombank’s management said it would improve efficiency by concentrating resources to increase demand deposit balance (CASA), on home buying value chains, real estate and high-income customers. Techcombank will also focus resources on customer-transaction banking platforms; upgrading credit processes; providing the right process for customers, minimizing the time to reach “approval”; analyzing data to gain insights into customers; creating a technological platform for building and implementing specialized financial products and services … At the meeting, Techcombank continued to submit to shareholders not to pay dividends, which meant keeping more than 26,700 billion dong of undistributed profits for business operations. At the same time, the bank continues to submit to shareholders the plan of issuing shares for selected employees (ESOP). Number of shares expected to be issued is more than 6 million shares, selling price is 10,000 dong / share. Shares are restricted from transfer for 1 year. In addition, at this meeting, a new member of the Board of Directors will be elected with the candidate Mr. Ho Anh Ngoc (Chairman Ho Hung Anh’s younger brother). Thus, the number of members of the Board of Directors of the bank is expected to increase from 8 to 9 people. Mr. Ho Anh Ngoc was born in 1982, holds a Master’s degree in economics from Macquarie University Sydney, Australia. He is also a CPA member of the Australian Auditing Association. Since 1/2007, Mr. Ho Anh Ngoc has held many positions at Techcombank, from Deputy Director of Consumer Service Card Center; Director of Ho Chi Minh City Branch; Deputy Head of Wholesale Banking Division and Head of Wholesale Banking in the South, … Currently, he is holding the Southern Representative Board of Techcombank, is the Chairman of the Board of Directors of One Mount Group, Chairman of JSC 1MG Housing, Chairman of JSC One Distribition. In addition, from 1 / 2013-5 / 2018, he was a Vice Chairman / Chairman of the Board of Members of Techcombank AMC. From November 2011 to January 2013, he was Vice President cum General Director of Thao Dien Investment Joint Stock Company, … HA Techcombank aims to make a “huge” profit of nearly 20,000 billion in 2021

Mr. Minh affirmed that Sacombank and LienVietPostBank are currently two completely independent banks with no contact with each other. Mr. Minh said that he now dedicates all his love and enthusiasm to Sacombank because this is the bank associated with his interests at the moment. At the meeting, Mr. Minh also shared with his desire to receive dividends from many Sacombank shareholders soon. Mrs. Kim Cuc (70 years old) said she had invested in Sacombank for decades and had the greatest desire to receive dividends. Mrs. Cuc said that the bank’s leaders during the restructuring period drove Sacombank to achieve good business results, bringing joy to shareholders, but if the dividend is paid, “the more fun”. “I myself also want to be paid dividends. Sacombank’s stock price is currently good. But if we are restructuring, we must follow the roadmap of the State Bank. Dividend distribution must wait for successful restructuring ”, Mr. Minh answered to shareholders. Mr. Minh reiterated his promise when accepting the task of restructuring Sacombank, the Board of Directors committed to try to succeed after 5 years. After the restructuring is successful, the bank will return to its normal state, and will be entitled to pay dividends. Chairman of Sacombank expects that by 2022 or early 2023, dividends can be distributed to shareholders. Another issue is that the strategic shareholder participation in Sacombank, which is of interest to investors, is also briefly answered by Mr. Minh that can only be discussed after the restructuring is successful, reporting to the State Bank. “Successful restructuring takes into account dividends and strategic shareholders. The Board of Directors is trying its best, uniting with the management board and Sacombank’s staff to successfully restructure in 5 years as promised when receiving the tasks. Up to now, I affirm that Sacombank has regained its position in the banking and financial market, operating stably and strongly developing ”, Mr. Minh emphasized. Currently, 32% of Sacombank’s shares are collateral assets under the management of VAMC. Chairman of Sacombank said that according to the restructuring plan, the bank must consult the Prime Minister to implement the plan of auction of shares. this part. Expected price includes the original price plus interest about 33,000-34,000 VND. Mr. Minh said that these shares may have to wait until 2022 to resolve. Chairman of the Board of Directors of VAMC Nguyen Tien Dong assessed that if the auction is successful for these Sacombank shares, the bank will have more investors with “fresh money, real grain” to participate and the business will be more active. Regarding the business situation in the first quarter, Sacombank General Director Nguyen Duc Thach Diem said that the first 3 months’ profit reached 25% of the plan of pre-tax profit of 4,000 billion VND in 2021. The credit balance in the first quarter increased by 5.8 %, capital mobilization increased 3%. In the first 4 months of the year, the bank successfully handled 2,280 billion dong of bad debt.

A longtime shareholder of the bank did not hide his excitement when in just 1 year, SHB shares increased 4.5 times, from only 6,000 VND in early 2020 to nearly 28,000 VND today. Shareholders expressed their hope that in the future, stock prices will continue to rise to the Top 5 group of Vietnamese commercial banks. Chairman of the Board of Directors, Mr. Do Quang Hien, said: “In previous years, there were shareholders who were very concerned about how the Board of Directors was responsible for increasing stock prices. We only have a responsibility to do well, good governance for a healthy and transparent development of SHB, investors will analyze and evaluate the performance by themselves; Enterprise value will determine the value of the stock. The price increase of SHB shares also shows investment interest, affirming the value of SHB in the present and in the future ”. Vote Hien: Last year, shareholders were very concerned about the responsibility of the Board of Directors to raise the stock price At the 2021 annual shareholder meeting, SHB said that it would pay dividends for 2019 and 2020 in shares at the rate of 10% and 10.5%, respectively. At the same time, SHB wants to offer shares to existing shareholders at the price of 12,500 dong / share. If completing these plans, SHB’s chartered capital will increase sharply to over 26,600 billion dong. SHB offers 2 scenarios for profit plan for 2021. Scenario 1, in case the bank completes the issue of additional shares to the public in the third quarter of 2021, the additional capital used in business operations will contribute to increasing the bank’s profit, expected reached 6,128 billion, up 87% over the previous year. Scenario 2, SHB completes the public offering of shares in quarter 4/2021, profit plan is expected at VND 5,828 billion, up 78%. By the end of Q1 / 2021, the bank’s total assets reached more than 418 trillion dong, pre-tax profit reached 1,664 billion dong, more than doubling compared to the same period last year. Regarding the transfer to the listing, SHB has recently received an official letter from the Ho Chi Minh City Stock Exchange that SHB’s profile has met the conditions under the HOSE’s Securities Listing Regulation. Official trading of bank shares on HOSE will be done after the technology infrastructure issue is handled. In 2021, SHB will increase its capital to VND 26,674 billion, of which the first source will increase from the fact that SHB pays 10% dividends to shareholders in 2019, approved by the State Bank and the SSC. Expected implementation time is in May 2021. After completing the dividend payment, SHB’s chartered capital will increase to more than 19,260 billion dong. The second source is from the dividend payment of 2020 at the rate of 10.5%. After the meeting, the Bank will submit to the State Bank for approval this plan. The third source, the Bank will increase capital from the offering of shares to existing shareholders by the method of exercising rights at the ratio of 100: 28, the expected asking price of VND 12,500 / share – less than half of the current price. now on the stock market. SHB has currently selected 2-3 major partners for the divestment plan of SHB FC Consumer Finance Company. Expected to successfully divest this year. SHB will increase capital by 5,000 billion dong from issuing shares for foreign investors and foreign strategic investors. Shareholders also agreed to approve the transfer of SHB’s capital in SHB Laos and SHB Cambodia to other investors at the maximum rate assigned to SHB’s Board of Directors for decision.

Deutsche Bank boss Christian Sewing takes over the post of chief lobbyist of the private financial institutions in July. The board of directors of the banking association BdB today elected Sewing as the successor to the chairman of the board of directors of the private bank Berenberg, Hans-Walter Peters. Sewing is considered a “doer” who has managed to get Germany’s largest financial institution out of the red in the middle of the corona pandemic. Nevertheless, Deutsche Bank is also lagging behind its foreign competition, especially the large Wall Street houses. A look at the latest quarterly figures shows how big the gap is. According to this, the American industry leader JPMorgan alone earned in the first three months of this year with 14.3 billion dollars, almost five times the value of the previous year. Goldman Sachs increased profits sixfold to $ 6.7 billion. Deutsche Bank will not publish its new quarterly figures until next week, but a look at the fourth quarter of 2020 reveals how far behind the group is. The German industry leader earned just 189 million euros during this period, compared to 624 million euros for the year as a whole.

Only one percent return

Even beyond the absolute figures, the US banks outshine the domestic institutions by far. JPMorgan’s return on equity for the first quarter of this year is 23 percent. The Deutsche Bank managed eight percent last year, the entire German financial sector together, i.e. the private banks, the savings banks and the cooperative banks, came to just one percent. There are many reasons for such a huge difference. The fact that the US banks were able to increase their profits so strongly in the first quarter is mainly due to the good economic situation in the country. The financial institutions were able to cancel a large part of their risk provisioning for bad loans because they have to fear fewer loan defaults due to the recovery of the economy – US GDP is likely to rise by 6.5 percent this year. At JPMorgan alone, profits soared by $ 5.2 billion.

Big profits from the investment business.

At the same time, the large US companies benefited from their strong position on the capital markets and the companies’ high need for advice. JPMorgan took in investment banking, $ 2.9 billion, more than ever. Goldman Sachs even increased revenues in the division by three quarters. Deutsche Bank is likely to benefit from this boom too, as it is one of the largest foreign exchange and bond traders in the world. But the rest of the German banking industry is just sitting on the bench. Commerzbank has been saying goodbye to trading on the capital markets for years. Savings banks and Volksbanks were never really there. Of course, this is an extremely volatile business, but in times of zero interest rates it is an even more abundant source of income. Investment banking is also the greatest source of income at Deutsche Bank. Without the income from this division, the bank would not have managed to get out of the red.

Fragmented banking market

In other areas, too, German banks and savings banks are finding it difficult to increase their income from fees and commissions. Industry observers point to the still fragmented banking market in this country, which prevents adequate pricing of services. In fact, the division of the market into private banks, public savings banks and Landesbanken as well as cooperative houses remains a German peculiarity. This is an advantage for price-sensitive private customers. However, it was precisely this division that politicians wanted, that Germany, as the leading economic nation in Europe, has only one internationally positioned bank, experts have been complaining for years. However, the banks themselves are to blame for their misery. The German financial institutions are not able to reduce their dependence on the interest business and, in return, to increase their income from fees and commissions. Quite different in the US: JPMorgan increased noninterest income by 39 percent in the first quarter, but interest income by only eleven percent.

Comparatively high costs

According to management consultants at McKinsey, Germany’s banks are not offensive enough. In terms of their deposits, they lend significantly less than their European and US competitors. They are also lagging behind when it comes to selling systems. Overall, German providers are more dependent on recurring fees than their foreign competitors, according to a study published last summer. The sluggish income leads to a relatively high expense ratio for the institutes. The cost / income ratio has risen from 66 percent in 2007 to 83 percent. That is well above the international average of 70 percent. In order to achieve this standard, the banks have to further automate and digitize their business – with the result that Deutsche Bank and Commerzbank in particular have to cut many thousands of jobs.

Traphaco’s system of medicine blister blister machines Specifically, net revenue reached nearly 472 billion, up 20.4% over the same period, after subtracting COGS, gross profit reached 265 billion, up 21% compared to the first quarter of 2020. Profit after tax reached VND 55.3 billion, an increase of 35% compared to the same period of 2020; Parent company EAT is more than 51 billion. In 2021, Traphaco sets a double growth business plan with the goal of consolidated revenue and profit after tax of VND 2,100 billion and VND 240 billion, up 10% and 11% respectively compared to the performance of 2020. Thus, after the first quarter of the year, the Company has reached 20.8% of the revenue plan and 23% of the profit after tax plan of the year. In the period of 2021 – 2025, Traphaco expects that the growth rate of revenue and pre-tax interest can reach a compound rate of 13.3% and 15%. Traphaco also said that during this term the company will restructure the traditional and non-traditional medicine businesses, in which the company will increase the proportion of the western medicine industry. When consolidating the business segments, Traphaco believes that the growth rate will be even higher than the plan set out for the 2021 – 2025 term. At the close of the session on April 22, TRA shares increased slightly by 0.1% to VND69,900 per share.

FTP stock price chart from the beginning of the year to now. FPT Joint Stock Company (FPT code-HOSE) has just announced business results for the first quarter of 2021 with revenue and profit before tax increasing by 14.4% and 22.3% year-on-year. Accordingly, at the end of Q1 / 2021, FPT’s revenue reached 7,586 billion VND and pre-tax profit reached 1,397 billion VND, up 14.4% and 22.3%, equivalent to 102% and 105% of the year plan. According to FPT, the strong growth in revenue and profit was due to the highest growth in technology sales in the last 4 quarters and the strong growth in the Telecommunications and Education sector. Specifically: Technology sector contributes 40% to the total profit after tax and 55% of the total revenue of the Group. New sales of Technology sector reached 5,834 billion VND, the highest level in the last 4 quarters and increased 46.3% over the same period. In addition, with the orientation of focusing on digital transformation for the customers of the Government and large enterprises, at the same time focusing on developing solutions, Made by FPT platforms, and information technology services for the market. FPT’s domestic market recorded high growth in both revenue and profit after tax, reaching VND 986 billion, up 40.1% and VND 59 billion, up 1,828.7% over the same period. In foreign markets, the revenue from IT services recorded VND 3,169 billion in revenue, up 9.6% over the same period. Profit after tax of this service sector reached VND495 billion, up 16.4% compared to quarter 1/2020, when the international market was not affected by Covid-19. With the strategy of “whale hunting” (focusing on large enterprises and high value contracts), FPT successfully signed 04 large contracts with sales of over 5 million USD / contract in Q1. / 2021. As a result, new sales of foreign markets increased by 43%, reaching VND 4,489 billion, which is the basis for accelerating the growth rate of revenue and profit in the remaining quarters of 2021. Telecommunication Division recorded 2,925 billion in revenue, up 9.6%, and 576 billion in profit after tax, up 29% over the same period. In which, the Telecom Services sector achieved VND 524 billion in profit after tax, up 30.7% thanks to the improvement in the after-tax profit margin of the Broadband Services segment as well as the new profit from the TV service segment. pay. Meanwhile, the revenue from the Education sector reached 698 billion VND, up 57% over the same period. It is known that the company’s General Meeting of Shareholders approved the business plan in 2021 with revenue of 34,720 billion VND, an increase of 16.4% and pre-tax profit of 6,210 billion VND, up 18%.

Produced｜Sohu Finance

Author｜Wu Ya

On April 15, Sunshine City Group (000671.SZ) released its 2020 annual report and held a 2020 annual performance briefing.

“Entering the profit-oriented development stage” became the signal released by Sunshine City at this performance meeting. “The low profit rate is not terrible, but the terrible thing is the loss.” Zhu Rongbin, Executive Chairman and President of Sunshine City, was at the performance meeting. Said so.

In 2020, the overall performance of Sunshine City increased significantly, with annual revenue of 82.2 billion yuan, a year-on-year increase of 34.60%; net profit attributable to the parent company was 5.2 billion, a year-on-year increase of 29.85%. However, the gross profit margin was 18.88% during the same period, a year-on-year decrease of 6.66%.

In 2020, Sunshine City will achieve full-caliber sales of 21.011 billion yuan, equity sales of 139.565 billion yuan, and equity accounted for 64.02%, reaching its annual sales target; in 2021, it will exceed 220 billion yuan in annual sales.

As of the end of 2020, Sunshine City’s debt-to-asset ratio of 79.1% after excluding advance accounts is still “stepping on the line”; Zhu Rongbin said that Sunshine City will continue to maintain its “yellow profile” in 2021.

“The most impressive highlight in 2020 is the company’s successful introduction of Taikang Life Insurance as a strategic shareholder.” After Shoukang became a strategic shareholder, Sunshine City also announced the “Two Five-Year Plans” for the first time under the “Ten Year Gambling Agreement”. The future development goals of the company.

Gross profit margin problem: low profits are not terrible, but the terrible loss is

In 2020, Sunshine City will achieve revenue of 82.171 billion yuan, a year-on-year increase of 34.60%. Among them, the construction industry segment revenue was 897 million yuan, a year-on-year increase of 193.56%; the real estate industry contributed 96.01% of revenue to 78.889 billion yuan, a year-on-year increase of 34.27%.

During the same period, Sunshine City achieved a double reduction in management expenses, marketing expenses and fee rates throughout the year. Among them, management expenses were 1.978 billion yuan, a year-on-year decrease of 9.58%, management fees were 2.41%, a year-on-year decrease of 1.18 percentage points; marketing expenses were 2.402 billion yuan, a year-on-year decrease of 6.49%; marketing expenses were 2.92%, a year-on-year decrease of 1.28 percentage points.

In 2020, Sunshine City realized a net profit of 5.22 billion yuan attributable to its parent, a year-on-year increase of 29.85%; deducting non-net profit of 5.191 billion yuan, a year-on-year increase of 32.52%.

Under the downward trend of the industry, the gross profit margin of Sunshine City in 2020 was 18.88%, a year-on-year decrease of 6.66%. Previously, from 2017 to 2019, this indicator was 18.73%, 20.48%, and 21.55%.

During the same period, Sunshine City’s net profit margin was 6.68%, a year-on-year decrease of 0.4%. Prior to 2017~2019, this indicator was 11.8%, 13.3%, and 12.19%, respectively.

Regarding this, Zhu Rongbin, executive chairman and president of Sunshine City Group, said frankly that in recent years, due to price restrictions and adjustments, the profit rate of the industry has indeed been declining. “Because our profit rate was not high in the past, we are still in a stable situation. “.

In his view, the real estate industry has bid farewell to the era of high dividends. After adapting to the regulation, the profit rate will remain stable after a period of decline.

He said that behind the expansion of the profit scale, it is important to ensure the realization of the safety of profits. “The low profit rate is not terrible, but the terrible thing is to generate losses.”

Insurance capital invested 94.2 billion in net profit of “10-year gambling”, and proposed two “five-year plans”

In fact, with Shoukang’s shareholding, under the “10-year gambling agreement”, for Sunshine City, “delivering on performance and profit growth promises” has become a top priority.

In 2020, the real estate market staged two “marriage” dramas between insurance funds and real estate companies. In the end, China Merchants Shekou failed to introduce Ping An, and Sunshine City successfully partnered with Taikang. At that time, Sunshine City introduced Taikang’s 3.4 billion war investment and signed a 10-year net profit gambling agreement of 94.2 billion.

Specifically, Sunshine City promises a “10-year commitment”: the total net profit attributable to the parent in the first 5 years will be no less than 34 billion yuan, and the cumulative net profit attributable to the parent in the next 5 years will reach 60.164 billion yuan, and the total net profit attributable to the parent in the 10 years Reached 94.223 billion yuan; and if the performance does not meet the target, Sunshine City must provide corresponding cash compensation to Taikang.

“The strongest highlight in 2020 is the successful introduction of Taikang Life Insurance as a strategic shareholder.” Zhu Rongbin said at the performance meeting that Taikang’s shareholding ratio exceeded 13%. At the same time, two directors were stationed to participate in the management of the company and optimize governance with modern company management concepts. The structure improves the management standard; on April 5, Taikang and Sunshine City also formally signed a strategic cooperation agreement to cooperate in various business sectors such as capital, project investment and property listing.

“Sunshine City has made a ten-year performance commitment. This will be a severe test for our operation and management.” He said that in accordance with the development goals, Sunshine City has formulated the company’s development plan for the next 10 years, namely two “five years”. Annual plan”.

Sohu Finance understands that in the planning of the first “Five-Year Plan” (2020 to the end of 2024), Sunshine City seeks “continuous and steady growth in profit scale” and “three red lines” all meet the standards, and “green smart home becomes IP “Achievement of other goals.

In the planning of the second “five-year plan” (2025 to the end of 2029), Sunshine City stated that it will open up a new track in real estate-related fields, have the ability to obtain stable income and sustainable development, and build a future-oriented, self-made blood. , An iterative sustainable development organization.

Sunshine City is a member of Fujian-based real estate companies. From 2016 to 2019, Sunshine City’s sales were 48.7 billion yuan, 91.5 billion yuan, 162.9 billion yuan, and 211 billion yuan, representing a year-on-year increase of 57%, 88%, 78%, 30%.

In terms of sales performance, in 2020, Sunshine City will achieve a full-caliber sales of 21.811 billion yuan. Although the annual sales target has been reached, the growth rate is only 3.3%; for the 2021 annual sales target, Sunshine City seeks “stability” and only sets it as “2200+” “If calculated at 220 billion yuan, this year’s sales growth rate is only 0.9% year-on-year.

The annual report shows that in 2020, Sunshine City will pay a total land price of 70.7 billion yuan for the whole year, of which the equity land price is 40.2 billion yuan, and the total supplementary equity land reserve is about 7.2596 million square meters; the total value of newly confirmed rights is 180 billion yuan, first- and second-tier goods The value accounted for about 70%, and the greater Fujian, the Yangtze River Delta, and the Pearl River Delta accounted for about 63%.

As of the end of 2020, Sunshine City’s accumulated land reserves totaled 42.519,700 square meters, a year-on-year increase of 3.7%. Among them, first- and second-tier cities are expected to account for 75.96% of the future saleable value.

“At the beginning of 2019, Sunshine City set a sales target of 200 billion yuan+. This is the cause of the epidemic on the one hand, and Sunshine City’s prediction of future development.” In Zhu Rongbin’s view, for real estate companies, the scale , Profit and financial indicators are the “impossible triangle” and it is impossible to take care of them all.

He said that in 2021, Sunshine City will strictly abide by the “three revenues and three expenditures”: investment, sales and replenishment based on sales; and to promote the “trillion-yuan reform” strategy. “In order to achieve this goal, Sunshine City has already completed the project at the beginning of this year. The organization of the marketing area is sinking, bringing the marketing command closer to the front line.”

Talking about the “Three Red Lines”: “Keep in the Yellow File in 2021”

In just four years, the sales of Sunshine City went from 30 billion yuan to 200 billion yuan, and the financial indicators once deteriorated. From 2016 to 2019, the debt-to-asset ratio of Sunshine City was above 83%; the net debt ratio was 259.93%, 252.25%, 182.22%, and 138.2%, respectively.

With the cash generated by sales growth and the deleveraging and structural adjustment since 2017, Sunshine City has achieved the “three red lines” from the “orange level” to the “yellow level” six months in advance.

In 2020, Sunshine City’s total assets were 352.301 billion yuan, a year-on-year increase of 14.55%; the net assets attributable to shareholders of listed companies was 306.93%, a year-on-year increase of 14.76%.

In the same period, the scale of Sunshine City’s interest-bearing liabilities was 106.039 billion yuan, a year-on-year decrease of 5.59%. Among them, the scale of short-term interest-bearing debt was 32.524 billion yuan, down 3.06% year-on-year; non-bank financing accounted for 24.94% compared to the end of last year, and continued to drop to 20.34%.

As of the end of 2020, Sunshine City’s asset-liability ratio was 83.18%, a year-on-year decrease of 0.25 percentage points; the interest-bearing asset-liability ratio reached 30.10%, a year-on-year decrease of 6.41 percentage points; the net debt ratio was 94.90%, a year-on-year decrease of 43.04 percentage points.

At the end of the period, Sunshine City’s book currency funds were 49.805 billion yuan, which could fully cover short-term interest-bearing liabilities of 32.524 billion yuan, and the cash short-term debt ratio was 1.53 (after deducting restricted funds of 9.290 billion yuan and pre-sale supervision funds of 6.021 billion yuan, cash short-term debts) The ratio is 1.06).

However, as of the end of 2020, Sunshine City’s debt-to-asset ratio after excluding advance accounts was 79.1%, a year-on-year increase that still did not meet the regulatory requirements, a year-on-year increase of 1.5 percentage points.

The annual report shows that in 2020, Sunshine City’s advance receipts are 68.94 billion yuan, a year-on-year decrease of 13.94% from the 80.11 billion yuan in 2019.

In this regard, Zhu Rongbin said, “It is possible to stay in the yellow file for a long time in the future, and it is indeed a bit difficult to strive for the first five years to achieve full compliance with the “three red lines”.

New track expansion: spin off property listings and force Mengxiangjia

At the performance meeting, Sunshine City revealed that it will expand in new tracks in 201. On the same day, Sunshine City disclosed the plan to spin-off its subsidiary, Shanghai Sunshine Zhibo Life Service Group Co., Ltd. (hereinafter referred to as “Sunshine Zhibo”) to list overseas (Hong Kong Stock Exchange).

According to the announcement, Sunshine Zhibo was established in July 2020. As of the announcement date, Sunshine City and its wholly-owned subsidiary Fujian Sunshine Real Estate Development Co., Ltd. hold 72.39% of its shares (including the direct shareholding ratio of Sunshine City). 71.68%).

In 2020, Sunshine Zhibo will achieve operating income of 1.371 billion yuan, a total profit of 226 million yuan, and a net profit of 173 million yuan, of which the net profit attributable to the owners of the parent company is 173 million yuan.

As of the end of 2020, Sunshine Zhibo’s consolidated total assets are 1.437 billion yuan, total liabilities are 814 million yuan, and net assets are 624 million yuan. Among them, the owner’s equity attributable to the parent company is 624 million yuan.

“After the independent listing of Sunshine Zhibo, it will not have any material adverse impact on the continuous operation of the company’s other business segments, and will not affect the company’s independent listing status.” Sunshine City said in the announcement that Sunshine Zhibo will continue to be listed overseas. Maintain a controlling interest in Sunshine Zhibo; after Sunshine Zhibo is listed overseas, it will help to enhance Sunshine Zhibo’s own market competitiveness.

At the performance meeting, Wu Jianbin, executive vice president of Sunshine City, said that the progress of the listing is currently being comprehensively arranged and promoted. “If it goes well, it can be completed this year.”

The spin-off and listing of property companies is currently the path that many real estate companies will choose. Sunshine Zhibo’s more detailed financial data and operating conditions will not be announced until the prospectus is submitted.

Mengxiangjia is a brand new business incubated by Sunshine City, dedicated to providing one-stop full-cycle home improvement and home integration services for urban families.

Real estate companies’ home improvement business is not a new thing. Before Sunshine City, Vanke “Wanke” and Country Garden “Orange Home” have entered the home improvement industry; Evergrande, Greenland, Poly and many other leading real estate companies have also entered into the home improvement industry. Home furnishing companies have cooperation.

The operating entity of Mengxiangjia is Shanghai Mengxiangjia Enterprise Development Co., Ltd., which was established in July 2019; In July 2020, Sunshine World Commercial Management Co., Ltd. (a wholly-owned subsidiary of Sunshine City) withdrew from the investment company Shanghai Mengxiang Home, Sunshine City is currently a wholly-owned holding company.

On March 5 this year, the Mengxiangjia Division officially announced that “the real estate industry in 2021 will still face many uncertainties, which requires our advanced strategic vision and wisdom to deal with it.” At that time, Zhu Rong said. .

Produced｜Sohu Finance

Author｜Wu Ya

On April 15, Sunshine City Group (000671.SZ) released its 2020 annual report and held a 2020 annual performance briefing.

“Entering the profit-oriented development stage” became the signal released by Sunshine City at this performance meeting. “The low profit rate is not terrible, but the terrible thing is the loss.” Zhu Rongbin, Executive Chairman and President of Sunshine City, was at the performance meeting. Said so.

In 2020, the overall performance of Sunshine City increased significantly, with annual revenue of 82.2 billion yuan, a year-on-year increase of 34.60%; net profit attributable to the parent company was 5.2 billion, a year-on-year increase of 29.85%. However, the gross profit margin was 18.88% during the same period, a year-on-year decrease of 6.66%.

In 2020, Sunshine City will achieve full-caliber sales of 21.011 billion yuan, equity sales of 139.565 billion yuan, and equity accounted for 64.02%, reaching its annual sales target; in 2021, it will exceed 220 billion yuan in annual sales.

As of the end of 2020, Sunshine City’s debt-to-asset ratio of 79.1% after excluding advance accounts is still “stepping on the line”; Zhu Rongbin said that Sunshine City will continue to maintain its “yellow profile” in 2021.

“The most impressive highlight in 2020 is the company’s successful introduction of Taikang Life Insurance as a strategic shareholder.” After Shoukang became a strategic shareholder, Sunshine City also announced the “Two Five-Year Plans” for the first time under the “Ten Year Gambling Agreement”. The future development goals of the company.

Gross profit margin problem: low profits are not terrible, but the terrible loss is

In 2020, Sunshine City will achieve revenue of 82.171 billion yuan, a year-on-year increase of 34.60%. Among them, the construction industry segment revenue was 897 million yuan, a year-on-year increase of 193.56%; the real estate industry contributed 96.01% of revenue to 78.889 billion yuan, a year-on-year increase of 34.27%.

During the same period, Sunshine City achieved a double reduction in management expenses, marketing expenses and fee rates throughout the year. Among them, management expenses were 1.978 billion yuan, a year-on-year decrease of 9.58%, management fees were 2.41%, a year-on-year decrease of 1.18 percentage points; marketing expenses were 2.402 billion yuan, a year-on-year decrease of 6.49%; marketing expenses were 2.92%, a year-on-year decrease of 1.28 percentage points.

In 2020, Sunshine City realized a net profit of 5.22 billion yuan attributable to its parent, a year-on-year increase of 29.85%; deducting non-net profit of 5.191 billion yuan, a year-on-year increase of 32.52%.

Under the downward trend of the industry, the gross profit margin of Sunshine City in 2020 was 18.88%, a year-on-year decrease of 6.66%. Previously, from 2017 to 2019, this indicator was 18.73%, 20.48%, and 21.55%.

During the same period, Sunshine City’s net profit margin was 6.68%, a year-on-year decrease of 0.4%. Prior to 2017~2019, this indicator was 11.8%, 13.3%, and 12.19%, respectively.

Regarding this, Zhu Rongbin, executive chairman and president of Sunshine City Group, said frankly that in recent years, due to price restrictions and adjustments, the profit rate of the industry has indeed been declining. “Because our profit rate was not high in the past, we are still in a stable situation. “.

In his view, the real estate industry has bid farewell to the era of high dividends. After adapting to the regulation, the profit rate will remain stable after a period of decline.

He said that behind the expansion of the profit scale, it is important to ensure the realization of the safety of profits. “The low profit rate is not terrible, but the terrible thing is to generate losses.”

Insurance capital invested 94.2 billion in net profit of “10-year gambling”, and proposed two “five-year plans”

In fact, with Shoukang’s shareholding, under the “10-year gambling agreement”, for Sunshine City, “delivering on performance and profit growth promises” has become a top priority.

In 2020, the real estate market staged two “marriage” dramas between insurance funds and real estate companies. In the end, China Merchants Shekou failed to introduce Ping An, and Sunshine City successfully partnered with Taikang. At that time, Sunshine City introduced Taikang’s 3.4 billion war investment and signed a 10-year net profit gambling agreement of 94.2 billion.

Specifically, Sunshine City promises a “10-year commitment”: the total net profit attributable to the parent in the first 5 years will be no less than 34 billion yuan, and the cumulative net profit attributable to the parent in the next 5 years will reach 60.164 billion yuan, and the total net profit attributable to the parent in the 10 years Reached 94.223 billion yuan; and if the performance does not meet the target, Sunshine City must provide corresponding cash compensation to Taikang.

“The strongest highlight in 2020 is the successful introduction of Taikang Life Insurance as a strategic shareholder.” Zhu Rongbin said at the performance meeting that Taikang’s shareholding ratio exceeded 13%. At the same time, two directors were stationed to participate in the management of the company and optimize governance with modern company management concepts. The structure improves the management standard; on April 5, Taikang and Sunshine City also formally signed a strategic cooperation agreement to cooperate in various business sectors such as capital, project investment and property listing.

“Sunshine City has made a ten-year performance commitment. This will be a severe test for our operation and management.” He said that in accordance with the development goals, Sunshine City has formulated the company’s development plan for the next 10 years, namely two “five years”. Annual plan”.

Sohu Finance understands that in the planning of the first “Five-Year Plan” (2020 to the end of 2024), Sunshine City seeks “continuous and steady growth in profit scale” and “three red lines” all meet the standards, and “green smart home becomes IP “Achievement of other goals.

In the planning of the second “five-year plan” (2025 to the end of 2029), Sunshine City stated that it will open up a new track in real estate-related fields, have the ability to obtain stable income and sustainable development, and build a future-oriented, self-made blood. , An iterative sustainable development organization.

Sunshine City is a member of Fujian-based real estate companies. From 2016 to 2019, Sunshine City’s sales were 48.7 billion yuan, 91.5 billion yuan, 162.9 billion yuan, and 211 billion yuan, representing a year-on-year increase of 57%, 88%, 78%, 30%.

In terms of sales performance, in 2020, Sunshine City will achieve a full-caliber sales of 21.811 billion yuan. Although the annual sales target has been reached, the growth rate is only 3.3%; for the 2021 annual sales target, Sunshine City seeks “stability” and only sets it as “2200+” “If calculated at 220 billion yuan, this year’s sales growth rate is only 0.9% year-on-year.

The annual report shows that in 2020, Sunshine City will pay a total land price of 70.7 billion yuan for the whole year, of which the equity land price is 40.2 billion yuan, and the total supplementary equity land reserve is about 7.2596 million square meters; the total value of newly confirmed rights is 180 billion yuan, first- and second-tier goods The value accounted for about 70%, and the greater Fujian, the Yangtze River Delta, and the Pearl River Delta accounted for about 63%.

As of the end of 2020, Sunshine City’s accumulated land reserves totaled 42.519,700 square meters, a year-on-year increase of 3.7%. Among them, first- and second-tier cities are expected to account for 75.96% of the future saleable value.

“At the beginning of 2019, Sunshine City set a sales target of 200 billion yuan+. This is the cause of the epidemic on the one hand, and Sunshine City’s prediction of future development.” In Zhu Rongbin’s view, for real estate companies, the scale , Profit and financial indicators are the “impossible triangle” and it is impossible to take care of them all.

He said that in 2021, Sunshine City will strictly abide by the “three revenues and three expenditures”: investment, sales and replenishment based on sales; and to promote the “trillion-yuan reform” strategy. “In order to achieve this goal, Sunshine City has already completed the project at the beginning of this year. The organization of the marketing area is sinking, bringing the marketing command closer to the front line.”

Talking about the “Three Red Lines”: “Keep in the Yellow File in 2021”

In just four years, the sales of Sunshine City went from 30 billion yuan to 200 billion yuan, and the financial indicators once deteriorated. From 2016 to 2019, the debt-to-asset ratio of Sunshine City was above 83%; the net debt ratio was 259.93%, 252.25%, 182.22%, and 138.2%, respectively.

With the cash generated by sales growth and the deleveraging and structural adjustment since 2017, Sunshine City has achieved the “three red lines” from the “orange level” to the “yellow level” six months in advance.

In 2020, Sunshine City’s total assets were 352.301 billion yuan, a year-on-year increase of 14.55%; the net assets attributable to shareholders of listed companies was 306.93%, a year-on-year increase of 14.76%.

In the same period, the scale of Sunshine City’s interest-bearing liabilities was 106.039 billion yuan, a year-on-year decrease of 5.59%. Among them, the scale of short-term interest-bearing debt was 32.524 billion yuan, down 3.06% year-on-year; non-bank financing accounted for 24.94% compared to the end of last year, and continued to drop to 20.34%.

As of the end of 2020, Sunshine City’s asset-liability ratio was 83.18%, a year-on-year decrease of 0.25 percentage points; the interest-bearing asset-liability ratio reached 30.10%, a year-on-year decrease of 6.41 percentage points; the net debt ratio was 94.90%, a year-on-year decrease of 43.04 percentage points.

At the end of the period, Sunshine City’s book currency funds were 49.805 billion yuan, which could fully cover short-term interest-bearing liabilities of 32.524 billion yuan, and the cash short-term debt ratio was 1.53 (after deducting restricted funds of 9.290 billion yuan and pre-sale supervision funds of 6.021 billion yuan, cash short-term debts) The ratio is 1.06).

However, as of the end of 2020, Sunshine City’s debt-to-asset ratio after excluding advance accounts was 79.1%, a year-on-year increase that still did not meet the regulatory requirements, a year-on-year increase of 1.5 percentage points.

The annual report shows that in 2020, Sunshine City’s advance receipts are 68.94 billion yuan, a year-on-year decrease of 13.94% from the 80.11 billion yuan in 2019.

In this regard, Zhu Rongbin said, “It is possible to stay in the yellow file for a long time in the future, and it is indeed a bit difficult to strive for the first five years to achieve the “three red lines” to fully meet the target.”

New track expansion: spin off property listings and force Mengxiangjia

At the performance meeting, Sunshine City revealed that it will expand in new tracks in 201. On the same day, Sunshine City disclosed the plan to spin-off its subsidiary, Shanghai Sunshine Zhibo Life Service Group Co., Ltd. (hereinafter referred to as “Sunshine Zhibo”) to list overseas (Hong Kong Stock Exchange).

According to the announcement, Sunshine Zhibo was established in July 2020. As of the announcement date, Sunshine City and its wholly-owned subsidiary Fujian Sunshine Real Estate Development Co., Ltd. hold 72.39% of its shares (including the direct shareholding ratio of Sunshine City). 71.68%).

In 2020, Sunshine Zhibo will achieve operating income of 1.371 billion yuan, a total profit of 226 million yuan, and a net profit of 173 million yuan, of which the net profit attributable to the owners of the parent company is 173 million yuan.

As of the end of 2020, Sunshine Zhibo’s consolidated total assets are 1.437 billion yuan, total liabilities are 814 million yuan, and net assets are 624 million yuan. Among them, the owner’s equity attributable to the parent company is 624 million yuan.

“After the independent listing of Sunshine Zhibo, it will not have any material adverse impact on the continuous operation of the company’s other business segments, and will not affect the company’s independent listing status.” Sunshine City said in the announcement that Sunshine Zhibo will continue to be listed overseas. Maintain a controlling interest in Sunshine Zhibo; after Sunshine Zhibo is listed overseas, it will help to enhance Sunshine Zhibo’s own market competitiveness.

At the performance meeting, Wu Jianbin, executive vice president of Sunshine City, said that the progress of the listing is currently being comprehensively arranged and promoted. “If it goes well, it can be completed this year.”

The spin-off and listing of property companies is currently the path that many real estate companies will choose. Sunshine Zhibo’s more detailed financial data and operating conditions will not be announced until the prospectus is submitted.

Mengxiangjia is a brand new business incubated by Sunshine City, dedicated to providing one-stop full-cycle home improvement and home integration services for urban families.

Real estate companies’ home improvement business is not a new thing. Before Sunshine City, Vanke “Wanke” and Country Garden “Orange Home” have entered the home improvement industry; Evergrande, Greenland, Poly and many other leading real estate companies have also entered into the home improvement industry. Home furnishing companies have cooperation.

The operating entity of Mengxiangjia is Shanghai Mengxiangjia Enterprise Development Co., Ltd., which was established in July 2019; In July 2020, Sunshine World Commercial Management Co., Ltd. (a wholly-owned subsidiary of Sunshine City) withdrew from the investment company Shanghai Mengxiang Home, Sunshine City is currently a wholly-owned holding company.

On March 5 this year, the Mengxiangjia Division officially announced that “the real estate industry in 2021 will still face many uncertainties, which requires our advanced strategic vision and wisdom to deal with it.” At that time, Zhu Rong said. .

Source: GPLP Rhino Finance (ID: gplpcn)

“The first stock of children’s clothing” Annel (002875.SZ) performance report was released. Following the “cutting” of its performance in 2019, its net profit in 2020 has fallen sharply.

On April 15, Annel released the 2020 annual performance bulletin, stating that it achieved operating income of 1.257 billion yuan, a year-on-year decrease of 5.26%; a net loss of 47,783,900 yuan, a year-on-year decrease of 213.45%.

(Source: Annell’s 2020 performance bulletin)

Public information shows that Anner was founded in 2001 and listed on the Shenzhen Stock Exchange in 2017. It is mainly engaged in mid-to-high-end children’s own brand clothing, which is known as the “first share of children’s wear.”

Net profit declined for two consecutive years

Regarding the changes in performance, Annaer said that due to the impact of the new crown epidemic, its operating income has declined compared to 2019. The direct sales model has caused the related labor costs, rent and management expenses involved in the external lease of stores to remain relatively rigid. , The provision for asset impairment on the balance of long-term equity investment has caused certain adverse effects on its net profit.

At the same time, according to the announcement, Anner’s 2020 operating profit loss was 57.015 million yuan, a year-on-year decrease of 217.18%; the total profit loss was 56.809 million yuan, a year-on-year decrease of 216.02%.

As the “first share of children’s clothing”, Annell, is the decline in its net profit only due to the impact of the epidemic?

In fact, before the epidemic began, Annel’s performance had fallen sharply, and its net profit in 2019 fell by nearly 50% year-on-year.

In 2019, Annel achieved operating income of 1.327 billion yuan, a year-on-year increase of 9.41%; realized a net profit of 42.117 million yuan, a year-on-year decrease of 49.49%. The increase in revenue did not increase profit.

(Source: Annel’s 2019 Annual Report)

Annelle did not specifically explain the decline in its net profit in the 2019 annual report.

It is worth noting that the net cash flow generated by the company’s operating activities in 2019 was -46,172,700, a year-on-year decrease of 203.51%. It is understood that this is the first operating cash flow of Annel since its performance was disclosed in 2012. negative.

Business problems “misfortune never comes singly”

Seeing that the performance fell into the situation of “increasing revenue but not profit”, Annal began to find a way to solve it, but the results were very low.

In 2019, Annier increased its capital in Xinyu Infant with 24 million yuan in cash, obtained a 20% stake in Xinyu Infant, and appointed directors, and announced that it will form a synergistic effect with the well-known brand “Sunshine Mouse” under the cooperative enterprise.

Unfortunately, this cooperation lasted less than a year and ended in failure, and the synergistic effect that Annael hoped to form was not achieved.

Affected by the epidemic, Xinyu Yingtong suffered successive losses, coupled with a series of problems such as improper internal management of the company, until 2020, the company has been unable to issue even its annual financial statements.

When I met Xinyu Yingtong, I thought it was already a headache for Annel, but I didn’t expect that the problem that made him even more headache occurred in the same year.

At the beginning of 2019, Annel was brought to court by Honglian International. Honglian International filed a prosecution with the court on the grounds that Annel infringed on its 5 trademark rights, demanding that Annaer stop the infringement, publicly apologize and compensate 61 million yuan for economic losses.

In the end, Annal lost the lawsuit and compensated the other party with 3 million yuan.

However, misfortunes never come singly. After entering 2020, a large number of Annel’s stores have closed down, from 1,505 in 2019 to 1,280 by the end of 2020.

The children’s clothing industry should have been the most potential sector in the footwear industry. In recent years, the compound growth rate of the industry has exceeded 12%. However, the net profit of Annelle has been declining successively. Is the children’s clothing “not easy to sell”? Or is it Annell’s “not selling well” children’s clothes?

(This article is for reference only, and does not constitute investment advice, and operates at your own risk accordingly.)

Du Lihong, the special author of this journal / article

As the world’s largest alternative investment management company, Blackstone has three main sources of income: management fees, performance compensation, and return on principal investment. Among them, the proportion of management fee income in the total income (management fee income + performance return + net investment income) is relatively stable between 40%-50%. Affected by the epidemic from January to September 2020, performance returns will be reduced to negative Correspondingly, the proportion of management fee income in total revenue has increased significantly to more than 100%; in the past 5 years (2015-2019), Blackstone management fee income accounted for an average of 49% of total revenue.

Compared with management fee income, performance compensation is more sensitive to the fund’s own investment income. Since performance compensation is usually withdrawn when the fund’s return rate exceeds the threshold, even if the fund’s assets are still appreciating during the period, as long as its appreciation is reduced, the performance compensation of its management company may drop sharply, or even When the fund assets depreciate, the manager may face the risk of returning the performance rewards that have been withdrawn before. At this time, the performance rewards will be negative. In 2020, affected by the epidemic, Blackstone’s performance compensation in the first quarter fell to -3.274 billion U.S. dollars; with the rebound of the capital market valuation in the second and third quarters, the company’s performance compensation and principal investment income also rebounded, but the first three quarters The cumulative performance reward is still US$300 million; and during the financial crisis, Blackstone also experienced negative performance rewards (in 2008, Blackstone’s performance reward was -12.5 billion US dollars).

Conversely, when the appreciation of fund assets exceeds the threshold, Blackstone’s performance returns will increase exponentially. It can be seen that the performance returns of alternative investment management companies have high volatility characteristics. On average, in the past 5 years (2015-2019), Blackstone’s performance compensation accounted for an average of 45% of total revenue.

As for the principal investment income, for the alternative investment management company, the principal investment at the business level is mainly composed of two parts: one is the amount of capital contributed by the alternative investment management company as a GP (general partner) in the funds initiated and managed by the alternative investment management company. , This part of the capital contribution will be the same as the capital contribution of other LPs (limited partners), which can share the investment income of the fund in proportion and bear the investment loss of the fund; the second is that alternative investment management companies will incubate new business lines/product lines with their own Funds are used as seed capital investment in some new projects and external acquisitions of new teams. We collectively refer to them as “seed capital” business. In addition to the income contribution of the asset itself, this part of the investment will also increase as the business line/product line matures. It will leverage higher asset management leverage to lay the foundation for future expansion of asset management scale, higher management fees and performance rewards. In fact, for many alternative investment management companies, the management leverage of principal investment is of great significance. Far greater than the significance of its investment income.

Blackstone’s business-level principal investment in 2019 is approximately US$6.8 billion, and the resulting net investment income (realized and unrealized asset appreciation income + net interest income + dividend income) is only 530 million US dollars, which is only equivalent to the current year. 7.6% of the total income; but this part of the principal investment supported the scale of assets under management of US$570 billion, which contributed US$3.484 billion in management fee income and US$3.0 billion in performance returns that year; affected by the epidemic in 2020, investment assets will be slightly Depreciation, the cumulative investment income from January to September fell to -71 million U.S. dollars, but because investment income accounted for a relatively low proportion of the total income, short-term fluctuations had little effect on the company’s overall performance. More importantly, It lies in whether these seed capitals can leverage a higher proportion of the scale of assets under management in the long run. In the past 5 years (2015-2019), Blackstone’s principal investment income accounted for an average of 6% of total income.

In summary, for mature alternative investment management companies, the first two together account for more than 80% of the total income, while the principal investment income usually accounts for less than 20%. Among them, the contribution rate of the performance reward in the boom period can reach more than 50%, but the performance reward in the low period will be greatly reduced or even negative. Therefore, the management fee income maintains the basic operation of the company in the long run, and the performance reward determines the company The short-term performance volatility of the investment; as for the principal investment, the contribution of its investment income is less. The more important significance is to maintain the innovation power of the enterprise in the form of seed capital and promote the continuous growth of the scale of managed assets.

The principal investment of alternative investment management companies will amplify the management leverage, and the management leverage will amplify the risk of volatility while amplifying the return on income. That is, when the appreciation of fund assets slows down, the manager’s performance returns will also be greatly reduced. Even negative; however, because the incentive compensation part of the management team in operating costs will also change with performance fluctuations, the incentive compensation will also be greatly compressed in years when investment performance has fallen sharply, and may even be reduced to a negative value (ie , The part of the salary payable that has been confirmed and yet to be paid to the management team is reversed), so in the long run, the profit margin of alternative investment management companies is relatively stable.

Taking Blackstone as an example, Blackstone’s operating profit margins have always been high, ranging from 30% to 60%. Except for 2008, when performance returns were negative, Blackstone’s operating profit margins in all other years were within 30% to 60%. In the years with good performance, the operating profit margin can rise to more than 50%. In the years with poor performance, the operating profit margin can generally be maintained at more than 30%. In recent years, there has been an upward trend. This is largely due to Due to its ever-expanding scale of managed assets and huge single fund scale, the scale effect has effectively reduced the personnel costs and other operating expenses allocated on the unit’s managed assets.

In contrast, Carlyle’s refined product line has reduced the company’s overall operating profit margin to a certain extent. Unlike the giant funds deployed by Blackstone globally, Carlyle pursues a multi-fund strategy that subdivides product lines by region and industry. Correspondingly, the scale of its single fund is small, but its product lines are numerous and the total number of funds is large. This undoubtedly increases the company’s fund-raising costs and the cost of call payment, distribution, and reporting during the fund operation process, and also weakens the management team. The synergy between the two, its operating profit margin is usually between 20%-40%, which is lower than that of Blackstone. However, as Carlyle gradually withdrew from some under-performing business lines and product lines, and introduced an insurance sustainability platform through mergers and acquisitions, its operating profit margins have increased.

Compared with operating profit margins, for alternative investment management companies, a more meaningful indicator is the ratio of rigid expenditure to management fee income, which shows whether alternative investment management companies can continue to maintain profitability and maintain dividends in the trough. According to historical data, Carlyle’s rigid expenditure ratio has always been the highest among the five companies, with an average of about 80%. Among them, in addition to the cost of product line refinement, the follow-up incentive cost of M&A expansion also accounts for a considerable proportion. .

Compared with Carlyle, Apollo Asset Management’s rigid expenditure ratio has always been lower. The reason is mainly due to the construction of the perpetual capital platform. With the contributions of its insurance platforms Athene and Athora, perpetual capital has already accounted for To 60% of Apollo’s total assets under management, and contributed a relatively stable management fee income to it, saving fund-raising costs, and its large entrusted scale also reduced personnel costs, so that the company’s overall rigid expenditure accounted for a relatively high proportion. Low level.

As for Oaktree Capital, on the one hand, the non-performing asset disposal strategy in the post-financial crisis period has reduced investment opportunities and the pace of fundraising has slowed, resulting in a slowdown in the growth rate of management fee income; on the other hand, in order to maintain its stickiness to investors, the company has since 2011 Since the beginning of the year, the pace of launching new products has been accelerated, which has led to an increase in the proportion of rigid expenditures; as a result, from the listing in 2012 to the end of 2018, the company’s management fee income has basically maintained at the level of 700 million US dollars per year, but the cash remuneration of the business department The increase from US$330 million to US$400 million, and the general management fee from US$110 million to US$160 million, caused the company’s rigid expenditures to rise from 59% in 2012 to 71% in 2018.

In contrast, with the expansion of the scale of its assets under management, the ratio of rigid expenditure to management fee income has dropped from 70% during the financial crisis to about 50%, so that it can maintain positive cash flow and provide investors with relatively stable dividends. income.

In summary, the ratio of rigid expenditure to management fee income of large alternative investment management companies is usually between 50% and 80%. The refinement of product lines and subsequent incentive costs of mergers and acquisitions will increase the proportion of rigid expenditures to a certain extent. , And the growth of the scale of the perpetual capital platform can reduce the proportion of rigid expenditure to a certain extent; in addition, the difference in salary structure will also affect the proportion of rigid expenditure. Some companies have a slight proportion of basic salary in total compensation. High, in order to maintain the stability of employees, and some are based on incentive compensation to enhance the incentive effect; but in general, even in the downturn of the industry, the management fee income of large alternative investment management companies can basically cover their rigid expenditures. As a result, the company maintains a continuous positive cash flow. Correspondingly, even under the impact of the epidemic, several listed alternative investment management companies have maintained relatively stable dividend income.

As of the end of 2020, Blackstone’s dividend rate was 3.0%, the average dividend rate for the past 5 years was 6.1%, and the dividend yield rate for the past year was 3.3%; the lowest dividend rate was KKR, which had a dividend rate of only 1.3% as of the end of 2020 , The average dividend rate in the past 5 years is 3.7%, and the dividend yield in the past year is 1.8%; the highest dividend rate is Apollo, which has a dividend rate of 4.8% as of the end of 2020, and the average dividend rate in the past 5 years is 6.4 %, the dividend yield in the past year is 4.8%; while Carlyle’s dividend yield is similar to that of Blackstone. As of the end of 2020, the dividend rate is 3.4%. The average dividend rate in the past five years is 7.7%. The dividend yield in the past year The yield is 3.1%. In short, in the past five years, dividend income has contributed 20%-40% of the total shareholder return of large-scale alternative investment management companies listed in Europe and the United States.

(The author is a partner of Beta Strategy Studio, and the WeChat public account is Du Lihong Alternative Finance.)

In response to the above news, Polestar replied to the reporter of the “Technology Innovation Board Daily”, “We do not make any comments or responses to the current market speculation, and the official information shall prevail.” Previously, Polestar has been rumored many times that it will be listed as soon as this year. What changes will Geely bring to the seemingly “busy” Polestar? “Not the only” high-end electric car weight At present, in Geely’s “car empire”, there are high-end electric vehicles such as Geometry, Polestar, and Pole Krypton. The reporter of “Science Innovation Board Daily” inquired about the official website of Geely Holding Group and found that the management structure of the group had been updated in early April. Among them, Volvo Cars and Polestar Cars are all classified as Volvo Cars Group. Geely’s newly established Jikrypton Automobile belongs to Jikr Intelligent Technology Co., Ltd., parallel to Geely Automobile Group and Volvo Car Group. Figure @吉利控股集团 Management Structure; Source: Geely Holding Group’s official website Currently, Polestar has two models, Polestar 1 and Polestar 2. But in terms of sales, Polestar’s performance does not seem to be optimistic. According to data from the China Automobile Center Data Resource Center, in 2020, Polestar’s cumulative insurance coverage is only 365 vehicles, which is at the end of luxury brands, far behind Tesla, Weilai, etc. “From the perspective of model design, Polestar 1 and Volvo S90, Polestar 2 and Volvo 40.2 are very similar. There is a certain degree of overlap between the two businesses, which will affect the development of the young brand of’Polestar’.” A reporter from the Science and Technology Innovation Board said, “Now many auto companies are taking the road of’branding the first model and selling subsequent models.’ Extremely krypton comes to the sales, of course, this also mainly depends on the latter’s selling price.” Some media reports previously stated that the first model of Ultra Krypton, ZEEKR 001, will be launched from August to September this year. It is reported that the new car is the original Lynk & Co ZERO, and the price will be set in the range of 300,000 to 500,000 yuan. “If you look at this price range, the extremely krypton pricing is aimed at Tesla and Weilai. It can even be said that its direct competitor is Weilai ET7.” An automotive engineer told a reporter from the Science and Technology Innovation Board, ” The customer base at this price is relatively small, and it will test whether the company can survive in the cracks.” Geely Auto with “Double Decline” in Revenue and Net Profit On March 23, Geely Automobile released its 2020 financial report. The financial report shows that in 2020, Geely Automobile’s revenue was 92.1 billion yuan, down 5% year-on-year; net profit was 5.57 billion yuan, down 33% year-on-year; gross profit margin was 16%, a decrease of 1.4 percentage points compared with the same period last year. Figure @吉利汽车 2020 main financial indicators; source: screenshot of Geely Automobile’s financial report In terms of sales volume, in 2020, Geely’s cumulative sales volume exceeded 1.32 million, a year-on-year decline of 3%. Among them, the sales of Geely’s new energy and electrified models were only 68,000, a year-on-year decline of 40%. This “report card” is quite different from the “Blue Geely Action” previously proposed by Geely Holding Group Chairman Li Shufu. In 2019, Li Shufu proposed that the core content of the “Blue Geely Action” is “In 2020, Geely’s production and sales will reach 2 million vehicles; of which, new energy products account for 90%.” “Geely has many sub-brands, opportunities and challenges coexist. Compared with other auto companies, Geely needs to focus more on creating explosive models and enhancing the speed of product upgrades.” The above-mentioned automotive engineer analyzed to a reporter from the Science and Technology Innovation Board. Said. Looking back at Polestar, its CEO Thomas Ingrat once publicly stated that “Polestar has a very clear mid- to long-term development goal, which is to open the door to IPOs and the stock market.” If Polestar is successfully listed, it may bring new growth points for Geely. As of 14:22 on April 14th, Beijing time, Geely Auto’s share price rose 5.51% to 20.30 Hong Kong dollars per share, with a total market value of 19,948 million Hong Kong dollars.

Head office of LienVietPostBank. (Photo: Vietnam +)

Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank – stock code LPB) achieved a pre-tax profit of VND1,112 billion in the first quarter of 2021, nearly double the same period last year.

This is the quarter with the best business results ever, even exceeding the profit of some previous years of operation of LienVietPostBank.

In addition, by the end of March 31, total assets of LienVietPostBank reached more than 245,200 billion, up over 20% over the same period last year. Capital mobilization from economic organizations and individuals continued to grow well, reaching nearly VND206,300 billion, in addition, outstanding loans from this sector reached over VND 183,100 billion, an increase of more than VND 6,100 billion compared to the end of the year. 2020.

Notably, the proportion of retail growth in credit growth in Q1 reached more than 80%, indicating a consistent orientation of the bank towards the retail segment.

In the insurance segment sold through the banking channel (Bancassurance), LienVietPostBank is among the top commercial banks with the highest sales in the market. Along with the efforts in business and service development, by the end of the first quarter, LienVietPostBank’s net service revenue reached VND 162 billion, an increase of nearly 70% over the same period last year.

On the HOSE, stock LPB is in the group share had the highest market price growth in Q1, up nearly 40%, from 12,400 VND / share in the trading session on 31/12/2020 to 17,350 VND / share in the trading session on 31/3 and now is reaching the price of nearly 19,000 dong / share.

In mid-March, credit rating agency Moody’s upgraded LienVietPostBank’s outlook to “Stable.” This result reflects the bank’s financial capacity, good risk management and long-term development opportunities.

According to the plan, on April 29, LienVietPostBank will hold the Annual General Meeting of Shareholders, it is expected that this year, the bank will set a plan. profit before tax is 3,200 billion. Thus, with the first quarter results reaching 1112 billion, LienVietPostBank has fulfilled about 35% of the profit target in this year’s business plan./.