Seven pastures sold and bought back, why did the western animal husbandry “go back”

On April 18, western animal husbandry announced that it plans to purchase 100% equity of Tianshan Guanghe by issuing shares, with a transaction price of 870 million yuan. Meanwhile, it plans to raise no more than 500 million yuan for the introduction and construction projects of 5000 improved breeds of dairy cows.

As for the business impact of the acquisition, western animal husbandry said that after the completion of the transaction, the listed companies will realize the opening and integration of feed production and sales, dairy farming and fresh milk supply, dairy processing and sales and other industrial chains, which will help the listed companies grasp the industry development opportunities, accelerate the occupation of market share and industry integration, expand the talent team, and enhance synergy Should. At the same time, through the control of milk source base, we can solve the market demand of feed business, meet the fresh milk supply of dairy processing, ensure the front-end quality control of dairy products, and provide the basis for the rapid and healthy development of listed companies.

Shen Meng, director of Xiangsong capital, believes that the purchase of 100% equity of Tianshan Guanghe by western animal husbandry is to improve the industrial chain, strengthen and consolidate the market position, give play to the synergy effect and scale effect, and improve the profitability and competitiveness.

It is worth mentioning that the breeding assets purchased by western animal husbandry this time coincide with the breeding assets previously sold by 7 joint venture cattle farms. In 2018, western animal husbandry sold to Tianshan Junken the shares of seven ranch subsidiaries held by its subsidiaries, namely, Furui, Tianjin, Shuanghe, Quanwang, Tianying, Liqun and Dongrun; in 2020, Tianshan Junken transferred 100% of the shares of the above seven ranches to the target company and increased its capital.

In 2018, the investment income of 10 self owned cattle farms sold by western animal husbandry was 51.129 million yuan, and the investment income of 7 dairy farming companies sold by western animal husbandry was 31.17789 million yuan. After the completion of the sale of breeding assets in 2018, western animal husbandry only holds the equity of the remaining five joint venture cattle farms and 38.2% of the equity of Junggar animal husbandry. In addition, western animal husbandry no longer holds and controls other dairy and beef cattle breeding assets.

At that time, the western animal husbandry said that due to the asset quality and profitability of the 10 self owned pastures that were sold in the previous time, they were not included in the acquisition scope of the listed company. The western animal husbandry entrusted the operation and management to avoid the competition among the same industry. When the conditions are ripe, they should be loaded into the western animal husbandry.

The data shows that since 2016, the operating performance of animal husbandry in Western China has continued to decline. Losses continued in 2016 and 2017. In 2016, the net profit loss of western animal husbandry was 52.21 million yuan, and in 2017, the loss was 367 million yuan. Although the attributable net profit in 2018 achieved a profit of 19.71 million yuan, it still suffered a loss of 111.3 million yuan after deducting the non net profit. In 2019, the animal husbandry industry in Western China will lose another 57.17 million yuan. On the evening of January 29, the western animal husbandry released a performance forecast, saying that it is expected that the net profit attributable to the parent in 2020 will be 14-18 million yuan, with a loss of 57.768 million yuan in the same period last year, turning a loss year on year.

Some people in the industry believe that, in addition to the performance pressure at that time, western animal husbandry re bought the ranch in order to thicken its own assets, “eager” to be purchased by large dairy enterprises.

It is reported that the listed large-scale breeding milk source enterprises have been divided up by the downstream dairy enterprises. Modern animal husbandry and China Shengmu are included in Mengniu Dairy. Saikesing and Zhongdi dairy are included in Yili shares. The original ecological animal husbandry is the core milk source supplier of Feihe dairy, and only the western animal husbandry is still operating independently.

However, Shen Meng believes that western animal husbandry, as a state-owned agricultural and animal husbandry enterprise in the west, has no demand to sell itself.

Zhu danpeng, an analyst of China’s food industry, said that the healthy, high-end and nutritious consumption of the whole industry has forced the whole industry to thirst for milk sources. Therefore, the western animal husbandry must integrate resources to have a greater advantage in milk sources.

Beijing Business News (reporter Qian Yu, Bai Yang)

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