Asia’s new fishing port model is hard to tell a new story: unstable joint ventures, missing supply chain e-commerce vents

2022-05-02 0 By

After the rapid development of Zhangzidao and Dongfang Ocean, investors always have to ask what is the difference between zhangzidao and Donghai fishing stocks.Thus, Asian fishing ports, with a new model of raw food supply chain, are heading for the GROWTH Enterprise Market.However, missing the supply chain e-commerce outlet, the epidemic pressure on the catering market affects the company’s performance, to promote new business in unstable cooperation mode, it can tell a new story?After the new mode of price rises, prepared vegetables and other concepts turn speculation, another seafood enterprise is about to land in the A-share market.On February 18, the impact of the gem listed Asia Fishing Port Co., LTD. (referred to as “Asia fishing Port”), will soon usher in the ipo.The company comes from Dalian, the seafood capital, but its business model is different from zhangzidao, Jingun Fish Fishing and other enterprises in the same city.Asia Fishing Port describes itself as a brand fresh ingredients supply chain enterprise.In short, the company does not breed, purchases most raw materials from the upstream, produces less by itself, reuses the outsourcing processing mode, mainly through its own storage and cold chain system, supplies the processed fresh products to downstream catering enterprises.Its chain of major customers include IKEA, Wallace, Chiu (Xiabu Xiabu), etc.The traditional aquatic product processing industry is characterized by low efficiency, high loss and weak stability, leading to the criticism of a-share fishery sector.However, the new model of Asian fishing ports has improved efficiency and shifted the risk of production based on sales, which can steadily increase the overall value of the industrial chain.At the same time, after the stable operation of the supply chain, the products can be expanded from the original seafood to pastry, beef and mutton, and other categories, the growth space of the enterprise continues to expand.But the pandemic has disrupted the direction of innovation in Asia’s fishing ports.From 2018 to 2020, the operating revenue of the company is 914 million yuan, 1.203 billion yuan, 897 million yuan respectively, and the net profit of the parent is 64.0889 million yuan, 69.04887 million yuan, 53.514 million yuan respectively.The main reason for the double decline in revenue and net profit in 2020 is the overall impact of the epidemic on the catering industry and the impact of sporadic outbreaks in Dalian on the company’s business.According to unaudited data, in the first three quarters of 2021, the operating revenue and net profit of the company were 872 million yuan and 55.5083 million yuan respectively. Although the company recovered strongly, it still failed to recover to the normal level of 2019.At the same time, the epidemic broke out again in Dalian in November 2021, and cold chain related enterprises suspended production and operation. It is expected that the company’s performance will continue to be low last year.In addition to the raw supply chain, the company has invested in Tondelai Hotpot, based in Dalian.Asia Fishing Port indirectly holds 15.69 per cent of Tondelai, making it the company’s second largest shareholder.Tondelai lost 27.652,500 yuan in 2020 and 8.510,800 yuan in the first half of 2021, the data showed.Miss the wind?In addition to the main business, Asian fishing ports earlier layout of supply chain e-commerce.In 2015, the company set up Asia Food Union Development, a one-stop supply chain e-commerce platform for terminal catering enterprises.At the end of that year, AFIDA reached a cooperation agreement with Chen Lin.Chen Lin and the company controlled by concerted action people established a catering material sales network covering the three northeastern provinces in the early stage.Chen Lin founded Shenyang Asia Food Union, Asia Food Union development through capital increase to become the major shareholder of Shenyang Asia Food Union.After that, Chen gradually transferred his original business to the joint venture.Shenyang Asian Food association actual management is still carried out by Chen Lin.Supply chain e-commerce, start-up small gains.According to Asia Fishing Port’s prospectus, Shenyang Asia Food Union and its subsidiaries achieved sales revenue of 209 million yuan in 2016.After 2016, Internet giants began to layout the trillion-level market of food supply chain.The company felt unable to compete with Alibaba, JD.com, Meituan and other companies, so it took over meituan’s olive branch.In June 2017 and May 2018, the company transferred 100% equity of AFIDA development to Meituan for a total consideration of 132 million YUAN.At that time, the development of Asian Food union profits stable, joint venture shenyang Asian Food Union loss performance narrowed.After the transfer of the development of Asian Food Federation, Asian fishing ports have gained a sum of cash and considerable profits, but lost an opportunity to stand in the forefront.At the same time, also personally trained a considerable strength of the competitor.After the acquisition of Asia Food Union, Meituan has carried out a large-scale layout in the field of catering ingredients e-commerce platform business, and launched the catering ingredients e-commerce brand “Fast Donkey”.Of course, Meituan’s relationship with the company is not so simple.In June 2017, Meituan invested heavily to participate in the Asian fishing port stock reform.Up to now, Meituan’s tianjin Zhongmei and Longzhu investment hold 14.93 percent of the company’s shares, making them the second largest shareholders.At the same time, Meituan is an important customer of the company.During the reporting period, the subordinate enterprises of Meituan have been steadily included in the company’s top five customer list. The transaction amount from 2018 to 2020 and the first half of 2021 are 2017.11 million yuan, 60,9582 million yuan, 62.636 million yuan and 33.0056 million yuan respectively.Asian fishing ports are trying to move upstream after a shaky joint venture to sell supply-chain e-commerce businesses.At the end of 2018, Asia Fishing Port set up a company named Haiyan in partnership with Zhu Haihong through its wholly-owned subsidiary Asia Fishing Management, holding 51% and 49% respectively, engaged in the business of importing shrimp primary processing products.Natural person Zhu Haihong is a large South American white shrimp operator in Jinan Weikang market, with long-term working experience.The plan is for Zhu haihong to transfer its assets such as import channels to the Haiyan and expand its catering customers through Asian fishing ports.The company has pledged to make a net profit of at least 1.5 million yuan in 2019, 1.8 million yuan in 2021 and 2.1 million yuan in 2021.In 2019, Haiyan made a net profit of 4.1531 million yuan, exceeding its performance promise in the first year.After the cancellation of performance commitment, the company lost 12.4835 million yuan in 2020, and turned into a profit of 2.420,200 yuan in the first half of 2021.In April 2021, Haiyan held a general meeting of shareholders and agreed to transfer zhu Haihong’s 49% equity of Haiyan to Asia Fishery Management at a consideration of 1.2 million yuan.However, the two sides ended up in dispute.In July last year, due to minority shareholders of Haiyan failed to fulfill the agreement to purchase part of haiyan’s inventory, Asia Fishery Management paid 500,000 yuan for inventory goods in the early stage, but withheld the remaining 700,000 yuan.In the first half of 2019, with the same model, Asia Fishery Management and wang Mingyao, a veteran of the subdivision industry, set up a joint venture company, Sea Eagle, to strengthen the business of abalone primary processing products.In 2020 and the first half of 2021, the net profit of Haihawk is -873,700 yuan and -185,500 yuan respectively.So far, the Seahawk’s operations have continued as normal.Due to the two companies haiyan and Haiying, the inventory scale of Asian fishing ports has soared sharply in recent years, reaching 43.1698 million yuan, 102 million yuan, 997.40100 million yuan and 107 million yuan respectively at the end of each reporting period, accounting for the proportion of current assets rising from 7.67% to 18.09%.At the end of 2020, the company’s inventory reserve for price decline was 15.4302 million yuan, an increase of 15.4281 million yuan compared with the end of 2019.Now the more difficult question is, without Zhu Haihong, haiyan original business can continue?And how can the Seahawk avoid a similar fate?