Zhangzidao "scallop escape" forever nail shame column was ridiculed "volcano concept first stock" homeopathic stop

China's network finance and economics on January 19 (reporter Ye Qian Shan Shengqun) has faded out of the market for a long time Zhangzidao (002069.SZ), recently suddenly caused a lot of attention. The reason is that on the evening of January 17, a short video with the caption "Due to the volcanic eruption and tsunami in Tonga, a large number of Pacific scallops poured into ZhangziDao, and the revenue is expected to increase by more than 100% this year" circulated on the Internet.

Subsequently, it triggered a number of media reports and investors to ridicule Zhangzidao's "scallop return". Some investors joked that "the zhangzidao scallop with the most ups and downs in fate ——— hungry, and the clothes are not covered, resulting in running away from home, and now they are actually dressed up and home" "The biggest joke on the whole network in 2022, the life of the scallop legend"...

It is worth noting that on the morning of January 18, Zhangzidao responded that "the above situation is not yet clear", and the stock price closed with a limit on the day. That night, Zhangzidao issued an announcement of abnormal fluctuations in stock trading, and said that the above reports and rumors were seriously untrue, the company's management did not accept any relevant interviews and replies to these questions, and the company reserved the right to protect its rights and interests through legal channels.

Why did the "Duan Zi Hand" take aim at ZhangziDao? This may be closely related to the company's previous "bad deeds".

Scallops "run" four times in six years

Zhangzidao was established in September 1992, listed on the Shenzhen Stock Exchange in 2006, the main business is aquaculture, aquatic processing, aquatic trade, etc., once known for the cultivation of Ezo scallops, and later because of the frequent "running away" of scallops notorious.

Since 2014, Zhangzidao has staged a total of 4 scallop deaths or escapes, occurring in 2014, 2017 and 2019, which caused a sensation in the market. The scallops that "run away" disappear for a while, return for a while, say that they have encountered cold water masses, and then say that they have encountered high temperatures.

On the evening of October 30, 2014, Zhangzidao issued an announcement that due to the abnormal cold water mass in the North Yellow Sea that has been encountered once in decades, the company sowed more than 1 million mu of Ezo scallops sown in 2011 and some in 2012 that are about to enter the harvest period has been completely stopped. Affected by this, zhangzidao's net profit attributable to the mother in 2014 was a huge loss of 1.189 billion yuan, but it is interesting that the net profit achieved by Zhangzidao in 2012 and 2013 remained at about 100 million yuan. Zhangzidao's "cold water mass incident" became the largest "black swan event" in the A-share market in 2014.

In January 2018, Zhangzidao said that "due to the decline in the number of bait organisms due to the reduction in precipitation, scallops were 'starved to death'", and then issued a performance revision announcement saying that it was planned to write off the inventory of bottom-sown Ezo scallops and prepare for the decline in the price of inventory, the above two items together affected the net profit of about 629 million yuan, all of which were included in the profit and loss of 2017, directly resulting in a huge loss of 723 million yuan in Zhangzidao's annual performance in 2017.

In April 2019, Zhangzidao said that its net profit loss in the first quarter was 44.4537 million yuan, and the reason was still "bottom-sown Ezo scallops were affected".

In November 2019, Zhangzidao also announced that "due to the combination of factors such as water temperature changes, the scale and density of shellfish culture in the sea area, a large proportion of bottom-sown Ezo scallops have died". In 2019, Zhangzidao's net profit suffered a huge loss of 385 million yuan.

Yin Zhi Grain Supervision strikes hard

In December 2014, the Dalian Securities Regulatory Bureau conducted a special inspection of the "cold water group incident" in Zhangzidao and found that the company had irregular decision-making procedures for some matters, irregular implementation of the internal control system, flaws in the decision to acquire the sea area, and lack of sufficient demonstration of the deep seabed broadcast, and showed it the "decision to order corrections" and "warning letter".

In 2018, when Zhangzidao scallops "fled again", the CSRC opened a case investigation against Zhangzidao in February of the same year.

Scallop "escape drama", Zhangzidao played four times. For the last time, the regulatory authorities used the Beidou satellite navigation system to solve the mystery of the "escape" of Zhangzidao scallops, and on June 24, 2020, Zhangzidao was punished according to the law under the old Securities Law.

The CSRC found that Zhangzidao and the relevant personnel of the company were suspected of financial fraud, false records of the "autumn test", and failure to disclose performance in a timely manner, and many other violations of laws and regulations, and the CSRC gave Zhangzidao Company a warning and imposed a fine of 600,000 yuan in accordance with the law, imposed a fine of 30,000 yuan to 300,000 yuan on 15 responsible personnel, and banned the 4 main responsible persons from 5 years to life in the market.

In addition, the csrcover's investigation results show that Zhangzidao, in 2014 and 2015, has lost money for two consecutive years, objectively taking advantage of the characteristics of seabed inventory and fishing situation that are difficult to find, difficult to investigate and difficult to verify, and does not carry forward costs based on the actual fishing sea area, resulting in serious distortion of financial reports. In 2016, the profit was disclosed from loss to profit by recording less costs and non-operating expenses, and the profit was inflated by 130 million yuan in that year. In 2017, the sea areas that had been harvested in previous years were included in the write-off sea areas or the impaired sea areas, exaggerating the loss margin, and inflating the profit of 280 million yuan in that year.

In September 2020, the CSRC decided to transfer the case of Zhangzidao and related personnel suspected of securities crimes to the public security organs for criminal liability in accordance with the law. After this move, the crime of financial fraud in Zhangzidao was confirmed, and it also added an important warning material to the capital market.

Pre-made dishes + scallops influx 20% in half a month

After a long silence, in 2022, Zhangzidao rubbed the "prefabricated dish" outlet and was able to return to the public eye.

On January 13, zhangzidao board secretary replied to investors' questions on the interactive platform: pre-made vegetable products with the characteristics of instant food, instant cooking, instant heat, and ready-to-match have been successively listed with a series of products such as garlic vermicelli scallops, powdered fish steaks, fresh + scallops, black pepper salmon, dragon tendon Buddha jumping wall and so on.

On January 14, Zhangzidao quickly received the first stop-and-go board of the new year. On January 18, Zhangzidao rose again due to the "Tonga Volcano", and Zhangzidao's stock price has risen by more than 20% since the opening of the market in 2022.

Although the secondary market has opened a good start, it is difficult to see good news in terms of performance. The third quarter report of 2021 shows that in the first three quarters of last year, Zhangzidao achieved revenue of 1.568 billion yuan, a slight increase of 6.77% year-on-year, but it is still far below the revenue of 2.729 billion yuan in 2019 (excluding 2020 affected by the epidemic factors), and the net profit attributable to the mother was -30 million yuan, down 227.58% year-on-year.

Looking at Zhangzidao's related business, according to the 2021 semi-annual report, Zhangzidao's "aquatic processing industry" achieved revenue of 343 million yuan, while in the same period of 2019, its "aquatic processing industry" achieved revenue of 472 million yuan, a significant decline.

Although in the reply to investors, the company publicly indicated that there is a "pre-made dish" business, but also because of the recent "volcano stocks" a small fire, but Zhangzidao's performance still needs to be tested by the market. In this regard, the financial reporter of China Net will continue to pay attention.

(Editor-in-Charge: Chu Dye Xi)