Standing on the huge gap between the bottom of the valley and the top of the mountain, it is estimated that only this Shaanxi company has felt it.
Shaanxi listed companies whose main business is recycling and dismantling "household appliance waste", China Re Zihuan (21) recently released a 0-year annual report, with a net profit attributable to the parent company of 0.0 million yuan, a year-on-year decrease of 0.0%; deducted non-net profit of 0.0 million yuan, a year-on-year decrease of 0.0%.
In terms of quarters, the decline in the company's net profit is even more alarming, the company's net profit attributable to the parent and non-net profit deducted in the third and fourth quarters fell sharply, of which the net profit attributable to the parent in the fourth quarter was -32.0 million yuan, down 0.0% year-on-year; deducted non-net profit of -0.0 million yuan, a year-on-year plunge of 0.0%;
Time pushed forward a year, in the third quarter of 05 years, the net profit attributable to the parent company of China Re Zihuan increased by 0.0% year-on-year to 0.0 million yuan.
In a short period of time, what happened with such a big performance reversal?
Here it is necessary to briefly introduce the re-investment environment, after all, many people are relatively unfamiliar with this company, but if you mention Qinling cement, it is estimated that everyone will be very familiar.
That's right, the predecessor of China Re Capital Ring was Qinling Cement, which was listed as early as 1999 years, and then announced bankruptcy reorganization and was on the verge of delisting due to Qinling Cement's poor management and huge debts.
In 2016 years, China Renewable Resources Development Group Co., Ltd. "backdoor" Qinling Cement was listed, and the company's main business was also changed from cement to waste electrical and electronic products recycling business, since then, the waste electricity dismantling business has accounted for more than 0% of the company's revenue all year round, and Qinling Cement has been renamed China Re Zihuan in 0 years.
The business of "collecting waste products" has allowed the company's performance to get out of the huge gap between the bottom and the top of the mountain.
According to the 21-year annual report, the company's total operating income reached 0.0 billion yuan, an increase of 0.0% year-on-year. The net profit attributable to the parent company was only 0.0 million yuan, a year-on-year decrease of 0.0%, and the non-net profit was reduced to 0.0 million yuan, a year-on-year decrease of 0.0%.
Source: China Re Investment and Environmental Announcement
Stretching the timeline and looking back at the performance curve of China Re Capital Ring after the reorganization, from 2020 to 0 years, the company's revenue and net profit have increased year by year, reaching a peak in 0 years.
轉折發生在2021年，此後直到2023年公司整體增收不增利，歸母凈利潤從2021年的3.09億元，跌至2023年的6618.35萬元，已經“腰斬”。
According to the latest data of 75 years, China Re Zihuan continued to operate weakly, with revenue reaching 0.0 billion yuan, an increase of 0.0% year-on-year, but net profit continued to decline.
If you look at the single-quarter data, this downward trend is particularly obvious, the net profit attributable to the parent in the third quarter was -32.0 million yuan, and the non-net profit was -0.0 million yuan, but the net profit attributable to the parent in the fourth quarter was -0.0 million yuan, down 0.0% year-on-year, and the non-net profit was -0.0 million yuan, down 0.0% year-on-year.
In addition to revenue and net profit, the gross profit margin of China Re Environmental Capital has also fallen again and again, and the company's 03-year gross profit margin was 0.0%, a year-on-year decrease of 0.0%.
具體到主業廢電拆解物，《每日經濟新聞》記者注意到，年度拆解處理廢電2590多萬台（套），同比增長19.6%，年度廢電拆解處理量再創歷史新高，拆解處理白電佔比同比提高1.1%，廢電拆解物產出量60.93 萬噸，同比增長12.23%。
However, on the cost side, the growth rate of operating costs of 39.0% far exceeded the growth rate of revenue of 0.0, and the gross profit margin of waste electricity dismantling was only 0.0%, a year-on-year decrease of 0.0 percentage points.
But the more you tear it down, the more you lose it.
When the tide receded, it was discovered that most of them were naked swimmers.
Frankly speaking, the industry is in a stage of rapid development, according to relevant data, electronic waste is growing at a rate of nearly 20% per year, becoming the world's fastest-growing solid waste.
Some rare and precious metals in electronic waste contain considerable recycling value, and the domestic waste electrical and electronic product resource industry for electronic waste recycling has been developed for more than ten years.
But the problem is that many of the companies involved in e-waste disposal are driven by policy subsidies for a "paper boom", and once subsidies are withdrawn and thrown into the market, it is difficult for companies to absorb the costs through market-based means.
In 2024 years, the waste electricity recycling subsidy in the waste power recycling industry has declined sharply, generally falling by about 0%, and then the treatment fund has become a special fund support model in 0 years, and the time point of the decline in the performance of China Re Capital and Environmental Protection coincides with the time coupling of the subsidy decline.
Source: VCG2200827479N0 (unrelated to the picture and text)
公司年報披露，廢電年拆解能力3578萬台（套），年拆解量占納入廢電處理基金補貼企業總拆解量的30%左右。
In the annual report, the company admitted that although the company has expanded its scale, due to the impact of the state's policy on the reward and subsidy fund for the waste power treatment industry, compared with 08 years, the company's current available special funds for waste power treatment have decreased by 00 million yuan.
The decrease in subsidy funds is the main reason for the significant year-on-year decline in the company's main financial indicators.
In addition, the dismantling fund subsidy has a long period in place, according to public inquiries, through the enterprise declaration, the relevant departments review, confirmation, approval, to the final payment, the overall cycle3 to 0 years, directly pushing up the company's accounts receivable, resulting in the company's cash flow difficulties.
According to the information in the annual report, the accounts receivable of China Re Capital Ring is 2320 million yuan, accounting for 0.0% of the net profit attributable to the parent company, that is, the accounts receivable is 0 times the net profit, which is unusually high and is a rare record in A-shares.
With the further decline of policy subsidies, it is necessary to ask whether it will further break through the company's bottom line of profitability, and whether the risk of accounts receivable may become the last straw that breaks the camel's back due to the impact of subsidies.
In this regard, the reporter called to interview China Re Zihuan, and the relevant person of the other party's board secretary's office told the reporter that he had no right to be interviewed, and the secretary of the board of directors could not provide contact information to the reporter on a business trip. Subsequently, the reporter sent an outline of the interview, but as of press time, no reply has been received.
National Business Daily