On the evening of January 30, Aonong Biotech (603363) issued an announcement that it is expected that the net assets at the end of 2023 will be negative, and the company may be subject to a delisting risk warning by the Shanghai Stock Exchange.
According to the performance forecast announced at the same time, Aonong Biotech expects a net loss of 3 billion yuan to 3.6 billion yuan in 2023, which will continue to lose money compared with the same period last year; It is expected that the net assets attributable to shareholders of listed companies at the end of 2023 will be -700 million yuan to -1 billion yuan. If the company's audited net assets at the end of 2023 are negative, the company** will be subject to a delisting risk alert after the disclosure of the 2023 annual report.
As for the reasons for the pre-loss of performance, Aonong Biotech said that pig prices will continue to be sluggish in 2023, and the average sales price of commercial pigs will be 1438 yuan kg, compared with the same period last year**1866 yuan kg, down 2244%, which has a significant impact on the company's operating funds.
In order to alleviate the financial pressure, the company began to slaughter pigs in advance from the second half of the year, and the weight of fat pigs was low, and the weight of fat pigs was 97 throughout the year97 kg; At the same time, it took the initiative to shut down some inefficient pig farms, resulting in some shutdown losses, resulting in large losses in the pig breeding business.
In addition, the amount of inventory depreciation, asset impairment and bad debt provision was about 700 million yuan. For excess loss subsidiaries, the company's receivable excess loss subsidiaries recognized a loss of about 3 to 500 million yuan.
Previously, the scale of overdue debt of Aonong Biotech has surged, and the market has been worried that it will become the second listed pig company to go bankrupt in this cycle.
As early as November 2023, Wu Youlin, the company's controlling shareholder Aonong Investment, actual controller and chairman, had planned to transfer no more than 15.2 billion shares of the company. The cash obtained is mainly used to repay its maturing debts, and the remaining part is used to support the development of the listed company itself.
Soon after, Aonong Biotech once again reached a cooperation with another listed company, Dabeinong, which planned to obtain control of Aonong Investment by increasing capital and shares, and at the same time, Dabeinong invested no more than 600 million yuan to purchase the assets of Aonong Biotech.
However, with the freezing of the equity of Aonong Investment, Dabeinong terminated the above intentional cooperation agreement, and the debt plan between Aonong Investment and Aonong Biotechnology was stranded.
Since January 2024, Aonong Biotech has issued 4 debt overdue announcements in a row, and disclosed the latest debt situation in the announcement on the evening of the 30th. As of January 23, 2024, the total principal and interest of overdue debts accumulated by the Company in banks, financial leasing companies and other financial institutions was approximately 14$3.8 billion (net of repaid). From November 2022 to January 30, 2024, the cumulative amount of litigation (arbitration) is 19500 million yuan.
At present, the first live pig is still sluggish, the more listed pig companies sell, the more they lose, and the operating cash flow continues to net outflow. With the overdue debt rising, the number of shares frozen by the judiciary by Aonong Investment, the controlling shareholder of Aonong Biotech, and Wu Youlin, the actual controller, is also rising.
As of January 8, 2024, Aonong Investment and its persons acting in concert have pledged a total of 38.5 billion shares, accounting for 97 percent of the company's total shares55%。As of January 25, 2024, the total number of shares frozen and judicially marked by Aonong Investment and its concerted actors is 35.6 billion shares, accounting for 90 percent of its total shares29%。
Aonong Biotech said that the follow-up situation of the company's shares held by Aonong Investment and the actual controller Wu Youlin may face more changes, and there is greater uncertainty, and relevant changes may lead to the risk of instability of the company's control.
Founded in 2011, Aonong Biotech's main business includes feed, pig raising, food and other industries, and its products mainly include feed, pigs, pork and meat products. Affected by the continued downturn in the pig breeding industry cycle, Aonong Biotech will lose 15 percent from 2021 to 2022200 million yuan and 103.9 billion yuan.
At the same time as the performance loss, the asset-liability ratio of Aonong Biotech also increased from 67 at the end of 202052% increased to 87 in 202118%, falling back to 81 in 202261%, and climbed to 89 at the end of September 202341%, the highest value since listing.
Since December 2023, Aonong Biotech's share price has shown a cliff**, with a cumulative decline of more than 35%. As of the 30th**, the latest stock price is at 497 yuan, with a total market value of 432.5 billion yuan.