With a good capital market story and excellent performance support, Glodon has also had unlimited prosperity and is highly sought after by a number of capital tycoons. As the "tide recedes", Glodon finally "fell" from the altar, and Hillhouse Capital, which was quite favored by it before, suffered a floating loss of more than 1 billion.
Glodon's "dream" of a 30% year-on-year increase in revenue and net profit was shattered after all, which also affected Hillhouse.
After the heated discussion on the Internet due to the clearance of the year-end bonus for employees, Glodon once again released heavy news. On the evening of January 29, Glodon released its 2023 performance forecast, which is expected to achieve a net profit attributable to shareholders of listed companies of 90 million yuan to 130 million yuan in 2023, compared with 96,673 yuan in the previous year480,000 yuan, down 8655% to 9069%。
Once upon a time, Glodon, with its excellent performance and brilliant story, finally ended up with chicken feathers, and the company's stock price, which had been declining all the way, was hit hard again. Since the disclosure of the 2023 performance forecast, Glodon's share price has totaled **17 in four trading days31%, as of February 2**, Glodon reported 1142 yuan shares, **578%。
Hillhouse Capital, which once favored Glodon and bought a large number of shares of the company with real money, has also continued to expand its floating losses in this process.
In order to recover the decline in the secondary market, Glodon is also making efforts. In the disclosure of the performance forecast, Glodon also disclosed the "Announcement on the Progress of the Implementation of the Share Repurchase Plan", intending to "protect the disk", but at present, it has little effect.
Zhang Lei "miscalculated"?
Glodon, which is riding the east wind of digitalization, has been the object of many institutions.
On June 17, 2022, Glodon announced that the company's 2022 investor conference attracted the participation of 327 investment institutions, including leading institutions such as Tamsui Spring, Gaoyi Assets, Sequoia Capital, and many large-scale public offerings such as E Fund and Tianhong.
In fact, as early as 2017, Glodon decided to accelerate its digital transformation, intending to develop the company into a platform-based enterprise in the construction industry and enable the industry through a digital construction platform. In order to accomplish this goal, Glodon is also focusing on building a digital construction industry platform and its own digitalization while cloudifying the cost software business.
In this context, Glodon's performance and business structure have been improving. In 2021, the company achieved revenue of 561.9 billion yuan, a year-on-year increase of 4032%；The net profit attributable to the parent company was 66.1 billion yuan, a year-on-year increase of 10006%。It is precisely for this reason that Glodon has been sought after by many institutions.
However, Zhang Lei has a keen sense of smell and has already laid out Glodon two years in advance.
On June 17, 2020, Glodon announced that the company has completed a non-public offering, with 5,348 shares issued650,000 shares, the introduction of Hillhouse, UBS AG (UBS), Huarong Ruitong total capital of about 2.7 billion yuan, fixed increase ** of 50$48 shares.
Among them, Hillhouse Capital spent 1.5 billion yuan to win Glodon 2971470,000 shares, covering more than half of the shares of the private placement project; UBS invested 900 million yuan to acquire Glodon 178290,000 shares; Huarong Ruitong invested 300 million yuan to win Glodon 59430,000 shares.
Since then, the number of shares held by Hillhouse Capital has not decreased. It is worth noting that Flush data shows that on December 31, 2021, Hillhouse Capital held 2971470,000 shares were held by HHLR Management, a leading management platform under Hillhouse that focuses on secondary market investment.
Until May 15, 2023, after Glodon's dividend transfer, HHLR Management***'s shareholding in Glodon has changed to 41.6 million shares, accounting for the same share of the total share capital, and it is still 25%。
In fact, since Hillhouse, UBS, and Huarong Ruitong acquired Glodon shares in June 2020, the company's share price has soared all the way to an all-time high of 91 on January 21, 202156 yuan shares. Since then, Glodon's share price has been declining, and as of February 2, 2024, the company's stock price is only 1142 yuan shares, down nearly 9% from a higher level.
It is worth noting that Hillhouse Capital is priced at about 5048 yuan of shares of ** to win this part of the equity, in terms of Glodon's current stock price, the shares in the hands of Hillhouse Capital are only worth about 47.5 billion, with a floating loss of more than 1 billion.
Net profit is expected to drop by more than 8%.
Net profit may fall by 9%, which is undoubtedly a big deal for Glodon.
According to the information disclosed by Glodon, Glodon's net profit in 2023 will be about 90 million yuan to 130 million yuan, while the company's net profit in 2022 will be 96673480,000 yuan,This means that Glodon's net profit fell by 8655% to 9069%。
In addition,In 2023, Glodon's non-net profit will decline even more, which is expected to be 25 million yuan to 65 million yuan, and 91925 yuan in 2022Compared with 290,000 yuan, it decreased by 9293% to 9728%%。
In this regard, Glodon said that this is mainly due to the increase in labor costs, depreciation and amortization and asset impairment.
Specifically, Glodon has invested heavily in production and research, sales, technology platforms, artificial intelligence, etc., and labor costs have increased rapidly, resulting in rapid growth in costs. The capitalized investment projects of the raised funds in previous years began to be amortized after being transferred to intangible assets at the beginning of the year, and the Xi'an R&D base was put into use at the beginning of the year and transferred to fixed assets for depreciation, and the depreciation and amortization increased by about 200 million yuan; Affected by the failure of the growth rate of some business segments, the asset impairment in 2023 increased by about 100 million yuan compared with 2022.
In fact, Glodon's net profit has long been expected to decline sharply, and the company will achieve revenue of about 47 in the first three quarters of 2023500 million yuan, a year-on-year increase of 702%；The net profit attributable to shareholders of the listed company was about 26.2 billion yuan, a year-on-year decrease of 5.902%；Basic earnings per share was 01586 yuan, a year-on-year decrease of 5939%。
It is worth noting that from 2020 to 2022, Glodon's performance is quite outstanding. According to the data, Glodon's revenue was 400.5 billion yuan, 561.9 billion yuan, 65$9.1 billion; The net profit attributable to the parent company was 33 billion yuan, 66.1 billion yuan, 96.7 billion yuan.
In addition, in the first half of 2023, Glodon's R&D investment growth rate will be 3071%, with R&D investment of more than 500 million yuan, ranking among the top listed software companies.
Or because the company's stock price is excessively affected by the performance, Glodon also disclosed the "Announcement on the Progress of the Implementation of the Share Repurchase Plan". As of January 29, 2024, Glodon has repurchased a total of 1,570 shares through a centralized bidding transaction through a special repurchase account590,000 shares, accounting for 094% with a high price of 2450 yuan shares, the lowest transaction price is 1500 yuan shares, the total transaction amount is 3$1.3 billion (excluding transaction costs).
It is reported that as early as August 18, 2023, Glodon passed the "Proposal on Share Repurchase Plan", which intends to repurchase some of the company's ordinary shares (A shares) issued by the company through centralized bidding with its own funds for equity incentives or employee stock ownership plans; The total amount of funds repurchased shall not be less than 300 million yuan (inclusive) and not more than 500 million yuan (inclusive), and the repurchase** shall not exceed 45 yuan (inclusive).
It is worth mentioning that perhaps it is precisely because of the continuous pressure on performance that Glodon chose to "abandon the car to protect the handsome", and in early January, Glodon even caused heated discussions because of the zeroing out of the performance of all employees.
Diao Zhizhong, who is constantly pledged
It is worth noting that even if there is 26 lying on the account6.2 billion, Diao Zhizhong, the actual controller of the company, is still pledging the company's shares.
It is reported that Glodon has recently disclosed three "Announcements on the Pledge of Part of the Shares of the Controlling Shareholder", and Diao Zhizhong, the controlling shareholder and actual controller of Glodon, has recently pledged shares in several times.
Among them, the number of pledged shares with a pledge start date of January 4, 2024 is 5.3 million shares and 2.6 million shares; The number of pledged shares with a pledge start date of January 11 is 2 million shares; The pledge starts on January 22 and January 23, with 7.2 million shares and 4.4 million shares, respectively. The above pledged shares are supplementary pledges.
Straight flush data shows that as of January 24, 2024, Diao Zhizhong's holdings of 2Of the 6.6 billion shares, a total of 84.4 million shares were pledged, accounting for 31 percent of the number of shares held72%, accounting for 5% of the company's total shares07% with a recent extraction date of March 19, 2024.
In fact, on the "2023 Hurun Global Rich List", Diao Zhizhong ranked 1682nd with a value of 13.2 billion, but with the share price of Glodon all the way, his value has also fallen a lot. According to the calculation of Flush data, in January 2024 alone, Diao Zhizhong will evaporate more than 1 billion yuan due to the share price of Glodon.
It is worth mentioning that Diao Zhizhong is very important to Glodon. More than 20 years ago, Diao Zhizhong responded to the call to go to sea, left the state-owned enterprise, and co-founded Glodon with six other founders in a humble basement, and took the helm of the company.
In 2016, Diao Zhizhong looked at the cloudification of cost software, transformed the SaaS market, eliminated public opinion, and accelerated the company's transformation, thus realizing the company's further development. In 2022, the proportion of Glodon's cloud revenue in cost business revenue will reach 686%。Because of this, Diao Zhizhong even said that by 2025, the company's revenue will double compared with 2022, and the net profit margin will exceed 15%.
At present, Glodon's situation is not optimistic, but as the soul of the company, how to lead the company out of the downturn is still a problem that Diao Zhizhong needs to think about.