Jiangnan Red Arrow net profit fell 37% Zhongnan Diamond unfinished profit commitment

Abstract Jiangnan Hongjian (000519) released its 2015 annual report on the evening of March 14. The company realized operating income of 1.548 billion yuan, down 23.95% year-on-year; realized net profit attributable to shareholders of listed companies of 249 million yuan, a year-on-year decrease of 37.3...
Jiangnan Red Arrow (000519) released its 2015 annual report on the evening of March 14. The company achieved operating income of 1.548 billion yuan, a decrease of 23.95% year-on-year; the net profit attributable to shareholders of listed companies was 249 million yuan, a year-on-year decrease of 37.35%.
Jiangnan Red Arrow also disclosed that due to the unfinished profit of Zhongnan Diamond, which was completed in 2013, the company's chairman and general manager solemnly apologized to investors.
In 2013, Jiangnan Red Arrow made a price of 3.97 billion yuan to China North Industries Group Corporation, Yuxi Industrial Group Co., Ltd., Shanghai Xunbang Investment Co., Ltd., Beijing Jinwanzhong Technology Development Co., Ltd., Wang Siqing, Yu Guobing, Zhang Kui, Zhang Xiangfa, Liang Hao After 9 legal persons and natural persons issued shares, they purchased 100% of the total shares of Zhongnan Diamonds held by them, and raised a total of 1.323 billion yuan of funds for the non-public offering of 9 specific investors.
According to the performance commitment, Zhongnan Diamonds should achieve net profit of 387 million yuan, 421 million yuan and 457 million yuan respectively in 2013, 2014 and 2015. Zhongnan Diamonds completed its committed profits in 2013 and 2014. After deducting non-recurring gains and losses in 2015, the net profit attributable to owners of the parent company was 266 million yuan, only 58.18% of the promised profits, and the difference was 191 million yuan. Committed profit.
For the reasons for the failure to complete the promised profit, Jiangnan Hongjian disclosed that in 2015, due to the macroeconomic environment, the slowdown in the growth of fixed asset investment indirectly affected the sales of superhard materials through the influence of superhard materials, superhard materials and products. The market demand is declining and the market competition environment is becoming more and more fierce. In addition, the pressure on corporate loan financing is relatively high, especially for small and medium-sized enterprises. The large number of small and medium-sized enterprises that are downstream customers of Zhongnan diamonds are affected, which further inhibits the demand for medium-hard diamond products.
Jiangnan Red Arrow said that the company will strictly convene the board of directors and the general meeting of shareholders to conduct special considerations on performance commitments in accordance with the provisions of the Agreement on the Issuance of Shares to Purchase Assets.

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