Text | Zhang Xue
Editor's note: There are many A-share blockchain concept stocks, but there are many speculators, and few have carefully studied their specific businesses. To this end, Odaily will launch a series of special reports to introduce well-known blockchain concept stocks and their specific businesses involving blockchain.
Produced | Odaily (ID: o-daily)
Editor's note: There are many A-share blockchain concept stocks, but there are many speculators, and few have carefully studied their specific businesses. To this end, Odaily will launch a series of special reports to introduce well-known blockchain concept stocks and their specific businesses involving blockchain.
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Image source: Tencent Securities
Why do blockchain concept stocks have a collective daily limit? On the news, on March 30, the State Internet Information Office released the first batch of 197 domestic blockchain information service filing numbers, involving multiple industries and multiple listed companies.
The first batch of lists announced this time includes Internet listed companies such as Baidu, JD.com, Tencent, and iQiyi, as well as companies in the financial or other real economy fields, including Lufax, China Zheshang Bank, Inspur Group, Haier Group, Ping An, WeBank, SF Express, and other companies or their subsidiaries obtained the first batch of blockchain filing numbers. In terms of listed companies, I have to mention Yijian Stock (600093), which is dubbed the "leading blockchain stock" by the market. According to the data of Oriental Fortune.
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It is easy to see that the development history of the stock is quite twists and turns, from the transformation of agricultural products to processing and sales to supply chain management.
The full name of Yijian Co., Ltd. is "Yijian Supply Chain Management Service Co., Ltd.", and now the company is positioned as a supply chain management company, focusing on providing supply chain management and supply chain financial technology services.
According to the public information of Qichacha, in fact, Yijian Stock was originally named "Hejia Stock", which was established on June 23, 1997. It was listed on the A-share market on June 26, 1997. At that time, the company's main business was agricultural products such as seeds. The boss It was still Xia Chaojia.
In June 2012, Jiutian Industry and Trade (the predecessor of Jiutian Holdings) acquired 23.57% of Hejia shares (the former name of Yijian shares) for 317 million yuan, becoming the largest shareholder of Hejia shares. The actual controller of Hejia shares is Xia Chao Jia changed to Leng Tianhui, the boss of Jiutian Industry and Trade. At the beginning, Hejia's main business was the deep processing and sales of agricultural and sideline products, as well as the manufacture of mechanical valves. But shortly after Leng Tianhui took over, the main business of Hejia began to change.
In September 2014, Hejia Co., Ltd. announced that it would increase 4.848 billion yuan, planning to invest in the construction of an e-commerce supply chain management platform and commercial factoring projects. The seven non-public offering targets are Yunnan Jiutian Industry and Trade, Yunnan Dianzhong Group, Yunnan Industrial Investment Group, Yunnan Guoding Investment, Shandong Zhongrui Logistics, Chen Liang, and Yunnan Hexi Investment. As of now, the above-mentioned issuers, except Shandong Zhongrui Logistics, are all one of the top ten shareholders of Yijian. At that time, the issuers all subscribed in cash, among which Jiutian Industry and Trade and Dianzhong Group planned to subscribe for 2 billion yuan each.
Since then, Hejia began to expand its business scope, perhaps because Leng Tianhui started as a coal boss, and when he entered the supply chain management industry, he also used coal, mining and other resource companies as the entry point. Around the supply chain of large enterprises, serving small and medium-sized enterprises.
Since 2017, the company's main business is all supply chain management and commercial factoring (Odaily Note: Commercial factoring is a set of financial solutions based on factoring contracts signed between factoring companies and suppliers, and also belongs to the scope of supply chain financial businesssecondary title
Cooperate with IBM to explore blockchain + supply chain finance
In 2016, Yijian started the blockchain business and announced its cooperation with IBM to jointly develop the "Yijian Block System 1.0" system. During this process, IBM provided an enterprise-level blockchain platform based on Hyperledger Fabric. The "Easy Block 1.0 System" was officially launched in April 2017. Yijian shares said that the currently used Yijian block system 1.0 has been partially commercialized, and its service objects are pharmaceutical circulation and bulk commodity financing services.
As a traditional supply chain management company, Yijian Stock has the advantage of having accumulated business flow, information flow, capital flow, logistics and other data for many years. The disadvantages of the supply chain finance business itself are also obvious. The gross profit margin is low, which is greatly affected by the national macro policy, and the "lack of trust" among partners affects the efficiency. The combination of blockchain and supply chain business can play a relatively large advantage in how to maximize strengths and avoid weaknesses, and how to improve efficiency.
After more than a year of application practice of the "Yijian Block 1.0" system, Yijian shares found that enterprise users are paying more and more attention to the independence of system deployment, data isolation and security, and data ownership issues; at the same time, financial institution users said that they The focus of attention is the traceability of data and trade background, as well as the real and effective transmission of data penetration management and credit in the process of trade, financing and asset securitization.
Therefore, "Yijian Block 2.0" is launched, and the official introduction of Yijian Shares to the "Yijian Block 2.0" system is as follows: "The 2.0 system realizes cross-chain data traceability technology, realizes multi-chain coordination and cross-chain traceability , forming a traceable supply chain financial solution, covering the entire process of the supply chain from trade formation, financing to asset securitization."
The "trusted data pool" product is the basic product of the "Easy Block 2.0" product system, and it is also the biggest difference between "Easy Block 2.0" and "Easy Block 1.0". The trusted data pool is independently deployed to ensure the ownership of the data pool by the enterprise and to ensure that the enterprise data does not leave the control of the enterprise. The data formed by different trading counterparties is stored in their own different data ledgers.
The product system of the "Yijian Block 2.0" supply chain financial system solution includes the "Yijian Supply Chain Trading System" participated by suppliers and core enterprises; the "Yijian Supply Chain Financing System" jointly participated by suppliers, core enterprises and financial institutions Platform”; at the same time, the “Easy Supply Chain ABS Management Platform” will be provided in the future as an extension of the above two systems to meet the needs of ABS participants in dynamic asset management, asset quality trend analysis, and transparent supervision.
ABS (Asset-backed Security, asset-backed securities) is a financial instrument, which, like traditional financial instruments such as stocks and funds, is a financing channel for enterprises. ABS or supply chain finance + blockchain is the track that major Internet giants are laying out. For example, JD Finance’s JD Baitiao ABS is based on the underlying blockchain, Tencent Blockchain, Ant Blockchain, and Pioneer Group and The blockchain is also used at the bottom layer of the supply chain financial technology service platform "Fengshou Technology" incubated within Netcom Group.
In essence, the introduction of blockchain is to let all parties involved in the project know more about the authenticity of the underlying assets. With the help of blockchain decentralization, reliability, non-tamperable modification, and trustlessness, etc., it can effectively solve the problem in ABS. There are many links, complex processes, and poor transparency of underlying assets. Zhang Xuyang, vice president of Baidu, also publicly said: "The introduction of blockchain technology solves the problem of information transparency in the ABS process, and also solves our so-called risk isolation problem. Blockchain is enabling us to make some changes in the underlying architecture. ".
"The biggest difficulty (in supply chain finance) lies in the participation of financial institutions, because they can provide funds." In an interview with Odaily, Ji Kun, general manager of Lianyirong, a supply chain finance platform invested by Tencent, believed that the addition of blockchain can Enhance the willingness of banks to enter the supply chain finance.
In his view, the traditional banks of the four major banks are quite keen on the layout of the blockchain. He said that the decentralized nature of supply chain finance itself and the authenticity of the underlying assets are very difficult to check. It is not mainstream in traditional financial institutions, and there was no way to achieve penetration before, so banks can only get the data of first-tier suppliers. But it may be the second-tier and third-tier suppliers who need financing the most. Now blockchain + supply chain finance has changed the credibility of multi-level data transfer, strong credit cannot be split, and the synchronization efficiency of information, making it difficult for small, medium and micro enterprises in the supply chain to obtain loans from financial institutions in the past. can get a loan. Banks have always wanted to do business with second- and third-tier suppliers. Joining the blockchain can also allow institutions to better control their own data.
The research team of Guosheng Securities also believes that based on the alliance blockchain platform, it can effectively solve the pain points of financing difficulties and high trust costs for small and medium-sized enterprises in the supply chain industry. It said that blockchain technology can realize the credit penetration of the supply chain financial system, and solve the problem of difficult and expensive financing for secondary suppliers and distributors. The blockchain plays two roles in it. The first is the process of confirming the rights of the core enterprise, including the verification and confirmation of the authenticity and validity of the entire bill; , and then solve the credit financing difficulties of secondary suppliers.
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With the blessing of the "blockchain" concept, it is easy to see that the stock has received 4 daily limits in a row
In 2017, digital currencies exploded. A number of listed companies have seen their share prices skyrocket because of their relationship with the blockchain, and Yijian shares have been dubbed "leading blockchain stocks" and "first blockchain stocks".
In September 2017, Yijian announced that it plans to establish a blockchain investment fund with Yunnan International Trust. The company expects to invest 1.05 billion yuan to promote the application of blockchain + supply chain finance.
In 2018, the blockchain really aroused the enthusiasm of the public, and it is easy to see that the shares have really "harvested" in the secondary market. On January 5, 2018, the stock price of Yijian shares rose by 7.03%, and the turnover rose sharply from more than 50 million yuan in the previous trading day to 326 million yuan.
Since then, from January 8th to 11th, Yijian shares closed 4 daily limit in a row. It has aroused great attention from the Shanghai Stock Exchange regulatory authorities. On January 12, Easy See announced the suspension of trading for inspection, and announced the inspection results on January 16 (Odaily Note: According to the stock listing rules of the stock exchange, if the relevant listed company’s stock trading within three consecutive trading days, its closing price increase deviation exceeds 20%, it will constitute abnormal stock trading fluctuations, and it is necessary to issue an announcement for verification）。
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Image source: Oriental Fortune Network
But this pot of cold water did not dampen investor enthusiasm. Yijian shares, which resumed trading on January 16, closed at the daily limit again, with a closing price of 18.63 yuan, a record high in the past two years. In the 11 trading days since the beginning of 2018, the stock price has risen by 41.55%.
On January 17, 2018, Yijian shares were suspended for review again, and then received a supervisory work letter from the Shanghai Stock Exchange. The regulatory letter pointed out that the application of blockchain technology disclosed by Yijian in the early stage is only the establishment of an online supply chain management platform, and the technology used by the platform is very different from the blockchain technology that is currently hotly discussed in the market. The blockchain investment fund disclosed earlier has nothing to do with the research and development of blockchain technology. It is required that Yijian shares truthfully disclose a series of information, and fully remind relevant risks.
On January 19, 2018, Yijian shares announced that "there is no plan to research and develop blockchain technology products as its main business." Senior financial analyst Zheng Li analyzed, "This sentence is very skillful. , the word "main business" in this sentence is the key, so that it can avoid the verification of the exchange, and can also announce to the outside world that Yijian's shares actually involve blockchain-related businesses. People who understand can definitely understand this the meaning contained in the sentence.”
In addition, Zheng Li also believes that the stock price of Yijian shares has soared, and the hype of the concept of blockchain is indispensable. The main business of Yijian shares is supply chain finance, so it is unlikely that the main profit of Yijian shares will come from the blockchain business. .
In the above announcement, Yijian also stated that the relevant technical applications of the company's current online system are very different from the blockchain concept that is hotly discussed in the market. The only similarity is that once the transaction record is generated, it cannot be tampered with.
"As of now, the system still cannot solve the authenticity of the initial trade, cannot increase the credit of the participants, cannot reduce the cost of risk control, and has no substantial contribution to the company's business value.secondary title”
Blockchain-related businesses brought in a net profit of 185 million yuan in half a year
Although the blockchain is not the main business of Yijian Stock, according to the financial report, the supply chain financial system based on the blockchain has brought revenue and profits of over 100 million yuan, accounting for more than 40% of the profits.
The "Yijian Block 1.0 System" was officially launched in April 2017, and after the launch, it has brought some changes to the composition of Yijian's business income. Yijian Co., Ltd. mentioned in "(3) Information Service Business Overview" in "Yijian Co., Ltd. 2017 Annual Report": "In this reporting period, Shenzhen Rongshidai Technology Co., Ltd., a subsidiary of the company, is engaged in the development of the "Yijian Block" system. Services such as promotion and application and operation and maintenance have made a good start. During the reporting period, the operating income was 127 million yuan, the operating profit was 120 million yuan, and the net profit was 103 million yuan."
It seems that in 2017, Yijian shares relied on the "Yijian Block" business, and the combination of "blockchain + supply chain finance" "created" revenue and profits of over 100 million yuan.
According to the Securities Star report, Yijian shares acquired Shenzhen Rongshi Times Technology Co., Ltd. for 1.2 million yuan in the first half of 2017. The "easy-to-see block" system also happened to be launched in April of that year.
Yijian shares stated in the announcement, "The company and financial institutions provided a total of 1.758 billion yuan in financing through the 'Easy Block' system. Yijiantianshu Technology (Beijing) Co., Ltd. has initially established the company's technology research and development and system maintenance team.”
Public information such as Qichacha shows that Shenzhen Rongshi Times Technology Co., Ltd. (hereinafter referred to as "Rongshi Times Technology") was established on November 27, 2013 with a registered capital of 50 million yuan. It is now Yijian Supply Chain Management Co., Ltd. A wholly-owned subsidiary, the official website of Yijian Co., Ltd. introduced him as "specializing in research and development of cutting-edge technology products and service consulting in the Internet fields such as Web security and blockchain."
According to the disclosure of the 2017 annual report of Yijian Co., Ltd. and the reply of the secretary of the board of directors on the interactive platform, the income of Rong Times Technology includes: customers initiate financing on the "Yijian Block" platform, and financial institutions initiate financing on the "Yijian Block" platform. Business launch on the Internet, as well as service fee income for providing technical consultation and other services to customers.
Yijian Tianshu Technology (Beijing) Co., Ltd. was established on September 27, 2017 with a registered capital of 100 million yuan. It is also a wholly-owned subsidiary of Yijian Supply Chain Management Co., Ltd. The official website of Yijian Co., Ltd. introduces that it "combines cutting-edge technologies such as the Internet of Things, blockchain, and artificial intelligence with supply chain business scenarios, and implements them in the fields of supply chain management, intelligent warehousing, and supply chain finance."
By 2018, the "Yijian Block" will bring more considerable operating income to Yijian Shares.
Its first quarterly report for 2018 shows that "the operating income in this reporting period increased by 64.56% compared with the same period last year, mainly due to the increase in supply chain service business and the revenue of 132 million yuan from the new subsidiary Shenzhen Rongshi Times Technology Co., Ltd." In the first quarter of 2018, the operating income brought to Yijian by the "Yijian Block" exceeded that of the entire year of 2017.
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