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It is the peak period for listed companies to disclose their semi-annual reports, and performance data has become the focus of market attention. Affected by supply and demand imbalance, intensified competition, cyclical changes, and non-recurring gains and losses, the performance of some companies is under pressure.

According to statistics from Securities Times Databao, as of now, based on the semi-annual report, performance bulletin, and the lower limit of the predicted net profit (if there is no lower limit, the announced value is used), there are more than 650 companies that have suffered net losses in the first half of the year.

Judging from the performance of the secondary market, the overall trend of companies with net loss is not satisfactory. According to Databao statistics, as of the close of August 9, these companies have fallen by an average of 34.39% this year. 87 companies' stock prices fell by more than 50%, among which *ST Chaohua, Zhongyin Wool Industry, ST Lianluo, ST Hanggao, ST Xinlun, and ST Xudian fell by more than 80%.

In terms of industries, the number of loss-making companies is relatively large in the computer, power equipment, basic chemical, real estate, and mechanical equipment industries. The computer industry has the largest number of loss-making companies, reaching 54, and industry leaders such as UFIDA Network, China Great Wall, iFLYTEK, NavInfo, and 360 are on the list.

Taking UFIDA Network as an example, the company expects a net loss of 750 million to 884 million yuan in the first half of the year. During the reporting period, the performance loss was mainly due to three reasons: 1. The company's business operations have seasonal characteristics, and the proportion of revenue in the first half of the year to the annual revenue is lower than the proportion of costs and expenses in the first half of the year to the annual costs and expenses; 2. The amortization amount of intangible assets formed by R&D investment increased by about 150 million yuan year-on-year; 3. The gains and losses from changes in the fair value of other non-current financial assets decreased by about 50 million yuan year-on-year.

There are 46 loss-making companies in the power equipment industry, ranking second after computers. Companies in the photovoltaic, lithium battery, and power grid equipment industries are generally facing profit pressure.

In the photovoltaic industry, Longi Green Energy's net profit in the first half of the year is expected to be a loss of 4.8 billion to 5.5 billion yuan, the first loss in the same period since the company went public. During the reporting period, due to the overall mismatch of supply and demand in the photovoltaic industry and the sharp decline in the market sales prices of major products in various links, the company's incremental volume did not increase revenue, and at the same time, the investment income of its equity-holding silicon material enterprises decreased. It is expected that the inventory impairment amount will be 4.5 billion to 4.8 billion yuan, and short-term profits will be under pressure.

Since the number of listed companies varies greatly among industries, simply looking at the number is not enough to reflect the true situation of the industry. According to Databao statistics, from the perspective of industry loss ratio (the ratio of the number of loss-making companies in each industry to the total number of listed companies in the industry), the loss ratio of seven major industries exceeds 20%, namely real estate, steel, comprehensive, coal, building materials, agriculture, forestry, animal husbandry and fishery, and social services.

The real estate industry ranked first in terms of loss ratio, reaching 42.72%. Real estate companies such as Vanke A, China Fortune Land Development, Gemdale Group, *ST Jinke, and Shoukai Holdings suffered net losses of more than 1 billion yuan in the first half of the year.

The real estate leader Vanke A expects a net loss of 7 billion to 9 billion yuan in the first half of the year, which will hit a record high since its listing, and is also the company with the highest loss in the current half-year report. The specific reasons for the company's losses include: the settlement scale and gross profit margin of real estate development projects have dropped significantly, the company has made impairment provisions for some projects, some non-core financial investments have suffered losses, and some large asset transactions and equity transactions are priced below book value.

Another real estate company, China Fortune Land Development, expects a net loss of 4.5 billion to 5 billion yuan in the first half of the year. During the reporting period, due to factors such as the company's real estate project carryover rhythm, the company had fewer real estate carryover projects in the first half of the year, and the company's carryover income declined, resulting in a decline in net profit. Calculated based on the lower limit of the forecast net profit, the company's loss amount is 1.17 times the current A-share market value, which ranks highest among the companies with net profit losses in the first half of the year. China Fortune Land Development was once one of the leading real estate companies, with annual revenue exceeding 100 billion yuan and net profit exceeding 14 billion yuan at its peak. It is currently promoting the "Debt Restructuring Plan" and "Supplementary Plan for the Debt Restructuring Plan".

Since the beginning of this year, the A-share market has accelerated the process of survival of the fittest. Compared with previous years, 2024 presents a new feature of "face value delisting has become the mainstream and market value delisting alarms have sounded". Behind this delisting, in addition to the strengthening of supervision and the improvement of relevant delisting regulations, the operating ability of listed companies themselves is in deep trouble, which is one of the main problems faced by many delisted stocks.

According to Databao statistics, among the many listed companies with net losses in the first half of the year, 31 companies will have net losses in both 2022 and 2023, and the latest closing price is less than 1.5 yuan per share. Among these companies, 9 A-share market capitalizations are less than 1 billion yuan, such as *ST Chaohua, *ST Tiancheng, *ST Meixun, ST Dinglong, *ST Furun, etc.

Take *ST Chaohua as an example. The company's latest A-share market value is 345 million yuan, and it has fallen 91.51% so far this year. On August 5, the company announced that the Shenzhen Stock Exchange decided to terminate the company's stock listing.

Statement: All information content of Databao does not constitute investment advice. The stock market is risky and investment should be cautious.

Proofreading: Yang Shuxin