The company announced today that the state-owned assets management company of the Tibet Autonomous region has reduced its holdings of 2.7635 million shares from September 28 to November 10, accounting for 1.05% of the total share capital.
The first reduction of the second largest shareholder after the complete lifting of the ban. Tibet Autonomous region State-owned assets Management Company, the second largest shareholder of the company, is the sponsor. After the share reform in 2006, the shareholding ratio is 19.6%, which is about 10 percentage points less than that of the largest shareholder. All of its shares were lifted in September 2009. since the lifting of the ban, a total of 2.7635 million shares have been reduced, accounting for 5 per cent of the total number of shares that can be reduced.
The development trend this year is much better than that of the industry, and the third quarter continues the good trend of previous quarters. The company continued the good trend of previous quarters in the third quarter of 2009, with revenue from its main business growing by 30% year-on-year and 33% in the first three quarters, much higher than the industry level. Unlike the first quarter and the fourth quarter of 2008, gross profit margins continued to rise by 2 and 1 percentage points in the third quarter, following a sharp year-on-year and month-on-month increase of about 2 and 5 percentage points in the second quarter. It is gratifying to note that on the basis of the increase in gross profit margin, the high market share has contributed to reasonable cost control, such as operating expenses and management expenses as a percentage of main business income in the third quarter, even if it increased by about 2 percentage points year-on-year, it is less than 14%. The above factors and non-operating income and expenditure factors contributed to the third-quarter profit margin and the net profit margin of shareholders belonging to the parent company to reach new highs in several years, increasing by about 3 and 1 percentage points respectively compared with the same period last year.
It is estimated that the EPS of the company's beer business in 2009 and 2010 is 0.09 and 0.11 respectively, so the PE is nearly 100 times high, which indicates the investment risk from this point of view; from the inflection point of beer business development and all aspects of analysis, there is a higher-than-expected probability, so it is given a "cautious recommendation" rating.