According to announcements disclosed by listed companies, since the beginning of 2025, at least 7 companies have allocated over 1 billion yuan for investment and wealth management. The seven companies - Leo Group Co.,Ltd., Fangda Carbon New Material Co., Septwolves Holdings Co., Tapai Group Co., Lianfa Textile Co., Xiantan Co., and Zhejiang Yongqiang Group Co. - have designated more than 1 billion yuan for securities investment. Among them, Leo Group Co.,Ltd. has the highest investment amount of up to 30 billion yuan, while Fangda Carbon and Septwolves have maximum amounts of 20 billion yuan each.
On the evening of August 8, Leo Group Co.,Ltd. announced that the company and its subsidiaries plan to use their own funds not exceeding 30 billion yuan (or equivalent foreign currency at the time of investment) for new share placements or subscriptions, stock and depositary receipt investments, bond investments, and entrusted wealth management. Leo Group stated that this investment aims to reasonably utilize its own funds without affecting normal operations while effectively controlling investment risks, improving capital utilization efficiency and returns, increasing investment income, and maximizing benefits for the company and shareholders.
In fact, since Leo Group Co.,Ltd. first allocated 2 billion yuan for securities investment in 2021, it has maintained an annual investment scale not exceeding 3 billion yuan from 2022 to 2024.
Leo Group Co.,Ltd.'s investment income from 2022 to 2024 was 371 million yuan, 1.261 billion yuan, and 286 million yuan respectively, with net profits attributable to shareholders of -443 million yuan, 1.966 billion yuan, and -259 million yuan respectively.
Notably, Leo Group Co.,Ltd.'s profit of nearly 2 billion yuan in 2023 was mainly due to 1.757 billion yuan in non-recurring gains from holding and disposing of Li Auto stocks that year. However, investment is a double-edged sword. The 2024 losses were caused by Li Auto's stock price fluctuations, which led Leo Group Co.,Ltd. to recognize losses of -820 million yuan, with this portion affecting its net profit attributable to shareholders by -615 million yuan.
This demonstrates that the company's investment income is highly volatile and heavily dependent on non-recurring gains, indicating that its core business profitability still needs further strengthening. From a long-term perspective, continuously optimizing investment decision processes and enhancing core business competitiveness are key to achieving stable profitability.
Industry insiders believe that the "benefits" of listed companies investing in stocks are primarily reflected in their performance supplementation function. When main business growth is sluggish, securities investment income often becomes an important means of beautifying financial reports. However, the "drawbacks" of this double-edged sword cannot be ignored either, with performance volatility risk being the primary concern, as stock market uncertainties often lead to dramatic ups and downs in listed company performance.
To make this double-edged sword of listed company stock investment play a positive role requires joint efforts from multiple parties for regulation. At the regulatory level, institutional design should be improved to clarify proportion limits for listed company securities investments, requiring them to fully disclose investment logic, risk control measures, and performance impacts, while strictly supervising excessive speculative behavior. Listed companies themselves should stick to their main business, treating investment as an auxiliary means rather than core business, establishing scientific investment decision mechanisms and risk control systems, and avoiding blind following of market speculation. Investors need to rationally view investment returns, focusing on enterprises' main business competitiveness and sustainable development capabilities rather than being misled by short-term performance fluctuations.
Comments