"Dad, let me tell you, 30 times the P/E ratio is really not low. Pate Holding Group's acquisition of Dogfud is actually a related party transaction.

If the valuation of Dogfud is too high, investors may not know what to say about me behind my back?"

A few days ago, when Zhang Yida was still in Southeast Asia, Pate Holding Group began to contact Dogfud, and the due diligence process was almost completed.

There is still some controversy over the valuation, so Lu Fenghai called Zhang Yida for help.

Pate Holdings Group is only willing to give Dogford a 30 times P/E valuation, while Zhang Qinghua insists on 50 times.

Dogford's net profit last year was 220 million yuan, and the difference between 20 times the price-earnings ratio was 4.4 billion yuan.

The proportion of shares to be sold by Dogford this time is 51%, in other words, the gap is more than 2.2 billion yuan.

This is a lot of money, so Zhang Qinghua's insistence is not difficult to understand.

"You also taught Lao Tzu a lesson in turn, I worked so hard, and I am not accumulating wealth for you. ”

Zhang Yida hurriedly stopped, "This is not how you accumulate, a gentleman loves money, and he takes it in a good way!"

You are a manufacturing industry, and you are given a 30 times valuation, which is already seriously overvalued.

This is also because the pet market is an emerging market, with more than 30% growth space every year. ”

"I think that many of our big A-share companies have price-earnings ratios of forty or fifty times, or even hundreds of times. Zhang Qinghua complained.

"You can't compare with them, people have all kinds of assists, and of course the stock price can pull up.

Of course, when it fell, it fell very hard. ”

Zhang Qinghua said: "Okay, okay! If you can't say it, just press 30 times the price-earnings ratio!"

"Well, take a step back and open the sky!"

"By the way," Zhang Qinghua added, "what does the VAM agreement mean? It also requires us to maintain a 30% net profit growth for three consecutive years from 2016 to 2018."

I have calculated that I will reach a net profit of 286 million this year, 371.8 million next year, and 483.34 million the year after next.

The net profit in the past three years has added up to 1.14 billion! This requirement is too harsh, right?"

Zhang Yida said with a smile: "These are all very conventional terms, if Dogford wants to support the valuation of 6.6 billion yuan, he must do something convincing!"

If you think about it, you are a small factory that was established in the second half of 13 years, and its performance has been good in the past two years.

Who knows if the performance will change dramatically after the acquisition? The acquirer also needs a safety cushion. ”

"The agreement said that if it can't be completed, the company's valuation needs to be discounted. ”

"Of course!" Zhang Yida explained, "Buying a multi-billion dollar company can't be a one-shot deal.

There are too many pitfalls and pitfalls! In addition, for Pate Holding Group, the acquisition of Dogford will form a lot of goodwill.

If these bubbles are not handled well, it will greatly affect the follow-up financing and even listing of Pate Holding Group!"

"I'm a little uncertain in my heart! If I don't finish the bet, it won't be a big loss. ”

Zhang Yida smiled, "I can't afford to lose, the meat is rotten in the pot, and the cheap Pate Holding Group is cheap for me." ”

"Pate Holding Group is not your wholly-owned company, and it is not cheap for outsiders. ”

Zhang Yida reminded: "Dad, you are obsessed, you are too concerned about gains and losses, and you will only lose more." ”

"Okay, let's not talk about it, just do as you say! Call the staff of Pate Holding Group to come and sign the agreement!"

Zhang Yida smiled: "Dad, don't be so depressed! This is a good thing, be happy." ”

"Hmph! I'm a little happy......"

Zhang Qinghua feigned anger and said, "If you let me hug my grandson earlier, then I will be really happy." ”

"I haven't graduated from college yet! It's too early to talk about this! I'm still a baby myself!"

Zhang Qinghua scolded: "Look at you like this, the chairman who still manages tens of thousands of people!"

After the two fathers and sons teased each other, Zhang Yida hung up the phone.

......

September 1st.

Ruixiang Group, the Office of the National Greening Committee and the China Green Foundation officially signed a strategic cooperation agreement on "Internet + Voluntary Tree Planting for the Whole People" in Beijing.

At the same time, it also means that the tree planting model of Ruixiang Forest will be officially incorporated into the national voluntary tree planting system.

At the signing ceremony, Zhang Yida also delivered a keynote speech.

Looking at the crowd of reporters and audiences in the audience, Zhang Yida played a set of PPT.

Through the huge LED screen, the audience can see the endless desert and the Gobi Desert.

Zhang Yida said: "This is the Mu Us Desert in the northwest of the motherland, and you can see how desolate it is. ”

Then Zhang Yida played the next set of pictures.

In the picture, there is only a small part of the desert, and most of it is an oasis, although the vegetation covers only a shallow layer. But it is true that the colors have changed, from yellow to green.

"This is also the Mu Us Desert, or should be called the Mu Us Oasis. ”

Zhang Yida explained with a smile: "The last group of photos was taken in the 50s of the last century, and the first group was taken a few days ago.

After more than 60 years and generations, we are finally on the verge of eradicating this 42,000-square-kilometer desert.

Mu Us Desert is located in the north of Yulin City, Shaanxi Province, affected by sandstorms, Yulin used to be known as the camel city, that is, the desert city, the ecological environment is very harsh.

You must know that in ancient times, this land was called the "foundation of the king", and the land was quite fertile.

Liu Bang won Guanzhong, swept away the princes and established the Han Dynasty, and Li Yuan won Guanzhong, pacified the rebel armies from all walks of life and established the Tang Dynasty.

The Han and Tang dynasties are the most glorious dynasties of our Chinese.

And the foundation of their foundation is the barren and desertified land we see today.

Why is it the way it is today?

Because of indiscriminate logging, and population explosion.

During the Spring and Autumn Period and the Warring States Period, the forest coverage rate of the Loess Plateau was as high as 53%, and the "Historical Records" once recorded that Zhou Tianzi and Qin Wengong chased deer in the forest grasslands of northern Shaanxi and Longdong.

In the Han Dynasty, the forest coverage rate dropped to 42%, and in the Tang Dynasty, the timber forest coverage rate on the Loess Plateau was reduced to 32% by large-scale logging in the palaces and cities.

The decrease in forest cover has led to a gradual deterioration of the environment.

As the capital of all dynasties before the Tang Dynasty, Chang'an has too many people.

There are too many people, and no matter how fertile Qinchuan is, they can't afford it.

Therefore, after the Tang Dynasty, the ecological environment in Guanzhong became worse and worse, and there was no longer a unified dynasty with the capital of Chang'an.

After talking about historical changes, let's talk about modern times.

Since 1959, a windbreak belt has been built to divert water and sand and plant a large amount of vegetation.

Until today, more than 160 forest farms of more than 10,000 acres have been built here, and four shelterbelts with a total length of more than 1,500 kilometers have been built.

Today, Yulin City is no longer a desert city, it has become a "plugged oasis".

Of course, the cost of construction is also quite heavy.

Baori Ledai, Yin Yuzhen, Wuyun Siqing, Lang Tenghua, Xu Xiufang and other heroines of sand control used their lives and sweat to exchange for today's hard-won oasis.

In addition to these heroes, I also know that there is a family of desertification heroes, four generations, who spent 40 years turning 45,000 acres of sandy land into an oasis. ”

Zhang Yida said: "This family is Guo Chengwang's family, because Mr. Guo is over 90 years old and his health is inconvenient, so we did not invite him to the scene today.

But we recorded a video of him for you to see. ”

After speaking, Zhang Yida retreated to the side of the stage and let go of the huge LED screen.

In the video, an old man wearing a turban in northern Shaanxi carries tools and begins the 40-year afforestation work......

The reporters and the audience also stared at this touching scene.

Through the video, you can clearly see the changes of the Mu Us Desert over the past few decades.

Lifting from shoulder to shoulder, pure artificial sand control and tree planting, little by little, turning the desolate land into an oasis.

The video is very shocking, forty years, four generations, insisting on doing one thing, which is very moving.

At the end of the video, the old man Guo Chengwang faced the camera and said in northern Shaanxi dialect:

"I said I was going to plant this tree, but the head of the village said that it was such a big desert, what could you do with it......

I said I had to make it an oasis, I couldn't finish it, my son couldn't finish it, my son couldn't finish it, my grandson couldn't finish it...... Passed on from generation to generation. ”

At the end of the video, Guo Chengwang's great-grandson inspected his 40 years of hard work behind his back - a piece of oasis.

The audience burst into thunderous applause, and the audience admired Guo Chengwang from the bottom of their hearts.

After the applause, Zhang Yida returned to the stage and said: "Very touching video, very touching deeds!"

Today's everything comes from hard work, so we should cherish it even more.

We Ruixiang Group decided to provide tomorrow's investment and financing APP launch display page to Mr. Guo Chengwang's family of four generations.

Their spirit of contemporary "foolishness" deserves the respect and development of our nation and country......"

A reporter in the audience asked: "Mr. Zhang, hasn't the APP launch page of Touronghui always been provided to advertisers?"

It is said that the advertising cost of a day of display is as high as tens of millions of yuan?"

"That's right, it's tens of millions of dollars. ”

Zhang Yida added: "I think it is more worthwhile to show this heroic spirit to hundreds of millions of users across China than to spend on advertising.

In the future, the launch page of the APP will not receive advertisements, and heroic deeds like Mr. Guo Chengwang will be displayed from time to time.

These unsung heroes who have done practical things for the country and the people deserve the attention and respect of the society!"

Another reporter asked: "I heard that more than 5 million trees have been planted in Ruixiang Forest? Is this true?"

Zhang Yida nodded, "It's true, Ruixiang Group will take out five thousandths of its revenue every year to do public welfare."

And part of this money was spent on afforestation, and part of it was spent on Rui's charitable donations to the estate. ”

The reporter asked, "Can you tell us about the specific mode of operation?"

Zhang Yida said with a smile: "In fact, the model is very simple, users will reduce the corresponding carbon emissions by walking, subway travel, shared bicycle travel, QR code payment, online payment of water, electricity and gas bills, online payment of traffic tickets, online registration, online ticket purchase, etc."

After reducing carbon emissions, we distribute tree planting energy to users through a set of algorithm rules of the platform, and users can use these energy to raise a virtual tree in the investment and financing exchange.

After the tree grows up, public welfare organizations, environmental protection companies and other Ruixiang ecological partners will "buy" the virtual "tree" planted by the user in the Ruixiang forest, and plant a physical tree in a real area. ”