How to comment on how profitable Chinese tobacco profits have been exposed

According to the Voice of the Economy "The World", the Industrial Bank announced that it was planned to issue no more than 2.072 billion new shares to 4 specific targets, including CNPC's investment of 5.2 billion to subscribe to 4.09. Billion shares. It was this additional release that brought China National Tobacco Corporation, one of China’s rated monopoly state-owned companies, into the public’s attention.

China National Tobacco Corporation is an ultra-large state-owned enterprise approved by the State Council with a registered capital of RMB 57 billion and legal representative Jiang Chengkang. China National Tobacco Corporation is a nationwide economic entity with the integration of agricultural and industrial commerce and legal persons, and is headed by the State Tobacco Monopoly Bureau.

So how successful is the performance of China National Tobacco Corporation? The audited results of China National Tobacco Corporation in 2010 showed that the total assets were 9699 billion yuan and the shareholders' equity was 803.2 billion yuan. The revenue for the year was 770.4 billion yuan, and the net profit was 117.7 billion yuan, and the return on net assets was 14.7%.

According to the annual report of listed companies announced in 2010, the total net profit of China National Tobacco Corporation was slightly lower than that of ICBC's 166 billion, CNPC's 150.7 billion, and CCB's 135 billion. If listed, its annual profit can be ranked fourth . Make a net profit of 320 million yuan a day.

According to the data released by the Ministry of Health in 2008, there are currently 350 million smokers in China, and as a result, each Smoker contributes 336 yuan in net profit to China Tobacco each year.

In the end, how profitable China's tobacco is, Zhou Yangmin, an expert in the tobacco industry, said that 100 billion yuan is actually less. It is precisely because the profits of the tobacco industry are so good that they spend too much money. Therefore, tobacco companies have continued to diversify and invest more money into various fields.

Zhou Yangmin: The total profit is about 300 to 400 billion yuan instead of the 100 billion yuan you say. So it is a hundred thousand miles away. The actual increase in the profits of tobacco in each of the last two decades has been Large, basically 30-40% annual growth, especially in recent years, the speed of development is very rapid, tobacco companies are now ready to attack various industries, such as the obvious in recent years to see them want the real estate industry, into the hotel The industry, as well as entering the supermarket bank, etc., they do a lot, supermarkets do it early, especially last year to start real estate.

According to the data uploaded by the National Tobacco Work Conference in 2012, the national tobacco industry realized a total of 752.956 billion yuan in industrial and commercial tax revenue in 2011, an increase of 22.5% year-on-year, of which national government turned over 600.118 billion yuan, an increase of 22.8% year-on-year. In addition, Shanghai Tobacco Group ranked first in the "Top 100 Taxpayers in 2011" list released in Shanghai.

At present, the tax rate of the tobacco industry is around 50%, which is also the result of repeated upward adjustments made in recent years at relatively low levels. After adjusting the tax burden, the price of tobacco has not risen sharply, but tobacco companies have sacrificed part of their own profits.

According to research figures from abroad, the tobacco tax will increase by 10%, and the demand for tobacco will decline by 4%. Some scholars have suggested that although China has gradually improved, the upper limit of 50% is still relatively low compared with other major tobacco powers. Whether the 50% tax rate is high or not is high, and from different perspectives, different conclusions can be drawn. Zhou Yangmin believes that this tax rate is low.

Zhou Yangmin: Many developing countries impose windfall profits on tobacco. Under normal circumstances, tobacco taxes are also 70%-80%, but our country is only 45%-50%, and now it has reached about 50% in the past two years. 40%, or even 30% for some time. So we are 20%-30% worse than the normal level of taxes. I personally think that the demand for tobacco companies is too low, and the social responsibility of tobacco companies is too small, on television, or in the media. It also saw the tobacco companies go here to donate money and go there to build a bridge. It was very, very shallow, and it was far from commensurate with the high profits of the tobacco companies themselves.

However, Sun Gang, director of the Tax Policy Research Office of the Institute of Fiscal Science of the Ministry of Finance, did not believe that taxes should be increased. The China National Tobacco Corporation is actually a state-owned wholly-owned subsidiary. In addition to paying taxes to the state, it also has to turn in profits. Therefore, the profits of the more than 100 billion yuan are in the form of taxes and fees, and how much is turned in in the form of profits. The result is that the same. In addition, China has now formed a complete industrial chain from tobacco cultivation to tobacco retailing. If the tax burden is continuously increased, it may affect the interests of many enterprises and tobacco farmers. In particular, tobacco-producing provinces such as Yunnan have many problems.

Sun Gang: There is a lot involved here. The first one is relying on tobacco leaves for a living. In the interest of a second cigarette factory company, tobacco should be said to have a relatively high tax. He provides taxes to the country, in addition to tobacco other than taxes. As a state-controlled industry, the head office has to raise some profits and it is not balanced locally. For example, Yunnan tobacco is one of the major industries. The population engaged in tobacco production is relatively higher than the other provinces, because Yunnan is generally a good smoker. Many of his cigarettes have been mixed up with other factories to be exported to other brands. There are also historical reasons and specific circumstances.

The public figures show that China is the world's country for tobacco production and consumption, which accounts for more than one-third of the world's total and ranks first in the world. At present, there are 300 million smokers in China, and a total of 738 million non-smokers suffer from second-hand smoke. The number of deaths attributed to smoking-related diseases is as high as 1.2 million each year, ranking first in the world.

In China, the reminder of cigarette packaging warning labels is not enough. Tobacco control experts have always recommended that relevant regulations be revised to be in line with foreign countries. In August last year, China National Tobacco Corporation issued a “Notice” to adjust the strength of cigarette packs, requesting an increase in font size, and withdrawing English warnings. Yang Gonghuan, director of the Tobacco Control Office of the China CDC, once said that although the English language was cancelled, the replacement warnings are similar to the warnings currently used, and they are still soft and weak.

According to Tao Yueqing, financial commentator and host of "The World Company", smoking in public places should become a kind of social awareness. In the long run, the harm caused by tobacco may far exceed the benefits it brings.

Tao Yueqing: The report said that the increase in taxes is unfair to the farmers who grow tobacco leaves, but they never thought that if the diseases caused by long-term smoking cause some physical diseases, especially the incidence of lung cancer, the incidence is increasing. The victim is not fair, so I think that if you want to calculate the total loss caused by the physical diseases caused by smoking, it will be far more than the profit generated by the production, smoking is harmful to health, and there is a The influence of people is also very large. The key to not smoking in public places is a kind of social consciousness, social morality, and a symbol of civilization. Therefore, when smoking in public places becomes a social standard and becomes a kind of social awareness, smoking will have a direct effect. When we say that the high profit of tobacco is a large amount of profits and taxes, it may open up a side for him. However, what we need now is a healthy and harmonious GDP, a non-dot GDP, when the profits and taxes of tobacco are no longer valued by us. When it comes to smoking, it may have a real effect.

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