Revenue Fell More Than 4 Percent, The Loss Of Birds For Two Consecutive Years, The Delisting Crisis.

After six years of listing, you will face a risk of delisting.

Recently, the precious bird announced its 2019 earnings report. According to the results, your business income is 2019. Fifteen point eight one Billion yuan, down compared with the same period last year 43.77% Net profit losses attributable to shareholders of listed companies. Ten point one eight Audited 2018 and 2019 net profit are negative.

Although the precious birds put forward some positive measures such as re focusing their main businesses and actively introducing investors, but with a series of negative news such as bond defaults, asset freeze, equity auctions and so on, the development prospect of the precious birds has once again raised questions.

In May 6th, the "bird of honor" was put in danger of delisting, and the securities were changed to "*ST magnate" for short. As of May 13th, the price of the precious bird fell for 6 consecutive days, leaving only stock left. Two point one five Yuan, a cumulative drop of over 60% during the year.

Sink into debt

Blind expansion is the culprit.

In the announcement, you see, the decline in performance is mainly due to the change in the scope of the company's consolidated statements during the reporting period compared with the same period last year. The BOY company is no longer included in the company's consolidated statements. In addition, company assets impairment losses and credit impairment losses. Eight point two nine Billion yuan, resulting in a larger loss attributable to shareholders of listed companies net profit.

However, the statement in the earnings report does not fully explain why the company is deeply bogged down. According to the insiders, many blind expansion and investment failure after the listing of the company is also an incentive for the birds to return.

In 2014, you were listed on the top of the "A shares sports brand first stock" title. With the advent of the bull market, the market value of expensive birds has surged to about 40000000000 yuan.

Xinhua sports enquiry revealed that after the listing, the "noble bird" launched a series of operations, involved in sports industry, games, insurance and other industries. Two point four Million yuan stake in tiger sports, $26 million won the exclusive trademark operation rights of the US basketball equipment brand AND1 in Greater China. Three point eight two five Billion acquisition of 51% stake in Xiamen shoe store...

Although these mergers and acquisitions have increased the total assets of the precious birds, the overall income is not satisfactory as a result. It is understood that as of December 31, 2019, the precious birds failed to pay the total balance of the outstanding corporate bonds on schedule. Eleven point four seven Billion yuan.

First quarter revenue exceeded 500 million

Overall income is declining.

Quarterly, the highest income of the first quarter of 2019 was Five point two one Billion yuan. The second, third and fourth quarters of business revenue are respectively Two point eight eight Billion yuan. Three point five nine Billion yuan. Four point one two Billion yuan.

Affected by the new crown pneumonia epidemic, the first quarter revenue in 2020 declined sharply. The first quarterly report released by the 2020 bird shows that the company has achieved revenue. One point seven three Billion yuan, down compared with the same period last year. 66.92% The net profit attributable to shareholders of listed companies is 200 million yuan.

According to city classification, stores are mainly distributed in three or four line cities, including 964 retail terminals in three cities, and 639 retail outlets in four cities. As a comparison, there are only 755 shops in the second tier city stores.

At present, most of the stores are located in Northeast, southwest and North China. The number of stores is 494, 482 and 403 respectively. From the regional perspective, only East China and Northeast China's business revenue has maintained a positive growth rate, respectively. 43.68% and 20.44% The rest of the region showed a downward trend in income.

According to the financial report, in 2019, the sales cost of the expensive bird was nearly 400 million yuan, and the R & D cost was only 50 million yuan. Xinhua sports inquiry recently revealed that although the birds have launched some new products in recent years, the overall number is not large. Many online flagship stores have also launched a low price strategy, and the overall sales volume of the new model is not high.

Xinhua sports also noted that in the case of the main business downturn, the product of expensive birds and children's shoes and clothing has maintained a good sales volume. In a shopping platform children's shoes plate, the sales volume of expensive birds and children's shoes is in the front row, which shows that the market has been recognized to a certain extent. In 2020, when the international movement collectively sank, maybe you can put more attention on the development of children's shoes and clothing products.

Facing crisis

Can the birds be broken?

According to the financial report, in 2019, the sales volume of your bird bird line was Four point four nine Billion yuan, offline sales revenue is Ten point nine Billion yuan, compared to 2018. Four point nine eight Million yuan sum Twenty-two point six Billion yuan, the whole can be called a sharp decline. But it is worth noting that people are more dependent on online sales. Online sales revenue is close to 30% of total revenue, compared with 18% last year.

Offline sales are down, and the birds hope to break through in the new retail business. According to the disclosure of financial reports, you have made a series of plans for future development, including expanding online sales channels and innovating online marketing mode. These changes will become an important means to promote the sale of goods.

As the main selling channel on the line now, the famous Internet business shoes store will receive more attention in the new retail strategy. However, according to the expectations of the famous birds, the online platform 2019 of the shoe library has lost nearly 100 million yuan. Huge losses made the outside world a "question mark" for the new retail plan of 2020.

Similar to the same kind of head sports shoes and clothing enterprises in China, nowadays, the birds are also carrying out multi brand, multi market and multi-channel business models. But unlike other brands, the famous sports brand PRINCE and AND1 have not yet been fully opened in China. You also admit that PRINCE and AND1 are brand new. It takes time for Chinese consumers to recognize and accept new brands.

Facing the debt situation, the company says that the company is actively introducing external funds or investors, and continues to fight for government support to jointly promote debt reconciliation with creditors.

In addition, the company has not yet reached a specific debt settlement plan with the relevant creditors, nor has it signed any debt reconciliation agreement. In May 7th, the noble bird claimed the arrears of state securities. One point three Billion debt, and in the earnings report, the current money held by the precious birds is only 25 million 270 thousand yuan.

Cheng Weixiong, an expert in textile and clothing brand management, said in an interview with the media, "the best outcome of the current bird is to find a person who has received the offer, combined with the debt restructuring of capital operation". In his view, the biggest problem of expensive birds is the poor liquidity of listed companies. But because of the heavy burden of the birds and birds, I am afraid it is hard for anyone to accept the whole package and return to the track of healthy and sustainable development.