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Executives frequently sell "children", and the bird's collection channel or inventory is worse.

January 11, 2019 01:12
source: Investor

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Recently,Pleasant birdofExecutiveThe resignation of the resignation made the expensive bird, which was originally "flying" low, once again attracted market attention.

Not only that, but the noble birds have released ten consecutively.announcementDivest assets, sell subsidiaries to “survive”, and also decide to acquire channel resources of some distributors and recover some of their inventory, including channel purchasecontractThe amount is 147 million yuan, and the purchase contract amount is expected to be 419 million yuan.

The noble bird was once the largest sports brand in the A-share market. At the peak of the market, the market value exceeded 40 billion, but why nowadays how to "fly" and "fly" is not high? There are also stockholders in the stock question: "Who is the bird, who cut your wings?"

  Executives get together

Founded in 1987, the noble bird is a sports brand in Jinjiang. The company started from the founding of international sports brands. In 2002, it began to develop its own brands and started sports shoes.

Between 2009 and 2011, the noble birds madly opened up the territory, and the number of stores increased from 1,847 to 5,067.Operating incomeIt also rose from 600 million to 2.65 billion. You know, at the timeLi NingAnta and Xtep have no such achievements. In 2012, the revenue of the expensive bird reached 2.86 billion yuan, roughly the same as the figure of the year.

However, now "this bird is no longer a bird."

A few days ago, Guiren Bird issued the "Announcement on the Resignation of Some Directors and Senior Management", which reported the changes in the number of directors. According to the "Announcement", the board of directors of the company has been reduced from 11 to 7, of which the number of non-independent directors has been reduced from 7 to 4. The number of independent directors has been reduced from 4 to 3.

The specific personnel change is that Lin Tao resigned as an independent director of the company and related professional committees of the board of directors; Cheng Hang resigned as a director of the company, and the two of them will no longer hold any positions in the company after resigning. Lin Siping resigned as a director of the company. After resigning, he still served as the deputy general manager of the company. Li Zhiping resigned as a director and chief financial officer of the company and will continue to hold other positions in the company after resigning.

  After the crazy expansion, "cut meat" for sale

Not only that, the VIPs also issued a series of announcements in succession, claiming to transfer 30.01% of the shares of Jiezhi to 300 million yuan and decide to acquire channel resources of some dealers and recover some of their stocks.

The noble bird had invested and acquired the company intensively during the period of 2015-2017. In the second half of 2018, even if it will lead to losses, it will be sold. Such an action has attracted investors' attention. Why is the bird so?

It is understood that since August 2018, the noble bird has planned to transfer 137 million shares of Kangxisi (Beijing) Sports Management Co., Ltd., 37% of Kangxisi (Beijing) Sports Consulting Co., Ltd., and transfer the shares of Tiger Pound for 273 million. To the latest 50.01% stake in Hubei Jiezhixing Sports Industry Development Co., Ltd., which is planned to be transferred by RMB 300 million, the share price of the bird in 2016 was 383 million yuan. In other words, in the past two years, only this asset has caused the loss of the expensive bird of 83 million yuan.

Founded in 2007, Jiezhi is a professional sports product retailer that sells internationally renowned sports products and independently develops sports products through offline retail channels.Nike, Adi, UA, Vance, Converse, New Balance, Li Ning, etc., products cover all kinds of sportswear, shoes and hats, accessories, sports equipment.

Even this latestEquity transferLet the birds expect an investment loss of 130 million yuan this year, but they still choose to sell, and like the previous sale, the core purpose of this move is to supplement its increasingly tight cash flow.

In addition, in December last year, the bird announced that it plans to purchase the sales channels of the VIP bird brand business dealers for 146 million yuan. Once the channel is reclaimed, the original dealer will not be able to sell the merchandise of the bird, and the bird will spend an additional 469 million yuan to recycle the inventory of the dealer.

Guiren Bird said that it intends to calculate the expenses of this purchase and sales channel into the current profit and loss of 2018, for the current year.Net profithave a huge impact.

  Diversified "erosion" profit

Since its launch in 2014, the noble bird has tried to take an “unusual” diversified road and once wanted to change its name to “Almighty Sports Co., Ltd.”. To this end, it has successively acquired the Spanish football economic company BOY, the sports portal Tigers, the offline retailer Jiezhi, the online retailer shoe store, and the event operator Kang Jusi. At the end of 2016, it also launched the acquisition of Weikang Fitness.

CrazyMergerUndoubtedly, it has increased the operating income of listed companies, but its net profit has declined year after year.

2. Executives oscillating frequently

The data shows that in the third quarter of 2015-2018, the operating income of the VIP bird was 2 billion yuan, 2.3 billion yuan, 3.2 billion yuan and 2.3 billion yuan, an increase of 3%, 16%, 43% and a decrease of 0.5%; net profit respectively It was 330 million yuan, 320 million yuan, 188 million yuan and 0.29 billion yuan, up 6% year-on-year, down 12%, down 46% and down 89%.

At the same time, the main business of the noble birdinterest rateIt also shows a phenomenon of declining year by year. The data shows that in the first half of 2015-2018, the main bird business sports shoes and clothing industry hairinterest rateThey are 44%, 38%, 29% and 25% respectively.

In addition, in the three quarterly reports of 2015-2018, the inventory of noble birds has surged. The data shows that the inventory during the period was 171 million yuan, 475 million 492 million yuan and 639 million yuan.

As we all know, the inventory of the footwear industry usually faces a large risk of impairment because the trend changes too fast. Although the sports products are relatively less risky, the recent bird plans to recover more than 400 million inventories from dealers. For the noble bird with high inventory, it is undoubtedly a huge challenge.

(Article source: Investor News)

                (Editor: DF392)