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Liqun Department Store IPO Investment Project Deposit Risk

2014/7/29 16:32:00 18

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Liqun Department Store IPO Raise Investment Project

1, < a href= "http://www.91se91.com/news/index_c.asp > > management risk < /a > /strong > /p >

(1) actual controller control risk

the actual control of the company is Xu Gongzao, Zhao Qinxia and Xu Ruize. Xu Gong and Zhao Qinxia are husband and wife, Xu Gong and Xu Ruize are father daughter relations.

Before this issue, Xu Gongzao, Zhao Qinxia and Xu Ruize jointly held 4.58% of the company's shares directly. Although the proportion of shares directly held by the company was relatively low, Xu Gongzao, Zhao Qinxia and Xu Ruize altogether held 34.97% stake in Jun Tai Investment. The shareholders of Jun Tai invested 33 people. Except for Xu Gongzao, Xu Gongzao and foreign trade, the single shareholding ratio of the remaining natural persons was less than 5%. The actual controller of the company was in a relatively controlling position in Jun Tai Investment, and Jun Tai invested directly in the company's 17.85% stake.

Xu Gongzao, Zhao Qinxia and Xu Ruize also hold a 3.23% stake in Liqun group. Jun Tai investment is a controlling shareholder of Liqun group, holding a 68.34% stake in Liqun group. Liqun group directly owns 22.13% of the company, and owns 6.14% of the company through its wholly-owned subsidiary group investment.

In conclusion, Xu Gongzao, Zhao Qinxia and Xu Ruize share 50.70% of the company's shares directly and indirectly.

After the issuance of the stock issue, Xu Gongzao, Zhao Qinxia and Xu Ruize share 40.33% of the company's shares directly and indirectly. The actual controller can exert control or significant influence on the company's development strategy, business decision, personnel arrangement, profit distribution, related paction and foreign investment by exercising the voting right in the shareholders' meeting, thereby affecting the interests of the public shareholders.

(two) the management risk caused by the rapid development of the company

according to the company's development plan, the company will be in a period of rapid expansion of the number and scale of operation in the current and future period.

With the increase of the number and business area of our company and the continuous expansion of regional distribution, the scale of assets will expand rapidly, and the complexity of company management will continue to improve.

This puts forward higher requirements for the management of the company's purchase and supply, sales and service, logistics and distribution, human resources, financial accounting, information technology, and so on, which increases the difficulty of the operation and management of the company.

If the management quality and management level of the company's management can not meet the needs of the rapid expansion of the company's scale, the organization mode and management system can not make timely and corresponding adjustment and improvement with the expansion of the company's scale, which will bring greater management risk to the company.

(three) talent shortage or loss risk

our company's development has benefited from a group of management talents who are good at business management and professionals with rich practical experience.

However, with the continuous development of the company's scale of operation, the company has put forward higher requirements for the systematic organization and management of marketing, logistics and information, as well as the professional quality and service level of the grass-roots employees, and the demand for high-level managerial talents and professional talents will continuously increase.

The company has always attached great importance to the cultivation and introduction of talents, and has strengthened personnel management and reserves through regular training courses, establishing and improving a harmonious working environment and effective incentive mechanism.

But if the company's talent reserve is not able to keep pace with the rapid development of the company's business and even brain drain, the growth of the company's performance will be adversely affected.

strong > two, < a href= "http://www.91se91.com/news/index_c.asp" > financial risk < /a > /strong > /p >

(1) the risk of bad inventory management is less than /p.

the company's "retail chain + business logistics" business mode makes the company's inventory share relatively higher than other listed companies in the industry.

In December 31, 2011, December 31, 2012 and December 31, 2013, the net inventory of the company was 1 billion 997 million 779 thousand and 400 yuan, 1 billion 957 million 849 thousand and 300 yuan and 1 billion 745 million 910 thousand and 400 yuan respectively, accounting for 57.95%, 63.46% and 61.64% of the current assets respectively, accounting for 39.53%, 33.87% and 27.21% of the total assets respectively.

During the reporting period, the net inventory of the company at the end of 2011 was relatively high. The main Department of the company predicted that the prices of commodities such as food and daily chemicals will rise sharply in 2011, and that the increase in the total amount of the inventory will be caused by the increase in the reserves of the cotton based inventory products such as base agricultural products, knitwear and cotton socks.

if the company fails to accurately grasp the changes in consumption trends and make timely response to terminal consumption, resulting in poor commodity procurement and inventory management, it will not be able to digest long warehouse age inventory even through various promotional methods, which will significantly reduce the company's asset turnover capacity and company's solvency, and to a certain extent, affect the profitability of the company.

(two) the risk of a substantial increase in rents and labor costs is less than /p.

housing rent and staff wages have been the biggest cost of commercial retail enterprises.

At present, more than 30 of the 42 shops in the company are all part or part of the rental property, and the proportion of rental payments paid by the company is relatively high.

In 2011, 2012 and 2013, the total rental cost of the company was 159 million 454 thousand and 400 yuan, 172 million 376 thousand and 900 yuan and 161 million 672 thousand and 300 yuan respectively, accounting for 1.75%, 1.78% and 1.52% of the current operating income respectively. The total salaries paid by the company were 439 million 831 thousand and 300 yuan, 473 million 589 thousand and 700 yuan and 536 million 4 thousand and 100 yuan respectively, accounting for 4.84%, 4.90% and 4.90% respectively.

in recent years, housing prices in China's first and second tier cities have been rising, and housing rents have also risen sharply, especially in commercial areas where commercial rents are located in prosperous areas. The rising cost of rents has brought greater pressure to the future development of retail enterprises.

The main business area of the company is located in Qingdao and the surrounding Shandong peninsula area. In the future, it will expand to other first and second tier cities, and is expected to face the risk of poor operating performance resulting from a large increase in operating rents.

At the same time, with the growth of China's macro-economy, the increase of per capita income and the disappearance of the demographic dividend, the wage and salary level of employees will continue to improve, and the company will also face the risk that the increase of human cost will lead to a sharp rise in expenditure.

(three) the higher the depreciation rate of fixed assets investment, the lower the risk of net profit falling

in recent years, in order to adjust the company's business structure, improve the commercial logistics system and increase the proportion of its own property to reduce the risk of substantial increase in rental costs, the company has increased investment and procurement of fixed assets.

During the reporting period, the company invested in the construction of Licang logistics center, Jimo square, Laixi shopping mall and the purchase of Qianhai Shopping Plaza property, the mother company new commercial project land use right total expenditure of 1 billion 780 million yuan.

In the future, the company expects to invest about 1 billion 620 million yuan in the construction of CBD project, Nord Plaza and new business projects of the parent company.

The investment of such projects will be pferred to fixed assets after 2-3 years' construction period and depreciated according to the requirements. In the 4 projects to be invested by the company, there will be some depreciation and amortization each year after the investment. Therefore, the annual depreciation amount will be greatly increased after the investment is expected.

During the reporting period, the total revenue of more than 40 stores has been growing steadily. With the continuous improvement of the company's fine management level, the profit level has shown a steady growth in the reporting period. With the gradual entry of some stores in previous years, the company's current operating income and profits have a good momentum of development. P

Although the depreciation and amortization of fixed assets and intangible assets will still have a certain impact on the company's profits, the company will also adjust the investment schedule of fixed assets, intangible assets and decoration in a timely manner according to the specific conditions of its own business and industry development, so as to guarantee the development and promotion of the company's business performance, and the amortization of the decoration items in the investment and investment projects can offset some of the necessary renovation costs annually, and has a direct promotion effect on the company's profit level.

but in the next few years, if there are significant adverse changes in the industry and the market due to macroeconomic and other reasons, the company can not maintain the simultaneous growth of revenues and profits and depreciation and amortization. The net profit of the company may have a risk of slipped, or even the risk of a decrease of more than 50% of its operating profit over the previous year.

three, < a href= "http://www.91se91.com/news/index_c.asp > > recruitment project < /a > risk /p >

(1) the risk of not achieving the expected return is less than /p.

the feasibility analysis of this fund raising project has taken into account the current economic situation, market environment and consumer habits, and has been determined according to the actual operating conditions of the company. Although the company has made close calculations on the economic benefits of the investment projects raised by the fund, because of the uncertainty in the macroeconomic situation and market competition, if the fund-raising funds can not be put in place in time, the industry competition is intensified or the market changes significantly, it will adversely affect the implementation progress of the project and the investment return of the company.

(two) the risk of net asset yield decline after issuance is less than /p.

weighted average return on assets attributable to shareholders of the parent company in the 2011, 2012 and 2013 years after deducting non recurring gains and losses is 24.51%, 19.15% and 16.10%, respectively.

The issue is expected to raise 1 billion 905 million yuan. It is estimated that the net assets of the company will increase substantially after the issue is completed.

However, there is a certain period of construction for this project, especially when the stores need to undergo a period of incubation, and will not immediately generate the expected return.

Therefore, in the short run, the net profit growth rate of the company will lag behind the growth rate of net assets, and the company will face the risk that the net asset yield will be too fast due to the excessive expansion of net assets.