Where Is The Main Business Of The Great Bird? How To Save Yourself?

According to the world clothing shoes and hats net, from one family

The company has pformed into the first sports industry company.

In recent years, capital operation has been continuous, and there are some dazzling feelings.

Recently, it is also the largest amount of money, which is the fitness of the Welsh fitness company, which is worth 2 billion 700 million.

But the paction that lasted for more than half a year ended in failure.

In the evening of September 4th, the bird issued a bulletin on major assets reorganization and suspension, and the company terminated the takeover of Wellcome fitness.

The reason for the termination is that at present

Under the circumstances, the two parties can not reach agreement on key terms such as paction consideration and payment method.

In fact, the failure of the acquisition of Wellcome fitness is not a good thing for the birds, so that it can stop the pace too fast, carefully weigh the impetuous whole industry chain capital expansion is suitable for the company.

From the beginning of the year, we can see some clues in "renamed farce".

Embarrassing renaming, highlighting inner impulses.

Let's return to March 19th. The "bird of honor" released the second meeting of the thirty-fourth meeting of the board of directors on the same day, announcing the renamed "all bird sports".

You know, changing your name is to meet the needs of the company's strategic pformation.

According to the announcement, the name of "good bird" operated by a single brand is no longer in line with the company's all-around sports industry strategic layout plan.

As soon as the news came out, the media reported, experts interpreted, and netizens laughed.

Since less than a week ago in March 13th, the bird has just announced that it will buy the high-end fitness brand, Wei Kang, with a total stake of 2 billion 700 million yuan.

We all think that this is a symbolic action taken by the birds in order to break through the main business predicament.

The name "all-around sports" is self-evident.

Bart, just a day later, at 9 o'clock in the evening of March 20th, the bird also announced that the name was not changed. Renaming is a great event for an enterprise. It is a great event for a company to change its name in one day. Is it too trifling? But it also shows from one side that the management of the company is probably not sure about the future direction of development, but the heart has a strong pformation impulse.

Looking back at the course of more than a year's mergers and acquisitions, we can see that this impulse is quite strong.

Mergers and acquisitions can not stop, sports industry chain layout

Impulse comes from crisis.

In recent years, sports brands have been pformed and upgraded, which is directly related to the slump of footwear business.

Compared with the birds, Lining, Anta and other brands are also having a hard time.

But unlike Lining, Anta and other multi brand sporting goods routes, the choice of birds is related to the diversification of cross-border expansion.

For the birds, the most painful period is the stagflation period from 2013 to 2014, and the net profit of the two companies decreased by 19.8% and 26.3% respectively over the same period.

The Beijing Olympic Games brought several years of expansion to the sporting goods industry, but the massive homogenization competition during the expansion period dragged the industry into the quagmire of overcapacity. With the end of the Olympic Games, the digestion of stock and store contraction also became the main theme of the industry.

But the precious birds did not choose to close stores, but began to pform into the whole industry chain of sports.

In January 2015, the 240 million yuan RMB curve was invested in huppu sports. In July that year, the two sides jointly established the sports industry fund Huai district and the competitive domain (hereinafter referred to as "mobile capital"), with a total scale of 2 billion yuan and the first period of 1 billion yuan.

By the end of 2016, the only limited partner of the mobile capital has been invested 630 million yuan.

In July 2015, Vivien Group invested 20 million euros in Spanish football company The Best Of You Sports, S.A. (hereinafter referred to as "BOY") through its subsidiary company (Hongkong) Limited, holding BOY30.77% shares and becoming the largest shareholder, and began to set foot in sports brokers.

In November 2015, with 130 million yuan in association with the Chinese University Student Sports Association, the Chinese Middle School Sports Association and the tiger pads, the Beijing bird Sports Management Co., Ltd. (hereinafter referred to as "Kangpai Si") was established.

In April 2016, the precious birds began to enter the field of sports insurance, and jointly invested with the Xiamen Rong one network technology Co., Ltd. to enjoy Xiang an insurance. The registered capital of Xiang an insurance was RMB 100 million yuan, of which 65 million yuan was invested by expensive birds.

After many considerations, it was cancelled in January 2017.

In June 2016, the precious man Bird held 383 million yuan to hold a sporting goods retailer Hubei Jie Xing, holding a 50.01% stake in Jay.

Jay's travel agency authorized many famous sporting goods brands through offline channels, and has more than 260 retail terminals in Hubei, Hunan, Anhui and Jiangxi provinces.

In August 2016, the noble bird announced that it invested 382 million 500 thousand yuan to acquire 51% of the stock of Xiamen shoe brand, holding a 51% stake in the shoe store.

In July 2016, the precious bird invested 100 million yuan to increase capital for Shenzhen Xingyou science and Technology Co., Ltd. after the completion of the capital increase, the precious bird held 45% stake in Shenzhen Xingyou Technology Co., Ltd., and laid out the mobile Internet sports game.

In December 2016, because the investment was not as good as expected, the bird made the pfer of shares by 100 million yuan.

In October 2016, the VIP bird signed a licensing agreement with The Basketball Marketing Company, Inc. and Sequential Brands Group, Inc. (the two companies hereinafter referred to as "AND1 company") for $30 (multi period payment), and obtained the authorized license of the AND1 brand for 30 years (until June 2047). The company authorized exclusively to manufacture, distribute and promote trademark authorized products in mainland China, Taiwan, Hongkong and Macao.

In December 2016, the noble bird tried again to enter the field of sports insurance. It plans to set up Ankang insurance with 7 companies such as Xinjiang Guanghui Industrial Investment Co., Ltd. and Hong Kong Group.

Among them, the precious bird intends to invest 260 million yuan, accounting for 13% of Ankang's total insurance stock.

In March 12, 2017, the company announced that it would acquire a 100% stake in Wellcome fitness, and the paction price of the underlying assets was initially determined to be 2 billion 700 million yuan.

The September 4th announcement showed that the paction failed.

I don't know if I don't know.

For more than a year since 2015, there have been ten capital operations involving the Internet plus sports, sports brokers, event sponsors, sports insurance, sports games, sports fitness and so on.

It was originally just a pair of sports shoes, which turned into the "nine headed birds" of the sports industry.

However, from a series of investment, it gives people a sense of blindness.

As a matter of fact, the above expansion is not very helpful to the main business of the birds and birds.

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The main business is difficult to alleviate, and investment mergers and acquisitions have become chicken feathers.

Not long ago, in August 29th, the birds released the first half of 2017.

According to the data, the operating income of the birds during the reporting period was 1 billion 579 million yuan, an increase of 55.03% over the same period, and the net profit attributable to shareholders of listed companies was 129 million 900 thousand yuan, down 17.26% compared with the same period last year.

Revenue growth significantly, net profit continued to decline, and scissors difference is not a good omen.

In fact, since 2012, the performance of the precious birds has been in decline. In the past 5 years, the net profit of the precious birds dropped from 505 million yuan in 2012 to 256 million yuan in 2016, a drop of nearly half.

Half year report shows that at present, the business of the most popular birds is mainly based on the three brands, namely, the famous bird brand, the Jay trip and the famous shoe store.

The main brand of "noble bird" is the single brand of "noble bird". Its brand name shoes store sells Nike, ADI, New Balance and other multi brand sports products.

In terms of sales mode, there are great differences between the three. Most of the birds rely on distributors to sell their products.

In the first half of the year, the price of the birds increased by 55%. It relied on its capital acquisition in recent years. Its business in the first half of 2017 only achieved a profit of 853 million 174 thousand and 400 yuan, a 16.20% decrease compared with the same period last year.

At present, the brand of "noble bird" is still in the process of "closing stores".

In the first half of the year, the 326 bird dealers closed the retail terminal, and the number of birds joining the agency was 3997. The number has reached a low level in the past three years.

For the acquired shoe store, Jay's trip and BOY, although the company's business revenue has been raised, its worries are not small.

The first is to raise corporate debt.

The takeover of Jay bought a total of 383 million yuan, of which 180 million yuan came from the company's loan to Huarun SDK Trust Co., which has a loan term of 3 years.

The purchase of a shoe store by gueh bird costs 380 million yuan, of which 230 million yuan comes from the loan to Minsheng Bank (600016, stock bar). The loan period is 3 years.

In May 2017, the precious bird bought shares of minority shareholders in the shoe store, and then loans to Minsheng Bank for 220 million yuan.

Half year report shows that in the first half of this year, the asset liability ratio of the precious birds has reached 62.37%, an increase of 1.75 percentage points over the same period last year.

For the increasingly weak net profit, the financial cost generated can not be ignored, for example, the financial cost in the first half of the year is as high as 111 million 454 thousand and 600 yuan, an increase of 88.45% over the same period last year, an increase of about fifty million, accounting for nearly half of the net profit in half a year.

As we have mentioned before, there are many companies that invest in this year, but in addition to the three shoe companies, BOY and the other companies, there are no other companies in the semi annual report.

For example, the "noble bird" has won the "AND1" license authorization for 30 years last year. It managed to drop more than 100 million yuan of management fees in the first half of the year. But what is the current business situation of AND1 and disappeared in the semi annual report.

For example, Xiamen mobile cloud Information Technology Co., Ltd., established in December 2015, has a registered capital of 100 million yuan, but there is no financial data at present.

The Xiamen en Wan Sports Industry Co., Ltd., founded in September 2016, has already had financial data for six months later than the former. However, in the first half of 2017, its revenue reached 0 yuan.

In addition, the flash marriage is a major feature of the investment.

In July 2016, the high-profile bird announced that it invested 100 million yuan to increase star technology. After only half a year, it announced that it would quit because of poor performance of star technology.

In April 2016, in order to enter the sports insurance, the noble bird set up an insurance company, but by the beginning of this year, the insurance company, which was established for only 8 months, was canceled.

It can be seen that the famous bird changed its name to play the "one day tour", while investing in mergers and acquisitions liked to play "one year tour".

The result of such repeated turnover is that management fees soared, reaching 103 million 410 thousand in the first half of 2017 and 41% by a sharp jump.

This is also an important reason for the decline in net profit during the reporting period.

Therefore, the failure of the acquisition of Wellcome fitness is probably a good thing for you.

After all, it's 2 billion 700 million of a big deal. If we find "eye" again later, it will not be a small sum.

At present, the sports industry has begun to pick up. Anta, Lining and other competitors have focused their energies on brand building.

But the great bird's pace is too big, but it's not solid. It's not working in the main business, but it's getting deeper and deeper in the mire of capital operation.

The "sports industry chain" has a very good dream, but it has not become such a "nine headed bird".

Now that the M & A fails and the main business is sluggish for a long time, what should we do next? However, the second largest shareholder of the company is the "national team" certificate company, which owns 2.25% of the shares.

As a "King's Woman", the noble bird may continue to "go on", but investors do not know whether to buy it or not.

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