The Precious Birds Who Sell Some Assets And Face Cash Crisis Are Almost Exhausted.

It's less than a week before and after.

The core purpose of this series of actions is to sell some of the assets in a hurry.

In the past week, behind a series of "suffocating" operations, the deep core problems of the birds have not much to do with the collapse of share prices, or the sharp drop in share prices is just an illusion of the core problem.

In August 7th,

The announcement indicates that the 13.66% stake in tiger sports will be pferred to Shanghai Ding point Asset Management Co., Ltd., the pfer price is 273 million, and the price received by the pfer is used to repay principal and interest to Quan Xiang investment.

After the pfer is completed, the birds can recover 239 million yuan of investment and have a about 30000000 yuan Book surplus.

In August 8th, VIP bird made a cash payment for the fifth phase of the ultra short term financing bonds issued in November 2017 (notes: SCP005 17, bond Code: 011761080), when the total issue was RMB 300 million, the coupon rate was 7.20%, the bond maturity was 270 days, the interest date was November 10, 2017, and the payment date was August 7, 2018.

The company has fully completed the payment of the ultra short term financing bonds. The total amount of principal and interest payments is RMB 316 million yuan.

Just now, at the beginning of this month, the company tried to pfer the 37% stake in the company's shares to Jinjiang's national sports city Limited by Share Ltd, which was 135 million yuan and 8 million 114 thousand and 200 yuan respectively.

Before and after less than a week, the precious birds hurriedly sell some of their assets. The core purpose of this series of actions is to supplement the increasingly tight cash flow of the birds.

Through the earnings report of three years, you can see that 2015-2017 years of business revenue has risen year by year, but profitability has been greatly reduced.

In the past, driven by a retail oriented business pformation, the performance of has resumed growth since 2015, achieving sales revenue of 1 billion 969 million yuan, an increase of 2.57% over the same period last year, and net profit of 332 million yuan, an increase of 6.28% over the same period last year.

In 2016, the company

The net profit fell by 11.81% compared with the same period last year. By 2017, the net profit of 157 million was even less than half of that in 2015, while the revenue of 3 billion 252 million was 65% higher than that of 2015's figure of 1 billion 969 million in 2015.

According to the results of the financial report, the main business income of a single bird in 2016 was 1 billion 890 million yuan, down 3.98% from the same period last year, and the gross profit margin was 41.11%, down 4.07 percentage points from that of the previous period. In 2017, the sales of single valued bird brand reached 1 billion 796 million yuan, down 4.96% from the same period last year. The single brand bird's income accounted for 55.61% of the company's main business income, accounting for a decrease of 27.62 percentage points over the previous year. The sales revenue of multi brand agents such as Nike, Adidas and Lining was 1 billion 250 million 737 thousand and 800 yuan, accounting for 38.72% of the company's main business income.

In tradition

On the other hand, the brand business of expensive birds always adheres to the "retail oriented" business mode, but the number of retail terminals in recent years is also decreasing.

As of March 31, 2018, the brand marketing network of the noble bird has covered 31 provinces, autonomous regions and municipalities directly under the central government. The number of retail terminals reaches 3672, and the total retail terminal area is 299271.32 square meters.

Among them, there are 4 direct outlets and 3671 joined agents. In 2018, 78 new businesses were opened and 133 were closed.

Judging from the classification of cities, there are 426 retail outlets in the first tier cities, 806 retail outlets in second tier cities, 1488 retail outlets in three tier cities, 955 retail outlets in four tier cities, and three or four tier cities are still the main battleground of noble birds.

In the process of declining main business, the precious birds in order to reduce their dependence on the main brand's revenues, until 2017, they continued to invest in a large scale. At that time, they invested 368 million yuan to acquire 49% of the minority shareholders of the holding subsidiary shoes store and became their only shareholder.

In July, the noble bird increased its BOY stake in the football brokerage company.

In September 2017, the precious bird invested $20 million to acquire the brand equity of PRINCE brand in China (including Mainland China, Hongkong, Macao and Taiwan) and Korea, and get the core patents and technology permanent free use rights of PRINCE brand products, and become the global designated supplier of PRINCE brand.

In 2017, although the company acquired Jay's trip and shoes store, its main business income still came mainly from the famous brand.

In 2018, the precious birds did not stop large-scale capital use. The price was that their controlling shareholder, the noble bird group, had pledged 99% of its own shares.

In January this year, the precious birds invested 90 million yuan to set up three wholly-owned subsidiaries in Shanghai and Xiamen respectively. Among them, two wholly owned subsidiaries in Shanghai were set up as the main operators of the new Prince brand and the AND1 brand. 50 million yuan was set up to set up a wholly-owned subsidiary in Xiamen for the wholesale and sale of the traditional "noble bird" brand.

In order to achieve the strategic upgrading of the company, you can actively expand the "multi brand, multi market and multi-channel" operation mode. The company's establishment of a wholly owned subsidiary to operate AND1, PRINCE and its own brand helps to enhance the company's comprehensive strength and competitive advantage, and is in line with the company's long distance development plan.

In the evening of June 13th, the company announced that the company had spent 21 million 90 thousand yuan to buy a house in Jinjiang. The land area and supporting facilities were 8533.88 square meters, and the total area of land use rights totaled 1586 square meters. The total paction price was 21 million 97 thousand and 600 yuan.

For this paction, the bird says that buying a house is to meet the housing needs of some employees, especially the production staff.

By the end of 2017, there were 5831 active employees in the company, an increase of 3.11% over the previous year.

In the case of declining profits every year, a series of M & A activities of the company make the cash flow of the company more tense.

In this round of crisis, many people blamed the stock market crash during the period from June 14th to June 25th. During that time, the Jinjiang enterprise experienced a 7 consecutive trading day limit, with a total drop of about 55%, and the market value evaporated about 9 billion, leaving only 8 billion 60 million yuan.

From the most intuitive point of view, this purchase deal with the related company hahao culture seems to be the last straw to crush the price of the expensive bird.

Hai Hao culture is actually controlled by Lin Tianfu, chairman of the great bird bird. Although it has been established for many years, it has not yet launched its actual business. Its operating income in the first quarter was zero, with a loss of 2 million 992 thousand and 600 yuan.

By the end of 4 2018, Hai Hao's total assets amounted to 333 million yuan and its net assets amounted to -1547.47 million yuan.

Prior to this, there were two pledge of shareholding to guarantee Hai Hao culture.

However, compared to the about 20000000 related party pactions, the high pledge rate and highly concentrated shareholding, as well as the stock price which do not match the performance, is the key to the collapse and the key to a series of crises before and after.

In July 1st, the noble bird announced that it was pledged to Huarun Shenzhen Shenzhen trust and Investment Co., Ltd., which owns 10 million shares of the company's unlimited sale conditions (1.59% of the total share capital of the company).

As of the date of this announcement, the Group owned 479 million 115 thousand shares of the company, which were all tradable shares with unlimited sale conditions, accounting for 76.22% of the total share capital of the company.

After the completion of this pledge, the group has pledged 474 million 420 thousand shares, accounting for 75.47% of the total share capital of the company.

Through simple calculation, we can conclude that the equity pledge rate is as high as 99.01%.

Many people in this wave of collapse, in June 14th the highest price of the stock price of 28.65 yuan per share to calculate (since 2017, the highest bird price), to August 7th 8.41 yuan per share, the bird's share price fell 70.65%.

However, what is often overlooked is that in the low tide of the main brand's revenue and net profit, there is no obvious improvement in profitability and no obvious improvement in profitability. The stock price has surged to the highest level of 28.65 yuan, which is not a normal phenomenon in itself.

At the highest point of the stock price, the market value of the bird was once RMB 18 billion yuan, while Lining, another domestic brand listed in Hongkong, also had a market value of about 17000000000 yuan (about 20 billion Hong Kong dollars).

In June, the Jinjiang sports unit headed by Anta was short of the agency, and the Chinese sporting goods stocks listed in Shanghai and Hong Kong both fell to varying degrees.

However, as Anta and XTEP issued statements, some rating agencies also gave positive comments and responses.

Most of the stocks involved have been stabilised, either in the A stock market or in the stock market.

Home textiles, sporting goods and Fujian plate rose slightly in varying degrees.

Under normal circumstances, in a similar short selling crisis, it is still a solid business performance to really support a listed company.

According to the earnings report of the past three years, from 2015 to 2017, the company's monetary funds were 1 billion 678 million yuan, 1 billion 392 million yuan and 747 million yuan respectively; accounts receivable in turn were 1 billion 222 million yuan, 1 billion 829 million yuan and 1 billion 685 million yuan; the cash flow generated by business activities amounted to 411 million yuan, 157 million yuan and 633 million yuan; the net increase in cash and cash equivalents decreased little in 2015-2016 years, from 2015-2016 yuan to Yuan Yuan, but in 2017, the data became -6.39 billion yuan.

This also means that when the difficulty comes, the controlling shareholder of the 99% person who has already pledged his stake is no longer able to supply the crisis with cash flow.

"Sale" assets are also helpless.

The situation at present is not simply caused by the short selling of stocks or the tight net cash flow generated by investment. Its core problem stems from the downturn of independent business and is caused by multiple factors.

In fact,

Companies that face similar difficulties are far from being a family of birds.