Transition Pain 2018 Net Profit Is Expected To Exceed $600 Million Net Loss

On the evening of January 30th, the bird announced that, after preliminary calculations by the financial department, it is estimated that the annual net profit attributable to 2018 will be a loss compared with the same period last year (statutory disclosure data), with a net loss attributable to 640 million -8.2 billion yuan.

The net profit is 492 million -6.72 billion yuan.

In the same period last year, the net profit of the noble bird was 157 million yuan, and the net profit was 89 million 26 thousand yuan.

For the main reason for the loss of performance in the current period, the bird pointed out that the main business is the main business.

During the reporting period, the sales revenue of the company's own brand declined, the production cost increased, and the sales cost increased, resulting in a loss in the operating profit of the company's own brand.

　　貴人鳥指出，主營業務下滑是由于市場競爭加劇導致貴人鳥自主品牌銷售收入下降; 2018年度下半年，由于調整核心貴人鳥品牌業務銷售模式，公司向14個重點省級區域貴人鳥品牌經銷商購買了市場銷售渠道資源，并按原價從上述區域經銷商購買尚未實現對外銷售的貴人鳥品牌2018年款商品約3.4億元，進一步導致公司銷售收入的下降以及期末庫存商品的大幅度增加，期末計提的存貨跌價準備也隨之增加;加之公司原材料成本上漲，自主品牌產品產量的下降導致單位產品分攤的固定資產成本上升，單位產品毛利下降;另因公司調整對經銷商的支持政策，報告期內新增支付給經銷商的銷售返利費用;因購買上述區域經銷商銷售渠道后，經銷商不再繼續經營對應區域的貴人鳥品牌銷售業務，導致在本次交易前，本公司部分已由經銷商原本下單采購但尚未發貨的商品，無法在

This year, external sales will be realized, so that the sales volume and gross profit will decrease.

The above items are expected to reduce net profit in the current year by about 470 million yuan.

At the end of the reporting period, there were signs of impairment after the impairment tests were conducted on the goodwill, and the estimated impairment allowance was estimated to be about 75 million -9500 yuan.

Non recurring gains and losses also have a certain impact on the performance of the birds.

In the year of 2018, the cost of disposing assets and the cost of channel resources were significantly affected by the disposal of assets.

Among them, due to the current disposal of the controlling shareholder of Hubei Jie Xing sports industry development of Limited by Share Ltd equity, resulting in investment losses and other losses totaling about 116 million yuan; the company to 14 key provincial dealers to buy the sales channel resources paction amount of about 150 million yuan, accounting for the 2018 year sales expenses.

The above items are expected to reduce net profit in the current year by about 266 million yuan.

In fact, the bird has been implementing the M & a pformation plan in recent years.

The "noble bird" has proposed to upgrade from "traditional sports shoes and clothing industry" to "sports industrialization group based on sports apparel manufacturing and coordinated development of various sports industry forms".

And since 2015, it has formed a preliminary diversification pattern in sporting goods, sports games, insurance, retail, e-commerce, competition lottery, paid reading and so on.

However, diversified pformation has accelerated the decline of profits.

In 2016, the precious birds began to lose money. At that time, the total income of the precious birds was 2 billion 279 million yuan, up 15.74% compared to the same period last year, but the net profit attributable to them declined 11.81% to 292 million 700 thousand yuan compared with that of the previous year. In 2017, the loss of the noble bird continued to expand and its net profit fell 46.25% to 153 million 700 thousand yuan.

With the decline of profits, the precious birds had to start the strategy of closing stores.

In the first quarter of 2018, the company closed 55 shops and closed 376 in 2017.

In order to reverse the decline of performance, in December 2018, the bird announced that it wanted to gradually pform the original part of the traditional "noble bird" brand distribution cooperation mode into a direct cooperation mode, and to acquire some distributors' channel resources, while recovering part of the inventory.

According to the insiders, the "noble bird" has made a blind extension of the system and has not complementation with the main business. In the future, if you can make up your mind to return to the main business, you will be able to reverse the loss situation.