Frequent Bird Watches Or List Of Possible Downgrades.

VIP bird (603555) issued a notice in the afternoon of February 11th. In view of the possible impact of the performance loss on the company's business and financial situation, the bond rating agency joint credit rating Company Limited (hereinafter referred to as the "joint rating") recently decided to include the credit rating of the long-term credit rating of the VIP bird and the "14 bird of honor" debt rating list.

In January 31, 2019, the 2018 annual performance loss announcement issued by the noble bird showed that the company's net profit in 2018 was estimated to be between 640 million yuan and 820 million yuan.

The main reasons for the loss of performance include: the market competition intensified, resulting in a decline in brand sales of the noble bird brand; in the second half of 2018, it adjusted the sales mode of the brand bird business and repurchased the merchandise that had not yet been sold at the original price of about 340 million yuan, which further led to a decrease in the sales revenue and an increase in the end inventory, and the provision for falling stock prices increased at the end of the term.

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

At the same time, there were signs of impairment after the impairment test of the goodwill concerned, and the estimated impairment allowance was estimated to be between 75 million yuan and 95 million yuan.

In addition, according to the company's announcement, in 2018, the company lost about 116 million yuan in investment losses due to the disposal of shares in Hubei's Jay's sports industry, Limited by Share Ltd's shareholding, and the amount of resources sold by the company to the distributors for sale channels was about 150 million yuan, which was counted as annual sales fees.

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

In view of the possible impact of performance losses on the company's business and financial situation, the joint rating decided to include the credit rating of the main long-term credit rating and the "14 bird of honor" debt rating list.

The joint rating will continue to focus on the overall operation of the company, the liquidity of the fund and the progress of debt financing, and maintain communication with the company in order to timely assess the credit level of the company's main body and its debt issued by the "14 noble birds".

The company said that the company will further enhance its business and profitability, and protect the interests of bond investors.

In case of major events, the company will fulfill the obligation of information disclosure in accordance with the regulations.

The bulletin shows that the "14 noble birds" was issued in December 3, 2014, with a balance of 647 million yuan. In June 4, 2018, the joint rating issued the "noble bird Limited by Share Ltd corporate bond 2018 tracking rating report", maintaining the main credit rating of the company's "AA", maintaining a stable rating outlook, and maintaining the "14 bird of honor" and "AA" bond rating.