The Annual Report Data Of Many Birds And Birds Were Questioned By The Shanghai Stock Exchange.

On the evening of May 17th, the Limited by Share Ltd (hereinafter referred to as "VIP bird") disclosed that it received the supervision of a listed company on the stock exchange of Shanghai on the day of the post audit inquiry letter on the annual report of VIP bird Limited by Share Ltd 2018 (hereinafter referred to as the "inquiry letter").

This inquiry letter is mainly aimed at the question of rationality and completeness of the industry operation and financial data in the annual report of 2018.

In the field of industry management, the data disclosed by the 2018 annual report of the precious birds show that during the period, the company opened 1438 new stores, closed 1, and joined the agency to open 515 new businesses and close 2809.

During the reporting period, the outlets achieved 865 million yuan of business revenue, an increase of 19.29% over the previous year. The franchisee achieved operating income of 1 billion 201 million yuan, an increase of 904.66% over the previous year, and the gross profit margin of the franchisee was 28.68%, an increase of 15.33% over the same period.

Enquiry letters believe that the number of franchisees has significantly reduced, the business income of the franchise has increased significantly.

The reason and rationality of this situation need further complements.

In addition, during the reporting period, the company changed the distributor's independent channel shops into direct outlets, which greatly increased the sales cost and the loss of inventory price in the reporting period.

The enquiry letter pointed out that the company should further disclose the related business background, commercial rationality, related costs and whether the expenditure will continue to exist.

In terms of finance, the enquiry letter raised the question of asymmetry of the total book value and total inventory volume of the company's inventory at the end of the term. In addition, further supplementary explanations and risks should be given to the problem of loans, mortgages or pledge assets and related follow-up risks, which were paid more attention to by the expensive birds.

According to past data, the April 30, 2019 annual report was released by the -6.86. Data showed that as of December 31, 2018, the company achieved a revenue of 2 billion 812 million yuan, down 13.52% compared to the same period last year, and the net profit attributable to shareholders of listed companies was -6.86 billion, down 536.01% compared with the same period last year.

In addition, the net assets belonging to the shareholders of the listed companies were 1 billion 530 million yuan, down 34.27% from the end of last year, and the total liabilities were 3 billion 223 million yuan, and the net cash flow of the operating activities was 559 million yuan, a decrease of 11.66% compared with the end of last year.

The first quarter report released in the same period in 2019 showed that the company achieved a revenue of about 522 million yuan during the period, down 37.40% compared with the same period last year, and the net profit attributable to shareholders of listed companies was about 13 million 920 thousand yuan, down 83.66% compared with the same period last year.

In the annual report, you see that the loss of performance in 2018 is mainly due to the market competition, the adjustment of the core brand business sales mode, the larger loss of equity investment, the higher end preparation and inventory preparation.

But before, there are industry analysts, the strategic direction of the Wagyu and the failure of diversified pformation, perhaps is the main reason for its performance difficulties in recent two years.

In fact, under the background of the upgrading of consumption, the market opportunities for the two or three line sports brands such as the birds and birds are still considerable. At present, they should pay more attention to the upgrading of the main business rather than the relative diversification of the layout blindly.