Customs Store And Market Value Evaporate.

Financial irregularities were criticized, credit ratings were downgraded repeatedly, stores were cut by more than half, and market value shrank by more than 40 billion.

Following the downgrade of credit rating in September 19th, announcements of investment risk were announced. Less than a month later, in late October 16th, UBS once again issued a notice, which alerts investors and relevant responsible persons to the Shanghai stock exchange for criticism and regulatory concerns.

It is worth noting that as at the end of 6, the money in the ledger account is only 125 million yuan, and Wind shows that there are two more debt debts totaling more than 1 billion 100 million yuan, which will expire in November and December respectively.

One

3 years to subsidize dealers 5 billion 100 million, early recognition of asset returns

Financial violations were criticized by the Shanghai Stock Exchange.

Due to financial irregularities, three letters were collected on October 10th evening, one was the disciplinary decision, and the other two were the supervision letter of the Shanghai stock exchange.

According to the letter submitted by the Shanghai Stock Exchange, it was found that, in 2015, 2016 and 2017, the noble birds contributed 1 billion 942 million yuan, 1 billion 745 million yuan, 1 billion 419 million yuan to the distributors, totaling about 5 billion 100 million yuan, accounting for 86.85%, 73.2% and 50.9% of the latest net audited assets of the company, respectively. The financial balance at the end of the 3 year was 67 million 13 thousand yuan, 102 million 300 thousand yuan and 90 million 270 thousand yuan respectively.

The above financial assistance matters reached the criteria for shareholders' meeting and information disclosure standards, but the birds did not submit the above matters to the shareholders' meeting for deliberation in time, nor did they disclose information in time.

In addition, the Shanghai Stock Exchange also mentioned the previous land acquisition and storage transaction with the Quanzhou soil reserve center. When the transaction was not completed in 2017, the bird confirmed the assets disposal income in the same year, which is an early confirmation.

In October 10th, the precious birds released a notice on the above violations. The Shanghai stock exchange gave timely criticism to the company's timely chief financial officer, Li Zhiping. In addition, Zhou Shiyong and Hong Zaichun, who served as the Secretary of the board of directors of the precious birds, were concerned about the regulation.

Two

The mortgage of land and housing is tight.

Expensive birds have been repeatedly downgraded.

Since 2018, the "noble bird" has been negotiating with some of the brand business customers (or "dealers"). The original part of the traditional noble bird brand distribution cooperation mode has gradually been transformed into a direct cooperation mode.

According to the 2018 annual report, the sales settlement between the company and its franchisees is based on the consignment sale mode, with the ownership of the goods, and the franchisee does not bear the risk of unsalable inventory. After the final sale of the goods, the franchisee and the company agree on the revenue of the Clearing Corp according to the agreement.

The business model of direct cooperation has greatly increased the selling expenses of expensive birds. According to the financial data, in the middle of 2018, the sales cost of expensive birds was 193 million yuan. By the end of 2018, this figure had soared to 697 million yuan.

Semi annual report shows that in the first half of 2019, the business income of noble bird was 810 million 94 thousand and 900 yuan, 47.27% less than that of the same period last year, and the net profit of shareholders belonging to the listed company was -5837.07 million yuan, a 269.59% reduction over the same period last year. The selling cost was 138 million yuan, down 28.74% from the same period last year, 193 million yuan.

The amount of sales increased by 99.68% over the same period last year, which was mainly due to the increase in sales rebates and the adjustment of the company's sales pattern, which led to the increase in sales staff and the increase in wages and welfare benefits, the BOY said.

In the first half of 2019, after excluding Jay and BOY, the business income of noble birds decreased by 119 million yuan, down 12.77% from the same period last year. The main reason is that the sales revenue of the main brand "noble bird" has declined.

At the same time, as the company's sales expenses and the provision for bad debts increased substantially, the net profit of the Company attributable to the listed company decreased by 73 million 199 thousand and 900 yuan compared with the same period last year, and the rate of decline was relatively large. In addition, in the first half of the year, the company's repayment amount decreased, resulting in a net cash flow decrease of 524 million yuan compared with the same period last year.

In the first half of the year, the land and housing assets held by the company were mortgaged, In addition, the disposal of other non core assets of the company is difficult. At the same time that we can not get financing, the negative impact of early debt centralized payment and financial institutions' pressure loan on the main business funds is gradually showing.

In addition, the company's brand terminal sales pressure increased, and the downstream dealers' customers' repayment was slower, resulting in the company's provision for bad debts increased. Moreover, the company launched the sales promotion of the brand bird shop in the past year, resulting in higher costs, resulting in a comprehensive decline in the company's performance.

Affected by this, in September 16th, VIP bird announcement, the company's main body was downgraded by the joint credit rating company (hereinafter referred to as the "joint credit rating"), and the rating outlook was "negative". Subsequently, in September 18th, UBS issued a notice to remind investors concerned about the risks. It is worth mentioning that in early 2019, due to the loss of performance and other reasons, the joint credit rating has once lowered the rating to the birds.

It is worth noting that as at the end of 6, the money in the expensive bird account is only 125 million yuan, and Wind shows that there are two more debt debts totaling more than 1 billion 100 million yuan due to expire in November and December. How to get money in debt in the short term is an urgent need for you.

Three

More than 5000 stores have been reduced by more than half.

Market value evaporated in 4 years 40 billion

The market noted that in the semi annual report, the birds in the first half of the year had a negative impact on the supply chain, brand marketing, personnel management and channel integration. In terms of channels, the "noble bird" continued to shut down the shops without vitality or loss, but the new store was slow to build. During the reporting period, there were 188 closes of the brand.

In the past 534 years, 561 birds, 359, 376, 857 families were closed in 2014 -2018, and 2687 stores were closed in 5 years. According to the financial report, by the end of 2013, there were 5560 stores in the store, and only 2685 left in the first half of 2019. In the past 6 years, the number of stores has decreased by 2875, and the number of stores has shrunk by more than half.

The market value of expensive birds is also shrinking.

It can be seen that in May 2015, it was the peak of the price of the bird, and the highest price was 65.47 yuan / share. According to the China fund newspaper, at that time, the highest value of the bird was 42 billion 600 million yuan.

Since then, the market value of expensive birds has gone downhill all the way. By the end of October 17th, the price of 3.97 yuan / share and 2 billion 477 million yuan of market capitalization was only a fraction of the peak period. The market value of 4 years has evaporated about 40000000000.

It is worth mentioning that the city community noted that on the Wind, as at the end of 6 2019, the number of shareholders in the column was 18989. This means that nearly 19 thousand of the shareholders are suffering.

Now, the moment of high light has gone, how far can the shoe king go? We have no idea.