With The Capital Operation Of "Buy, Buy And Buy", Anta Lining Bought And Won.
The nearest bird is a little flamingo.
Of course, fire is not its wind rating and sales, but its performance in the capital market. In 2018, it lost 6 hundred million, and its market value plummeted by about 40000000000 from 2015 to 90%. Until today, when the mountain and river are reduced to "zombie stocks", UBS is still offering investors the risk of default.
This is a bit hard to believe that this is the performance of Lining's and Anta's national brand. Looking at the performance and stock prices of Anta and Lining, you simply can't recall that formerly the noble bird, one of the "N flower gold flowers" in the southern clothing industry, is so contrary to the way that it is a big surprise.
Many people have been analyzing the company, and I am very surprised. Because it is not like many listed companies to attract gold, the capital listed companies are not doing their job properly. Basically, these years still focus on the main business, and their crossover is not too special. The 5000 stores in the peak period basically show the success of the company's layout at the channel end. But by now, the stores have closed 2294, the market value has shrunk by 90%, and the books have been exposed to the remaining about 15000000.
Under the encirclement and suppression of foreign brands such as ADI, Nike and so on, we were worried that the national brand was "very dangerous" and the market share was squeezed. In fact, it is reflected in the stock market. And no matter how rich birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds, birds,
According to your own explanation, the most direct reason is nothing more than a sharp rise in financial expenses and management fees, and some of the two sports industry investment layout has not yet achieved stable income.
Over the past two years, the financial cost and management fees of the expensive birds have been higher. For example, in 2017 and 2018, the financial cost was around 230 million, which is 53% higher than that of 2016 150 million. But considering that the revenue of these two years is 23% to 43% higher than that in 2016, the company is also adding new businesses and putting new products into the market. But the sales cost of odd high is somewhat unreasonable. The sales cost in 2018 is close to 700 million yuan, 1.8 times in 2017 and 3.4 times in 2016. But in fact, such a high marketing expense has not brought about an increase in operating income, or even dropped by about 4 hundred million.
We do not read too much about the cost of the period. After all, the trend of the clothing and home textile industry is changing rapidly. In the past, it has been king of products, and many enterprises have gone through one or two years of "going to grass". It is also reasonable to adjust business ideas and increase investment in marketing. The situation may be more serious, but such a problem is not enough to break down this plump old bird.
It's easy to understand that the reason why the "bird's wings" is that there is no money! The funds collected have been smashed in, and the total revenue has actually increased, and the gross profit margin has not changed much. Receivables were even reduced, and cash on the books was rapidly losing at a relatively high rate (from 2017 to 2018, from 746 million 600 thousand to 147 million 500 thousand). If it is not intentionally occupied by major shareholders, it is difficult for you to understand why the company has been experiencing tight funding and large increase in financial interest expenses in recent years. Because of some strange reasons, without money, it is necessary to turn off the "Olympic effect" after the end of the waste of operating capital, product turnover over slow stores. Stores closed, inventory backlog backlog to the line to digest, naturally no money!
This strange reason is not surprising. It is nothing more than the usual means of capitalists -- diversification, buying and buying.
In January 2015, the 240 million yuan RMB curve was invested in tiger sports, and it increased to 630 million at the end of 2016.
In July 2015, he invested in BOY, a Spanish sports agency, and burned 20 million euros.
In November 2015, 130 million yuan was launched to set up the sports park to carry out the sports operation of university students.
...
There are so many examples that ten fingers are hard to count. More than ten acquisitions in 3 years, the industry across the Internet + sports, sports brokers, event sponsors, sports insurance, sports games, sports fitness. It seems that the determination of the birds to do the "all-round sports" industry chain is self-evident. But the final result is that the target of these acquisitions can make little profit, a large number of losses, and some can not go on. Finally, they are forced to write off.
We can understand the diversity of "early hearts" of the birds. Even the fact that "buy and buy" has its own problems, we can not generalize. For example, Anta acquired FILA and Sprandi, Lining won the Danskin brand and Italy Lotto and so on, all won the naked eye to see the success. Moreover, the complexity of diversification, Lining did not fall, and even the fierce competition of children's clothing business has been made up, but these companies, why are they not as exhausted as the birds, regardless of the end?
On the one hand, the ambition of the bird is too big, plus the lever plus some fiercely, beyond the "unbearable weight of life". For the past two years, the financial cost of the birds has accounted for 7% and 8.27% of the total revenue respectively. In the year 2017 (2017), the financial cost of the highest cost in the history of the Anta was only 1.9% of the total revenue. In fact, the average profit margin of these birds in the past few years is even less than 35% of Anta's gross profit margin, and nearly 70% of the assets and liabilities ratio is far more than that of Anta and other 50%. Do not know that the product does not make money, the debt paying pressure is high, where does the noble bird go to do such a knife edge licking blood behavior.
Pluralism can. But we must do our best to increase the diversity of leverage. The diversification and success of Anta Lining is also a result of watching vegetables for dinner and watching the economic benefits step by step. It is obvious that some people would say "eggs are the safest in different baskets", but don't forget that in this capitalist society, food basket also needs money. When you buy a basket of vegetables to catch up to 30% of the gross profit of a year (in 2018, 779 million of your profits and 233 million of your financial expenses), it is not worth adding such a leverage.
The second point is that the diversity of the great birds is somewhat blind in the selection of projects and even in the inspection. Some of them are not related to each other. It seems that they are "forced" to be complementary industries from the unconscious.
I agree that the cooperation with tiger tiger was the finishing touch for the birds of the world, and captured a large number of basketball fans to be the target customers in the field of sportswear and shoes and hats. But the next series of actions are quite unthinkable.
For example, the acquisition of the holding subsidiary, Jie Xing Xing, really can not see any bright spots, and even occupy the original business operation funds, and finally only two years on the grass reduction of the transfer of shares. The investment in the three weakly related projects of Kangpai is completely failed. Finally, the state owned capital took over the "rescue field" to throw away the big pot. The sports insurance business that moved many people in the past few months ended with no end. AND1, the small role of these investments in Xing you technology is no longer in the financial statements of one year after another year. It can be seen that these companies have either become empty shells or they can not contribute to their performance. Writing a 0 up seems embarrassing.
Those companies can support and strengthen the brand of "noble bird"? Maybe the original intention of your bird is to help them to hunt in all directions on the whole sports industry chain, but obviously the result is contrary to expectations. Even the extreme imitation of Anta Lining, you have not seen them doing sports insurance and competitive lottery payment.
Photo: the 2018 annual report of the birds of honor
The bigger problem is that the understanding of "diversity" seems wrong.
What is the purpose of diversification strategy? Usually, it is to resist risks and enhance strength. But we do not see the meaning of "resisting risk" from the "noble bird". Many of the takeover targets are flashy, and the form of wholly-owned holdings needs to be responsible for their profits and losses, which in itself is a risk point.
Do you have so many experienced and well-defined contestants to help them manage and manage? Without performance commitments and gambling agreements, doomed the birds to face big time when faced with these time bombs. And you can see that Jay's trip and shoes store are still relatively heavy assets operation, which takes up a limited amount of operating capital, resulting in new products such as AND1 and PRINCE.
Not only does it bring external risks, but also delays the normal operation of the main business. Can such diversification be repeated?
And the core of a decentralized investment and risk prevention is to plan the structural ratio of long-term investment and short-term investment. For example, some projects need to be cautious if they are slow to perform and occupy more funds. Some projects will soon bring rewards, so that leverage can be appropriately raised.
We can see that at the end of 2015, when the money fund was relatively abundant, it was only 1 billion 678 million. The net profit of the female parent was only 332 million, but it was necessary to use the fund that was more than two times the base to diversify. Naturally, it needed high leverage to maintain it. In fact, these projects are successful, and they are mainly based on long-term investment and are not suitable for such a radical operation. In fact, there is no intention of playing the "long line". In many cases, it is impossible to see the economic benefits of flash marriage. With a short line of thought to solve the problem of long line after repeated failures, knowing this, why?
With the capital operation of "buy, buy and buy", Anta Lining bought it, but the expensive bird bought it. This is not a question of losing luck after buying the hand. The birds of the great bird have folded their wings in the mind of the heart, and it seems that they are already doomed.
Source: Guo Ying observation
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