How Long Can A Bird Of Value Fall And A Bank Account Frozen?

Once the top "A shares movement brand first stock" aura, it's hard to fly anymore.

In recent years, birds and birds are in danger. In December 17th, the bird announced that some of its bank accounts were frozen and the total amount of frozen accounts was 909 thousand and 400 yuan. The main reason for the freeze was that it failed to honour the "14 noble bird" bond interest on time. Some of the bondholders applied for property preservation to the judiciary.

You see, some bank accounts are frozen, which has a certain impact on the normal operation of the funds of listed companies. But as of now, the number of frozen accounts accounts for a small proportion of the total number of bank accounts. The frozen monetary fund accounts for a small sum of the total amount of the company's money, and is limited to the account of the parent company. Therefore, the freezing of some of these bank accounts has not yet had a significant impact on the company's cash flow and production and business activities.

And in the first month before that, the company was transferred to Jingdong for the first judicial auction because of the 37 million 695 thousand shares of tradable shares held by the controlling shareholder of the company.

Up to now, the "noble bird group" holds 479 million shares of the company, accounting for 76.22% of the total share capital of the company. The total number of frozen shares is 427 million shares, accounting for 67.86% of the total share capital of the company, accounting for 89.03% of the shares held by the controlling shareholders. The 30 million shares that will be auctioned by the judiciary will account for 4.77% of the total share capital of the company, accounting for 6.26% of the shares held by the controlling shareholders.

Nowadays, it is more appropriate to describe "good bird" with "one hand listing good cards but being beaten to pieces". The freezing of bank accounts, the auction of shareholders' pledge shares, the overdue payment of bonds, and the downgrading of the main credit have led many birds to the forefront this year. At the same time, only 5 years after listing, the total market value of the precious bird fell from 40 billion of its peak to 2 billion 900 million today.

This can not help but ask the outside world, why did the "sports first stock" why the birds are so depressed? What did you experience during the listing?

Rapidly expanding business

Recently, the financial data of expensive birds can not be looked at.

The results of the semi annual report show that the performance in the first half of 2019 continued the decline of last year. Operating income in the first half of this year was 810 million yuan, a decrease of 47.27% compared with 1 billion 536 million yuan in the same period last year. Net profit attributable to shareholders of listed companies also decreased from 34 million yuan in the same period last year to -0.58 billion yuan.

What is the concept of such performance? ID:jiedian2018, which looks at the earnings data of the same industry, found that Anta, also born in Jinjiang, Fujian, had a revenue of 14 billion 800 million yuan in the first half and 6 billion 255 million yuan in the first half of Lining.

Looking back at the previous achievements, we can see that the business income of these ten years has experienced a great fluctuation. From 1 billion 535 million yuan in 2010 to 2 billion 812 million yuan in 2018, which reached 3 billion 252 million yuan in 2017, the highest point was 1 times higher than that in 2010. However, the growth of operating income did not bring net profit growth, reaching 222 million in 2010 and 686 million yuan in 2018.

The reasons for the mismatch between operating income and net profit are found by node finance, which is directly related to the excessive expansion of management, excessive inventory, rapid increase in accounts receivable and the pressure of cash flow in 2012.

In the early twenty-first Century, the traditional footwear enterprises similar to the "noble birds" caught the rapid development of demographic and market dividends. 2005, including Hongxing Erke, Anta and BELLE, XTEP, PEAK, 361 degrees and other shoe companies landed in Singapore, Hongkong and other capital markets. With the help of the capital market, the development ambitions of shoemaking enterprises rapidly expanded. In 2009, Anta took the lead in acquiring FILA; in the 2 years of 2012, BELLE stores grew to 2000.

The expansion of the birds is also crazy. According to publicly available data, during the 2010-2013 years, the sales terminal of the expensive bird terminal has increased from 4047 to 5560, with an increase of 37.39%.

Radical expansion brings heavy burden. In the past 2012-2013 years, the income of a single storefront of the birds has dropped from 528 thousand and 700 yuan to 432 thousand and 700 yuan. At the same time, the 2012 earnings report showed that the accounts receivable was 862 million yuan, further increased to 1 billion 369 million yuan in 2013, and the growth rate was 58.82%.

The financial data of expensive birds also reflected the situation of the whole listed shoe enterprises at that time. From the beginning of 2107, the birds were shrunk. In the three years of the first half of 2019, more than 1400 stores were closed, and the number of stores dropped to 2685. For the more than 5500 birds in the rush hour, this figure is equivalent to cutting the waist.

In the last round of the industry's high light crisis, the crisis has long lurked, "selling oneself" and transformation become the collective demand of the industry.

BELLE's way is to successfully launch its stock market to Hong Kong, with a total market value of HK $93 billion 800 million, far exceeding the privatization price of BELLE's HK $53 billion 100 million. Some insiders commented publicly that "from today's perspective, BELLE's decision to take the strategy of delisting is correct, and the response of the market is better if it is stripped of its separate listing."

However, AOKANG and the bird of choice have not gone smoothly. In 2015, AOKANG set up strategic cooperation with SKECHERS, China's chief dealer, but the result was not good. In 2016, AOKANG and Kanglong brands accounted for most of the business revenue, which were 2 billion 111 million yuan and 446 million yuan respectively, while Cage was classified as other brands. The income of other brands was 206 million yuan, down 5.72% from the same period last year.

In 2014, the great bird began to transform into all-round sports, but it turned out to be a mess. Even in early 2017, because the company intends to change the registration name from "Limited by Share Ltd" to "all-around sports Limited by Share Ltd", it has staged a renamed one day later and changed the farce.

Merger and acquisition of chicken feather in one place

If the birds of fortune began to go downhill in 2013, in the 2014-2017 year, it was the "puffy stage" of the precious birds. It is pushing itself to a dangerous situation with the best way of running capital.

Up to the end of the third quarter of 2019, only 15 million 290 thousand yuan of book money was available, which was 89.64% lower than that at the beginning of the year. However, interest bearing liabilities have reached 2 billion 600 million yuan, accounting for 78.52% of total liabilities, of which short-term debt is 2 billion 598 million yuan.

Looking at past performance, from the net cash flow generated by business activities, although there is still a continuous net inflow in 2014-2017 years, the amount can be described by cliff fall, with a net inflow of 747 million yuan in 2017, a decrease of 55.48% compared to 1 billion 678 million yuan in 2015.

From the perspective of accounts receivable, in 2014 and 2015, after a small drop, the accounts receivable in 2016 and 2017 climbed again. The highest point in 2016 reached 1 billion 829 million yuan, up nearly 50% compared with 1 billion 222 million yuan in 2015, and the company's cash flow was also under pressure.

The above data can even indicate that cash flow is not smooth, accounts receivable and liabilities are high, and the crisis of capital chain is sooner or later.

Some analysts believe that it is high expenditure that urges the birds to rush to the capital market. After the listing, the frequent expansion of the birds and birds create the concept of "sports ecology". The pace is too big for foreshadowing of the future crisis.

In December 17, 2014, GUI Ren bird invested 4 million 900 thousand yuan to set up Shanghai GUI Ou Investment Co., Ltd., and officially launched its capitalization operation gate of direct investment + Fund Merger and acquisition.

In January 2015, the precious bird bought shares in tiger sports with 239 million yuan. At the end of 2016, it increased to 630 million. It tried to make up for its shortcomings in sports, entertainment and sports consumption services.

In July 2015, BOY invested 20 million euros to invest in Spanish football brokerage company to promote sports brokerage business.

In November 2015, the precious bird invested 200 million yuan, and the joint Chinese University Student Sports Association and the tiger Pu set up the Kang Pai Si sports, trying to carry out the university student sports event operation.

In 2016, the noble bird joined tiger tiger to set up second sports industry fund competition domain capital.

In June 2016, the company also bought 50.01% of the sports product retailer and 50.01% of the sports brand online retailer's shoes store with 383 million yuan and 382 million 500 thousand yuan. In 2017, the expensive bird purchased the remaining stock of a shoe store for 368 million yuan, becoming a wholly owned shareholder of the shoe store.

In July 2016, the precious bird invested 100 million yuan to invest in Shenzhen Star Technology Co., Ltd., holding 45% of the company's equity interest in the layout of mobile Internet sports games.

In October 2016, the precious bird won the exclusive operation right of the US basketball equipment brand AND1 in Greater China for 31 US dollars for 26 million US dollars.

In December 2016, the company launched the Ankang life insurance Limited by Share Ltd with 7 companies such as Xinjiang Guanghui industrial investment (Group) Co., Ltd. and Hong Kong Group Limited.

In 2017, the expensive bird bought 150 million of the sports shoes and clothing retailers Hubei Sheng Dao sports 45.45% stake.

In 2017, the price of 20 million euros was awarded to PRINCE in China and Korea.

In 2017, Viagra planned to buy Wei Kang Sheng 100% stake to enter the fitness field at a high price of 2 billion 700 million yuan, but eventually failed.

Node finance found that from the beginning of 2015, there were more than ten takeovers, ranging from Internet + sports, sports brokers, sports games, sports fitness, sports events, sports insurance and other fields.

Although these mergers and acquisitions increased the total assets of the precious birds, which rose from 4 billion 206 million yuan in 2014 to 7 billion 583 million yuan in 2017, rose by more than 80%. However, after the acquisition, the result of the acquisition is often losing money and making little profit, which directly leads to serious financial liquidity problems. For example, the sports goods company Jay trip, which was purchased in 2015, lost 112 million yuan in 2018 when it was sold for 300 million yuan. At the same time, the goodwill caused by the purchase of a famous shoe store at the end of 2018 was reduced by 93 million 203 thousand and 200 yuan.

Under normal circumstances, the diversification strategy of listed companies is to find the second growth curve, resist risks and enhance strength. But it is not difficult to see that the purchase target of the noble bird not only takes the priority of the limited operating capital, but most of it is flashy, and it has dragged down its main business before the sideline industry has grown up.

At the end of 2018, the precious birds announced a sweeping transformation plan, announcing the sale channel of 146 million person Yuan merchants. This means that after 5 years of extensive sports spending a lot of money, the great bird finally decided to give up other areas of exploration except the main business.

　　 The biggest goal is to "live".

He saw the tall building and saw him collapse.

From the past two or three lines of national sports brand experience, from brilliant to decline, store closes sharply, performance decline, these performances are pointing to these enterprises have experienced a high-speed expansion. For example, Daphne, after occupying the first tier market, quickly sank the two or three line market. In order to expand the market, Daphne has to use low price promotion to attract consumers. However, it not only faces the risk of loss, but also faces the damage of brand image. At the same time, this principle applies to birds of noble character.

In fact, the birds have realized the risks of expansion. In June 26th of this year, the company held a shareholder meeting to adjust the medium and long term strategic plan to "return to the main business". At the same time, the company will also adjust the business plan to "in the 2018 performance loss, will strive to achieve profitability in 2019".

But in the view of node finance, there is no practical ability to make profits. Because the three or four line cities that the main birds are playing are now occupied by brands such as Nike and Lining.

The brand, design and number of stores are experiencing a rapid decline.

From the overall situation of the industry, for Lining and Anta, the future time is to seize the trend of the times, continue to strengthen product design, brand marketing capabilities, as well as product supply chain, retail network control, and strive to achieve overtaking in the curve. For the birds, the biggest goal now is to live.