Overdue Loans And Bonds Exceed 2 Billion 500 Million Yuan! "Shoes King" Birds Are Deeply Trapped In Financial Difficulties.

Gradually trapped in the quagmire of debt and pressure, it is difficult to extricate itself from the "A share movement brand first stock" - the Limited by Share Ltd (hereinafter referred to as "the noble bird") is also facing an insurmountable hole.

On the night of June 22nd, the birds announced that the property, land, subsidiaries and equity companies and equity investment funds held by the company were basically frozen in debt due to the default of their debts, which resulted in the failure of the company to renew the loan business after the maturity of some of the bank loans. The company failed to pay interest on bank loans on time, and the total loan principal of the company was 1 billion 410 million yuan in all banks.

Up to now, the principal sum of overdue loans and bonds faced by the precious birds has totaled 2 billion 557 million yuan, accounting for 65.07% of the total audited assets of the company in the previous year.

The company is actively negotiating with the relevant creditors to resolve the dispute, and strive to reach agreement with creditors on the debt solution as soon as possible, If the company fails to properly solve the above overdue loans, the company may face litigation, arbitration, assets freeze, auction and other matters due to overdue debts, which will further lead to a decline in the company's financing ability, which will have a certain impact on the normal production and operation of the company and the business development, and will eventually have an adverse impact on the company's performance.

Public information shows that the birds were founded in July 2004. The largest shareholder of the company is the precious bird group (Hongkong) Limited. The shareholding ratio is 76.22%, and the company's actual control is Lin Tianfu. The company issued shares on the main board of the Shanghai Stock Exchange in January 2014.

After the listing, the great bird launched a series of operations. 240 million yuan was invested in tiger sports, $26 million won the exclusive trademark operation rights of the US basketball equipment brand AND1 in Greater China, and 382 million 500 thousand yuan acquired the 51% stake in the Xiamen shoe store. A series of mergers and acquisitions made the market value of the bird rose to about 40000000000 yuan, but the overall income was not satisfactory. The quagmire.

According to the financial report, in 2019, the business income of the noble bird reached 1 billion 581 million yuan, down 43.77% compared with the same period last year. The net profit loss attributable to shareholders of the listed company was 1 billion 18 million yuan, and the audited annual net profit in 2018 and 2019 were negative.

The company says that the company will adjust its business structure in 2019, according to the sales status of its brands. The direction of adjustment is mainly to close some inefficient stores, open Nike and Adi brand stores, adjust the composition of distributors and expand distribution channels at the same time, -2020. After stable business restructuring, direct business (direct + joint venture) revenue is expected to account for about 50% of the main business revenue.

In 2018, due to the readiness of the business structure adjustment, the noble bird sold some of the inventory resulting from the closing of stores through the discount of direct and joint stores, resulting in a sharp decline in gross profit in direct and joint operations. Because the business risk of large stores is small and business benefits are outstanding, the gross profit will increase with the number of large stores increasing in 2019 and the following year. On the other hand, enterprises will further expand their distribution channels through the transfer of part of their own stores into franchised stores and increase the number of franchisees, so that the proportion of affiliate distribution to wholesale income will increase and wholesale wool will be increased. Interest rates are also increasing; electricity business accounts for a relatively low proportion of the overall business revenue, and the gross margin is relatively low. This calculation does not make corresponding predictions; other businesses mainly include revenue from shopping malls related to investment business, and the rental income of private property.

With the increase of market publicity and the adjustment of business structure, business income will increase in 2019 than in 2018. However, due to the impact of the epidemic in 2020, the business revenue in 2020 will increase by 3% compared with 2019. With the elimination of the epidemic impact, it is estimated that after 2021, the annual revenue will strive to grow by 10% on the basis of the previous year, and it is expected that the stable year will be achieved in 2025.

In order to improve the profitability of the company, the company also strengthens the cost control and management, optimizes the business process, integrates management personnel, achieves the flat management of the organizational structure, and improves the operation and management capabilities. It is estimated that the management fee rate will drop from 1.45% in 2019 to 1.25% in the future. At the same time, in order to maintain the growth rate of future business, if the retained earnings can not meet the growth of business revenue, it is necessary to carry out corresponding debt financing. Therefore, the financial cost rate of future interest bearing liabilities is flat with 2019, and the expected financial cost rate is 2.63%.

By the end of 2019, the brand marketing network of the noble bird has covered 31 provinces, autonomous regions and municipalities directly under the central government. The number of retail terminals reaches 2358, and the total retail terminal area is 190726 square meters. According to the classification of cities, there are 250 retail outlets in the first tier cities, 505 outlets in the second tier cities, 505 retail outlets in three cities, and 639 639 retail outlets in four cities. It is divided into 239 East China, 482 southwest, 258 central China, 252 Southern China, 494 northeast, 403 North China and 230 northwest.

During the reporting period, due to the tight liquidity, the company failed to pay the outstanding balance of corporate bonds on schedule by a total of 1 billion 147 million yuan, including the 14 "noble bird" corporate bonds issued in 2014. The principal balance of the bond was 647 million yuan, and the "2016 year's non-public directional debt financing tool" issued in 2016 (hereinafter referred to as "PPN"), and the balance of the PPN bond principal. It's 500 million yuan.

Most of the frozen assets or funds account was learned by the company after its own inspection. In addition to the self-examination part, the state securities Limited by Share Ltd requested the Jinjiang people's court and Xiamen intermediate people's court to pay 84 for the company's failure to pay principal and interest to the holders of the non-public directional debt financing instruments (hereinafter referred to as "PPN") on 12 November 2019. 266 thousand and 800 yuan, to protect the corresponding property of the applicant's company. In March 2020, the company received the "civil ruling" delivered by the people's Court of Jinjiang, Fujian province. The 27.682% stake held by the company's Quanzhou Quanxiang Investment Center (limited partnership) (hereinafter referred to as "Quan Xiang investment") was frozen by law. In June 2020, the company received the "civil ruling" delivered by the intermediate people's Court of Xiamen. The shares held by some of the subsidiaries of the company were frozen by law.