Pre-failure frequency “self-help” reported that superannuation has shrunk by 90%

From April 27, 2011, the public issuance proposal was submitted to the China Securities Regulatory Commission for approval on May 31st, 2012. Until now, the Annunciation has finally thrown out the “thrilling moment” for only 11 days after the public issuance period is valid. In the “Letter of Issuance of Letter of Intent”, the planned circulation of 5 million shares has shrunk by 95% from the previous maximum limit of 100 million shares.
It is worth mentioning that, since May 31st, the price of Announcement has dropped by 23%, which will undoubtedly affect the market's enthusiasm for participating in the issuance of additional shares. Perhaps it is worried about this. The founder of the company, Wu Zhize, has been carrying a public company team of listed companies since the end of 2011. He has changed the image of the public to reduce his shareholding, and he has done more by hand to protect the stock price. However, this series of actions to maintain share price has had little effect. At present, Wu Zhize and others have been quilted.
A survey by the Daily Economic News found that the high-speed expansion of the Annunciation has faced many risks. In particular, accounts receivable and other receivables accounted for more than 70% of the company's revenue, which was much higher than the industry average.
Founders increase holdings
The public offering plan of the Annunciation has already been put forward on April 27th, 2011. At that time, the planned fundraising was no more than RMB 1.5 billion. It was put into the marketing network optimization construction project, in which the construction investment was RMB 1.43 billion and the working capital was RMB 120 million. Yuan, and this program was approved by the shareholders' meeting and the formal approval document of the China Securities Regulatory Commission on May 19, 2011 and May 31, 2012, respectively. According to the six-month validity period, since the public issuance of Zhezhi's public offering on May 31 has been approved by the China Securities Regulatory Commission, the listed company must complete the public offering before the end of November this year, otherwise, the relevant approval will be expired. The “Letter of Encouragement of Letter of Intent for Addition of Stock Offerings” that the Baoxi Bird had thrown today is a race against time. According to the announcement, the Annunciation plans to publicly issue 5 million shares at a price of 9.26 yuan per share, which is 95% lower than the earliest 100 million shares.
Since the public issuance of the SFC on May 31, the price of Announcement has dropped by 23%, and it has repeatedly hit a new low during the year. In order to escort the additional issue, Annette Wu founder Wu Zhize and a number of senior executives began to increase their holdings early.
"Daily Economic News" reporter noted that from the end of 2010 to the end of 2011, the Annals Group and a number of senior management teams have reduced 140 times in total, with the amount of cash exceeding 400 million yuan; then, the company's senior management team passed Shanghai Gold. The backhand of the yarn purchased 847,700 shares of its own stock on December 22, 2011, and the average transaction price was RMB 11.61 per share. On November 30 of the same year, the company’s public offering of shares was approved by the CSRC.
According to the data, the newspaper founder Wu Zhize holds a 73.5% stake in Shanghai Gold Yarn. The chairman and general manager Zhou Xinzhong holds a 10% stake in Shanghai Jinsha, and the remaining shares of Shanghai Jinshao are held by 11 executives such as Dong Xiaobo and other 11 executives. .
From September 4 to 21, 2012, Wu Zhize bought another 619,400 shares of the company once again and the average transaction price was around RMB 11/share. According to the announcement on September 7, Wu Zhize plans to increase his holding of no more than 2 million shares but not less than 1 million shares within 12 months. From November 8th to December 12th, the price of Announcement of the Annunciation was plummeted, and Wu Zhize shot again, adding a total of 434,900 shares in several trading days.
Despite the increase in holdings by founders and executives, this kind of care is not recognized by the market. The current shareholders who have increased their holdings have been quilted.
Speeding up 70% revenue is due
Why does the market ignore the increased holdings of listed companies? This may be seen from the public offering of additional investment. According to statistics, the additional issuance is for the purpose of marketing network optimization construction project, which is consistent with the direction of the investment report of the Annunciation. However, in fact, the high-speed expansion of the Annunciation has many negative effects. The high proportion of accounts receivable is one of them.
The three quarterly reports showed that the Annunciation achieved an operating income of RMB 1.714 billion in the first three quarters of this year, a year-on-year increase of 28.77%, and a net profit attributable to the shareholders of the listed company also amounted to RMB 341 million, an increase of 36.78% year-on-year, and continued to maintain growth. However, it needs to be pointed out that the above-mentioned business income of 1.714 billion yuan is not entirely real money, of which more than seven become receivables (including accounts receivable and other receivables).
According to the disclosure, as of the end of September 2012, the newspaper's accounts receivable was 988 million yuan, and other receivables were 249 million yuan, an increase of 37.57% and 64.61% year-on-year, respectively. The growth reasons were: "The scale of operations continued to expand and "The new brand began to operate" and "increased financial assistance to franchisees". The total amount of 1.236 billion yuan has increased by 44.46% compared with the same period of last year, exceeding the year-on-year growth rate of operating income in the current period and also accounting for current operating income. 72.11% of the total. Correspondingly, the accounts receivable turnover rate for 2009-2011 and the first three quarters of 2012 were 9.01, 6.51, 4.13, and 2.01, respectively, which showed a gradual decline.
72.11% What is the concept of this? If you compare with other listed companies, it will be more intuitive.
Seven wolves achieved operating income and net profit of RMB 2.514 billion and RMB 402 million respectively in the first three quarters of this year, an increase of 19.71% and 39.3% year-on-year, and accounts receivable and other receivables totaled RMB 905 million at the end of the period, which is also due to " In the context of increasing channel support and increasing agent credit lines, the accounts receivable increased by 157.32% year-on-year, but even so, its relative operating revenue accounted for only 36.02%, and 72.11% of the company's income. far cry.
Sinar, with a similar size to the Annunciation, has a total of 226 million yuan in accounts receivable and other receivables, accounting for only 28.82% of the current operating income of 784 million yuan; Jiumuwang (601,566, closing price of 15.67 yuan) is lower. Which is 14.39%.
In fact, the Annunciation has always been more aggressive in its operations.
According to the data of the same flush iFinD, the proportion of receivables from the 1st to the 2nd quarters of the newspapers in the 2012 to the camps accounted for 160.41% and 86.09%, respectively, all of which were at high levels; the four wolves were 49.45% and 22.93% respectively, and the Chinooks were 66.69% and 37.29. %; Jiu Mu Wang 23.31%, 16.45%.
In 2011, the proportion of correspondent accounts receivable of the Annunciation decreased from 124.09% at the beginning of the year to 42.83% at the end of the year (apparel companies usually concentrated at the end of the year), seven wolves from 58.06% to 12.2%, and Chinor from 33.66% to At 11.75%, Jiumu Wang had only 5.2% at the end of the same year.
The problems caused by rapid expansion are more than receivables. "Daily Economic News" reporter noted that the sales revenue of the Xinxiu Bird in the first three quarters of this year reached 164 million yuan, an increase of 56.4% over the same period of last year. It was mainly used in the expansion of outlets, advertising, promotion of new brands, etc.; For similar reasons, it reached 745 million yuan, a year-on-year increase of 45.74%. Inventory turnover ratios for the first three quarters of 2009-2011 and 2012 were 1.8, 1.74, 1.91, and 1.01, respectively, showing a downward trend year by year.
Receivables have overwhelmed the company's capital chain, but the Annunciation also has to make significant use of valuable cash in other areas. For example, the company announced in January this year that it will spend 13.37 million yuan and 30 million yuan respectively to acquire the remaining 49% of Shanghai Rongyuan Fashion Co., Ltd., and establish a wholly-owned subsidiary, Shanghai Oufeng Fashion Co., Ltd.; in April, the franchisees The amount of financial assistance has been raised from 180 million yuan to 210 million yuan. It is precisely because of this that the net cash outflow of the Annuncials in 2011 operating activities was 7,106,200 yuan. In the first quarter of 2012, the outflow continued to be 3,290.59 million yuan. It was only in the second quarter of this year that it turned better and the data turned positive.
Receivables risk high
For the substantial increase in receivables, Bao Xixiang Dong Fang Xiaobo told the "Daily Economic News" reporter earlier, expansion is the company's marketing strategy, supporting agents are long-term cooperation, the company believes that the risk is not large, the scale of sales has increased accordingly , then the increase in accounts receivable is also normal.
However, other companies in the same industry are not as optimistic as Fang Xiaobo.
A well-known menswear brand executive told a reporter of “Daily Economic News” that “Under the current unfavorable conditions in the industry, we are willing to give distributors some supportive preferential policies to feed back the terminal, but this is also very high behind. The risk is that the funds we lend to dealers are very difficult to monitor. We cannot monitor all of the distributors who really use them to improve the terminal.”
Ni Hailun, a representative of the company's representative for Nihonor Securities, revealed that “Our company has always adopted a more prudent mode of opening stores. If distribution is too fast, it is very bad for the terminal stores. The pressure on the distributors is too great. The company sponsors and supports the money. It's hard to come back. It's easy to get back."
Chen Ping, a seven-volume wolf correspondent, told reporters that the current competition in the men's clothing market has become very fierce. “We quickly expanded and distributed goods before 2007 because there was a big gap in the market, but now the market is fierce and there are not many terminals. Resources can be used for rapid expansion."
A brokerage industry analyst in Guangdong told the reporter of “Daily Economic News” that the Annunciation has been stepping up the payment from the franchise store, which has improved since the second quarter. The reason why the accounts receivable in the three quarters is still high is because The company supported the franchise stores to open stores. According to reports, the Annunciation plans to "innovatively" create multi-brand integrated stores, for example, the previous store 200 square meters, 1 to 2 brands, and now the store is expanded to 400 square meters, in addition to their own Saint Angels brand, as well as the purchase of Italian agency brand will be installed inside. This is a higher requirement for funds, and it is also a reason why listed companies take care of franchise stores.
“The real economy is not very good now. The overall sales of the industry have not been hot in 2010 and 2011, and the expansion has been slowed down. If you do not open a new store, franchise stores may still be able to maintain, but opening a new store is not willing or active. Therefore, the listed companies will give strong support, be regarded as a difficulty," said the analyst said.
However, Tang Pinghua, a manager of the management consulting firm, said in an interview that “In general, clothing companies account for 50% of accounts receivable is relatively healthy, but beyond 50%, we must be vigilant. The percentage of % is too high, which indicates that the channel inventory is too high, the distributor channel is extremely unsmooth, and the repayment is often arrears.”
For the market, Tang Pinghua’s opinion is: “At present, men's wear is no longer a market that fills in gaps. The competition between brands is fierce, and a number of mid-to-high-end brands have also been deployed in the domestic market.”
It should be pointed out that on the seventh page of the Letter of Intent for Supplementary Offers issued by the Annunciation Today, the Annunciation itself also mentioned that “Although the company has adopted the franchisee’s historical credit rating, sales scale, operating ability, etc. to classify it Management, strictly control the proportion and amount of credit sales, but with the expansion of business scale, the balance of accounts receivable will increase accordingly, it will affect the cash flow generated by the company's operating activities, and there is the risk of increasing part of the accounts receivable can not be recovered on time. ".