The Baotuo Bird would like to bend overtaking but it would be difficult to sing a huge loss of 430 million RMB

The major A-share listed menswear companies are either in transition or on the road of transformation: Youngor (600177.SH) entered the real estate and financial investment field very early, and the main business has long been not a costume; Seven wolves (002029.SZ) and Jiumuwang (601,566.SH) .SH) Invariably established an industry investment fund.

The Annunciation Bird (002154.SZ) is also unwilling to be lonely. The self-confident Wu Zhize boss said: There is no leap in transition and it will be a matter of course.

It sounds like that, but the data doesn't look right.

First, the situation will come true, once the loss of solution to the Millennium

On February 28, 2017, the Shenzhen Stock Exchange issued a letter of concern to the newspaper's auditing unit (Lixin Certified Public Accountants).

The inquiry letter can be described as concise and straightforward:

“The total amount of asset impairment that you have audited in 2016 will reduce the net profit attributable to shareholders of listed companies in 2016 by 176 million. The company disclosed 2016 unaudited net profit of -381 million yuan, down 481.36% year-on-year. I The Ministry is highly concerned about this... Our Ministry reminds you..."

Yes, it reminds you.

On April 27, 2017, the company announced its 2016 annual report, which included a net profit of -3.87 million to shareholders of listed companies, and a net loss of -4.32 billion after deductions, even more than the forecast.

After analysing the annual reports of Zion Bird, the revenue growth was weak after 2012, and the net profit slipped without any resistance.

In 2013, the net profit of Announcement Bird, which was attributed to the shareholders of the listed company, was 160 million yuan, a decrease of 66.35% over the same period of the previous year;

The net profit in 2014 was 134 million yuan, a year-on-year decrease of 16.6%;

In 2015, net profit decreased to 100 million yuan, a year-on-year decrease of 19.55%;

In 2016, net profit fell to -287 million yuan, a year-on-year decrease of -486.63%, which was the first loss since listing.

Do you dare to love Wu's "spontaneous success"?

Second, harder than peers, three-year commitment will expire

Of course, the decline in the earnings of the Annunciation is also not a day's work. Since 2013, net profit has begun to turn around, and it is not just a case of increasing income.

From this map we can see that the revenues of the Annunciation have maintained a relatively high level in recent years, but the net profit has been very low compared to the “water flowing down”.

In general, revenue does not increase. It may be that the ceiling of the industry is encountered, but the net profit declines seriously. Most of them mean that there must have been a problem in the business.

It is no wonder that Wu always has to make a transition and his days are getting tighter and tighter.

Pulling out with more than a few peers, there are also gaps in the news.

Because the volume of several listed companies is not the same, the comparison of revenue and net profit can not explain the problem. In order to more clearly explain the dilemma of the Annunciation Bird, ROE indicators are used here for comparison.

The readers of Feng Yunjun’s articles often know that ROE (net asset return rate) reflects the company’s efficiency in using its own capital. The data shows that compared with the King of Jiumu and the seven wolves, the Annunciation still has a big gap. Especially in 2016, the number one person, who had been the lowest number, rose one place. . .

General Manager Wu once told the media that “I can't talk to companies for more than three years. I can't go through a transition or upgrade. It can't be more than three years.”

There are still 7 months to see if it is 3 years. Feng Yunjun is a person who likes to study. He wanted to see if the Annunciation could not complete this problem.

3. Termination of repurchase and internet betting tomorrow

The Anniversary Birds went public in 2007. At that time, he mainly produced and sold the “Zhenbao” brand suits, Shirts and other men’s apparel products. The market for "Sao Xi" was quite large in the market more than ten years ago. The data disclosed in the prospectus was the fourth in the country in terms of market share in 2004 and 2005.

However, the low brand recognition and low barriers in the apparel industry have determined that this line is a fully competitive industry and that money is not earned. Do not look at the turmoil before 2009, when the men's listed companies rely mainly on the form of joining stores to improve performance.

From 2009 to 2013, the entire industry has been “adding leverage” through rapid channel expansion to try to seize the market, to create brands and to implement product price increases, but it has also effectively continued its growth. However, the blind expansion eventually led to the phenomenon of serious oversupply of the industry, surplus of products, and excess of channels. The phenomenon peaked in 2012 and was overused after the climax.

Its quality and cost-effectiveness are not high, and there is no core competitiveness. In addition, the impact of the Internet on traditional retail stores and counters, and the men's clothing industry has begun to undergo long-term adjustments.

In the annual report of the newspaper Xiao Bird in 2013, a letter to investors emerged. The letter mentioned that “we must actively use Internet thinking to respond to the real needs of consumers in new ways and methods...”

Is this the thoughtful consideration that Wu always saw after e-commerce and Internet fire?

On the evening of December 13, 2013, the company announced its decision to terminate the "Long-term mechanism for repurchase of shares". The mind was very careful. First, the capital market was drastically changed. Second, the real economy was also sluggish. The company decided to retain bullets, not repurchase. Now.

But the question is, where are the money ready to go?

The 2014 annual report is a continuation of the 2013 annual report. The on-the-spot is a strong Internet of thought. The annual report covers the QR code, official Wei signal, Jingdong flagship store, Tmall shop, official website...

In the annual report, the company’s wholly-owned subsidiary, Baoxi Bird Venture Capital Investment Co., Ltd. invested 45 million yuan, transferred shares of Little Ghost Network and increased its capital, and held 25% equity of Xiao Geng Network. So, finally, it still started on the Internet.

The Internet has become the second mainstay, but has the Internet led the Annunciation out of the quagmire?

Fourth, heroic shortness of breath, the road to transformation and reincarnation

Feng Yunjun noticed that the Annunciation had been addicted to playing the Internet, and had been out of control since touching the net.

In addition to the devil network in 2015, investing 139 million yuan in succession, participating in Renren Technology (in March, capital increase, main mobile Internet O2O and big data marketing), Xiao Lingyu gold suits (in May, capital increase, main Internet finance) , Jim Brothers (in June capital increase, the main fashion custom, cross-border e-commerce), music network (July capital increase, main O2O, clothing customization) and other projects.

However, I would like to say that this money is not as good as the interest on the bank's current life. The revenue and net profit are completely invisible and do not reflect the data disclosed in the 2015 annual report.

As a result of the large losses, the listed companies made significant provision for the impairment of Renren Technology, Jim Brothers, and the Lottery Network that were invested in 2016. The losses of the participating companies were still serious:

Let's look at the 2017 semi-annual report.

The ideal is very full and the reality is very edgy. It neither enhances the company's sustained profitability nor improves its ability to resist risks...

On July 28, 2015, the Annunciation held a press conference on intelligent manufacturing and strategic transformation. “My Hu Hansan is back,” and returned to the main business of clothing to develop the C2B private customized industry chain based on the Internet.

This is faster than flipping books. In the first half of the year, industrial-investment two-wheeled development was also required. In the second half of the year, it returned to the strategic transformation of Industry 4.0.

Probably to the dismay of the Internet, the elements of the 2016 annual report and the 2017 semi-annual report cover the Internet are all gone. Fengyun Jun thought that Ma Rong told the media that Wang Baoqiang still had feelings.

On the other hand, if you look at the 2016 data, it's no wonder that the Shenzhen Stock Exchange suspects that the company is in a "big bath":

The three-year transition that Mr. Wu said that he has seen his eyes on the date of the handover, and when does the Annunciation report its good news?

From now on, it is estimated that there will be a three-year commitment again.