Serious Loss Of Fortune Birds: Loss Of Assets Impairment 160 Million Net Loss Of Investment Target

In June 24th, the Cmi Holdings Ltd announced the announcement of its corporate bonds in 2018. The announcement was made by the joint credit rating company (hereinafter referred to as the "joint rating"), giving the AA rating to the long term credit of the birds, the rating outlook is stable, and the "11 good news 02" corporate bond credit rating of the public offering birds is AA.

At the same time, the report analyzed the performance of the birds in recent years and explained the operation of the birds.

As a famous brand of high quality men's wear brand in China, the operation and capital operation of the wedding bird attracts special attention.

According to the rating report, based on the sustained growth of textile and garment industry and the integration of economic development, consumption upgrading and new retail channels, consumers' favor of brand clothing will become an inevitable trend.

And the birds have always been the main line of domestic high-end boutique men's clothing development route, there will undoubtedly be greater room for development.

In 2017, the growth rate of HAZZYS, a good news bird, rose sharply.

At the same time, with the emergence of the inventory effect, the optimization of the sales terminal network, the profitability and the gross profit margin of the birds have rebounded, and the losses have been realized.

In addition, the intelligent production and customization business of Phoenix bird has been continuously promoted and improved, which has a positive impact on the production and operation of the company.

The joint rating also noted that the operating performance of the investment enterprises was poor, and the receivable and other accounts receivable had some risk factors, such as the risk of recovery, the impairment of assets, the significant erosion of profits in the period cost, and the improvement of debt structure.

In the future, the good news bird will continue to adhere to the multi brand operation strategy, rapidly promote the whole category, personalized customization, and continue to promote intelligent production.

With the end of the inventory cycle, the demand effect of subsequent replenishment and the development of personal volume customization business of the birds are expected to increase and the profitability is expected to increase.

In summary, the joint rating maintains the main credit rating of the company as "AA" and the rating outlook is "stable". At the same time, the credit rating of maintaining "11 reported good 02" is "AA".

Insiders told finance and whistle special and exclusive contributor Sun Xuenan, the joint rating gave "good luck" bird debt credit rating "AA", which shows that the good news birds have strong ability to repay their debts, and are not affected by the adverse economic environment, and the risk of default is very low.

In April 24th, the newspaper announced its annual report in 2017. Its operating income was about 2 billion 601 million yuan, an increase of 29.52% over the same period last year. The net profit attributable to shareholders of listed companies is close to 26 million yuan, an increase of 106.71% compared with -3.87 billion in 2016.

Data show that business income has increased in 2017, and the growth brand revenue represented by HAZZYS has increased significantly.

The net profit attributable to shareholders of listed companies has been negative since 2016, indicating that the profit level of the birds has rebounded.

According to the rating report, in 2017, the news birds implemented measures to strengthen multi brand operation and management, add and optimize outlets, optimize channel handling stocks, implement equity incentive plans and enhance employee motivation, so as to improve the main business pressure.

From the point of view of main business income, in 2017, the main business income of the bird business was 2 billion 462 million yuan, accounting for 94.65% of the business revenue, and the main business was outstanding.

From the perspective of income structure, the main business income of the birds in 2017 was still mainly derived from tops, trousers, shirts, T-Shirts, windbreaker and other categories. The total sales revenue accounted for 81.76%, and the main business income composition changed little compared with 2016.

From the gross profit margin, in 2017, the overall gross profit margin of the main business of the wedding bird was 62.68%, up 9.65 percentage points from the previous year, mainly due to the one-time disposal of the finished goods inventory, such as top coat, windbreaker and so on, in 2016.

According to the rating report, in 2017, the good news bird made a clear division of business modules for the further improvement of its business framework, and set up four business modules, namely, happy bird's own brand business, international agency brand business, professional clothing brand business and investment management.

Among them, its own brand business, international agency brand business and professional clothing brand business belong to the apparel business operation section.

In the apparel business operation section, in 2017, the sales volume of all kinds of products, including the trousers, neckties and other products, rose, and the birds of the first harvest actively contracted to stop the operation scale of some weaker brands, while the sales income of other brands increased.

With the end of the inventory cycle, the adjustment of the brand structure and the development of customized business have improved profitability and reduced customer concentration.

The rating report also showed that in 2017, the total cost of the wedding birds was 1 billion 338 million yuan, an increase of 23.19% over the previous year, mainly due to the increase in sales and administrative expenses.

The sales cost was 914 million yuan, an increase of 19.55% over the previous year, mainly due to the increase in labor cost and terminal cost input. The management cost was 395 million yuan, an increase of 38.49% over the previous year, mainly due to the implementation of the restricted stock incentive plan, which resulted in an increase of 71 million yuan in management fees and an increase in labor costs. The financial cost was 28 million yuan, down 21.54% compared to the same period last year, mainly due to the payment of the corporate bond "11 good news 01" due in 2016.

In 2017, the ratio of fee to income was 51.42%, down 2.64% from the previous year, and the cost control ability was improved.

In 2017, the loss of assets of the good luck bird was 160 million yuan, down 47.89% from the previous year. It was mainly caused by the large assets impairment in 2016, such as inventory, investment real estate, construction fixed assets and accounts receivable. It was 3.82 times the amount of the operating profit and had a significant impact on the operating profit.

To sum up, in 2017, the number of reported bird business increased, net profit shifted from negative to positive, and the profit level recovered. However, the loss of asset impairment still had a significant impact on operating profit. The period cost still had a greater erosion on profits, and the overall profitability was at the lower level of the industry.

In fact, Sun Xuenan, a special and exclusive contributor to finance and whistle, combed the net profit of the news birds from 2013. The net profit attributable to shareholders of the listed companies continued to decline. In 2016, the birds were listed as the first loss since listing.

According to the rating report, the loss of main birds in 2016 was mainly due to the decrease of terminal outlets and the weakness of terminal retail, which led to a decrease in operating income. Meanwhile, the birds had to deal with the inventory with a longer age, resulting in a growth in operating costs and a significant increase in asset impairment losses over the same period.

Insiders pointed out that the net profit attributable to shareholders of listed companies has been declining for many years, which is caused by many reasons.

Everbright Securities (10.540, -0.02, -0.19%) Limited by Share Ltd researcher Li Jie and sun have not yet analyzed. Since 2013, it has been affected by factors such as the adjustment of men's clothing industry, poor retail terminal, and channel alternation. Business income fluctuates greatly, and net profit attributable to shareholders of listed companies has appeared in 2016.

Public information shows that the birds are mainly engaged in the design, production and sale of the men's clothing products, such as wedding birds, brand suits and shirts.

The main business is jackets, trousers, shirts, T-Shirts, jackets, sweaters and other categories of men's clothing.

The operating brands include wedding birds, HAZZYS, Kay Mitch and Yue Fei Ye.

In order to get out of the predicament, the news birds have been conducting cross-border and pluralistic pformation. In recent years, the development strategy of "industry + investment" has been gradually implemented to conform to the trend of economic development in the Internet era.

It is reported that the birds in 2015 set up a good news bird venture capital, investment in the small ghost network, Renren technology, Xiaoling fish finance, Jim brothers, music network.

But contrary to expectations, the companies that invested in 2015 all suffered losses.

In 2016, except for the net profit of 2 million 264 thousand yuan, the remaining 4 companies were all in a state of loss.

Among them, Ren Ren science and technology, Jim brothers, music network total impairment allowance is about 29 million 670 thousand yuan.

In addition, it is noteworthy that in 2017, except for the little ghost network and the small Lingyu finance, the other 4 investment targets all showed a net loss.

In 2017, due to the improvement of the future business performance of the investment enterprises, whether there were many uncertainties in the success of the business pformation, the good news birds made a total allowance for the music network.

Therefore, the industry pointed out that the news birds through investment in e-commerce platform, Internet Finance and other emerging industries to pform, and begin to expand overseas business, the future is able to achieve the expected return on investment there is a greater uncertainty.

In addition, the news birds mainly promote private custom business, and actively promote the C2B whole category private custom business. With the help of the borrowed brand, they launched the private volume customization business experience, nearly 20 years of skilled production process technology, more than 700 nationwide outlets, more than 300 volume teacher reserves, and a database of hundreds of thousands of consumers over the years.

Wu Zhize, the chairman of the wedding bird, has publicly declared that the birds are very optimistic about the private custom business.

In the 2017 performance report, the news bird said that after five years of pformation, adjustment and exploration, the bird has formed a clear development strategy and implementation strategy to form a more scientific and healthy multi brand and multi platform structure.

The rating report also analyzed that in 2017, there was little change in the short-term debt paying ability of the birds, and the long-term solvency was improved. Taking into account the advantages of the news bird's brand awareness and business scale, its overall solvency is still strong.