This private department store, which once had a market value of 10 billion, is going down the peak. I have been busy for several years, and I have been preparing for winter since the first half of this year.
It has been questioned for two years in a row and closed the 19 store.
On the evening of 13, the stock exchange sent an inquiry letter 14 to Xinhuadu, requesting the company to keep negative net profit after deducting non-profit in recent five years and reply before May 20.
In fact, almost the same problem and delivery time were staged last year, but the date was changed from 20 13-20 17 to 20 14-20 18. In other words, Xinhuadu has been in a downturn for six consecutive years.
From 20 13 to 20 17, the net profit of Xinhuadu was-225 million yuan, 32 million yuan,-374 million yuan, 54 million yuan and-52 million yuan respectively, and the non-net profit deducted was-1.71respectively. The Shenzhen Stock Exchange sent a letter in this regard.
The performance has been sluggish for years and was inquired by the regulatory authorities. If we continue, the result is self-evident.
From 2065438 to 2008, Xinhuadu turned losses into profits, achieving a total operating income of 6.85 billion yuan and a net profit of 17 1 14900 yuan. This achievement is the result of the company's third disposal of assets in six years. In September last year, 90% equity of wholly-owned logistics subsidiary was transferred, with an investment income of 27.33 million yuan, which enabled the company to achieve a year-on-year growth of 1.20%. However, after deducting the non-attributable net profit of RMB-65,438+0,422.81000 and the cash flow from operating activities of RMB-67,762, 500 yuan, we have to check Xinhuadu again.
Xinhuadu, the full name of Xinhuadu Shopping Plaza Co., Ltd., is the first local private enterprise of Fujian Department Store Commercial Association. There are supermarkets (including neighborhood parties), department stores, sports, seafood markets, as well as long-term love and e-commerce. The main business scope covers clothing, daily chemicals, fruits and vegetables, cooked food, electrical appliances and other daily necessities, as well as providing services such as catering, entertainment and digital marketing. The business layout is extensive, and the market value once reached 10 billion yuan.
Although 20 18 company succeeded in protecting the shell again, it took the temporary solution rather than the root cause, and now the company has begun to save itself for 20 19.
The number of closed stores in Xinhuadu in the first quarter of this year was the highest since its listing, reaching 19, including 8 in Fujian Province and 0 in Jiangxi Province. The longest service life has exceeded 10 years, and the shortest is only about 1 year.
On May 13, Xinhuadu plans to buy back and cancel 7 incentive objects who have left the company and 29 1.25 million restricted shares whose first restricted sales period does not meet the conditions for lifting the restricted sales. After the repurchase cancellation is completed, the total share capital of the company will be reduced from 690 million shares to 680 million shares, and the registered capital will be reduced from 692 million yuan to 689 million yuan. The latest market value of the company has only shrunk to 4.028 billion yuan, ranking fifth among the nine listed private supermarkets.
Embrace the thigh and seek transformation
Unlike Kangmei Pharmaceutical, Xinhuadu frankly admitted its problems.
In last year's inquiry reply, Xinhuadu replied that the competition in the retail industry is becoming more and more fierce. Faced with the great changes in industry technology and business model, traditional retail enterprises are constantly encountering bottlenecks, and the company is actively seeking business transformation.
The traditional retail industry has indeed entered a bottleneck period. According to the statistics of forward-looking economists, the growth rate of total revenue of traditional retail industry has been declining since 20 1 1 reached a peak of 30.2%, and the growth rate in the first half of 2008 was only 1.6%.
Xue, a senior real estate person, told Qi that driven by the overall development of e-commerce and society, leisure and children's education have become the mainstream of business recruitment, while Xinhua, which has been learning the American business model, has been impacted by e-commerce, and Xinhua needs to transform and find a new way out.
Xinhuadu has been seeking the road of transformation in recent years, and there are many well-known enterprises like Ali.
In 20 13, Xinhuadu started its transformation with the dual main business mode of "real estate+retail" and acquired two holding real estate subsidiaries of Xinhuadu Group 19.5% shares; 20 15, the company acquired three liquor e-commerce operation services for 760 million yuan; 20 17, the company cooperated with Ali to promote the development of fresh box horse in Fujian market; In addition, Xinhuadu also cooperates with JD.COM. These names basically appear in this inquiry letter.
Cooperation with well-known e-commerce companies like Ali has not reversed Xinhuadu. "In the cooperation, Ali is a platform vendor, mainly responsible for diversion work, and basically does not provide support in operation. As for the unsuccessful diversion, it depends on the product and product strength. " Dennis Huang, co-founder of Xiezong Strategy Management Group, told Qidian Jun: "Fresh food is more difficult to do, and transportation and promotion need to be reconsidered and planned, otherwise the effect will be average."
A series of transformations are hardly successful. On April 24th, Xinhuadu announced its performance forecast. It is estimated that the net profit attributable to shareholders of listed companies in June of 20 19 will be-90 million to-50 million, ranging from-1382.97% to -8 12. The closing of the store at the beginning of this month was mainly due to long-term losses, and there was no hope of turning losses into losses.
Dennis Huang believes that some traditional retail choices and e-commerce cooperation, like Xinhuadu, may not be effective, mainly by changing sales content or expanding into other fields.
Ouyang Jie, vice president of Xincheng Holdings, told Qi Qijun: "Only by increasing the investment in spiritual consumption is the only correct way for business to continue to develop."
Chen Fashu who cares about one thing and loses another.
The company has been listed for ten years and six years, and the transformation is hard to see. People can't help asking, who is the boss behind Xinhuadu and what have you been doing in recent years?
Zijin Mining, Tsingtao Brewery, Yunnan Baiyao and many other industries are all related to Chen Fashu, the actual controller of Xinhuadu, which may have solved half of the above problems for you.
More than 30 years ago, Chen Fashu, who was engaged in timber business, listened to the advice of a Taoist priest and switched to department store business. At his peak, he was the richest man in Fujian Province.
Taoist priest mentioned in his advice to Chen Fashu that it is not limited to "wood" investment. Chen Fashu, who has accumulated a lot of original capital in the department store industry, is no longer satisfied with his investment in the department store industry. In order to realize his grand plan, Chen Fashu, who had not studied for several years, invited Tang Jun, the "working emperor", for 654.38 billion yuan.
Tang Jun said that he would help Chen Fashu become "China Buffett". After that, Chen Fashu, the chairman of Xinhuadu Group, cashed in Zijin Mining and bought shares in Tsingtao Brewery and Yunnan Baiyao. He had a good time.
The good times didn't last long. Tang Jun's academic qualifications and professional qualifications were falsified, and the equity disputes between Chen Fashu and Yunnan Baiyao broke out one after another. The latter is called "the biggest equity dispute case in China" by the industry since the founding of New China.
Chen Fashu, who bought Yunnan Baiyao for the first time in 2009, didn't acquire 50% equity of Baiyao Holdings for 25.4 billion yuan until the beginning of 20 17, and became the chairman of Yunnan Baiyao in July of 20 18. After the dust settled on the acquisition of Yunnan Baiyao, Chen Fashu once told the media: "I sold or mortgaged almost all my assets.".
I thought that after the resolution of Yunnan Baiyao incident, Chen Fashu could be the chairman of Yunnan Baiyao with peace of mind and wait for the company to go public as a whole. However, in the second half of 20 18, Yunnan Baiyao fell into a "hemostasis" storm, with its performance hitting a 23-year low, beset with negative news and falling into a "middle-aged crisis".
Relying on professional managers to move to the capital market, Chen Fashu, who wanted to achieve greater wealth accumulation, didn't want problems to appear one after another, but the department store industry, which helped him make a fortune, has been busy for many years now and has begun to prepare for the winter.
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