"Investor Network" Jordan
Saturday (002291.SZ) was originally mainly engaged in shoe sales. When the performance continued to decline, the company has completed the sales of Beijing Fashion Fengxun Information Technology Co., Ltd. Xin Information Technology Co., Ltd. (hereinafter referred to as "Beijing Shixin"), Hangzhou Yaowang Network Technology Co., Ltd. (hereinafter referred to as "Yaowang Network") acquisition of the controlling stake, since then the main business has been transformed into the Internet business, and the shoe business is planned to be divested and related assets.
After a series of mergers and acquisitions, although the revenue has stopped declining and achieved rapid growth on Saturday, the net profit has not been improved. From 2017 to 2021, the company's total revenue exceeds 10 billion yuan, but the total net profit loss is about 874 million yuan.Since the beginning of this year, the company has also received regulatory attention for many times due to performance and other issues.On May 30, the Shenzhen Stock Exchange once again issued an inquiry letter to it, asking 16 questions in a row, pointing out various doubts in the company's operations, including various deviating performance indicators, as well as possible interest inclinations and connections. transactions, etc.
In the secondary market, the market closed as of June 10.It closed at 15.63 yuan per share on Saturday, with a total market value of 14.22 billion yuan, a drop of about 4.3 billion yuan compared to the same period last year.
Significant divergence in performance
The Shenzhen Stock Exchange's round of inquiries mainly focused on the company's 2021 annual report, and first questioned its performance.
From 2019 to 2021, the company's revenue was 2.07 billion yuan, 2.151 billion yuan and 2.811 billion yuan respectively, maintaining a growth trend, of which the year-on-year increase of 30.7% in 2021; the net profit in the same period was 150 million yuan, 24 million yuan, -7 100 million yuan, showing a continuous decline, especially in 2021, the decline will be serious, with a year-on-year decrease of 2980.9%, and the company's revenue and net profit trends in 2021 will deviate significantly.
The changing trend of the company's net operating cash flow also deviates from its net profit. Its net operating cash flow in 2021 will turn from negative to positive to 222 million yuan, a year-on-year increase of 3028.6%.The Shenzhen Stock Exchange requires companies to explain the rationality of the above phenomena and whether they face the risk of declining profitability.
In addition, the Shenzhen Stock Exchange also questioned whether the company had unannounced revenue confirmation, mainly because the company's revenue and net operating cash flow in the fourth quarter of 2021 were the highest in the whole year, at 1.14 billion yuan and 286 million yuan respectively. However, the net profit was the lowest in the whole year, at -554 million yuan, while the net profit in the fourth quarter of 2019 and 2020 was 45.18 million yuan and 138 million yuan respectively, both of which were the highest in the whole year.
The income of the company's main business also experienced relatively large fluctuations.At present, the Internet advertising business is the company's main source of income, with revenue of 2.266 billion yuan in 2021.According to the financial report data over the years, this business has grown rapidly, accounting for only 11% of revenue in 2018, and will reach 80% in 2021, but the level of profitability has been declining year by year, and the gross profit margin has dropped from 57% in the same period. To 16%, the gross profit margin fell by more than 40 percentage points in four years.
The company's Internet advertising business consists of three major sectors: Internet advertising, Internet advertising agency, and social e-commerce services. In 2021, the revenue will be 163 million yuan, 379 million yuan, and 1.724 billion yuan, respectively, a year-on-year increase of -55.47%, 251.67, 70.35 %.
Among them, the performance fluctuation of social e-commerce services is particularly obvious. From 2019 to 2021, the revenue of this business is 185 million yuan, 1.012 billion yuan, and 1.724 billion yuan, respectively, and the gross profit rate is 48.23%, 24.92%, and 16.74%. , Although the revenue has increased year by year, the gross profit margin has declined year by year.Regarding this performance, the Shenzhen Stock Exchange asked the company to explain the reasons for the sharp fluctuations in the revenue of segmented businesses in the Internet advertising industry in 2021, as well as the reasons for the rapid growth of revenue from social e-commerce services and the sharp decline in gross profit margins year after year.
Most of the company's Internet advertising business revenue is achieved through Yaowang Network. In 2021, Yaowang Network's revenue will be 2.2 billion yuan, and the Shenzhen Stock Exchange has also questioned Yaowang Network's performance.
When the company acquired Yaowang Network in 2018, the latter made a performance commitment that the net profit after deduction from 2018 to 2020 should not be less than 160 million yuan, 210 million yuan, and 260 million yuan, with a completion rate of 105.23% and 103.03 respectively. %, 102.52%.In 2021, Yuanwang Network’s operating income will be 2.219 billion yuan, up 54.85% year-on-year, and its net profit will be 65 million yuan, down 75% year-on-year. The company has not made provision for impairment of goodwill. In the impairment test, it is predicted that the gross profit margin will increase from the beginning of the period. 20.42%-23.03% dropped to 15.85%-19.58%.
In addition, in 2021, the team size of Yuanwang Network will increase by about 50%. During the period, labor costs, rent costs, and decoration costs will increase by more than 90% year-on-year. R&D expenses will increase by more than 90% year-on-year. The monthly live broadcast time of the team will be reduced by nearly half.Based on the above, Shenzhen Stock Exchange requires the annual auditing accountants to verify the authenticity of the performance of Yuanwang Network and express clear opinions.
The top three distributors are all related parties
On Saturday, the original main shoe business, the current revenue share has dropped to 19%, and the company is also planning to transfer this business.According to the company's response on the interactive platform, "the business and assets of the shoe company to be transferred are currently in the process of auditing and evaluation. The company will start the listing and transfer process of these assets as soon as possible after the evaluation report is completed."Although this business contributes less revenue and is being divested, there are also many issues worthy of attention in the current operation.
From 2019 to 2021, the company's clothing and footwear revenue was 1.214 billion yuan, 648 million yuan, and 538 million yuan, of which the revenue in 2021 fell by 16.99% year-on-year, but the inventory turnover days decreased from 1,102 days in 2020 to 2021. For 369 days, the company's inventory is mainly inventory commodities. The inventory balance in 2021 will increase by 36% year-on-year, but the greatly improved inventory turnover rate has failed to drive revenue growth.
In terms of profitability, from 2019 to 2021, the company's clothing and footwear gross profit margins were 53.72%, 41.49%, and 15.36%, respectively.Among them, the gross profit margin in 2021 decreased by 26.13 percentage points year-on-year, the gross profit margin of other brands was -2.67%, and the gross profit margin of distribution sales was -19.47%.Regarding the sharp decline in gross profit margin, the Shenzhen Stock Exchange questioned whether the company sold to customers at a price below cost for benefit transmission.
According to the annual report, the company's largest customer in 2021 is a related party, with annual sales of 143 million yuan, accounting for 5.1% of the total annual sales.The company's top three distributors are also related parties, with a total sales of 160 million yuan.The company once stated in the reply to the inquiry letter of the 2020 annual report that the company's largest customer in 2020 is the related party Hangzhou Hongzhen Commercial Co., Ltd. (hereinafter referred to as "Hangzhou Hongzhen"), and the top three distributors are Hangzhou Hongzhen, Hangzhou Xinyi Commercial Co., Ltd. and Hangzhou Honghua Commercial Co., Ltd.The three companies are joint ventures that were set up on Saturday with a stake in 2018.According to Qichacha, Saturday's stake in all three companies was 40.5%.
In addition to the sluggish performance, the company has also faced many disputes in the near future.
According to the company's investigation, on April 8, 2022, the court adjudicated two limited partnership disputes. The applicants were Pingxiang Shirong Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Pingxiang Shirong") and Pingxiang Xunjie Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Pingxiang Xunjie"), the two applied to freeze the bank deposits of the company and Foshan Saturday Fashion Industry M&A and Investment Partnership (Limited Partnership) (hereinafter referred to as "Foshan Saturday") of 25.1 million yuan, 5956 10,000 yuan or seize the property of its corresponding value.The court has ruled on the two cases, and the company and Foshan on Saturday have frozen bank deposits of about 84.66 million yuan or seized their correspondingly valuable properties.
According to the data, Pingxiang Shirong and Pingxiang Xunjie have equity connections with the company's holding subsidiaries.Among them, Pingxiang Shirong holds a 20% stake in Shixin Information, and Pingxiang Xunjie holds a 10.21% stake in Fashion Frontier.
According to another case with the filing date of April 18, 2022 and the case number (2022) Yue 0113 Zhi 1794, Saturday and its largest shareholder, Yunnan Zhaolong Enterprise Management Co., Ltd., were seized by Panyu District, Guangzhou City, Guangdong Province. The people's court executed the target of 59.01 million yuan.(Produced by Thinking Finance)■
