Transition Pain 2018 Net Profit Is Expected To Exceed $600 Million Net Loss

On the evening of January 30th, the bird announced that, after preliminary calculations by the financial department, it is estimated that the annual net profit attributable to 2018 will be a loss compared with the same period last year (statutory disclosure data), with a net loss attributable to 640 million -8.2 billion yuan.

The net profit is 492 million -6.72 billion yuan.

In the same period last year, the net profit of the noble bird was 157 million yuan, and the net profit was 89 million 26 thousand yuan.

For the main reason for the loss of performance in the current period, the bird pointed out that the main business is the main business.

During the reporting period, the sales revenue of the company's own brand declined, the production cost increased, and the sales cost increased, resulting in a loss in the operating profit of the company's own brand.

　　贵人鸟指出，主营业务下滑是由于市场竞争加剧导致贵人鸟自主品牌销售收入下降; 2018年度下半年，由于调整核心贵人鸟品牌业务销售模式，公司向14个重点省级区域贵人鸟品牌经销商购买了市场销售渠道资源，并按原价从上述区域经销商购买尚未实现对外销售的贵人鸟品牌2018年款商品约3.4亿元，进一步导致公司销售收入的下降以及期末库存商品的大幅度增加，期末计提的存货跌价准备也随之增加;加之公司原材料成本上涨，自主品牌产品产量的下降导致单位产品分摊的固定资产成本上升，单位产品毛利下降;另因公司调整对经销商的支持政策，报告期内新增支付给经销商的销售返利费用;因购买上述区域经销商销售渠道后，经销商不再继续经营对应区域的贵人鸟品牌销售业务，导致在本次交易前，本公司部分已由经销商原本下单采购但尚未发货的商品，无法在

This year, external sales will be realized, so that the sales volume and gross profit will decrease.

The above items are expected to reduce net profit in the current year by about 470 million yuan.

At the end of the reporting period, there were signs of impairment after the impairment tests were conducted on the goodwill, and the estimated impairment allowance was estimated to be about 75 million -9500 yuan.

Non recurring gains and losses also have a certain impact on the performance of the birds.

In the year of 2018, the cost of disposing assets and the cost of channel resources were significantly affected by the disposal of assets.

Among them, due to the current disposal of the controlling shareholder of Hubei Jie Xing sports industry development of Limited by Share Ltd equity, resulting in investment losses and other losses totaling about 116 million yuan; the company to 14 key provincial dealers to buy the sales channel resources paction amount of about 150 million yuan, accounting for the 2018 year sales expenses.

The above items are expected to reduce net profit in the current year by about 266 million yuan.

In fact, the bird has been implementing the M & a pformation plan in recent years.

The "noble bird" has proposed to upgrade from "traditional sports shoes and clothing industry" to "sports industrialization group based on sports apparel manufacturing and coordinated development of various sports industry forms".

And since 2015, it has formed a preliminary diversification pattern in sporting goods, sports games, insurance, retail, e-commerce, competition lottery, paid reading and so on.

However, diversified pformation has accelerated the decline of profits.

In 2016, the precious birds began to lose money. At that time, the total income of the precious birds was 2 billion 279 million yuan, up 15.74% compared to the same period last year, but the net profit attributable to them declined 11.81% to 292 million 700 thousand yuan compared with that of the previous year. In 2017, the loss of the noble bird continued to expand and its net profit fell 46.25% to 153 million 700 thousand yuan.

With the decline of profits, the precious birds had to start the strategy of closing stores.

In the first quarter of 2018, the company closed 55 shops and closed 376 in 2017.

In order to reverse the decline of performance, in December 2018, the bird announced that it wanted to gradually pform the original part of the traditional "noble bird" brand distribution cooperation mode into a direct cooperation mode, and to acquire some distributors' channel resources, while recovering part of the inventory.

According to the insiders, the "noble bird" has made a blind extension of the system and has not complementation with the main business. In the future, if you can make up your mind to return to the main business, you will be able to reverse the loss situation.