The choice of listed furniture companies: Leap into the past and become a worm
Xilinmen mattresses , a listed company with the title of "the first stock of mattresses", I am afraid that the past days have not been good.
As of February 17 , 38 listed home furnishing companies released their 2018 performance reports, and only three companies are expected to lose money, and Xilinmen is one of them.
According to the performance forecast disclosed by the company, the company expects to realize a net profit attributable to shareholders of listed companies in 2018 of a loss of 390 million yuan to a loss of 440 million, and a net profit after deducting non-recurring gains and losses of 425 million to a loss of 475 million yuan. This is also the first loss since Xilinmen went public.
Xilinmen, which was successfully listed in 2012, has a bright future after its net profit exceeded 100 million yuan.
However, since 2014, Xilinmen has experienced a problem of a substantial increase in the cost rate, which has led to a problem that the profit growth rate has not reached the expected rate. According to public information, in 2014, Xilinmen experienced an increase in revenue but no increase in profit. Revenue and net profit were 1.291 billion and 94 million, respectively, an increase of 26.29% and -21.88%.
Aiming at the situation of increasing income but not increasing profit, Xilinmen has the courage to expand and try, and has made a crossover from the furniture industry to the film and television circle.
In March 2015, Xilinmen now acquired 100% equity of Shengxi Huashi ( formerly known as Greentown Media ) for 720 million yuan, and officially launched its layout in the field of cultural media. After the completion of the acquisition, Xilinmen's main business includes three major business segments: civilian furniture, hotel furniture and film and television culture.
Once the news came out, it caused a heated discussion in the industry.
But we can see two words in this acquisition news-cash. Judging from the cash flow of Xilinmen that year, except for the 288 million yuan that Xilinmen had paid, there was still 432 million yuan in cash not paid. However, Xilinmen ’s half-year report clearly stated that Xilinmen ’s monetary funds at that time were only 235 million yuan, which was close to the balance of nearly 200 million yuan.
As a result, Xilinmen had to issue separate announcements for loans and fixed increases in the later period.
Xilinmen spent a lot of money to acquire Shengxi Huashi, and naturally wanted to use this to restore the decline. However, Sheng Xihua's development in recent years has clearly been unsatisfactory.
During the acquisition of Shengxihuashi, both parties to the transaction made performance commitments: Shengxihuashi achieved net profit of not less than 68.5 million yuan, 92 million yuan, and 120 million yuan in 2015, 2016 , and 2017 for non-attributed parent companies, respectively.
In 2015, Shengxi Huashi completed its performance commitments; in 2016 , Shengxi Huashi realized a net profit not deduction to the parent company of 83.4328 million yuan, with a completion rate of 91.66% . In 2017 , Shengxihua deducted the net profit attributable to the parent company of RMB 122.8519 million and fulfilled its performance commitment.
In total, Shengxi Huashi has accumulatively deducted the net profit of non-attributable mothers of 27,725,300 in three years, and the overall completion rate is only 98.8% .
It was originally expected to cross the border into the film and television circle to achieve profitability, but in the end, it was because the performance of the film and television subsidiary failed to meet expectations. Xilinmen's impairment of its accrued goodwill has also become the first culprit for the company's loss since its listing. The company expects a net profit loss of 390 million yuan to 440 million yuan in 2018 .
Xilinmen's loss may have been a sign.
On October 15 , 2018, the news that “Gu Jia Home intends to acquire not less than 23% of Xilinmen ’s share of not less than 1.38 billion yuan†surprised the entire furniture circle. But the reason is probably the pressure of funds.
In the three years of acquisition of Shengxihuashi , Xilinmen not only suffered a decline in net profit, but also increased its asset-liability ratio year by year, and its equity pledge rate was high.
The continuous decline in the share price of the secondary market, coupled with the four exchangeable corporate bonds that matured in the fourth quarter of 2019, has brought joy to the country. Therefore, Xilinmen had to choose to transfer the equity.
Despite the news on the day that Xilinmen stocks are welcoming the daily limit, the signs are excellent. But today, we still see a loss of Xilinmen, which is really disappointing.
In recent years, cross-border has become a hot word in the furniture circle, many companies have tried water, but after trying, people found that this road is not easy to go.
Shengda Forestry was once a well-known brand in the early flooring industry and one of the first home furnishing companies to enter the capital market. In July 2013, set foot in the new energy LNG industry. Due to the large investment and slow recovery of the “clean energy†industry, Shengda Forestry began to use borrowing and loans to invest in financing due to insufficient own funds, resulting in greater debt and greater financial performance.
Del in the future was a company specializing in the production, research and development of flooring and medium and high density boards. In 2015, Del began to enter the cutting-edge graphene new material field in the future. In 2017 , Del's future net profit fell, and in the same year, it urgently stopped the acquisition of Henan Yiteng New Energy Technology Co., Ltd.
After seeing so many failed cases, we have to mention another company-Gujia Household.
In 2018, Gu's home was frequent. He acquired Banch, Rolf Benz , Natuzzi, Quanzhou Xibao Home, Xilinmen, Actual Home, etc.
However, it is not difficult to see that after acquiring these companies, Gu Jia's industry is still in the field of custom home furnishing, mattresses, high-end furniture and other large home appliances. It's just that from the sofa to the soft bed, mattress, bedding, new Chinese furniture ... A small crossover is realized, and the whole category is created.
Ma Yun once had a suggestion for cross-border enterprises-"First refine your own industry".
"Every line is like a mountain." Every industry has its own differences. There must be a process of familiarization and exploration in entering a new industry. It does not mean that you can succeed by digging a few people from your peers and spending more money.
Ma Yun said: "Let's like what you do first, don't easily enter other people's sites, if you want to go, you must have a gun in your hand."
So, in general, there are risks in cross-border, so enter carefully. This is a dragon gate, and if it jumps over, it will become Jackie Chan.
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