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Deduction of non-net profit plummeted by nearly 95%, Royal Family Exchange changed face after listing


Deduction of non-net profit plummeted by nearly 95%, Royal Family Exchange changed face after listing
On the evening of April 21st, Yujiahui (300740) released its 2019 financial report.The data shows that last year Yujiahui increased revenue without increasing profits. The attributable net profit and the average value of non-net profit deductions, of which the non-net profit deductions varied by 94%.14%.Yujiahui, which only entered the A-share market in February 2018, has just been listed for two years, but its performance has changed several times.At the time of listing, Yujiahui was known as “China’s first IPO e-commerce stock”, “Mask mask e-commerce first stock”, and hit the ride of the Tao brand, which was once favored by investors.On June 8, 2018, Royal Family Exchange reached 25.25 yuan / share, then all the way lower.As of April 21 this year, Yujia reported 7.47 yuan / share, market value 4.1.1 billion yuan.After the listing, the performance changed. Last year, the deduction of non-net profit decreased by 90%. According to statistics, in 2019, Yujiahui’s operating income was 24.1.2 billion, up by 7 every year.43%.However, attributable net profit and deducted non-net profit average.Last year, Yujiahui achieved 2722 attributable net profit.270,000, down 79 every year.17%; non-net profit deduction is 619.200,000 yuan, an average of 94 years.14%.Net cash flow from operating activities is -2.09 billion, 490 in the previous decade.29%.Regarding the growth rate of net profit, the company said that it was initially reporting performance. In order to adapt to changes in the market, the company adjusted its strategic layout and increased market investment and channel construction. At the same time, the operating staff continued to expand and labor costs increased, affecting short-term profitability.This is not the first performance breakthrough of Yujiahui.Yujiahui went public in February 2018, and its net profit continued to decline after listing, in stark contrast to before listing.Choice data shows that from 2014 to 2017, the attributable net profit of Yujiahui was 36.56 million, 53.15 million, 73.77 million and respectively.5.8 billion, deducted non-net profits were 45.59 million, 83.16 million, 73.16 million and 1.48 billion, basically showing an upward trend.Starting in 2018, Yujiahui began to change its performance.Data shows that in 2018, Royal Family achieved net profit attributable1.06 trillion, an average of 17 years.53%; deduction of non-net profit realized 1.0.6 billion, 28 in the previous decade.43%.At that time, Yujiahui said that the decline in net profit was due to the company’s increased market investment and channel construction, which affected short-term profitability. At the same time, it received a substantial decline in government substitutions that affected profit and loss in 2018.Net profit has been declining steadily during the two years, and the net profit decline is particularly large in 2019, but Yujiahui insists on a set of rhetoric that increases market share and channel construction.The sales model of Yujiahui is mainly through different channels such as its own platform and third-party platforms.The third-party platform is mainly through self-operated, distributed, and consignment sales models, and it is still the main sales channel of Yujiahui.Data Display.In 2019, the sales amount of the third-party platform is 21.0.6 billion, down -0 every year.98%, accounting for 87% of operating income.33%.At present, the platforms where Yujiahui’s sales revenue accounts for more than 10% are Taobao platform and Vipshop.The sales model of its own platform is self-operated, which is not big in itself, but it is growing.3652 contributed by its own platform in 2018.860,000 yuan, accounting for 1% of operating income.63% in 2019, 4410.470,000 yuan, an annual increase of 20.74%, accounting for 1% of operating income.83%.In terms of products, the patch mask category that created most of the revenue for Yujiahui in 2018 decreased by 27% last year.39% to 8.99.9 billion, accounting for 37% of total revenue.31%; water creams and creams have replaced paste masks as the category that contributed the most revenue in 2019, achieving operating income of 11.2.5 billion, up 32 every year.27%, accounting for 46% of total revenue.12%.In addition, non-stick masks achieved revenue last year2.3 billion yuan, an increase of 88 per year.34%; brand management services revenue 1 last year.5.2 billion, an annual increase of 433.26%.Although the operating income of patch masks decreased, the operating costs of this category also fell.Last year, the operating cost of patch masks increased.39%, gross margin increased by 0.97% to 49.75%.Correspondingly, the operating cost of the water cream category increased by 58%.73% of ultra-super operating income, which led to a decline in the gross profit margin of this category9.22% to 44.67%.Last year, Yujiahui’s sales expenses increased by 22.82% to 10.41 trillion US dollars, financial costs increased by 116 per year.75% to 1392.230,000 yuan, the company explained that it was mainly due to the increase in interest incurred by the increase in short-term earnings in the current period.Obviously, the cash flow generated by Royal Family ‘s operating activities decreased by 490 per year last year.29% to -2.09 trillion, the company said it was mainly due to payment for goods and other operating expenses.With the 2018 score, the asset-debt ratio of Royal Family Hui starts from 26.64% rose to 34 in 2019.02%.Subsidiaries are multi-targeted, aiming at overseas brand agents Yujiahui stated in the financial report that the company continued to expand the company’s brand matrix through extended mergers and acquisitions in the report, breaking through the choice of single brand development, looking for new growth opportunities, and improving the overall scale effect and marketOccupancy.At present, Yujiahui is a major subsidiary and a total of 8 companies that have a share of more than 10% of the company’s net profit, including Hunan Yunifang Cosmetics Co., Ltd. and Hunan Huayaohua Cosmetics Co., Ltd.Among these 8 companies, Changsha Xiaomei Cosmetics Co., Ltd. (the main body of the Xiaomei brand), Hunan Huayaohua Cosmetics Co., Ltd. (the main body of the Huayaohua brand), and Hunan Yunifang Men’s Cosmetic Co., Ltd. (“Yufangfang Men’s” brand)Operating entities), five companies including Changsha Weifeng Cosmetics Co., Ltd. (the operating entity of the “Weifeng” brand inland) and Shanghai Yuqiang Cosmetics Co., Ltd. last year had an average net profit of nearly 36 million yuan.In addition, in 2019, Yujiahui set up 6 new subsidiaries, including Hong Kong Yuqiang Co., Ltd., Hunan Haomeimeimei Cosmetics Co., Ltd., etc., all of which are explained as beneficial to business development.Initially, Yujiahui’s ambitions had been previously domestic.On January 22, 2019, Hong Kong Royal Family International Technology Co., Ltd., a subsidiary of Royal Family, established UNIPLUS JAPAN Co., Ltd. in Tokyo, Japan. At the end of the period, the paid-in capital was 19.9 million yen.Yujiahui also has a subsidiary in South Korea called Yujiaahui Korea Coporation, which is a wholly-owned company called Yujiahui of the company.The company stated that it actively cooperates with overseas international brands and develops overseas brand agency business. The cross-border brands operated cover a full range of cosmetics and skin care from light luxury to affordable, including doctors from Japan’s Chengye, American cosmetics OGX, and Italian fashion cosmetics brands.KIKO etc.According to Yujiahui’s 2019 annual report, overseas business income is 5.4.4 billion yuan, accounting for 22 of the total operating income.54%, an annual increase of 34.51%.It is worth mentioning that, through the continuous layout of Royal Home Exchange, the company’s inventory level has also increased.Last year, the inventory of Yujiahui grew ten years.29% to 7.3.8 billion yuan, accounting for 40% of total assets.04%.The composition of the company is explained by the increase in product categories, the increase in inventory, and the fact that most of the products of the agent brand are overseas, with a long stocking cycle.Along with the 2019 annual report, Yujiahui also released its first quarterly report for 2020.At the core of the report, the company achieved operating income of 5.1.7 billion, an annual increase of 34.03%; realized net profit attributable to shareholders of listed companies 268.2 million yuan, an increase of 489 per year.81%; realized a net profit attributable to shareholders of listed companies to replace non-recurring gains and losses 208.220,000 yuan, an increase of 142 per year.63%.Regarding the impact of the New Coronary Pneumonia epidemic, there is a certain delay in the company ‘s product sales, logistics and distribution end, which will have a certain impact on the company ‘s operations in the short term.Actively organize the resumption of production and production, and advance this work in a solid and orderly manner.In the first quarter of 2020, in order to adapt to changes in the external environment, the company continued to increase the expansion rate of the market and channels, and the profitability was affected to a certain extent, but the overall operating development trend was positive.Yujiahui specifically mentioned that during the epidemic period, “actively embrace new media, new marketing, strengthen brand promotion through short video implantation, online celebrity live broadcast and other methods to create sales explosions.”In fact, from the beginning, in order to take the ride on the Internet’s red economy concept stocks, Yujia Hui frequently “rubbed scenic spots.”On January 6, Yujiahui said on the interactive platform that the company has strengthened the promotion and content marketing on short video and other platforms, and established cooperation with a number of Internet celebrity anchors, including Wei Ya, Li Jiaqi and other head anchors.It will also continue to improve the company’s live broadcast training system and strive to build its own celebrity IP.After the identity of the Internet celebrity concept stock was confirmed, Royal Jiahui immediately received an inquiry letter from the Shenzhen Stock Exchange. It was questioned that there was a hot spot in the market that catered to the market, and the hype was outstanding.Ongoing, Royal Family Exchange, and online celebrity live broadcast have little impact on performance, the company set up live broadcast and short video release department.Sauna, Ye Wang Zhang Zeyan editor Xu Chao proofreading He Yan reporter email: zhangzeyan @ xjbnews.com