Anhui commercial retail enterprise Anhui Andeli Department Store Co.Ltd(603031) ( Anhui Andeli Department Store Co.Ltd(603031) . SH) announced on April 8 that in 2021, the company achieved an operating revenue of 1.677 billion yuan, a year-on-year decrease of 5.01%; The net profit attributable to shareholders of the listed company was a loss of 512826 million yuan, an increase of 678.03% over the loss of 6.5914 million yuan in 2020; The basic earnings per share is -0.46 yuan.
The reporter of economic information daily noted that Anhui Andeli Department Store Co.Ltd(603031) implemented a major asset restructuring in 2021 and formally incorporated Nanfu battery into the “command” at the beginning of this year. The company hopes to use the platform of listed companies to provide various resources for Nanfu battery and further help its development and growth, so as to bring stable operating income and profits to the company.
2021: the cost increases greatly
The annual report shows that during the reporting period, Anhui Andeli Department Store Co.Ltd(603031) mainly engaged in department store retail business in China’s third and fourth tier cities and rural markets, and has developed into the largest department store retail chain enterprise in the counties and townships subordinate to central Anhui. By the end of the reporting period, the company had opened 70 shopping malls and stores of various types, and its business outlets were mainly distributed in Lujiang, Chaohu, he County, Wuwei, Hanshan, Dangtu, Feixi and other counties and towns under its jurisdiction, with a total business area of 225500 square meters (excluding external leasing).
Anhui Andeli Department Store Co.Ltd(603031) ‘s business model includes self-supporting, joint venture and leasing. The company’s business is mainly self-supporting department store retail. The specific retail formats include shopping centers, supermarkets, professional home appliance stores, etc. During the reporting period, more than 95% of the company’s operating revenue came from self operated mode.
The reporter of economic information daily noted that in 2021, the cost of Anhui Andeli Department Store Co.Ltd(603031) increased greatly during the period. Among them, the sales expense was 301 million yuan, with a year-on-year increase of 14.02%, which was due to the increase of salary expenses; The management fee was 756985 million yuan, with a year-on-year increase of 41.09%, which was due to the increase of salary and service expenses; The financial expenses were 251438 million yuan, an increase of 16.47% over the same period of last year, mainly due to the new increase in unrecognized financing expenses.
By industry, the company’s main business is commercial retail, with an operating revenue of 1.619 billion yuan in 2021, a decrease of 5.16% over the previous year; Operating costs decreased by 7.69% to 1.290 billion yuan, resulting in a year-on-year increase in gross profit margin of 2.19 percentage points to 20.29%.
In terms of products, the operating revenue of department stores was 233 million yuan, a year-on-year increase of 12.59%, and the gross profit margin was 32.29%, a year-on-year increase of 12.07 percentage points; The operating revenue of supermarket format was 1.145 billion yuan, a year-on-year decrease of 7.11%, and the gross profit margin was 18.58%, a year-on-year increase of 0.01 percentage points; The operating income of household appliance industry was 240 million yuan, a year-on-year decrease of 9.93%, and the gross profit margin was 16.75%, an increase of 2.59 percentage points year-on-year.
will invest in the development of new chemical batteries
Since its listing in August 2016, Anhui Andeli Department Store Co.Ltd(603031) ‘s operating income reached its peak in 2019, then declined for two consecutive years, and the net profit attributable to the parent company has also suffered losses for two consecutive years.
For the reasons for the continued downward trend of performance in 2021, Anhui Andeli Department Store Co.Ltd(603031) said there were four main points. First, the dual impact of e-commerce and covid-19 epidemic had a huge impact on department store retail entities, and the company’s main business income decreased by about 5% year-on-year; Second, the labor cost increased significantly, mainly due to the increase in the number of employees, and the per capita cost of employees also increased compared with the previous year; Third, 7 new stores were added in 2021, increasing the opening and operating expenses; Fourth, in 2021, the company implemented major asset restructuring, which increased the restructuring costs such as intermediary fees, with an increase of about 20.5 million yuan.
It is worth noting that in 2021, China’s retail industry showed an overall growth trend, with the total amount of social consumer goods reaching 44.08 trillion yuan, an increase of 12.5% over the previous year and an actual increase of 10.7% after deducting price factors. Among them, the total retail sales of social consumer goods in Anhui Province was 214712 billion yuan, an increase of 17.1% over the previous year.
With the accelerated recovery of Anhui retail industry, Anhui Andeli Department Store Co.Ltd(603031) on the contrary, it has achieved the performance of declining revenue and increasing losses, which may be a major incentive for the company to implement major asset restructuring and want to transform from the traditional department store retail industry to the consumer battery industry during the reporting period.
In September 2021, Anhui Andeli Department Store Co.Ltd(603031) once announced that it planned to purchase 36% equity of Yajin Technology (830806. NQ) held by Ningbo Yafeng Electric Appliance Co., Ltd. at a price of no less than 2.4 billion yuan, and the core asset of Yajin technology was Nanfu battery controlled by it. According to the public information at that time, Anhui Andeli Department Store Co.Ltd(603031) net assets were about 600 million yuan and the book monetary capital was less than 100 million yuan. Therefore, the transaction was regarded as “snake swallowing elephant” by the outside world.
The annual report shows that on January 17, 2022, 36% of the shares of Yajin technology have been transferred and registered under the name of Anhui Andeli Department Store Co.Ltd(603031) subsidiary Anfu energy. Through reorganization, Anhui Andeli Department Store Co.Ltd(603031) has been transformed into an enterprise focusing on investment, R & D, production and sales of small batteries and consumer goods with multi chemical systems. The company said that in the future, on the one hand, it will continue to consolidate and strengthen the leading position of Nanfu battery in the field of retail batteries, on the other hand, it will invest in the development of new chemical batteries to meet the new demand for new chemical power in the 5g and IOT era.
Anhui Andeli Department Store Co.Ltd(603031) disclosed in the annual report that in 2022, it will continue to promote product R & D and upgrading, further promote organizational change and business model innovation, consolidate the leading position in the alkaline battery market, further promote the construction of channel network, and explore the business in the field of to b-end micro battery and to C-end new consumer products.
