Bi Shengyuan, once the "first share of weight loss tea" with unlimited scenery, has had a hard time recently. On January 6, the reporter of Beijing business daily learned that in 2021, Bishengyuan expects a net loss of more than 120 million yuan , which is further increased compared with the net loss disclosed in the previous announcement.
The reason for the loss given by Bishengyuan is that the sales performance of the "double 11" and "double 12" shopping festivals in 2021 failed to reach the expected sales amount. however, Bishengyuan's performance has been under pressure for a long time, and it has sold properties several times near the end of the year. at the end of 2021, Bishengyuan sold several houses in Putuo District, Shanghai. This has also led to speculation about whether the company depends on selling houses to ensure its performance.
loss increased, performance "roller coaster"
Net loss or further increase, Bishengyuan disclosed profit warning.
According to the announcement, Bishengyuan expects the possible revenue of the company by the end of 2021 to be about 15% lower than that in 2020. Compared with the estimated net loss of 50-70 million yuan in the previous announcement, the possible net loss attributable to shareholders is about 120-130 million yuan (these estimated amounts have not taken into account the possible impairment loss caused by the long-term asset impairment test and the change in the fair value of the equity of non listed companies invested by the group).
In this regard, Bishengyuan explained in the announcement that the increase in the loss was mainly due to the changes in the dealer's inventory management measures, resulting in a decrease in the company's shipments to the dealer from December 2021, resulting in a decrease in the sales amount; The sales performance of the company in the "double 11" and "double 12" shopping festivals in 2021 failed to reach the expected sales amount; The loss of the fair value of the shares held and the redistribution of marketing forces have a greater impact on the group's phased income than expected.
In fact, Bishengyuan's performance has fluctuated for a long time. From 2016 to 2018, the net profits of Bishengyuan were - 74.566 million yuan, 5.281 million yuan and - 93.5 million yuan respectively. The loss in 2018 was the worst year since the listing.
in the face of frequent performance fluctuations, selling assets is one of the ways for Bishengyuan to adjust. from the end of 2018 to the end of 2019, Bishengyuan successively sold 100% equity of Beijing Changsheng Business Consulting Co., Ltd. and its subsidiary Bishengyuan food and beverage at a price of 555 million yuan and 125 million yuan respectively.
The sale of assets gave Bishengyuan a taste of sweetness. In 2019, Bishengyuan achieved an operating revenue of 812 million yuan, a year-on-year increase of 114.6% over 378 million yuan in 2018; The net profit was 162 million yuan, reversing losses year-on-year. the column of "income from sale of subsidiaries" in the financial report is 222 million yuan.
several initiatives to sell its properties near the end of the year are regarded as the performance of Bisheng Yuanbao. in November 2021, Bishengyuan sold the real estate again, and its indirect wholly-owned subsidiary entered into an intention agreement with the buyer to sell 8 houses (with a construction area of 1819.42 square meters) located in Zhongshan North Road, Putuo District, Shanghai and the land use right within the occupied area of the houses. The net proceeds from the sale were about 49.63 million yuan. Bi Shengyuan believes that the sale mainly provides a good opportunity for the group to realize the value of the target property and enhance its working capital through the sale of non core assets. The net proceeds from the sale are used for the sustainable development of the group's main business and the needs of working capital.
For business development planning and other issues, the reporter of Beijing business daily contacted Bi Shengyuan, but as of press time, he had not received any reply.
revenue fell and "two tea" products lost color
Selling real estate is not a long-term plan. As the "first share of slimming tea", Bishengyuan is mainly engaged in the development, production, sales and promotion of functional health tea and other health food. The company's two core products are "Changrun tea" and "Changjing tea".
relying on two products, Bishengyuan has achieved sales of more than 4 billion yuan. however, the good times are not long. In 2016, new regulations on health food supervision were issued, requiring that the name of health food shall not contain relevant words expressing the function of the product. Affected by this, Bishengyuan's main product "slimming tea" was discontinued and later renamed "Changjing tea", and the company's performance began to decline.
Today, the revenue of Bishengyuan's two core products is less than half that of ten years ago. In 2020, the income of Changrun tea and Changjing tea was 192 million yuan and 199 million yuan respectively, with a total income of 391 million yuan. In 2010, the total revenue contributed by "two teas" to Bishengyuan was 870 million yuan.
Revenue fell, and core products also faced quality embarrassment. Recently, the Beijing Market Supervision Bureau sampled food Shenzhen Agricultural Products Group Co.Ltd(000061) , health food, meat products and other kinds of food, and detected a total of 18 batches of unqualified food. Among them, the measured value of "mold and yeast" of Bishengyuan brand Changjing tea (2.5g / bag) sold by the sixth branch of Beijing Yuantong people Ping\'an pharmacy Co., Ltd. and produced by Beijing aoteshuer health products development Co., Ltd. of Bishengyuan is as high as 390cfu / g. the food safety standard stipulates that it should be ≤ 50cfu / g, exceeding the standard limit by more than 6 times. The health food is judged as unqualified .
Xu Xiongjun, a strategic positioning expert and founder of Jiude positioning consulting company, said in an interview with the Beijing business daily, on the one hand, Bishengyuan's "two teas" have declined rapidly after reaching the peak of sales, and are approaching the end of the life cycle . On the other hand, products promoted by marketing, if the product quality and R & D are not enough to support the efficacy of the product, can not meet the continuous needs of consumers, and it is difficult to continue to become popular . From the perspective of the whole market, under the consumption mode of the new generation of consumers, the emergence of consumption concepts such as light food makes replace more and more categories of "weight loss tea" .
In the context of the continuous decline of core products, Bishengyuan has developed weight loss drug products. In 2020, the income of Bishengyuan's slimming drug products will reach 607 million yuan.
(source: Beijing business daily)
