On January 18, Saturday Co.Ltd(002291) continuously disclosed many announcements.
The announcement shows that at the board meeting held on the same day, Saturday Co.Ltd(002291) considered and adopted two proposals. In order to finally realize the transformation to the "light" asset operation mode focusing on brand management and supply chain management, the company plans to integrate the company's footwear sales related businesses and assets through Foshan Saturday Co.Ltd(002291) Shoes Co., Ltd. (hereinafter referred to as " Saturday Co.Ltd(002291) shoes"), except for footwear business trademarks. After the integration is completed, the company plans to transfer 100% equity of its wholly-owned subsidiary Foshan Saturday Co.Ltd(002291) Shoes Co., Ltd.
The reporter of the international finance news noted that the Saturday Co.Ltd(002291) intends to determine the transferee through public listing or commercial negotiation. At present, the transferee and the final transaction price have not been determined.
At the same time, the performance forecast disclosed by Saturday Co.Ltd(002291) shows that the epidemic has a great impact on offline commercial sales, which has a great impact on the digestion of the company's footwear inventory. In addition, the company's additional expenses arising from business transformation lead to the loss of the footwear business throughout the year.
After the opening on January 19, Saturday Co.Ltd(002291) share price once soared by more than 6%. As of today's close, it was reported at 19.66 yuan, and the share price rose 2.93%.
take off your shoes in two steps
According to the announcement, Saturday Co.Ltd(002291) This "taking off shoes" is mainly divided into two steps.
First of all, Saturday Co.Ltd(002291) plans to implement internal restructuring, and plans to increase capital and transfer footwear business, inventory and equity to the wholly-owned subsidiary Saturday Co.Ltd(002291) footwear industry, except trademarks related to footwear business.
According to public information, Saturday Co.Ltd(002291) shoe industry has a registered capital of 10 million yuan and a business term from January 21, 2008 to no fixed term. Its business scope includes wholesale and retail: footwear, leather products, clothing and after-sales service; Import and export of goods; Information technology consulting services, etc. Before the footwear business integration was completed, Saturday Co.Ltd(002291) footwear had a revenue of 86.352 million yuan, a net profit of -30.2176 million yuan, a total asset of 126 million yuan and a total liability of 175 million yuan in the first nine months of 2021.
After the transfer is completed, Saturday Co.Ltd(002291) shoe industry will undertake the business and assets related to Saturday Co.Ltd(002291) shoe sales, Saturday Co.Ltd(002291) will carry out the brand management of the company's own shoe brand, supervise the business activities, business operation, brand product design, publicity and promotion related to the shoe brand, and charge the brand use fee for the authorized object of the brand.
Saturday Co.Ltd(002291) said that this asset transfer and capital increase is to cooperate with the transfer of footwear sales business planned by the company. It is an internal restructuring activity of the company, does not involve related party transactions, does not constitute a major asset restructuring specified in the administrative measures for major asset restructuring of listed companies, and will not have an adverse impact on the operation and financial status of the company, There is no situation that damages the interests of the company and shareholders. At present, the matter still needs to be submitted to the general meeting of shareholders for deliberation.
Behind the capital increase of Saturday Co.Ltd(002291) footwear industry is Saturday Co.Ltd(002291) a bigger abacus: selling footwear sales related businesses.
Saturday Co.Ltd(002291) pointed out that in recent years, China's consumer goods retail market is facing a new situation of declining growth and adjustment of development mode. Under the above challenges, since 2015, it has decided to make reforms and breakthroughs in brand construction, sales model and channel construction, gradually determine the new strategic development direction of "building a fashion IP ecosystem", and strive to build media and social platforms, fashion IP incubation and operation platforms and fashion IP collection platforms.
In the process of adjusting the focus of the business model, Saturday Co.Ltd(002291) can change the original "heavy" asset operation mode focusing on self owned brands and self owned channels, and gradually transform to the "light" asset operation mode focusing on brand management and supply chain management. In addition to selling the wholly-owned subsidiary whose main business is shoe production and no longer retaining the production function, Saturday Co.Ltd(002291) also established Foshan Zhongqi Trading Co., Ltd. through equity participation, integrated the single brand dealer channel, and established Hangzhou Hongzhen Commercial Co., Ltd., Hangzhou Honghua Commercial Co., Ltd. and Hangzhou Xinyi Commercial Co., Ltd. through equity participation, which undertook st & SAT, fondberyl D: Single brand self operated counter channel of fuse and SAFIYA.
It is reported that the proceeds from the Saturday Co.Ltd(002291) sale of assets will be used to supplement the company's working capital.
lost more than 400 million last year
With the increasing impact of the new retail model and the repeated epidemic in some regions since 2020, the income of Saturday Co.Ltd(002291) footwear business decreased significantly and continued to suffer losses, which put great pressure on its operating performance.
In fact, as early as last year, insiders expressed their speculation about Saturday Co.Ltd(002291) "taking off shoes" to the reporter of the international finance news.
Cheng Weixiong, founder of Shanghai Liangqi Brand Management Co., Ltd., pointed out that women's shoes are more traditional, not only Saturday Co.Ltd(002291) . Before that, many brands had a difficult time. Making women's shoes and brands requires long-term and continuous investment, and there is no effect for a while. In his opinion, Saturday Co.Ltd(002291) has "tasted the sweetness" after transforming the social e-commerce business. It does not rule out that it will become a pure "online Red" company or a so-called digital company in the future.
Saturday Co.Ltd(002291) is an enterprise starting with women's shoes. In July 2016, it issued a restructuring plan, indicating that it would develop a fashion IP ecosystem. Since then, in order to implement the strategic transformation of "fashion IP ecosystem", Saturday Co.Ltd(002291) has carried out multiple acquisitions and gradually stripped off heavy assets. What made Saturday Co.Ltd(002291) a "pastry" in the eyes of capital was the acquisition of Yuanwang network in 2019. Since then, Saturday Co.Ltd(002291) has changed into a "net red concept stock", and its operating performance has also improved significantly.
Take the first half of 2020 as an example, at that time, Saturday Co.Ltd(002291) the revenue from the Internet advertising industry was 511 million yuan, a year-on-year increase of 59.93%. Due to the growth of Internet advertising, Saturday Co.Ltd(002291) overall revenue did not decline in the half year.
In contrast, its women's shoes business has become a negative burden on the company's overall performance. In a teleconference survey held on December 29, 2020, Saturday Co.Ltd(002291) was asked about the loss of women's shoes business. In the corresponding question, it is pointed out that the loss of Saturday Co.Ltd(002291) women's shoes business in 2020 is about more than 200 million yuan.
Yesterday, Saturday Co.Ltd(002291) disclosed the performance forecast for 2021. It is estimated that the net profit attributable to the shareholders of the listed company in 2021 will be a loss of 430 million yuan to 645 million yuan, and the net profit after deducting non recurring profits and losses will be a loss of 410 million yuan to 615 million yuan. In 2020, it realized a net profit of 24.2978 million yuan, and there was no loss.
Saturday Co.Ltd(002291) pointed out that since the outbreak of covid-19 epidemic, the repeated epidemic in China has had a long-term and sustained impact on local economies. The weak overall consumer demand, coupled with the additional expenses incurred by the company due to business transformation, has led to the operating loss of the shoe business throughout the year.
On the other hand, in order to further promote the company's strategic transformation, optimize the company's inventory structure and accelerate the return of funds, the company increased the promotion of footwear inventory in the fourth quarter of 2021. It is preliminarily estimated that the operating losses and provision for inventory falling price due to the above operating activities in the fourth quarter will also have an impact on the company's annual profit.
"In the past two years, the proportion of the company's footwear business income has gradually decreased, some footwear related companies have been transferred or cancelled, and the employees have also decreased significantly, gradually realizing the goal of lightening the company's assets. In the future, we also hope to further accelerate the reduction of burden and make this business system healthier." In a record of investor relations last November, Saturday Co.Ltd(002291) pointed out this.
In yesterday's performance forecast, Saturday Co.Ltd(002291) admitted that in the future, it will continue to promote strategic transformation and concentrate resources to promote the development of mobile internet marketing business. It also said that in the past two years, Yuanwang network has developed rapidly in the field of live e-commerce, and the company has made some achievements in the signing and incubation of artists / anchors.
When talking about the company's key planning in Internet marketing business in 2022, Saturday Co.Ltd(002291) also mentioned some hot fields at present. It is said that it plans to set up Yuanwang Innovation Research Institute to strengthen research in blockchain, AI intelligence, metauniverse, digital virtual human and other fields, and incubate internal / external entrepreneurial teams. "It is expected that the operation scale of Yuanwang network, the holding subsidiary of the company, will achieve large growth in 2022." Saturday Co.Ltd(002291) said so.
