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    Home > After IPO, the profit of yujiahui in the first 3 quarters fell by more than 90%

    After IPO, the profit of yujiahui in the first 3 quarters fell by more than 90%

    Echemi 2019-11-07

    cosmetics

    In the first three quarters of the new Beijing News, yujiahui achieved an operating revenue of 1.576 billion yuan, a year-on-year decrease of 1.85%; the net profit attributable to shareholders of listed companies was 7.5777 million yuan, a year-on-year decrease of 93.19%. On October 29, yujiahui, known as "the first stock of China's IPO e-commerce", released its financial report for the third quarter of 2019. Data shows that in the third quarter of 2019, yujiahui achieved an operating revenue of 604 million yuan, a year-on-year decrease of 3.48%; the net profit attributable to shareholders of the listed company was 1.5472 million yuan, a year-on-year decrease of 96.57%; the net profit attributable to shareholders of the listed company after deducting non recurring profit and loss was - 2.4229 million yuan, a year-on-year decrease of 106.09%; and the basic earnings per share was 0.0040 yuan. In the first three quarters, yujiahui achieved an operating revenue of 1.576 billion yuan, a year-on-year decrease of 1.85%; the net profit attributable to shareholders of the listed company was 7.5777 million yuan, a year-on-year decrease of 93.19%; the net profit attributable to shareholders of the listed company after deducting non recurring profit and loss was - 6.5071 million yuan, a year-on-year decrease of 106.30%; and the basic earnings per share was 0.0188 yuan.

    Yujiahui didn't explain the reasons for the poor performance. In the financial report, yujiahui said that in view of the changes in the macroeconomic environment and the company's operation in the third quarter, the company will take effective measures to improve its operation and strive to improve its profitability, and relevant operation improvement measures will be gradually implemented, and it is expected that the accumulated net profit from the beginning of the year to the end of the next reporting period will be significantly reduced year on year. The reporter found that the performance of yujiahui has been in the doldrums since its listing in 2018. From the perspective of financial data, before 2019, the company has been trapped in the strange circle of "increasing revenue without increasing profit"; after 2019, yujiahui's performance has continued to show a decline in both revenue and net profit. According to the company's official website, yujiahui Co., Ltd. is the first IPO e-commerce listed company of China's A-share. It owns multiple independent skin care brands, such as yunifang, xiaomisty, Weifeng and huayuanhua. It successfully landed in A-share on February 8, 2018, becoming the "first IPO e-commerce in China". However, in 2018, the first financial report submitted by yujiahui appeared the phenomenon of increasing income but not increasing profit.

    Data shows that in 2018, yujiahui's operating revenue was 2.245 billion, up 36.42% year on year; its net profit was 130 million, down 17.51% year on year. For this reason, the company explains that it is due to increasing market investment to develop its own brand and rapid growth of agency business. The decrease in total profit and net profit is mainly due to the company's increased market investment and channel construction, which affects its short-term profitability, and the sharp drop in government subsidies that affect profit and loss in 2018. The downturn continued into the third quarter of 2019. According to the previously disclosed semi annual report of 2019 by yujiahui, in the first half of 2019, yujiahui's revenue and net profit both declined, deducting the loss of non net profit of 4.08 million yuan; in the third quarter of 2019, the revenue and profit continued to decline, realizing the operating revenue of 604 million yuan, a year-on-year decrease of 3.48%; the net profit of 1.5472 million yuan, a year-on-year decrease of 96.57%; the deduction attributable to shareholders of listed companies The net profit of non recurring profit and loss was - 2422900 yuan, down 106.09% year on year. Through combing, the reporter found that the performance of yujiahui had a great contrast before and after listing.

    From 2015 to 2017, the company's operating revenue was RMB 769 million, RMB 1171 million and RMB 1646 million respectively, with a year-on-year growth of 77.89%, 52.32% and 40.6%; its net profit was RMB 52999600, 72594800 and 158 million respectively, with a year-on-year growth of 45.36%, 38.3% and 114.85%. Yujiahui was listed on the gem on February 8, 2018. Its share price touched the highest point of 37.87 yuan / share since it was listed on June 4 of that year, and then it fell. As of October 29 of this year, yujiahui fell 2.57% to 10.22 yuan / share, with a total market value of 4.202 billion yuan, 73% lower than the highest point. The stock price and market value of yujiahui have shrunk since it was listed. At the end of 9 this year, the company said it will spend 800 million yuan to build the world's largest base, "water sheep intelligent manufacturing base". After the project is completed and put into operation, it will achieve 3 billion 500 million tons of annual production mask and 100 million bottles of water cream cream. At the same time, the company also transfers 100% equity of its wholly-owned subsidiary Hunan Shuiyang Logistics Co., Ltd. to its controlling shareholder, with a transaction price of 5 million yuan.

    In response, yujiahui said: "in order to focus on the cosmetics sector of the company's main business, considering the company's large investment in warehousing and logistics, the company has been in a loss state in the early stage, and needs to continue to invest funds. The proceeds from the transfer of equity will be used to supplement the working capital. " In the future, yujiahui plans to close down its loss making sub brand shiyijia. Before, yujiahui had hoped to join hands with Fu essential oil to further seize the market. In September last year, according to the draft of major asset purchase disclosed by yujiahui, yujiahui plans to purchase 60% of the equity of Beijing Maosi, the parent company of Fu essential oil, by paying cash, with a transaction amount of 1.02 billion yuan. Since then, Shenzhen Stock Exchange has sent two inquiry letters, and the outside world has also raised general doubts about the high premium of the acquisition. The company chose to terminate the acquisition actively. In April, yujiahui issued the incentive plan for stock options and restricted stocks in 2019 (hereinafter referred to as the "incentive plan"). The incentive plan to be granted includes directors and deputy directors

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