Summary: Weak performance growth (welcome to follow the leverage game)
Written by the leverage game team |
Because of a blind box post, Mingchuang excellent products are on the hot search.
According to media reports, recently, the Spanish Instagram account of Mingchuang Premium products published a "Princess Series Doll Blind Box" post, in which the Chinese cheongsam doll was incorrectly translated as "Japanese Geisha".
There was a lot of opposition under this account. Netizens said: Mingchuang excellent products can not distinguish between qipao and geisha costumes? There is a clear difference between The Chinese Cheongsam and the Japanese Geisha Costume!
On the evening of August 9, the official Weibo of Mingchuang Premium issued an apology statement saying that after the headquarters of Mingchuang Excellent Product received feedback from netizens, it first asked the Spanish agent team to delete the post, and took punitive measures against the local social media agency operation agency and immediately terminated the cooperative relationship.
Some netizens also noticed that a product called "Imperial National Seal" in the Taobao flagship store of Mingchuang Excellent Products marked "Li Shimin" as "Li Shiming" in the promotional page.
On August 12, in response to the above situation, the customer service staff of the flagship store told the Xiaoxiang Morning News reporter that it would give feedback to the commissioner as soon as possible and expressed apologies.
Mingchuang Premium products can be said to be a very "strange" company.
From the name, decoration and store style to the products, it gives people a very Japanese feeling, some products even the outer packaging, instructions are in Japanese, in fact, it is an authentic local company.
Tianyan check shows that Mingchuang Premium product was founded by Ye Guofu in 2013, and its predecessor may be more familiar to honey friends, called Oops.
According to public reports, When Ye Guofu traveled to Japan, he was inspired to expand the scope of the jewelry store to daily necessities, not only the name of the jade flower became Lucy, but also the overall style was completely Japanese, creating a new brand.
But in fact, to see the success of Mingchuang Excellent Products, it is inseparable from the "high turnover", the franchise model and Internet finance, these three keywords.
As of the first quarter of this year, the number of its domestic stores has exceeded 3,000, and the number of global stores has exceeded 5,000; However, after experiencing rapid expansion, the growth rate of Mingchuang Premium products has slowed down significantly in the past year, and the performance growth is weak, and the loss in the past three years has exceeded 2 billion.
According to the prospectus, the revenue of Mingchuang Premium in the fiscal years 2019-2021 (July 1, 2018 to June 30, 2021) was 9.39 billion yuan, 8.98 billion yuan and 9.07 billion yuan, respectively, and the losses were 294 million yuan, 260 million yuan and 1.429 billion yuan respectively (the large loss in fiscal 2021 was due to the loss caused by the fair value change involving preferred shares);
Adjusted net profits of $840 million, $930 million and $480 million were recorded in accordance with non-IFRS financial indicators. In the same period, the gross profit margin of Mingchuang Premium products in the 2019-2021 fiscal year was 26.7%, 30.4% and 26.8%, respectively, and the gross profit margin of the company in 2020 and 2021 was 26.7% and 29.3%, respectively.
In the past three years, Mingchuang Premium products have experienced continuous negative growth in the key indicator of the retail industry, single store revenue. According to the prospectus, in the fiscal years from 2019 to 2020 (July 1, 2018 to June 30, 2020), the revenue of a single store of Mingchuang Premium Products fell from 2.7 million yuan to 2.2 million yuan, a decrease of 19.8%.
For the financial year ended 30 June 2021 (1 July 2020 to 30 June 2021), the Group's revenue per store continued to decline to $1.9 million, representing an 11.3% decrease.
In fiscal 2019-2021, the operating profit of Mingchuang Premium Products with more than a thousand stores is getting smaller and smaller, about 60% less than three years ago.
The day before the IPO, The products of Mingchuang Premium products were also found to exceed the standard carcinogen by 1400 times!
In July 2022, Minchuang Premium was listed on the Hong Kong Stock Exchange, broke on the same day, and fell more than 3% by the close of the day to 13.380 Hong Kong dollars per share, lower than the issue price of 13.80 Hong Kong dollars.
Not long ago, short selling agency Blue Orca Capital also disclosed a short report on Miniso premium products. The report questioned the actual operator of the franchisee network of Mingchuang Premium, the transfer of the property of the listed company by the chairman of the company, and the authenticity of the company's finances.
Blue Orca Capital noted that the hundreds of stores of Mingchuang Premium were not operated by an independent network of franchisees, but were "secretly owned and operated by Mingchuang executives or individuals close to the chairman", and accused Mingchuang Premium's "chairman of The board of directors of embezzling hundreds of millions of dollars from the listed company through an opaque Caribbean jurisdiction as an intermediary for an improper headquarters transaction." ”
In response, MINIC Premium said that the short report was groundless and contained misleading conclusions and interpretations of the company's information. The Company's Board of Directors is reviewing the allegations and considering appropriate action to protect the interests of all shareholders.
But its share price is still suffering a heavy blow. On the day of the short-selling report, on July 26, 2017, Mingchuang Premium U.S. stock price closed at $6.13 per share, down 15.98%.
However, the short report is secondary, and there are still many problems that Mingchuang Excellent Products have to face