Big material research, pan-home boss management internal reference, manager daily reading, dealer manager business staff, shopping guide practical strategy.Affected by the crisis of many real estate companies, the overall market downturn, and the more serious dependence on large customers, several building decoration companies once faced a crisis.
Some of these companies have not yet extricated themselves from their predicament and are facing unfavorable situations such as bankruptcy, reorganization and transfer.
Of course, there are also some decoration companies that serve real estate customers, and the accounts receivable of up to hundreds of millions cannot be settled, but they have gradually reversed the situation thanks to the early completion of diversified layout and the low degree of dependence on a single large customer.
The big timber study noted,Among the building decoration companies, since 2021, Shenzhen Guangtian Group, Haida Decoration, Quanzhu Co., Ltd. and other companies have suffered a very serious impact. Gold Mantis, Zhongtian hardcover, Times Decoration, Baoying shares, Yaxia, Hongtao shares, etc., have also been seriously affected
In the past, when the situation was relatively good, these were all large-scale decoration enterprises with annual revenue of billions to 20 billion, and they were quite eye-catching roles in the entire large home construction and decoration industry.
However, Chengye real estate, loss also real estate, and the deep binding of large customers in the real estate industry, one is prosperous, and one is lost.
Let's start with thatShenzhen GuangtianAccording to public information, in July 2023, Shenzhen Guangtian Group disclosed the "Announcement on the Court's Ruling to Accept the Company's Reorganization and the Appointment of the Administrator and the Company's ** Transaction Will Be Superimposed on the Delisting Risk Warning", and the court has ruled that the company has entered the reorganization procedure.
In addition, the company was superimposed on a "delisting risk alert".
The announcement mentioned that although the court formally accepted the reorganization application, there was still a risk of being declared bankrupt and subject to bankruptcy liquidation due to the failure of the reorganization. If the company is declared bankrupt due to the failure of the reorganization, then the company** will be terminated from listing.
By November 2023, Grandland released new progress news and signed a reorganization investment agreement with Shenzhen Special Economic Zone Construction Engineering Group, Shenzhen High-tech Investment Group, Shenzhen Qianhai Infrastructure Investment Management, and Zhongyuan Trust.
Subsequently, the Shenzhen Intermediate People's Court ruled to approve the "Shenzhen Guangtian Group Shares Reorganization Plan", terminated the company's reorganization procedure, and entered the implementation stage of the reorganization plan.
During this period, Hirota was also trying to find ways to boost its business.
The above-mentioned reorganization action did not originate from this year, but back in May 2022, ST Guangtian received the "Notice of Application for Reorganization and Pre-Reorganization" applied by creditors.
The creditor applied to the court for the reorganization of the company on the grounds that ST Guangtian could not pay off the debts due and obviously lacked solvency, but had reorganization value.
The background is that in the first quarter of 2022, the total liabilities of Grandland Group have reached 1511.4 billion yuan, the asset-liability ratio is as high as 97%, and the long-term arrears to the ** merchant are unsettled, which triggered the reorganization application.
In the glorious period, Guangtian played a prominent role in the entire building decoration industry, a national high-tech enterprise, with more than 10 first-class and first-class qualifications such as professional contracting of building decoration and decoration engineering, and was also the top few on the top 100 list of China's building decoration industry, with a revenue of more than 10 billion.
Coming to this point is closely related to the Evergrande crisis and the entire real estate market. For a long time, Guangtian has been bound to Evergrande, and there is a relatively serious dependence on large customers.
Perhaps this kind of large customer used to be the comfort zone of the enterprise, although Guangtian has long said that it is actively expanding other customers in addition to Evergrande, but it has not achieved a breakthrough.
In 2010, Evergrande and its subsidiaries contributed nearly 6 percent of Guangtian's overall sales, and by 2020, this proportion still exceeded 4 percent.
On the whole, Grandland has done a lot of businessThe proportion of cooperative real estate enterprises that encounter problems is relatively highThis can be seen in the size of the accounts receivable.
According to the data disclosed in the reorganization plan, the original book value of Grandland Group's accounts receivable (including contract assets) was 1151.1 billion yuan, but the market appraisal value has fallen to 376.6 billion yuan, a decrease of 6728%。
In other words, the probability of the money being recovered is very low, and the value has been greatly discounted. Undoubtedly, a large number of accounts receivable could not be settled, which intensified the crisis of Guangtian to a certain extent.
In addition, the sharp decline in revenue has also had a very negative impact on the overall operation. In the first three quarters of 2023, *ST Guangtian's revenue was about 7200 million yuan, a year-on-year decrease of 711%；The net profit loss attributable to the parent company was about 82.3 billion yuan.
This time, Shenzhen Special Economic Zone Construction Engineering Group and other companies participated in the reorganization of Guangtian, which may usher in a new turning point.
For the future development, Guangtian's reorganization plan mentions that it will focus on the main business of the building decoration business and adapt to the layout under the new situationIt is expected that the existing civil engineering, engineering financial services and other businesses will be divested to strengthen the ability to undertake large-scale building decoration projects.
There is also a house calledHaida decorationThe company, once attracted the attention of the industry.
According to a report by Jiemian News and Daily Economic News in October 2023, the "Chairman of Shenzhen Haida Decoration Group sent a circle of friends to save the shares" was widely circulated on the Internet and attracted attention. The author is Gao Feng, chairman of Haida Decoration Group.
The circle of friends mentioned that due to the influence of Vanke, Country Garden, Agile, Excellence, Changsha Henghong, Wuhan Xuhui and other companies, Haida Decoration Group is currently overdue in loans and owes a total of 2 bank loans900 million,Now the first equity or part of the shares, seeking partners to develop and grow together.
At the same time, in the circle of friends, Gao Feng listed its assets, including nearly 60,000 square meters of office buildings and 150,000 square meters of land to be developed, a 40,000-square-meter industrial park in Xili Dahom Village, Nanshan District, two office spaces totaling more than 1,000 square meters, and two villas totaling nearly 1,000 square meters.
In contrast, the scale of Haida Decoration's liabilities is not large, and it has the most valuable assets, so the possibility of breaking through the crisis is relatively large.
As the person in charge, Gao Feng said, Haida Decoration is not insolvent, but a lack of capital flow channels, after the bank account is frozen, there is no way to take out loans, and cannot collect money. Overall Loan 2900 million, but only more than 20 million are owed to China Merchants Bank.
According to Gao Feng, most of the current bad debts of Haida Decoration come from contract disputes with real estate companies, and most of the business involved is the real estate enterprise projects undertaken before 2019. There are still many triangular debts, the arrears of upstream real estate companies, coupled with the pressure from downstream businessmen, resulting in a crisis.
According to public information, Haida Decoration was founded in 1992, mainly focusing on the design and construction of high-end home decoration and public building space decoration, mainly providing design and construction for medium and large houses, villas, luxury houses, office buildings, shopping malls, hotels and factories, and its business covers comprehensive indoor environmental protection management, garden design and construction, cultural and creative design, logistics and distribution, wood production industry and other supporting fields.
The most recent change is on December 12, 2023Zhongtian hardcoverSuspension, mentioned in the announcement, on December 11, received a notice from the company's controlling shareholder, Suqian Zhongtian Rongjian Enterprise Management, that Qiao Rongjian, the actual controller of the company, intends to transfer his controlling shareholder 557613% equity.
The counterparty is a state-owned controlled limited partnership, and the transaction may involve a change of control of the company.
To put it simply, the actual controller plans to transfer the equity held by the state-owned assets, which may lead to a change of control.
Behind this change is the unfavorable situation faced by Zhongtian hardcover.
In the previous 2023 semi-annual report, Zhongtian hardcover said that the overall market environment tends to be severe, and the spirit of contract is being challengedIt is still the first choice to preserve strength
At the peak, the performance of Zhongtian hardcover was also good, with a revenue of about 25 in 20206.5 billion yuan, a year-on-year increase of 963%；The net profit attributable to the parent company is about 18.9 billion yuan, a year-on-year increase of 305%。By 2021, the revenue will be about 256.7 billion yuan, an increase of 01%；The net profit attributable to the parent company is about 10.8 billion yuan, a year-on-year decrease of 426%。
The trajectory of change is obvious, revenue growth has slowed down, and net profit attributable to the parent has begun to decline sharply.
After entering 2022, like many construction and decoration companies, Zhongtian Hardcover's revenue and net profit have declined significantly, with a revenue of 199.3 billion yuan, down 2238%；Net profit attributable to the parent company was 6734970,000 yuan, a year-on-year decrease of 3786%。
By the third quarter of 2023, the situation continued to deteriorate, the first three quarters of revenue about 67.1 billion yuan, a year-on-year decrease of 5555%。The net profit attributable to the parent company was 4009810,000 yuan, a year-on-year decrease of 1225%。
In addition, Dazai Research noticed an announcement from Zhongtian Hardcover that regarding the cumulative litigation and arbitration cases, it was mentioned that as of the disclosure date of this announcement, the total amount involved in the company's cumulative litigation and arbitration matters in the past 12 consecutive months was about 18.4 billion yuan, accounting for 10 percent of the company's latest audited net assets43%。
Among them, the total amount of litigation and arbitration cases involving the company as a plaintiff is about 14.8 billion yuan;The total amount of litigation and arbitration cases involving the company as a defendant is RMB 3,586110,000 yuan.
Or they may collect debts from customers while being demanded by other companies.
According to the official website of Zhongtian hardcover, the company was founded in 2000 and focuses onResidential batch fine decorationIt has the national first-class qualification for building decoration and decoration and the first-class qualification for architectural decoration design, and currently has the construction capacity of delivering more than 50,000 hardcover houses annually, and manages up to 170 projects at the same time.
Read onQuanzhu sharesAt the beginning of 2023, the company announced that its holding subsidiary, Shanghai Quanzhu Decoration, was filed for bankruptcy liquidation.
The creditor, Anzhu Building Materials, applied to the Shanghai No. 3 Intermediate People's Court for bankruptcy liquidation on the grounds that the company's holding subsidiary, Quanzhu Decoration, could not pay off the due debts and obviously lacked solvency.
In fact, since 2021, Quanzhu has been caught in various turmoil. In terms of performance, the losses in 2021 and 2022 will be around 1.2 billion yuan. In particular, dragged down by Evergrande and other real estate companies, a large amount of accounts receivable has not been settled, and it has fallen to the point of reorganization this year.
A typical event is that in November this year, Quanzhu Co., Ltd. received the "Civil Ruling" and "Decision" served by the Shanghai Third Intermediate People's CourtIt was decided to accept Shanghai Senxi Industrial ***'s application for reorganization of the company.
It is understood that Quanzhu shares do not owe much money to Senxi Industry, and an article on Zebra Consumption shows that 19220,000 yuan, and then sued the court, and the civil mediation letter required Quanzhu to pay the payment in installments. For a month, Jeon-tsuki didn't pay. Senxi Industrial applied to the court for a pre-reorganization.
In the first three quarters of 2023, Quanzhu's revenue will be about 78.3 billion yuan, a year-on-year decrease of 4371%, net profit attributable to the parent company 763230,000 yuan, a year-on-year turnaround.
But the problem is that the asset-liability ratio has exceeded 100%, the monetary funds owned cannot be used, and there is still a lot of litigation.
According to public information, Quanzhu once maintained cooperative relations with more than 300 developers, and has completed thousands of real estate projects and tens of millions of residential hardcover projects, and has done a lot of luxury hardcover, such as Washington Tiandi, Tan Palace, and the courtyard on the bank of the Taihe Canal in Beijing.
After its listing in 2015, Quanzhu has continued to accelerate its developmentFrom more than 2 billion in revenue all the way to about 7 billionEvergrande's contribution to revenue generally accounts for about 40%.
However, in the later billions of revenues, accounts receivable and bills account for as much as 80% or even more than 90%.
In the years of operation, Quanzhu has strived to achieve business diversification, such as the establishment of Aoqi Design Group, Quanzhu Construction Group, Quanzhu Intelligent Manufacturing Group, Quanzhu Home Furnishing Group, Quanzhu Technology Group, etc., in an effort to lay out the whole industrial chain.
However, it has not achieved the diversification of customer composition and income, and over-reliance on real estate hardcover bulk customers, which makes it difficult to cope with the great changes in the market.
The Gold Mantis has also been affectedIn the latest performance report for 2023, Gold Mantis said that the company currently has management risks. Affected by the continuous fermentation of Evergrande Group's debt risk, some of the construction and decoration projects undertaken by Gold Mantis could not be due on time, and the cumulative impairment losses amounted to 5.8 billion.
Undoubtedly, this is a very large loss, and it is simply impossible for an average company to bear.
However, the gold mantis may be able to navigate the rapids.
According to the financial report, in the first three quarters of 2023, Gold Mantis's total operating income was 1647.3 billion yuan, down 589%；Net profit attributable to the parent company 85.1 billion yuan, down 2924%。Judging from this data, it can be said that its ability to resist risks is relatively strong.
Perhaps the company's overall size is larger, and its revenue** is relatively diversified, which has enhanced its ability to respond to risks, and may have turned the situation around. According to the 2023 third quarter report, Gold Mantis's cumulative contracted unfinished orders amounted to 2403.6 billion yuan.
Hongtao sharesIt is also working hard to improve its business, and in 2022, the company announced that it intends to ** its property located in Building T3, Fangda City, Nanshan District, Shenzhen, that is, the headquarters building.
The problem is not serious enough that most companies will not sell their office buildings. Even if it is sold, it will be re-equipped with better office space.
Affected by the market, from 2019 to 2021, Hongtao's revenue increased from 403.1 billion yuan fell to 259.1 billion yuan. By 2022, the revenue will drop to 13300 million yuan, a year-on-year decrease of 4864%；The net profit attributable to the parent company was 7100 million yuan.
The situation in the first three quarters of 2023 has not improved, and revenue fell to 51.4 billion yuan, down 57 percent year-on-year19%；The net profit attributable to the parent company was a loss of 24.1 billion yuan. The situation we are facing is still rather grim.
According to public information, Hongtao Decoration Engineering Company was established in 1985, in 2004 was awarded a well-known brand in Shenzhen, in 2007 it was changed to a share of more than 1 billion yuan in output value, listed in 2009, all the way through, to achieve a better development.
From the perspective of technical capabilities, the company also has 8 professional contracting first-class qualifications, including architectural decoration, decoration design, building curtain wall, urban and road lighting, building intelligence, mechanical and electrical equipment installation, and fire protection facilities, and has won dozens of Luban Prizes.
Dacai Research noted that in addition to the decoration business, Hongtao shares have also entered the education industry, such as holding Sichuan City Vocational College, investing in the construction of Yunfu Hongtao High-tech Stone Industrial Park, investing in the acquisition of cross-examination education, Xueersen, Jin Yingjie education, etc.
Although the income contribution brought by the education industry is relatively limited, it may help Hong Tao to turn the situation around.
As far as the future trend is concerned, real estate investment may be difficult to recover quickly, large and medium-sized real estate enterprises bring decoration orders there are large variables, although the performance of central state-owned enterprises is stable, but the competition has become very fierce.
At present, the building decoration enterprises that can still surviveIn the layout of public decoration, in addition to attaching importance to central state-owned enterprises, hospitals, schools and other projects, perhaps urban renewal projects and home improvement retail markets are worth considering.
Among them, the big timber research noted,Urban renewal projects have been launched on a large scaleSome cities have come up with tens of billions of funds to support the renewal of some projects, the whole country is summed up, only the first and second tier cities, or hundreds of billions of funds are in place, which will be another main battlefield for building decoration companies.
For the home decoration business in the retail sector, there have been public decoration companies that have carried out long-term practice, such as Gold Mantis, Yaxia shares, etc., but the effect is not obvious, perhaps to jump out of the public decoration boundary, rethink, redefine the strategy, reorganize the team, and start again.