Do you remember what happened in August?
A news of "how to look at Metersbonwe's bankrupt donation" rushed to the hot search and received great attention from the market. At that time, the background was that Jilin Shulan was very seriously affected by the typhoon, and Metersbonwe quickly held an internal meeting and announced the donation of 3 million yuan in materials.
Prior to this, Metersbonwe also donated 5 million yuan of materials to Zhuozhou.
StillDespite its good reputation, it still hasn't changed the reality of Meibang being behind bars.
On December 4, Meibang Apparel issued an announcement that it intends to ** part of the company's real estate:
In order to expand the development of the whole business, prepare liquidity funds for the first chain investment, continue to reduce liabilities by revitalizing assets, and after comprehensive transaction conditions and other factors, it is planned to make a cash transaction to Ningbo Youngor clothing store, and the final transaction is 6800 million yuan. ”
Note that there is a lot of information hidden in this announcement.
First, prepare for liquidity.
As of the end of the third quarter of 2023, the book currency funds of Meibang Apparel were 859970,000 yuan, but the short-term loan alone reached 7$2.4 billion. One can imagine how much debt repayment pressure the company is.
Second, continue to reduce debt.
According to the third quarterly report, the asset-liability ratio of Meibang Apparel is 9009%, which has been above 90% for six consecutive quarters. From 2017 to 2022, the asset-liability ratio of Meibang Apparel will increase from 5711% climbed to 9347%, and the interest expense alone is more than 80 million yuan.
Thirdly, the transaction **6800 million yuan.
In October 2022, December 2022 and June 2023, Meibang Apparel has three **stores, and the transactions** are 1900 million yuan, 1300 million yuan and 300 million yuan.
That is to say,The transaction amount of this ** store is higher than the cumulative amount of the previous three sales. Does this mean that the company is facing a more difficult situation today than it was before?
In fact, the situation that Meibang clothing is facing today can no longer be simply described as difficult.
From 2019 to 2022, the operating income of Meibang Apparel will be 546.3 billion yuan, 381.9 billion yuan, 263.9 billion and 143.9 billion yuan, a sharp decline year by year;The net profit for the same period was -82.6 billion yuan, -85.9 billion yuan, -400 million yuan and -82.3 billion yuan, with a total loss of 2.9 billion yuan.
Note that the next number is even more shocking.
In 2019, the net assets of Meibang Apparel were 20400 million yuan, but by 2022, this figure has plummeted to 24.7 billion yuan. You can imagine that a listed company has only such a net worth.
So here's the problem,In the past two years, in order to survive, Meibang Clothing can still choose to "sell the house to continue its life", but now the company's net assets are only so little, what will it do to sell it to continue its life?
Of course, Meibang has also been trying to save itself.
Since the beginning of this year, one of the focuses of Meibang Apparel is to develop franchise channels around third, fourth and fifth-tier cities, that is, to deepen the sinking market, and accelerate the integration of e-commerce channel business, and strive to achieve breakthroughs.
Unfortunately, though, it didn't work out well.
I would like to share some of my views on Meibang clothing.
First of all, the overall environment of the entire garment industry is not good, which is an objective fact;Secondly, it is certainly not wrong to develop in the sinking market and strive to make a breakthrough online, but the channel is not the root cause of the crisis encountered by Meibang Apparel. Why did the "Milbank bankruptcy-style donation" resonate with it but did not bring about any substantive change?Because there is a problem with product power and brand power.
Of course, the management must know both of the above points. However, the fall of a brand is the result of accumulation, and it is not overnight to reverse and reshape the brand's influence.
Not all brands can have the courage and luck of Li Ning;Not all brands can be as desperate as Pullback. The further back it goes, the more difficult it will be for Meibang to turn around, and a domestic brand that was once all the rage is gradually dying out.