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Feng Xin How to Reverse Embarrassment in Storm Eye

2019-1-2 15:13| 发布者: 左二爷| 查看: 127| 评论: 0|来自: 成都夜网www.bz377.com

摘要: Recently, Storm Group Co., Ltd. (hereinafter referred to as "Storm Group", 300431. SZ) announced that it would change its accounting estimates and propose to change the bad debt collection policy ...
Recently, Storm Group Co., Ltd. (hereinafter referred to as "Storm Group", 300431. SZ) announced that it would change its accounting estimates and propose to change the bad debt collection policy for accounts receivable. The change has raised concerns among all parties in the market that the company's risk of repayment is increasing.

Storm Group was a listed company that attracted much attention in 2015, but in recent years it has lost sight. The market value of Storm Group reached 33.6 billion yuan at its peak, but now there are only 2.9 billion yuan left. What is the reason for such a drastic market value decline?

Not only that, the current performance of Storm Group is in a state of huge losses, and this year's three-quarter report is its worst "report card" submitted since its listing. And from this year onwards, the growth of users on PCs and mobile terminals of Storm Audio has almost stagnated.

What happened to Storm Group? How can companies cope with such phenomena as executive resignation, executive reduction and stumbling financing plans? On such related issues, the reporter of Investor Daily contacted relevant people in the market department of Storm Group, but only got some answers.

Relying on New Debt to Pay Old Debt

Recently, whether a debt of Storm Group can be repaid on time has attracted much attention from the market. The debt is the company's "15 Storm Debt" bond issued in September 2015 to supplement the company's liquidity and ease financial pressure.

The debt issuance scale is 250 million yuan, the ultimate fund raised 200 million yuan, the issuance period is three years, the current bond interest is paid annually, the principal is due to repay once, the debt maturity date is just Christmas 2018.

Now, according to people in the Securities Department of Storm Group, the debt has been repaid on time. Mainly by Shenzhen Hi-tech Investment Group Co., Ltd. through the Beijing Bank (5.550, - 0.06, - 1.07%) to provide entrusted loans to the company.

Despite the smooth repayment of the debt, it is noteworthy that the financing plan of Storm Group has been tortuous in recent years.

In September 2016, Storm Group announced that it would raise no more than 1.842 billion yuan, of which 1.388 billion yuan would be used for the Internet Entertainment Integrated Platform Project and 453 million yuan for DT Platform Infrastructure Project. But two years later, the plan failed to pass.

Subsequently, the company released no more than 50 million new schemes for the Internet Video User Service Support System project, through the provision of a complete storm membership product and operation program, to establish a sound storm membership service system. However, this "mini" fixed increase plan was once again stranded.

Now Storm Group has issued another announcement that it intends to change its bad debts collection policy for receivables. The main purpose of this revision is to change the accounts receivable of bad debts provision according to credit risk portfolio, specifically to change the proportion of accounts receivable in the age law for 2-3 years. Change its 25% provision for bad debts to 100% provision for bad debts. This adjustment shows that the company's repayment risk is increasing.

Major industry dilemma caused huge losses

Since its listing in 2015, Feng Xin, founder of Storm Group, has found a new Internet access for Storm Group, so he began to establish the "N421" strategy: relying on PC, mobile phone, VR, TV4 screens, to build two major content platforms of film industry and sports, to connect platform and services with DT (Data Technology), and to build a pan-entertainment ecosphere.

At the beginning of its listing in 2015, the net profit of Storm Group was 173 million yuan. Since then, the net profit of Storm Group in 2016 and 2017 was 52.8117 million yuan and 55.1393 million yuan respectively. Although there has been a sharp decline, it is still in the profit stage.

But now, Storm Group has submitted its worst "report card" since it went public. Its revenue in the third quarter was 1.034 billion yuan, down 18.86% from the same period last year, and its net profit was - 616 million yuan. Its loss increased by 508 million yuan from the same period last year, and its net profit returned to its mother was - 228 million yuan, which is in a huge loss state.

At present, the main business of Storm Group includes sales of goods and advertising business, in which the gross profit of sales has been in a loss state. Feng Xin has disclosed that every sale of a Storm TV will lose 300 to 400 yuan.

It is understood that since its inception, Storm TV has been in the state of increasing revenue, not increasing profits or even losing money. The company will set the profit period of Storm TV in 2019. According to the semi-annual report of 2018, hardware revenue was 642 million yuan, an increase of 20.08% over the previous year, but the gross profit rate was - 15.25%.

Storm Group's advertising business is also sluggish due to the low growth of users. Since 2018, the growth of users on PC and mobile terminals of Storm Video and Audio has almost stagnated. According to Erie's consulting data, the total monthly active users of Storm Group's Internet Video Platform are about 210 million, including 160 million active users on PC and 50 million active users on mobile.

You know, this data is only the same as it was three years ago. The number and activity of users are directly related to the amount of advertising investment and profit space. The number and activity of users stagnate, leading to a decline in advertising revenue.

Can we turn the situation around?

At the beginning of 2018, Feng Xin, chairman of Storm Group, put forward the group development strategy of "All for TV" in 2018. Feng Xin said that the company will make TV in the next three years, and Feng Xin himself served as the chief product officer of the storm commander in TV business.


Since this year, the chief financial officer, directors and deputy general managers of Storm Group have left their posts one after another. In addition, Mr. Dong Gaojian of Storm Group also reduced his stake in the company. On August 4, Storm Group announced that Cui Tianlong, the director, Li Yuanping, the assistant president, and Zhang, the Deputy General Manager

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