A few days ago, Juran home released the 2020 semi-annual report, in the first half of the year, net profit was 0.407 billion yuan, down 57.57 percent from the same period last year.
In the third quarter, the profit was 0.493 billion yuan-0.543 billion yuan, while the profit was 1.323 billion yuan in the same period last year, down 62.73%-58.95% year on year. As the semi-annual report disclosed for the first time, Juran home is a little embarrassed.
The cash flow of Juran home is tight, and the debt is high up to 3.912 billion
the decline in performance leads to the real situation of the affordable home. The bigger problem is that the cash flow of the affordable home is relatively tight.
According to the financial report, in the first half of the year, the operating cash flow of Juran home lost 0.558 billion. In addition, the cash paid for debt repayment reached 0.677 billion, an increase of compared with the same period last year. In this regard, Juran home explained that the payment was mainly made up
more loans are repaid in the current period.
How much does Juran home borrow?
According to the financial report, during the reporting period, the long-term loan of Juran home was 3.028 billion, while at the end of the same period last year it was 2.304 billion, accounting for 8.89 of the total assets. In addition, during the reporting period, short-term borrowing was 0.884 billion, compared with 0.229 billion at the end of last year, and the proportion of total assets also increased from 0.66% to 2.06%.
Data source: Financial Report
(Photo source: Furniture Industry-public number, invasion and deletion)
at present, the monetary fund on the account of Juran home is 3.31 billion, but the sum of long-term and short-term loans is as high as 3.912 billion. 0.6 billion yuan more than the monetary funds on the account! The book value of the assets is higher than the recoverable amount, which increases the credit impairment loss of Juran home by 909.96%.
In addition, revenue is under pressure, operating cash is lost, and the financial situation of affordable home is not good.
In order to ease the shortage of funds, Juran home applied for a 3.595 billion-point increase in May this year, and the application has been approved.
It is understood that the capital raised by Juran home will be used for the transformation and upgrading project of its stores. The total investment of the project is 1.936 billion yuan, and the amount of funds raised is 1.475 billion yuan; The total investment of the smart retail construction project of Zhongshang supermarket is 0.652 billion yuan, use the raised capital amount of 0.4 billion yuan;
in addition, the funds raised for the big data platform construction project and the smart logistics park Project (Phase II) of Juran home are 0.27 billion yuan and 0.45 billion yuan respectively.
Another part is used to supplement the use of working capital, and the amount of funds raised is 1 billion yuan.
With these 3.595 billion, it eased the urgent need of the family. However, if the business continues to decline in the second half of the year, investors may not pay the bill.
Who has been fighting with Red Star Macalline for many years? Who is the first brother of China home furnishing stores?
As an old rival for many years, both the revenue and the number of stores have to be compared one by one. According to the financial report, Red Star Macalline's revenue in the first half of the year was 6.024 billion yuan, down year-on-year, and the net profit attributable to shareholders of listed companies was 1.101 billion yuan, down year-on-year.
Even affected by the epidemic, in terms of revenue, Red Star Macalline is still 2.006 billion yuan higher than that of Juran family.
Data source: Financial Report, node Investment Research Institute
(Photo source: Furniture Industry-public number, invasion and deletion)
judging from the number of open stores, as of the end of the reporting period, Red Star Macalline has operated 87 self-operated shopping malls, 247 Committee-managed shopping malls, and 12 home shopping malls through strategic cooperation. In addition, it also authorizes the opening of 50 franchise furniture building materials projects in the form of franchise, including 430 furniture building materials stores/long industries.
Its self-operated shopping malls and administrative shopping malls cover 209 cities in 29 provinces, municipalities and autonomous regions. If it is only counted as self-operated and entrusted to manage shopping malls, Juran home is slightly superior in the number of 358 home furnishing stores.
Store information of Juran House (Photo source: Furniture Industry-public number, invasion and deletion)
red Star Macalline store information (Photo source: Furniture Industry-public number, invasion and deletion)
compared with the areas covered by the two, the revenue of Juran home in the first half of the year is North China, with an income of 1.419 billion. In the same area, the revenue of Red Star Macalline is 0.511 billion (including Beijing and Tianjin), the former is 2.78 times that of the latter. This area is the second largest income of Red Star Macalline.
Red Star Macalline has the largest revenue in the East China region, which is 1.56 billion yuan (including Shanghai). In the same region, the revenue of Juran home is 0.204 billion. The former is 7.65 times that of the latter.
It can be said that Red Star Macalline has already occupied an advantage in east China, and the family won in North China, but in other fields, the two are equally divided, but Red Star Macalline won slightly.
From the industry level, the biggest problem facing the home furnishing stores, such as the family of Juran and the Red Star Macalline, is how to hold on to the leading enterprise in the next 10 years through transformation, now they are still the mainstream channel of home building materials, which is undoubtedly related to the development logic of domestic home building materials industry. In the next 10 years, it is hard to say whether it is the mainstream or not, and it is difficult to have a high probability.
Juran home releases the signal that the profit is not optimistic in advance, which cannot be completely attributed to the epidemic. What cannot be avoided is that the current business model has been greatly adjusted, and many problems and disadvantages have begun to be exposed. The flow of stores is not enough to support the survival rate of merchants, and the epidemic has hit, it is a great test for dealers, which is the most difficult problem to be solved at present. If it continues to deteriorate, it will be eliminated by The Times.
Of course, to actively embrace a bigger giant like Ali, I don't know whether it can effectively alleviate this problem, and it will take some time to verify it.
(Photo source: Furniture Industry-public number, invasion and deletion)
if the comparison index is changed into the market value, Juran home is the first brand in the offline retail field of home building materials. As of August 13, 2020, the market value of Juran home was 1.6 times that of MKL, with 56.767 billion yuan and 35.022 billion yuan respectively. At the same time, the return on net assets is much higher than MKL at a value of 38.41%.
Red Star Macalline mainly operates in the mode of heavy assets, and the general direction is changing.
The biggest transformation this year is that the official official announced that "home decoration is the first business" and established the decoration industry group. As of August 31, the decoration industry group had opened 152 direct stores, 180 cooperative installation enterprises have achieved certain results. In the first half of this year, the contract sales volume was 1.4 billion yuan, and the business cooperation contract with Shimao was 1.7 billion (for the whole year). What are the specific results, by the end of the year, it is estimated that there will be a big change. I don't know if I can shoulder the heavy responsibility of the transformation of Red Star Macalline.
I don't know what report card will Red Star Macalline hand over?
(Article Source: node finance, big home insight, invasion and deletion)
