In recent years, the development of this clothing giant has fallen into a “bottleneck” period. With its stock price plummeting and performance suffering huge losses, Meibang Apparel has had a particularly difficult time in the past two years. Perhaps in order to alleviate the difficult situation, the company had to choose the move of asset disposal.
According to Meibang Apparel’s announcement on the evening of March 9, the company plans to sell its subsidiary Shanghai Model Industry Co., Ltd. (hereinafter referred to as Model Industry). Through this move, the listed company is expected to “recover” hundreds of millions of yuan. Reporters noticed that the exhibition hall where the “Metersbonwe Costume Museum”, which has been open for 15 years, is also included in the asset package. The takeover is Meibang Apparel’s neighbor Bairun Holdings (002568, SZ). The company said it plans to use the subject assets for the research, tasting, and display of low-alcohol drinks and spirits culture.
01 Meibang Apparel plans to dispose of assets to “recover blood”
According to Meibang Apparel’s announcement, the company’s board of directors reviewed The “Proposal on the Sale of Equity Assets” was passed, and on the same day the company and Shanghai Bacchus Wine Co., Ltd. (hereinafter referred to as Bacchus Wine) jointly signed the “Equity Transfer Agreement”. According to the above-mentioned agreement, the listed company and its holding subsidiary Bangou Information plan to sell 100% of the equity held by Mo Gong Industrial to Bacchus Wine Industry.
As of February 28, Mogok Industrial’s net assets were 180 million yuan, its assessed value was 451 million yuan, and its value-added rate was 150.52%. The transaction of 100% equity of the company The price is determined to be 448 million yuan.
In the view of Meibang Apparel, this transaction will help the company revitalize its existing assets and is in line with the company’s strategic plan. According to preliminary calculations by the company’s finance department, the transaction will generate an asset disposal income of approximately 250 million yuan (before tax and expenses are deducted), and the proceeds will be used to supplement the company’s liquidity. The company believes that this will have a positive impact on its financial status and operating results. Influence.
Indeed, for the current Meibang Apparel, the recovery of more than 400 million yuan is of great significance. As of September 30 last year, the company’s monetary funds under the consolidated balance sheet were only 101 million yuan.
On March 1, Meibang Apparel announced that the company and its subsidiaries had assessed assets that may have signs of impairment at the end of 2020, including inventory, accounts receivable, After conducting a comprehensive inventory and asset impairment test on other receivables, non-current assets due within one year, long-term receivables, investment real estate, etc., it is planned to make provision for impairment of various assets in 2020 of RMB 366 million. This move will reduce the company’s 2020 net profit attributable to the owners of the parent company by 366 million yuan.
The huge provision is a microcosm of the sluggish performance of Meibang Apparel. According to the performance forecast released by the company on October 30, 2020, it is expected to suffer a loss for the whole year, with a loss of 580 million yuan to 820 million yuan. In 2019, Meibang Apparel’s net profit loss was 825 million yuan. In other words, the company’s performance will suffer huge losses for two consecutive years.
In August 2008, Meibang Apparel successfully listed on the Small and Medium Enterprises Board of the Shenzhen Stock Exchange and became a giant in the A-share apparel industry. In 2011, Meibang Clothing’s revenue reached 9.95 billion yuan, with more than 4,000 stores, which is very prosperous. However, the peak state could not be maintained forever. In 2012, Meibang Apparel’s revenue was 9.51 billion yuan, a slight decrease year-on-year, but its net profit fell 29.55% year-on-year.
The company’s profit decline has also begun. In 2015 and 2017, the company’s net profit suffered relatively large losses. After experiencing huge losses with high probability in 2019 and 2020, American Apparel has fallen into a situation where it relies on asset disposal to “recover blood”.
Under the sluggish performance, the stock price of Meibang Apparel has also been falling. From August 14, 2015 to March 9, 2021, the company’s stock price fell by 88.99%. On February 4 this year, the company’s stock price once fell to 1.12 yuan/share, approaching the 1 yuan/share mark. Recently, the stock price of Meibang Apparel has recovered. As of the close of trading on March 9, the company’s stock price closed at 1.35 yuan per share, with a total market value of less than 3.4 billion yuan, a serious decline from its peak of more than 40 billion yuan.
02 Representative exhibition hall or wine industry exhibition hall
The main part of Mold Industry The asset is a property located at No. 799 Kangqiao East Road, Pudong New District, Shanghai, with a total construction area of 38,300 square meters.
The reporter noticed that there are 5 buildings in total, of which building number 2 is a museum and design center. The museum is the “Metersbonwe Costume Museum”.
The “Metersbonwe Clothing Museum” can be said to be one of the iconic places of Metersbonwe Clothing. According to media reports, Zhou Chengjian, the actual controller of Meibang Apparel, suddenly felt a sense of responsibility and mission to protect and save national folk culture while attending an academic forum abroad. After returning to China, Zhou Chengjian convened the company’s top management and suggested building a “Metersbonwe Costume Museum”. In January 2004, the preparatory group for the “Metersbonwe Costume Museum” was formally established. Through inspections and collections from various places, the museum has collected a large collection of folk costumes.
According to the official website of Metersbonwe Clothing, the “Metersbonwe Clothing Museum” covers an area of more than 2,000 square meters and was opened to the public in December 2005. The company calls this a clothing culture exhibition center and clothing research specialist.Information center for individuals, etc.
At present, if Metersbonwe Clothing intends to continue operating, the “Metersbonwe Clothing Museum” will face moving. According to the “Equity Transfer Agreement”, the listed company must vacate the underlying assets and move away its belongings and equipment within May 31.
It is worth mentioning that the next fate of the “Metersbonwe Costume Museum” exhibition hall is to be used for wine display. The buyer, Bacchus Wines, is a wholly-owned subsidiary of Bairun Co., Ltd.
Bairun shares stated in its announcement that the underlying assets can provide the company with space for research, tasting, display, office, training, reception, etc. on low-alcoholic drinks and spirits culture. . The company believes that the acquisition will help it give full play to its headquarters functions and lay a solid foundation for the construction of a domestic comprehensive and experiential tasting experience center and wine culture communication base in accordance with the company’s strategic development plan.
Compared with Meibang Apparel, Bairun Co., Ltd., which is engaged in pre-mixed cocktails and other businesses, has a much easier life. In 2019, the company made a profit of 300 million yuan, a year-on-year increase of 142.67%; in the first three quarters of last year, the company made a profit of 383 million yuan, a year-on-year increase of 67.65%. </p
