Coffee wing official website _ coffee wing performance decline debt ratio is high, can it support the past valuation

The official website of Coffee Wing

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For entrepreneurs, the biggest worry is that the profit of opening a store is not good, and they will close down after not opening for a while. The popularity of Coffee Wing is very high, especially the company CEO Yin Feng has been on Tianjin Satellite TV job-hunting festival for many years, which has accumulated a lot of contacts and talents for the brand. Recently, there are rumors that Coffee Wing has closed down, Coffee Wing Yin Feng is going bankrupt, so what is the truth?

● was founded by "Immortal Sister" Yin Feng, with its own star halo Coffee Wing (871216). Since its listing, Coffee Wing has attracted much market attention and been favored by ZhenFund, and star shareholders such as he Jie, Chen ou and Yao Jinbo have been in charge. How is the company doing in the new third board now?

Two days before the "June 30" deadline, Coffee Wing released its first annual report since its listing, avoiding the embarrassment of being forced to delist, but the company encountered a "Waterloo" in its first year of listing, with a loss of 5.47 million yuan.

● turned into a loss of 5.47 million yuan in 2016.

Coffee Wing was officially listed on the new third board on March 4 last year, by way of agreement transfer, and there has been no transaction in the secondary market so far. It is worth noting that only four months after the company was listed, it was punished by the stock conversion system to issue a warning letter. The reason is that the company failed to disclose the 2016 annual report as scheduled.

During the critical period revealed in the annual report, the company's chief executive and financial director both resigned and changed accounting firms. It was not until June 28 that Coffee Wing released its annual report, keeping its seat on the new third board, and according to the annual report, the company's performance seemed to be unsatisfactory.

According to the company's annual report, the company's operating income in 2016 was 63.3987 million yuan, down 2.8 percent from the previous year. In fact, the company's revenue has been stable in the past three years, including 63.2217 million yuan in 2014 and 65.2251 million yuan in 2015.

From the perspective of revenue structure, the company's business income mainly comes from two aspects: catering service income and franchise fee income, of which catering service income is 41.7412 million yuan, accounting for 65.84% of the total revenue, and franchise fee income is 21.6575 million yuan, accounting for 34.16%.

Unlike stable revenue, the company's net profit changed from profit to loss in 2016, with a loss of 5.4655 million yuan, while the company was profitable in 2014 and 2015, with a profit of 3.686 million yuan in 2014 and 9.505 million yuan in 2015.

In addition, the company's gross profit margin in 2014, 2015 and 2016 was 47.21%, 56.45% and 48.04% respectively, and the company's profitability also declined in 2016.

As for the reasons for the loss, the company believes that there are three main reasons: one is that the licensing of brands has changed from commercial stores to more economical high-energy and light luxury stores, resulting in a decrease in franchise revenue; second, the decline in gross profit margin due to rising prices of raw materials, takeout and group buying; and third, the increase in costs and expenses caused by the development of new business and the infrastructure of business upgrading.

We can see from the annual report that the company's management expenses reached 12.6162 million yuan in 2016, an increase of 49.68% over the same period last year, including office expenses, business hospitality expenses, rental expenses, travel expenses and wages.

In addition, in order to expand publicity and influence, the company invested 1.7314 million yuan in the promotion of media such as Baidu in 2016, compared with 27200 yuan in 2015.

● cash flow pressurized asset-liability ratio as high as 97.82%

In addition to operating results, the company's financial situation is not optimistic. By the end of 2016, the company's total liabilities reached 44.0517 million yuan, net assets were only 2.8718 million yuan, and asset-liability ratio was 97.82%.

Generally speaking, a company's asset-liability ratio of 40% to 60% is safe, but it is more than 90%, which is already in danger and is only one step away from being insolvent.

In terms of cash flow, the net cash flow generated by the company's operating activities was-23.9865 million yuan in 2016, compared with 26.2799 million yuan in the same period of the previous year. The specific reason is that the company received a decrease in cash from sales of goods in 2016, an increase in cash payments for goods purchased, and a significant decrease in other cash related to operations.

At the end of 2015, the company still had 30.1167 million yuan in monetary capital, but by the end of 2016, the company had only 3.6036 million yuan. In addition, the company's accounts receivable in 2016 also increased significantly, reaching 7.247 million yuan, which means that the company has a certain degree of financial pressure. once the capital chain breaks, it may bring operational difficulties to the enterprise.

Can ● 's current performance support past valuations?

Yin Feng, founder of Coffee Wing, has publicly said that he wants to build Coffee Wing into a "Starbucks of China", so it is sought after by many investors.

At present, the company has a total of 10 shareholders, founder Yin Feng directly holds 64%, the second and third largest shareholders Yicheng Youpin and Yitong Meipin are the company's shareholding platform, with a shareholding ratio of 16% and 6% respectively.

He Jiong, host of Mango Station, Chen ou, founder of Jumei, and 58.com CEO Yao Jinbo ranked the fourth, fifth and sixth largest shareholders of the company respectively, with a shareholding ratio of 4%, 3% and 3% respectively.

In addition, Zhenshun Fund and ZhenFund each hold 1.5%, ranking the seventh and eighth largest shareholders of the company, while Beijing Rongsheng Chuangfu and Lu Zhengxin Angel each hold 0.5%, making them the tenth largest shareholder of the company.

ZhenFund entered the company during the company's fourth equity transfer in 2015 and contributed 3.75 million yuan to get a capital contribution of 75000 yuan, accounting for 1.5% of the capital contribution, which means that ZhenFund valued the company at 250 million yuan.

Now that the performance of Coffee Wing has changed, can it still support its original valuation of 250 million yuan? Can the company turn losses into profits in the future? China Coffee Network will continue to pay attention to you.