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If we talk about the legends of wealth creation in Shenzhen cross-border e-commerce in the past decade, the four young masters of South China City must be mentioned. With the dividends of the times, the low-cost supply chain advantages of Huaqiangbei, and a set of perfect distribution methods, Youkeshu, Tongtuo and other companies have carved out a bloody path in the industry and transformed themselves into top sellers with annual sales of billions. However, as time goes by, as the era of commodity distribution gradually fades away, some of the four young masters of South China City are no longer as famous as they once were. Especially Youkeshu, after the account ban wave, there were endless news that they suffered losses due to the legacy of commodity distribution, were unable to repay debts, and were even on the verge of bankruptcy... Recently, Youkeshu was ordered by the court to reorganize because it was unable to repay millions of debts, which once again attracted attention from the industry. More than three years have passed since the "account ban wave" that terrified the industry. Youkeshu, which has not yet recovered from the impact, has recently faced the biggest crisis since its listing. It is learned that recently, Youkeshu issued an announcement stating that according to the "Civil Ruling" it received, the Changsha Intermediate People's Court (hereinafter referred to as "Changsha Intermediate Court") has ruled to accept the applicant's application for reorganization of the company and appointed an administrator. In other words, Youkeshu has officially entered the reorganization process due to its inability to repay its matured debts and its obvious lack of repayment ability. Here, combining the development history of Youkeshu and the timeline of the announcement, let’s briefly review the context of events: In 2019, cross-border e-commerce business became the main source of income and profit for Youkeshu (formerly "Tianze Information"). In 2020, under the explosive growth of cross-border e-commerce, Youkeshu successfully made huge profits by relying on economies of scale : operating income was 4.749 billion yuan, an increase of 20.16% over the same period last year; operating profit was 499 million yuan, an increase of 33.01% over the same period last year. However, the huge inventory crisis accumulated by the massive distribution model also laid a hidden mine. Since the second quarter of 2021, Youkeshu's performance has been hit hard after a large number of stores were blocked during the Amazon account blocking wave: In 2022, Youkeshu's revenue fell by 56.11% to 774 million yuan, and its net profit loss narrowed compared with 2021, but it still lost 366 million yuan; In 2023, Youkeshu's revenue fell again by 40.01% to 464 million yuan, and its net profit fell by 32.10% to -485 million yuan, with losses expanding... Affected by this, Youkeshu has several overdue debts since 2023, including 1.25 million yuan owed to Shenzhen Yuanyang. According to the "Settlement Agreement" signed by both parties, Youkeshu was supposed to repay this debt before October 30, 2023 , but in fact, nearly a year after the overdue, Youkeshu still failed to repay the debt to Shenzhen Yuanyang. In February 2024 , Shenzhen Yuanyang applied to the Changsha Intermediate People's Court for reorganization of the company on the grounds that Youkeshu could not repay its due debts, was seriously insolvent and obviously lacked the ability to repay, but had reorganization value, and at the same time applied to initiate the pre-reorganization procedure. In March 2024, the Changsha Intermediate People's Court approved Shenzhen Yuanyang's application for pre-reorganization of Youkeshu. From March to August 2024, Youkeshu issued several announcements on the progress of the company's pre-reorganization matters. - In September 2024, Youkeshu officially entered the reorganization process.
After entering the restructuring process, Youkeshu may be able to effectively alleviate the debt pressure on the company by extending the repayment period, lowering the borrowing interest rate, or even waiving part of the debt, thereby enhancing the company's ability to continue operating. However, it is worth mentioning that according to the announcement, Youkeshu still faces the risk of being declared bankrupt due to restructuring failure after entering the restructuring process. If it is subsequently declared bankrupt, it will be subject to bankruptcy liquidation and its shares will also face the risk of being delisted. From an annual income of nearly 5 billion yuan in the past to the brink of bankruptcy today, it is regrettable that Youkeshu has fallen from the altar of wealth. It is learned that on October 24, Shenzhen's big seller Youkeshu released its 2024 third quarter report. The financial report shows that in the first three quarters of 2024 , Youkeshu achieved operating income of 328 million yuan , a decrease of 4.83% compared with the same period last year; net profit was -30.5657 million yuan , an increase of 78.54% compared with the same period last year. In the third quarter of 2024 , Youkeshu achieved operating income of 99.8376 million yuan, a decrease of 8.69% compared with the same period last year; net profit was 310,000 yuan , an increase of 100.37% compared with the same period last year. In terms of operating income , Youkeshu's overall operating performance has not been completely reversed. Specifically, on the one hand, the high inventory pressure caused by the sequelae of distribution is still constraining Youkeshu, and on the other hand, Youkeshu has not completely broken away from the original distribution thinking, the product lacks barriers, and the road to brand transformation is still long and difficult. In addition, Youkeshu did not explain the factors driving its performance during the reporting period, but in the semi-annual report for 2024 released previously, Youkeshu stated that the decline in revenue was mainly due to: the company's cross-border e-commerce business recovery was slower than expected due to adverse effects such as historical debt and financial pressure. In terms of net profit , compared with the previous two years, Youkeshu's losses are further narrowing. In the third quarter, the net profit attributable to the owners of the listed company even turned from negative to positive, increasing by 100.37% to 310,000 yuan. However, compared with the multiple debts of millions, the net profit of 310,000 yuan is obviously just a drop in the bucket . Whether Youkeshu will be able to get rid of the dilemma of huge losses in the future or will go bankrupt and liquidate remains an unknown. What do you think about this? Welcome to discuss in the comment area~
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