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Once you have seen the sea, you will never be as drenched as you used to be. In the past few years, a group of cross-border sellers who made a living by distributing goods have made a lot of money driven by the dividends of the times. However, as the tide of the raging waves recedes, not only are the profit margins of these sellers being compressed, but they have also realized the difficulty of inventory management and the cash flow problems caused by long-term advance payment of funds, so they have all embarked on the road of transformation. Judging from the report card released recently, Youkeshu's brand transformation has not been smooth in 2023 when global economic growth is still slow and uneven.
It is learned that on April 26, Shenzhen's big seller Youkeshu released its 2023 annual performance report. During the reporting period, Youkeshu achieved operating income of 464 million yuan, a decrease of 40.01% compared with the same period last year; the net profit attributable to the owners of the listed company was -485 million yuan, a decrease of 32.10% compared with the same period last year, and the loss margin widened. From the perspective of sales channels, in 2023, while Youkeshu is deepening its presence on mainstream platforms such as Amazon and AliExpress, it is also actively developing emerging platforms such as Shopee and Lazada to achieve full coverage of "traditional platforms + emerging platforms". During the reporting period, in the cross-border e-commerce field, Youkeshu's revenue from online channels was 345 million yuan, accounting for 95.79% of the cross-border e-commerce business revenue. Among them, the revenue from Amazon was only 106 million yuan, a decrease of 47.24% compared with the previous year, almost halved. As for the reasons for the decline in operating income and net profit loss in this reporting period, Youkeshu pointed out that it was mainly due to the impact of historical debts and financial pressure. The company's cross-border e-commerce business recovery was slower than expected , and the revenue of the main e-commerce business still declined compared with the previous year. The operating performance failed to turn losses into profits, and the loss amount was 124 million yuan. Specifically, in addition to the invisible burden of losses in some non-core businesses, Youkeshu's performance growth is mainly constrained by the following two factors: One is the pressure of inventory depreciation left over from the distribution model. Youkeshu prepared a large amount of inventory in the second half of 2020, but the company was hit hard by the Amazon account ban in 2021, and the operational pressure of a large amount of unsalable inventory has not been completely alleviated. The report shows that in 2023, Youkeshu will still make an impairment provision of 265 million yuan for impaired assets based on the actual situation of various assets such as inventory, accounts receivable, goodwill, and intangible assets. The second is the risk of cash flow shortage under the huge debt. As of April 26, the principal balance of Youkeshu's listed company bank loans (including guarantees, the same below) was 306 million yuan, all of which were overdue. In 2023, the company accrued about 20.3625 million yuan in bank loan interest, penalty interest, etc. On April 12, Youkeshu was also sued by the bank for failing to settle a loan of 26.4 million yuan in principal as agreed in the contract. It is worth mentioning that before this, although it has not yet returned to the ranks of profitability, Youkeshu's "self-rescue" process has been quite effective through a series of measures such as controlling inventory size, reducing the risk of unsalable products, and developing specific product categories - the net loss amount has narrowed from 2.676 billion yuan in 2021 to 366 million yuan in 2022. However, the performance in 2023 dealt a heavy blow to Youkeshu. The inventory pressure that could not be completely eradicated in a short period of time, as well as the cash flow crisis brought about by large overdue debts, put Youkeshu into an embarrassing situation of expanding losses again. In the face of negative profits and huge debts, Youkeshu issued a risk warning announcement.
In 2023, the third year of losses, Youkeshu faced the biggest crisis since its listing. It is learned that on April 26, Youkeshu issued an announcement stating that because the company's audited owners' equity attributable to shareholders of listed companies in 2023 was -407 million yuan, the Shenzhen Stock Exchange will implement a delisting risk warning for the company's stock trading. At the same time, because Youkeshu’s net profit before and after deducting non-recurring gains and losses in the last three fiscal years was negative, and the audit report for the most recent year showed uncertainty about the company’s ability to continue operating, the Shenzhen Stock Exchange will continue to implement other risk warnings on the company’s stock trading. It is worth mentioning that in February this year, Youkeshu was applied for reorganization by creditors and entered the pre-reorganization stage in March. Youkeshu said that if the court formally accepts the applicant's application for reorganization of the company and the reorganization is successfully implemented, it will be conducive to improving the company's asset-liability structure and helping the company return to the track of sustainable development; but even if the court formally accepts the reorganization application, the company will still face the risk of being declared bankrupt and subject to bankruptcy liquidation due to the failure of reorganization . In response to the reasons and warnings for the above-mentioned performance losses, Youkeshu said that it plans to take measures such as adjusting the direction of platform development, deeply sorting out business systems, orderly divesting marginal businesses such as software services, and actively cooperating with bankruptcy pre-reorganization work to improve the company's sustainable operating capabilities. However, for now, due to the low technical barriers of its main product categories, the weak added value and brand premium of its products on sale, Youkeshu, which is deeply trapped in the vortex of funds, has not achieved its expected transformation and has not yet gotten rid of its loss-making status. According to its first quarter report for 2024, Youkeshu achieved operating income of 117 million yuan, a year-on-year decrease of 2.61%; net profit was -2.98 million yuan, a year-on-year increase of 85.89%. Looking ahead to 2024, Youkeshu plans to continue to focus on specific categories in its main e-commerce business, strictly control the number of SKUs, develop high-quality private brands, and promote strategic transformation towards branding. It can be seen that Youkeshu still places its hopes of rescuing its declining performance on its own branding transformation. Whether it can "save itself" and resolve the problem of overdue debts in the future through a series of improvement measures remains to be seen. What do you think about this? Welcome to discuss in the comment area~
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