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"People inside the city want to escape, and people outside the city want to rush in."
This sentence from "The Fortress Besieged" has become the most appropriate sentence to describe the current circulation situation in the cross-border e-commerce industry. In 2024, the once blue ocean cross-border market, where everything was competing, has become a fiercely competitive "battlefield" among cross-border sellers. With the tightening of platform supervision, the tension of the global supply chain and the weakening of overseas consumer demand, not only have many small and medium-sized sellers failed to gain a foothold in the overseas market, but even the once popular and popular sellers are also struggling. It is learned that on February 20, Youkeshu issued an announcement regarding the company's creditors applying for reorganization and pre-reorganization. The announcement showed that on February 19, Youkeshu received a "Notice Letter" from its creditor Shenzhen Yuanyang. Shenzhen Yuanyang applied to the Changsha Intermediate People's Court for reorganization of Youkeshu on the grounds that Youkeshu could not repay its due debts, was seriously insolvent and obviously lacked repayment ability, but had reorganization value , and at the same time applied to initiate the pre-reorganization procedure. Youkeshu stated in the announcement that according to relevant regulations, if the court decides to accept the company's reorganization application, Youkeshu will cooperate with the Changsha Intermediate People's Court and the administrator to carry out relevant reorganization work in accordance with the law, and perform the debtor's legal obligations in accordance with the law . If Youkeshu successfully implements the reorganization plan, it will be beneficial to optimize the company's asset-liability structure and improve its sustainable operating capacity. However, if the reorganization fails, it will be at risk of being declared bankrupt , and according to the relevant provisions of the Shenzhen Stock Exchange Listing Rules, the company's shares will also face the risk of being delisted. It is worth noting that as of the date of disclosure of the announcement, Youkeshu has not yet received any documents from the Changsha Intermediate People's Court to initiate pre-reorganization or accept reorganization application. There is significant uncertainty as to whether Shenzhen Yuanyang's application will be accepted by the court and whether the company will subsequently enter the pre-reorganization or reorganization procedures. But no matter what, the huge drop from Youkeshu's once powerful distribution giant to its current risk of bankruptcy is regrettable. Judging from the performance data, 2023 is the third year that Youkeshu has suffered net losses. Since the second quarter of 2021, Youkeshu's performance has been in a slump after a large number of its stores were blocked during Amazon's account blocking wave: In 2021, Youkeshu (formerly "Tianze Information") had a revenue of 1.764 billion yuan, a year-on-year decrease of 64.91%, and a net loss of 2.676 billion yuan; In 2022, Youkeshu's revenue fell again by 56.11% to 774 million yuan, and its net profit loss narrowed, but it still lost 366 million yuan... The root cause is still the high inventory pressure left over from the distribution model . The 2022 financial report shows that Youkeshu's inventory balance is about 557 million yuan, and the balance of impairment provision is as high as 368 million yuan. Although Youkeshu has tried its best to adjust its business, it has not yet returned to the ranks of profitability due to the pressure of inventory impairment provision. According to Youkeshu's latest 2023 performance forecast, during the reporting period, Youkeshu expects to achieve operating income of 450 million to 500 million yuan, and net profit attributable to shareholders of listed companies of -270 million to -360 million yuan, an increase of 2% to 26% over the same period last year. Youkeshu pointed out that due to internal factors such as historical debts and financial pressure, coupled with external unfavorable factors such as increasingly fierce competition in the cross-border e-commerce industry, the company's cross-border e-commerce business recovery in 2023 was lower than expected, and the revenue of the main e-commerce business still declined compared with the previous year, and operating performance failed to turn losses into profits. In addition, Youkeshu also mentioned in its semi-annual report of the same year that due to the situation that current liabilities exceeded current assets and large bank loans were overdue, the company's ability to continue operating was uncertain. It is understood that as early as December last year, Youkeshu had issued two announcements on overdue bank loans. At the beginning of this year, Youkeshu issued another announcement on February 8 regarding the overdue of part of the company's bank loans . According to the announcement, Youkeshu signed a working capital loan contract with Zijin Bank on October 21, 2019, and Zijin Bank provided the company with a loan of 15 million yuan. After the loan contract expires, after extension and new loans to repay old loans, the company should eventually repay the remaining loan principal of 8.1 million yuan and interest in installments before August 8, 2025. As of the disclosure date of this announcement, the balance of the principal of the above loan is RMB 7.5 million, and the company should repay part of the principal of RMB 400,000 on February 8, 2024. As the company is unable to repay, this part of the loan is overdue. For this reason, Youkeshu issued a warning: due to the overdue of the above debts, the company may face the risk of early loan maturity, payment of relevant liquidated damages, late payment fees and penalty interest, as well as litigation and arbitration, and asset seizure and freezing . Due to the combination of various factors, Youkeshu has to endure the pain of high inventory pressure while moving forward with "debt" and striving to transform, such as implementing a stable operation strategy while controlling inventory size and reducing the risk of unsalable products. However, at present, due to the low technical barriers of Youkeshu's main product categories, it has not yet formed an iconic independent brand, the added value and brand premium of its products on sale are weak, and the operational pressure brought by a large amount of unsold inventory has not been completely alleviated. It seems that Youkeshu still needs to face a long period of transformation pain. What do you think about this? Welcome to discuss in the comment area~
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