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As the market gradually matures, the cross-border e-commerce industry has entered the stage of brand expansion overseas, and the distribution model is gradually declining.
Faced with difficulties such as inventory turnover crisis and lack of competitive barriers, many once-powerful cross-border sellers have sought transformation: some have transformed and built a brand matrix to successfully go public, some are facing bankruptcy crisis due to overstocked inventory, and some have deepened inventory management to achieve performance growth... Recently, Youkeshu, once a well-known cross-border brand with hot sales, was embroiled in a lawsuit worth hundreds of millions of yuan. Youkeshu’s M&A loan is overdue, with a debt of nearly 200 million yuan!
It is learned that on July 14, Shenzhen-based Youkeshu released an announcement on the progress of overdue M&A loans and major litigation. The announcement shows that due to the overdue repayment of Youkeshu’s merger and acquisition loan from Shanghai Pudong Development Bank, Youkeshu recently received a second-instance judgment (which is also the final judgment) from the Jiangsu Higher People’s Court (hereinafter referred to as the “Jiangsu Higher Court”): Youkeshu will bear the payment obligations of the principal of 185 million yuan and interest, penalty interest, compound interest, etc. It is reported that on May 23, 2022, the Nanjing Intermediate People's Court of Jiangsu Province (hereinafter referred to as the "Nanjing Intermediate Court") made a first-instance judgment. In October 2022, because Youkeshu still failed to repay the loan, the Nanjing Intermediate Court again ruled to seal up two properties of Youkeshu. Because the co-defendant and principal debt guarantor of the first instance was dissatisfied with the judgment made by the Nanjing Intermediate Court, he immediately appealed to the Jiangsu Higher People's Court. But in the end, the Jiangsu Higher People's Court also made a second-instance judgment to uphold the original judgment. It is learned that in December 2018, when the cross-border distribution model was at its peak, Youkeshu (formerly "Tian Ze Information") obtained M&A loans of 210 million yuan from China Minsheng Bank and Shanghai Pudong Development Bank in order to acquire the cross-border seller Youkeshu, and at the same time pledged 48.9991% and 51% of Youkeshu's equity to these two banks respectively. After acquiring the cross-border e-commerce giant Youkeshu, the cross-border e-commerce track did become Youkeshu's main source of revenue. In the three years from 2018 to 2020, the revenue of cross-border subsidiaries reached 896 million, 3.867 billion and 5.027 billion yuan respectively. However, things did not go as planned. In the second half of 2020, affected by the epidemic and other factors, the sales revenue of some subsidiaries of Youkeshu declined, resulting in a shortage of funds for the parent company's operating activities and the first overdue payment. At the same time, due to various factors such as the epidemic, the cross-border e-commerce export industry ushered in a period of explosive growth. In order to prevent shortages, Youkeshu has been preparing a large amount of inventory since the second half of 2020, but its performance was hit hard by the Amazon account ban in 2021. Since then, Youkeshu has begun to reduce its business scale and adjust its business strategy to alleviate the operational pressure caused by a large amount of unsalable inventory. After taking a series of measures such as reducing scale, reducing costs, and adjusting strategies, Youkeshu's cross-border e-commerce business is becoming stable. But it is undeniable that as of 2023, Youkeshu, which has a large gap in performance losses, has not yet achieved profitability again. In the first quarter, the company achieved revenue of 120 million yuan, a year-on-year decrease of 47.56%; the net profit attributable to shareholders of listed companies was -21.1218 million yuan, a year-on-year increase of 21.77%. Facing hundreds of millions of dollars in debt, where will Youkeshu go in the future? We still don’t know. It is worth noting that as 2023 is more than halfway through, the performance of another cross-border seller that has extended its distribution channel is in sharp contrast. Huakai Yibai's semi-annual performance forecast: profits continue to rise
It is learned that on July 15, Huakai Yibai, the parent company of cross-border e-commerce giant Yibai Network, released its 2023 semi-annual performance forecast. During the reporting period, Huakai Yibai expects the net profit attributable to shareholders of the listed company to reach 190 million yuan to 210 million yuan , a year-on-year increase of 127.08% to 150.98% ; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses is expected to be 176 million yuan to 196 million yuan, a year-on-year increase of 125.29% to 150.90%. In the first half of 2023, the company's performance increased significantly year- on-year. Huakai Yibai pointed out that it was mainly due to the implementation of the three-business parallel strategy of "general products + fine products + Yimai ecological platform" by its wholly-owned subsidiary Yibai Network:- General merchandise business: actively explore emerging e-commerce markets, explore diversified e-commerce platforms, and increase the speed of SKU launch;
- Boutique business: After careful screening and adjustment, we focused on retaining competitive products and turned losses into profits;
- Yimai Ecological Platform Business: Introduced strategic cooperation customers, and the number of merchants and sales scale increased rapidly year-on-year.
At the same time, with the continued optimization of cost factors such as the favorable exchange rate and the decline in international freight rates, the company has effectively achieved cost reduction and efficiency improvement through the refined operation of the Yibai Cloud information system, and its operating performance has continued to improve. During the reporting period, Yibai Network expects to achieve operating income of 285 million yuan to 305 million yuan and a net profit of 220 million yuan to 260 million yuan . At the crossroads of the industry, compared with directly embarking on the brand route, the "new distribution model" chosen by Yibai Network seems to be more suitable for distribution and sales that have not yet gotten rid of the burden of inventory. However, it is worth noting that Yibai Network's new distribution mainly relies on its developed IT system to achieve data-based management of the entire chain, including product selection, procurement, logistics, sales, and promotion, greatly improving the efficiency of business processes and alleviating inventory management pressure. Therefore, this route is bound to be unsuitable for other distribution and sales. Judging from the cases of various popular products, inventory turnover rate is positively correlated with corporate profits.
In the long battle line of the cross-border e-commerce industry, excellent inventory management level is not only the key focus of distribution and sales, but also the internal driving force for maintaining a good capital circulation for many cross-border enterprises. What do you think about this? Welcome to discuss in the comment area~
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