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                                                                                                                                                                          网络电玩游戏:市值缩水净利润下滑 淘品牌御家汇陷入“周年危机”

                                                                                                                                                                          2019-03-11 01:43 沙河市资讯中心

                                                                                                                                                                          (原标题:市值缩水净利润下滑 淘品牌御家汇陷入“周年危机”)

                                                                                                                                                                          自从御家汇股份有限公司(以下简称“御家汇”,300740.SZ)收购阿芙精油60%股权的重组以失败告终之后,市场对其未来的发展动向也很关注。

                                                                                                                                                                          作为淘品牌第一股,御家汇近日再次陷入舆论漩涡。日前,御家汇发布2018年业绩预告,从财务数据上来看,公司上市后的首份年报不尽如人意,出现增收不增利的现象。

                                                                                                                                                                          此外,御家汇的负债和应收账款也在激增,那么,公司层面将如何防范风险?净利润出现下滑,与收购阿芙精油失败有着怎样的关联?

                                                                                                                                                                          增收不增利

                                                                                                                                                                          近日,御家汇发布业绩快报称,2018年御家汇的营业收入22.45亿,同比上涨36.42%;净利润为1.3亿,同比下滑17.51%。

                                                                                                                                                                          对于利润下滑,御家汇称营业总收入增长 36.4%是公司加大市场投入发展自有品牌,同时代理业务增长较快所致。利润总额、净利下降原因主要是公司加大了市场投入和渠道建设力度,影响短期盈利能力,同时2018年获得影响损益的政府补贴同比大幅下降所致。

                                                                                                                                                                          细看御家汇此前的财务报表会发现,御家汇的业绩在上市前后表现大不一样。上市前,即2015年-2017年,公司的营业收入分别为7.69亿元、11.71亿元和16.46亿元,同比增长77.89%、52.32%和40.6%;净利润分别为5299.96万元、7259.48万元和1.58亿元,同比增长45.36%、38.3%和114.85%。

                                                                                                                                                                          御家汇是2018年2月8日于深交所上市,上市之后,公司的净利润呈现下滑趋势。数据显示,2018年一季报到年报期间,御家汇的净利润分别为2934万元、6503万元、1.1亿元和1.3亿元,同比增长19.81%、19.05%、12.21%和下滑17.51%。由此看出,御家汇上市之后一直处于增长乏力的状态。

                                                                                                                                                                          再查看御家汇的此前财报发现,公司的负债总额几乎翻倍。数据显示,去年三季报御家汇负债合计达7.03亿元,较年初3.17亿元增长了2.2倍。而在负债中,流动负债总额6.59亿元,占负债额比例高达93.7%。其中,短期借款2751.68万元,应付票据及应付账款5.32亿元,其他应付款4.25亿元。

                                                                                                                                                                          此外,御家汇的应收账款也呈现激增的趋势。数据显示,2018年一季报到三季报期间,公司的应收帐款分别为0.5亿元、0.85亿元和1.41亿元。

                                                                                                                                                                          多事之秋

                                                                                                                                                                          2018年对于御家汇而言,真可谓多事之秋。除了业绩呈现下滑趋势以外,公司还遭遇重组失败。

                                                                                                                                                                          去年9月,御家汇披露重组草案显示,御家汇拟通过支付现金的方式购买阿芙精油母公司北京茂思60%的股权,交易金额为10.2亿元。可接下来这起收购一波三折,接二连三地遭深交所问询,无奈之下,御家汇在去年的圣诞节宣布终止收购案。

                                                                                                                                                                          重组失败没多久,公司又收到两位股东的大幅减持计划。在年后第一个工作日(2月11日),御家汇公告披露解除限售股份8102万股,占总股比29.8%。本次解除限售后实际可上市流通股份数量为6921股,占公司总股本的25.45%,这部分是御家汇首次公开发行前已发行的部分股份。申请解除股份的共计17名股东,深创投和红土创投赫然在列。

                                                                                                                                                                          御家汇上市一周年之际,其后复权股价比刚上市之初跌去了20%。与最高价相比,市值缩水了2/3。目前御家汇的总市值为50.73亿元。(思维财经出品)■

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