Chinanews client, Beijing, November 9th (Peng Jingru) "Black~~ Sesame paste, when I was young, when I heard the scream of sesame paste, I couldn’t sit still..." in the 1990s At the beginning, the classic advertisement of southern black sesame paste was an unforgettable memory for many people.
Recently, fans of Southern Black Sesame Paste are a little restless. Southern Black Sesame Group Co., Ltd. ("Black Sesame") responded to the Shenzhen Stock Exchange's inquiry letter in an announcement showing that 69 million had been transferred by related parties who had been warned. The yuan funds have been returned, but the debt situation is not optimistic.
"If the black sesame is'battered', can I still buy black sesame batter?" Someone worried.
Picture of the official website of Southern Black Sesame Group Co., Ltd.
Will drinking a few more bags help it repay the debt smoothly?
It depends on Black Sesame’s debt situation.
In the "Announcement on the Reply to the Inquiry Letter of the Shenzhen Stock Exchange's Semi-Annual Report" issued on November 3, Black Sesame said that the total debt due in the next 12 months is about 1.655 billion yuan, of which: the total short-term borrowing is 11.15. The total amount of long-term loans due within one year is 492 million yuan, and the total amount of short-term notes is 47.7 million yuan.
Specifically, from October 2020 to September 2021, the average monthly debt payable exceeded 100 million.
Among them, in June and July 2021, the amount of debt repayment will be above 200 million yuan.
Black Sesame’s 148.4 million yuan debt in October this year has been repaid.
Can't afford it yet, it depends on performance.
In recent years, Black Sesame has fallen into a vicious circle of increasing income but not profit.
In 2018, black sesame revenue was 3.964 billion yuan, a year-on-year increase of 43.03%, and net profit was 59.913 million yuan, a year-on-year decrease of 46.06%; in 2019, black sesame revenue was 4.476 billion yuan, a year-on-year increase of 12.9%, and net profit was only 32.921 million Yuan, a year-on-year decrease of 45.05%.
Affected by the epidemic, the performance of black sesame seeds fell sharply at the beginning of this year.
In the first half of the year, black sesame achieved revenue of 1.470 billion yuan, a year-on-year decrease of 25.96%; net profit was a loss of 27.416 million yuan, a year-on-year decrease of 241.33%.
By the third quarter, performance improved, and the accumulated loss in the first three quarters was reduced to 24,786,400 yuan.
Moreover, it is an indisputable fact that the black sesame net profit margin continues to decline.
The three quarterly reports disclosed by Black Sesame showed a net profit margin of -1.03%.
In 2017, its net profit margin was 3.78%, and in 2019 it dropped to 0.31%.
In the face of the current situation, if consumers rely solely on consumers to "drink" black sesame paste to help repay their debts every month, how can we do it?
Without calculating the cost of the product, according to the classic taste of the official flagship store of Black Sesame at 32.9 yuan (including 15 sachets) and 30 days a month, consumers need to drink about 100,000 bags (about 1.5 million sachets) every day. Drinking a sachet for three meals a day requires 500,000 people.
Screenshot from Southern Black Sesame Flagship Store
Plan to repay the debt by bank credit and renewal
Faced with debt pressure, Black Sesame came up with its own solution.
Black Sesame believes that the company’s debts due in the next twelve months are due in installments and do not require a one-time centralized repayment, so the company’s liquidity will not deteriorate.
"The company's financial department predicts that the company's normal operating capital needs in the next 12 months will be approximately 4.510 billion yuan, which will be resolved through operating income and bank loan credit."
Black Sesame is expected to achieve operating income of approximately 5.2 billion yuan (including tax) in the next 12 months, recoverable payment of approximately 4.968 billion yuan, and achievable net operating cash flow of approximately 459 million yuan.
In addition, as of October 30, the company still has about 810 million yuan in credit available.
The company can apply for renewal of the loan after repaying the above-mentioned debts as scheduled, and will obtain the corresponding loan fund support.
"The company’s main business is engaged in the production and operation of large health foods. It is an entity enterprise strongly supported and developed by the state. Subsidiaries are supported by relevant national policies, including financing policies, and can also expand financing other than banks. Channels solve operating funds." Hei Sesame said.
This means that to solve the financial dilemma, Black Sesame's method is mainly to rely on bank credit and application for renewal after debt repayment.
Is this method reliable?
“The entire sesame paste category itself is a sub-category. There is a ceiling for development and growth in industries and companies, and black sesame has a large share of this category.” Zhu Danpeng, a Chinese food industry analyst, believes that according to black sesame now In terms of overall operations and profitability, there are certain difficulties in returning these billions of dollars.
I crossed the border to seek a breakthrough, but the rules are blurred
Black Sesame is not unaware of its plight and has repeatedly tried to solve the problem through diversified expansion, but Black Sesame’s crossover is a bit "mysterious".
According to relevant information from Tianyancha, in 2015, Black Sesame entered the logistics market and acquired 100% of Rongzhou Logistics Park at a price of 256 million yuan.
However, in June 2017, Black Sesame divested it at a price of 295 million yuan due to the inconsistency of the logistics park with its main business, large assets, and low profitability.
Since then, Black Sesame has also tested the water, e-commerce and lithium battery fields.
In May 2017, Black Sesame spent 700 million yuan to acquire 100% of the shares of Shanghai Lidoduo E-Commerce Co., Ltd.; In June 2017, Black Sesame announced that it had established "Tianchen Southern Power System Co., Ltd." with two other companies to enter the market. R&D, production and sales of lithium-ion power battery systems.
However, the crossover did not make Black Sesame's wallet bulge, and it has received widespread attention and doubts.
In 2017, Black Sesame was inquired by the Shenzhen Stock Exchange because of the large shareholders who bought shares in advance and were suspected of transferring interests. In 2018, the Shenzhen Stock Exchange issued a letter of concern to Black Sesame repurchasing some projects in Rongzhou Logistics Park at a high premium of 385 million yuan. It is required to provide the reasonableness of the pricing of this transaction.
In the end, under pressure from various parties, Southern Black Sesame suspended this acquisition project.
Screenshot of the product of Southern Black Sesame Group Co., Ltd.
The only field of vegetable protein beverages that is tied to the main business, the performance is not satisfactory.
In 2016, Black Sesame launched the light-fat drink "Black Black Milk", targeting consumers between the ages of 25 and 40. To this end, it also invested 200 million yuan in titled variety shows and invited Fan Bingbing to endorse.
But the product has basically been at a loss since it went public in 2016.
"In the face of the development ceiling, the beverage sector that black sesame chooses to deploy is a very difficult area to operate, and it has also caused the profit of the entire black sesame to plummet." Zhu Danpeng said that black sesame is in the industry in paste products. The position of the boss has a certain right to speak and can also obtain corresponding profits, but its expansion is too diversified.
"Business expansion includes logistics, lithium batteries, but also e-commerce, beverages, etc., falling into the predicament of weak main business, too many side businesses, and long battle lines. This is not a problem that can be solved overnight." Zhu Danpeng said.
Black sesame seeds have repeatedly hit the wall, and consumers are very anxious: "The art industry has specializations, and it is not easy to cross-border. Don't let go of the last." "The strong fragrance, the warmth, should not be forgotten, as long as the product quality is good, you will not worry Marketable." "It's a rare old brand. Don't lose a good hand."
Would you drink more bowls of black sesame paste for black sesame seeds?
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