Home News Daily Reading 丨 Hollying guest, bitter business business for a long time

21st Century Business Herald Reporter Kong Haili Beijing report

Some real estate developers have fallen into debt dilemma, and the impact of relevant custom home companies has been obvious, and the origin of Hollying customers and community business has a sense of ups and downs of "predecessor, positive, and post -pass".

Recently, the Holo Keke announced the semi -annual report in 2022. In addition to the cabinet business, the revenue of the main business of the main business has declined to varying degrees, except for the cabinet business. A sharp decline in the year.

During the reporting period, Hollying customers realized revenue of 1.396 billion yuan, a year -on -year decrease of 8.42%; net profit of home mother was 125 million yuan, a year -on -year decrease of 9.39%; the business income of large business business was 333 million yuan, a year -on -year decrease of 20.50%.

Although compared with the majority of the large -scale business meal of 437 million yuan in 2021, the net profit of returning home has dropped sharply by 76.35%, the negative impact of the Grand Sect on the Hollywood customers in the first half of this year has been shrinking, but it is good Laike's disposal method is unpredictable, and all the Hubei Qianchuan doors and windows that failed to gambling were "returned".

In October 2020, Hollying Council spent 700 million yuan to buy 51%of Hubei Qianchuan. It was the latter's cooperation with the real estate developers, and he wanted to catch up with his business. However, in actual cooperation, the debt problem brought by real estate customers has affected the performance of Hollying customers.

It can be found that it is not surprising that custom home companies have desire for real estate business. It is not surprising that it is not surprising after the business of the big sect business. It is worthy of sophisticated and reflection.

After the "return" of Qianchuan, the negative impact of the community business has indeed been reduced in the short term, which can also mean losing the performance growth and revenue contribution of Qianchuan.

If a road is unreasonable, it does not mean that it can stop. The core business growth is weak, superimposed and cut off the large business behind Qianchuan, how to make up for this shortcoming in the future, the challenges of Hollying customers are still very large.

Core wardrobe products decline

Hollywood, who started with a wardrobe, has gradually lost this starting advantage in recent years.

In the first half of 2022, the operating income of the overall closet, cabinets, wooden doors, finished products, and doors and windows of Hollywoman was 819 million yuan, 105 million yuan, 363 million yuan, 52 million yuan and 114 million yuan, and the year-on-year changes were -6.78, respectively. %, 25.38%, -19.18%, -127%and -50.9%.

In the financial report, Hollywood explained that the operating income of wooden doors decreased by 19.18%compared with the same period last year, mainly due to the impact of real estate macro -environment, and Hubei Qianchuan's revenue decreased by large business; It is mainly due to Hanlong door and window customers mainly based on the East China region. Affected by the Shanghai outbreak, the gross profit margin of the doors and windows decreased by 24.67 percentage points compared with the same period of the previous year.

For the negative growth of the overall wardrobe of the core product, Hollying guests did not say much.

Looking at the financial report over the years, it can be found that the revenue of the Hollying Hollywood wardrobe products has declined. From 2018 to 2020, the revenue data of the wardrobe was 1.986 billion yuan, 1.939 billion yuan, and 1.753 billion yuan, respectively, with a year-on-year data of 10.76%,-2.38%, and -9.6%. By 2021, this data achieved 16.22%of 16.22%. The year-on-year increase, but in the first half of this year, it fell into a decline of -6.78%again.

The growth rate of the core products of the Hollying customer is not the case. The growth rate of the revenue of Opai and Sophia's wardrobe products has also declined in recent years, but the growth rate of the Historikete wardrobe has declined more obvious among the three companies.

In recent years, home companies have also launched a "residential" strategy. Based on the original main business, the product category has been vigorously increased.

Holly officially launched cabinet products in 2018, and then cut into the field of wooden doors, metal doors and windows. The European Pai, which started with a kitchen cabinet, also launched wardrobe products and achieved curve overtaking.

According to the financial report data, from 2019 to 2021, the operating income obtained by the overall wardrobe products was 5.167 billion yuan, 5.772 billion yuan, and 10.172 billion yuan. The kitchen cabinet business that was good at.

In contrast, the revenue of Hollying Wardrobe products in 2021 was 2.037 billion yuan, which was only one -fifth of the revenue of European wardrobe products; Cabinet products launched by Hollying Customers under the "Household" strategy, Growth is not as good as the European wardrobe products.

Core products fall into the bottleneck of growth, and it also constraines the overall growth rate of Hollying guests.

Great business

The revenue growth of Hollying customers is limited, and it is related to its backward layout in the business.

When the same echelon company exerted its business in the community, Hollying customers have not moved, and they have been dragging until 2020.

Prior to that, the revenue of the Hollying Customer business in 2018 and 2019 was 1.298 million yuan and 11.621 million yuan, respectively, far behind their peers. At that time Listed companies with new growth points are abound.

According to the data of the Euchang think tank, European, Sofia, Zhibang Home Furnishing, Gold Cabinet, Pieno earlier in 2018 or earlier, the business revenue of the community has exceeded 100 million yuan. When the business income of retail channels is difficult to achieve high -speed growth, the golden development period of the real estate business has further increased the growth rate of total operating income by relying on the major business income. In 2019, which was the most prosperous business, the large -scale business of Hollywoman ranked at the bottom of the 7 custom home listed companies involving the large project, with the smallest scale, only 11.62 million yuan, accounting for only 0.52%of total revenue.

Even Zhibang and Gold Cabinet of the same team in the same team, the proportion of large -scale business revenue also accounted for 22.20%and 23.76%. Release of channel business ".

After a long time behind, Hollying Customers finally thought about it. In October 2020, through the acquisition of 51%of Hubei Qianchuan's equity, Shanshan was late to enter the community.

The main customer group of Qianchuan, Hubei is a real estate company such as a certain University, Sunac, and Zhonghai. Among the top 500 suppliers in China, the brand's preferred rate of Qianchuan Wooden Gate is as high as 12%, which is the second largest wooden door brand after 16%of the Jiangshan Europe. Holly mentioned in the announcement: "The large market that benefits from the increase in the proportion of hardcover houses will use Qianchuan's brand to actively expand."

After Qianchuan's report on November 30, 2020, in just one month, he used more than 60 million yuan in revenue to help the large operating income of Hollying customers successfully rushed to the end of 2020 Essence Benefiting from Qianchuan, Hollying customers increased by 499.48%year -on -year.

But the opportunity is easy to die. Workers want to be good at good things first, but he bought it, but the firewood in the mountains was gone.

In the second half of 2021, the situation in the real estate industry turned straight to the situation, and the payables of large real estate business customers became a drag on the home company.

In the first half of 2021, Hollying Customers revealed that a large real estate company related to a debt -based dilemma accounted for 20%of the overall business volume of Qianchuan, and it was settled with commercial acceptance bills instead of cash.

During the 2021 annual report, Hollying Council's impairment of 437 million yuan due to the large business plan, only aimed at a large -scale real estate company to add a related impairment of about 240 million yuan, resulting in a sharp decline in net profit of the company's return to his mother year -on -year.

In the first half of this year, in terms of community business, the real estate market continued the low temperature trend. Hubei Qianchuan's operating income in the first half of 2022 decreased by 21.27%year -on -year, and the revenue of large business revenue during the report period of the Holchians decreased by 20.50%year -on -year.

"Returns" Hubei Qianchuan

Since it cannot bring positive impact, and Hubei Qianchuan cannot successfully complete the original performance against the gambling agreement, Hollying guests chose to return Qianchuan, who held hands for 2 years to return to the original shareholder.

On October 19, 2020, when Hollying customers spent 700 million yuan to acquire 51%of Hubei Qianchuan's equity, the other party promised: After the equity transfer was completed, the average net profit achieved in 2021 and 2022 (deducting the non -recurring profit or loss before and after the incomplete profit or loss of non -recurring profit or loss Low) No less than 180 million yuan.

However, in the actual implementation, the reference net profit of Qianchuan in Hubei in 2021 and 2022 (deducting the low before and after non -recurring profit and loss) was RMB 160 million and RMB 2 billion, respectively. After auditing, the net profit achieved by Qianchuan in Hubei in 2021 was -3 billion yuan.

According to the disclosure of Hollying guests, after consultation with all parties, Hubei Qianchuan's performance committee has repurchased 51%equity in Hubei Qianchuan, Hubei, which was repurchased in July 2022, with a consideration of 792 million yuan. Since July 1, 2022, Then incorporate the scope of the Hollying Customer Merge report.

In addition, in order to strengthen the risk control of the community business, Hollying customers also clarified the customer structure with central enterprises and state -owned enterprises, supplemented by high -quality private enterprises, and consolidated the scale. Essence

However, the losses caused by the community business have not disappeared from the reports of the Holcant.

In the first half of 2022, the accounts receivable of Hollying customers were 308 million yuan, an increase of 63.58%over the end of the previous year. Laike's scheme is 519 million yuan.

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