What’s strange is that in the afternoon of April 12, before the announcement of the performance “face change”, Beinmate’s stock price suddenly plunged in the intraday market, all the way down, and finally closed down 9.86%. The day’s full-day turnover was enlarged to 344 million yuan.
In the afternoon of April 12, Beinmate’s stock price suddenly fell sharply
Performance “changing face”
Withdrawal due to inventory impairment and bad debts
According to the 2020 annual performance report and performance forecast revision announcement released by Beinmate, the company will revise down the net profit attributable to shareholders of listed companies from 54 million to 80 million yuan in 2020 to a loss of approximately 328 million yuan. The revised performance report shows that in 2020, Beinmate’s revenue fell 4.32% year-on-year to 2.665 billion yuan; net profit attributable to the parent fell 217.8% year-on-year to -328 million yuan; net profit attributable to the parent fell 250.23% year-on-year to- 485 million yuan.
Regarding the major differences between the two performance disclosures, Beinmate explained that the company continued to promote marketing transformation, empowered channels, and increased investment in market expenses, resulting in an increase in sales expenses over the same period last year. At the same time, due to the impact of the epidemic and the macro market economy, some customers have been visited and evaluated to further increase the provision for bad debts of accounts receivable. In addition, the company has carried out a prudent impairment test on inventories and made corresponding provisions for inventory decline.
Specifically, Beinmei said that after the previous performance forecast was disclosed, the company found signs of impairment for some inventory base powder. Out of the principle of prudence, the company and the annual audit accountant conducted an impairment test on the inventory base powder. The net profit affects approximately 78 million yuan. On the other hand, the company further made provision for bad debts of some customers’ accounts receivable, which is expected to affect about 124 million yuan in net profit for the current period. At the same time, the company further accrued sales expenses for some customers due to the impact of repeated epidemics and the decline in the birth rate, which is expected to affect the net profit of the current period by about 144 million yuan.
In the previous mid-January, Beinmate stated in the performance forecast: The company has overcome many difficulties, turned crises into opportunities, continuously improved internal operations, paid close attention to precision marketing, and maintained continuous growth in operating income. The company reasonably controlled various costs and expenses strengthened the collection of accounts and achieved obvious results. At the same time, the company analyzed the efficiency of assets, optimized disposal, and obtained the corresponding transfer income, realizing the profit from loss to profit. According to the revised 2020 performance report, Beinmate has returned the net profit loss to the parent after deduction for 5 consecutive years since 2016, and the company has returned the net profit loss to the parent for 2 consecutive years Spark Global Limited.
article links：A huge loss of 320 million yuan in a blink of an eye
Reprint indicated source：Shine Trader Limited Live information