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                                2019-08-12 07:31:20新京報 記者:張澤炎 陳鵬 編輯:汪世軍
                                原創版權禁止商業轉載授權

                                業績、資金、存貨壓頂,拉夏貝爾北方總部仍在擴張

                                2019-08-12 07:31:20新京報 記者:張澤炎 陳鵬

                                股價陰跌、市值腰斬、利潤巨虧、庫存積壓,拉夏貝爾從風光上市到身陷困境,僅用了約兩年時間。8月6日晚,拉夏貝爾公告稱,公司控股股東、實控人邢加興股票質押違約,將身處困境的上市公司又一次推上風口浪尖。


                                股價陰跌、市值腰斬、利潤巨虧、庫存積壓,拉夏貝爾從風光上市到身陷困境,僅用了約兩年時間。8月6日晚,拉夏貝爾公告稱,公司控股股東、實控人邢加興股票質押違約,將身處困境的上市公司又一次推上風口浪尖。


                                8月9日,新京報記者來到拉夏貝爾位于天津西青開發區的物流中心項目場地實地探訪時發現,雖然拉夏貝爾資金流緊張,但仍在加碼對作為北方總部的天津物流中心的建設;拉夏貝爾工廠店的客流量不大,大量過季商品低價甩賣。 


                                業績巨虧資金緊,天津項目仍“不緊不慢”建設中


                                拉夏貝爾(603157)曾被認為是國內崛起速度“首屈一指”的女裝品牌龍頭。資料顯示,成立于2011年5月23日,全稱“上海拉夏貝爾服飾股份有限公司”,董事長、總裁均為邢加興。公司定位為“多品牌時尚運營企業”,主營大眾女性休閑服裝,旗下現有La Chapelle、Puella等12個品牌,并投資七格格、OTHERMIX、O.T.R、Siastella等服飾品牌。2014年,拉夏貝爾天津公司正式在大寺鎮注冊。為了提高華北總部研發和銷售水平,集團將核心管理團隊轉移到北方總部,將北方總部落戶大寺鎮。


                                2014年,拉夏貝爾港股發行上市;2017年9月25日,拉夏貝爾A股(603157)在上交所掛牌上市,成為國內首家“A+H”上市的服裝企業。上市之初,拉夏貝爾最高估值曾達75.2億元,但截至8月9日收盤(5.04元/股),公司最新市值已降至28.26億元,股價早已跌破8.41元/股的發行價。



                                從2015年開始,拉夏貝爾在大寺鎮建設天津物流中心作為北方總部。公司曾表示,該項目為了支持遍布全國的公司門店網點的物流配送及產品銷售,自主建設北方倉儲物流中心,有助于公司建立更加穩定、可靠的產品供應體系。


                                但物流中心的建設進度并不理想。公司披露的信息顯示,2017年及2018年,天津物流中心項目的工程進度分別為57%和48%,工程進度反而降低。公司方解釋稱,是因為2018年度公司繼續通過智能化倉儲提高供應鏈效率,管理層批準天津物流倉二期新增物流倉儲及相應配套設施的預算所致,項目總體預算從1.90億元上升到2.96億元。


                                2019年7月31日,公司發布半年度業績預虧公告稱,預計2019年上半年凈利潤虧損4.4億元至5.4億元,同比下降286.6%至329%;預計扣非凈利潤虧損4.9億元至5.9億元,同比下降364.5%至418.5%。


                                實際上,拉夏貝爾從A股上市后的第2年就開始行走在“虧損”路上。2018年年報顯示,公司報告期內凈利潤虧損1.60億元,同比下降132%;扣非凈利潤虧損2.45億元,同比下降164.43%。


                                在凈利潤下滑的同時,拉夏貝爾的現金流也告急。2018年財報數據顯示,公司在報告期內經營活動產生的現金流凈額同比下降71.71%,為1.58億元,2017年同期為5.57億元。其中,公司投資活動產生的現金流量凈額為凈流出13.1億元,主要為購建固定資產、長期資產等支出的現金10.01億元,支付投資款2.05億元;公司籌資活動產生的現金流量凈額為凈流入7.87億元,主要為取得銀行借款金額有所增加。


                                公司在2018年四個季度的現金流凈額分別為-1.75億元、-8128.7萬元、-1.39億元和5.53億元。對于2018年前三季度現金流大幅下降,拉夏貝爾表示為銷售下降導致庫存增加所致,且部分新品牌處于培育階段,貨品運營資金支出同比增加。


                                拉夏貝爾表示,前三季度經營活動現金流出、第四季度流入金額較大的原因是由于四季度銷售冬季貨品單價較高且銷售收入較大,所以銷售回款較多。


                                2019年一季報顯示,公司經營活動產生的現金流凈額為2.89億,去年同期為-1.75億,公司稱主要由于本期購買商品及接受勞務支出的現金同比下降所致。


                                2018年度公司凈利潤虧損、現金流緊張,為什么還要對天津物流中心追加1億多的建設投資?新京報記者帶著疑問來到拉夏貝爾位于天津西青區的物流建設基地。公司員工對記者表示,拉夏貝爾一期工程已完工近一年,開始投入使用,有員工在里面上班。二期工程從今年春天開始打樁,目前仍在“不緊不慢”地建設,總體工程進度并不快。三期工程還沒有開始建設。


                                記者發現,一期工程大樓確如員工所言,已開始投入使用,但目前僅一期大樓前面一樓和三樓在使用。一樓為拉夏貝爾工廠店,三樓為行政辦公處。


                                記者在行政辦公處表明身份后,對方表示不愿接受采訪。


                                利潤巨虧,資金緊張,為什么去年還要追加1億投資?公司回復記者稱,主要聚焦于改革調整,公司主動采取了收縮調整策略。對于更多沒有披露的細節,公司表示無法回復。


                                積壓庫存大甩賣,“低至29元”


                                據介紹,已經投入使用的拉夏貝爾天津物流中心一期項目大樓的前面為工廠店,主要出售瑕疵產品和過季產品。記者注意到,雖然工廠店占地面積較大,在售衣服非常多,但客流量較小。目前,該工廠店正在進行年中大促,打出全場3.5折的優惠,部分商品低至29元,打出“三件衣服一口價299元”的口號。



                                工廠店銷售人員對記者表示,平時工廠店衣服以“打5折”為主,雖然此次折扣力度較大,但客流量不大。當記者詢問為何折扣力度如此之大時,對方直言:上新速度較快,買的人較少。


                                新京報記者還走訪了位于天津西青區的天津永旺購物中心和位于天津和平區的歐樂時尚廣場和中原百貨店,店員均表示,部分拉夏貝爾商品低至5折。有門店店員向記者介紹,拉夏貝爾大概每周上新一次,換季期間上新更加頻繁,但“這兩年確實不太好,沒法與對面的Vero Moda、ONLY相比”,平時幾乎沒有什么人買。


                                消費者龔小姐也表示,“拉夏貝爾旗下各個牌子看來看去感覺沒什么差異,款式沒有特色,也不夠時尚,日常隨便穿穿還行,但不適合對著裝有追求的女生。”


                                店員則認為,電商平臺的興起,分流了部分門店客源,網上定價也普遍低于實體店價格。


                                一方面是高頻率的“上新”速度,另一方面卻是拉夏貝爾研發投入的不斷減少。年報顯示,2018年拉夏貝爾用于研發的資金支出合計1.1億元,同比減少11.5%,研發人員數量為527人,人均20.87萬元。


                                在銷量下滑的同時,拉夏貝爾的庫存量急速攀升。2014年至2018年,拉夏貝爾的存貨已從13.27億元增至25.34億元,同期存貨占流動資產比從26.42%升至48.58%。2019年一季度末,拉夏貝爾的存貨高達21.93億元,占流動資產的比例升至50%。


                                如何加快庫存周轉?公司在回復函中表示,會根據產品SKU、門店屬性及銷貨情況等綜合考量商品運營管理。關于加快庫存周轉,盡早回流現金,公司將采取風險控制及存貨改善措施,如成立專門項目組、拓寬銷售渠道等。



                                雪上加霜:實控人股票質押“爆倉”違約


                                產品銷量問題還未解決,拉夏貝爾又拉響“違約”地雷。2019年8月6日,拉夏貝爾發布公告稱,公司控股股東、實際控制人邢加興的股票質押出現違約。公告顯示,截至目前,邢加興累計質押所持公司股份的99.81%,其與海通證券進行的2筆股票質押式回購交易履約保障比例已低于最低履約保障比例,發生違約。


                                拉夏貝爾回復新京報記者稱,邢加興本人正在積極尋求化解股份質押違約風險的措施,計劃通過補充擔保物、追加保證金或提前贖回質押股份等措施解決質押違約問題。公司還表示,實控人的股份質押事項與公司經營無關。


                                在實控人質押股份“爆倉”的前幾天,拉夏貝爾剛剛發布2019年上半年業績預虧公告。公司預計,2019年上半年凈利潤將虧損4.4億元至5.4億元,同比下降286.6%至329%。今年一季報公司還盈利975.1萬元。


                                2018年年報顯示,公司產品平均毛利率由67.73%降至65.33%。上裝、下裝、裙裝及配飾等均有不同程度下降, 其中占銷售份額最大的上裝產品毛利率同比降2.55%。


                                2014年至2016年,公司的零售網點數目分別為6887家、7893家和8902家。面對如此龐大的零售網絡,拉夏貝爾采用的是全直營經營模式,截至2016年底,公司僅有2家加盟店。2017年,拉夏貝爾的門店數量達到9448家,同比增長6%。2018年,公司門店數量降至9269家。截至2019年6月底,公司境內的線下經營網點較2018年底凈減少2400余家。


                                鞋服行業分析師馬崗對記者表示,直營的優勢是渠道掌控,但資產重、投入大,適合資金充足的企業。加盟店的靈活性更強。


                                拉夏貝爾也在財報中稱,“多品牌、直營為主”的經營模式面臨人工、租金等運營成本日益增加的巨大壓力。公司現階段處于轉型調整階段,近期關閉經營網點較多,是公司根據國內大眾服飾零售市場環境,主動采取收縮調整策略、聚焦高價值業務作出的調整。公司稱,未來將繼續聚焦線下渠道結構優化。一方面,對現有直營渠道進行全面梳理,堅決關閉虧損、低效的門店;另一方面,對公司空白的縣級市場、直營管理能力較弱的地市級市場,推行聯營、加盟的合作方式。


                                新京報記者 張澤炎 陳鵬 編輯 汪世軍 校對 賈寧

                                記者郵箱:zhangzeyan@xjbnews.com

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