Macaulay doomed: Return to the mainstream of China's electricity business has become a hope

In the first half of 2013, the electric business industry remains lively. June http://www.aliyun.com/zixun/aggregation/34463.html "> Electric dealer price war, many home appliances merchants enter the financial business, rookie, tax, ravine and other eye-catching movements or patterns." But these noises seem to have nothing to do with Macaulay, in addition to the price fluctuations in its stock itself, Macaulay has almost nothing to do.

Three Kingdoms to kill a lot of the generals are criticized, the skills of the core is the blood ceiling, but as the game process this limit will become smaller; it seems that Macaulay is becoming the "Hua Xiong" in the electric Business circle.

Second-quarter losses expand Macaulay's net loss of 6.2 million USD

August 14 News, Mecoxlane released today, as of June 30, the second quarter of 2013 without the audit earnings. The report showed net revenue for the second quarter was $21.8 million, down 44.1% per cent, net loss of $6.2 million, and a net loss of 4.9 million dollars over the same period last year.

According to earnings reports, the main component of its income is three parts, respectively, compared to the last year, a different degree of decline.

The net revenue from the company's E-commerce channels was $6.7 million, down 65.8% from the 19.6 million-dollar period last year; net revenue from proprietary stores is 3.1 million dollars, down 4.9 million from the same period last year; net revenue from the call center is 36.8% dollars, It is down 7.8% from $11.4 million a year earlier.

In addition to income, the Macaulay Index also showed a noticeable decline.

As at June 30, 2013, Macaulay had a total cash and cash equivalent of USD 7.2 million, while the figure for December 31, 2012 amounted to $13.3 million; as of June 30, 2013, the total cash limit for Macaulay was $17.9 million, As of December 31, 2012, the figure was zero and, as of June 30, 2013, Macaulay held a short-term investment of $10.5 million, compared with $20.7 million as of December 31, 2012. As of June 30, 2013, the total amount of short-term borrowing was $15.4 million trillion, and the company did not have short-term borrowing until December 31, 2012. All short-term lending is guaranteed by a limit of 17.9 million dollars in cash.

The report has been unable to describe the bad, affected by this, the recent momentum of a good Mai Lin opened the plunge.

Embarrassing future

What is even more frightening for Macaulay is not the dismal earnings, but the darkness that remains in the future. According to the documents on the market of Mai Lin, at that time, more than 80% of the company's sales came from catalogues, mail order, entity management and so on. This shows that "the first stock" is the Mai-Lin for the listing of a concept created. After the listing, Macaulay tried to change to the company, began to the E-commerce platform of the MAI network to support vigorously.

The product layout of both hands and hands is also a major Achilles heel. From the wheat network and Macquarie entity store retail channels of products, product categories are basically no distinction. The same category online and offline at the same time sales, but the discount strength is different, this is bound to play games with each other. At present, Mai Lin has a number of lines of business, but the system of each business and ideas are inconsistent, which makes Macaulay too impossible. The worry is that Macaulay has never found an effective growth model other than the original catalog mail order and business, and the rapid growth of its original business has almost completely dug up its growth potential, and how to find new growth points is a key challenge for Macaulay.

At present, the most popular play of domestic electric dealers is still the price war to drag down their opponents to the market size to improve the gross profit margin, such an expansion of the model is now the MAI Lin is not acceptable.

At present, Mai-lin in logistics, warehousing, supply chain, such as the core competitiveness of the power industry has been completely backward, back to China's first or even the second camp has become an extravagant hope.

Notably, Macaulay has been snubbed by securities analysts for the second consecutive quarter. At the earnings reading conference, no analyst called to ask questions.