Suning Tesco will start the most powerful promotion in history

　　Micro-Blog certification for "Suning easy to buy executive vice president" of Li bin Micro Bo said, Suning easy to buy will start the history of the strongest promotion, including home appliances, such as the price of all products will be lower than Jingdong. On the same day, micro-blog certification for " Jingdong Mall Chairman and chief executive officer of the board" Daiju Dongweibo said, tomorrow morning 9 o'clock, Jingdong Mall all the big home appliances prices than suning line cheaper, Josu Ning dare to sell 1 yuan, Jingdong price must be 0 yuan.

Suning Jindong borrowed 8 billion

High-stakes Electric Dealer

After the empty shout behind, is Suning appliance in July non-public offering refinancing 4.7 billion yuan again after the lion opened Big mouth.

14th, Suning Appliance announced that the Board of Trustees to discuss the adoption of the "public issue of corporate bonds", the size of corporate bonds not exceeding 8 billion yuan (including 8 billion yuan), to supplement the operating capital and adjust the structure of corporate debt.

Suning said that the issuance of debt is to enhance the financial capacity of enterprises, strong support for procurement platform, logistics platform, information platform and human resources platform for the construction, to help push the company model innovation.

"At present, the electrical appliance chain entity store by the electric dealer's impact is huge, already is indisputable fact." The company is currently facing business transformation, Tesco and Suning will become the company's new business development focus. Said an analyst at Shun Securities.

Can note that since July this year, the implementation of directional additional issuance, until yesterday, again to issue debt financing, before and after one months, in addition, the proposed debt ceiling has reached 8 billion yuan, almost to the previous financing amount of 4.7 billion yuan twice times, which means that suning current cash flow situation is not optimistic.

Su Ning needs money now. On the one hand to offset the impact of the decline in business profits, on the other hand on the line business Suning is in the period of burning money, Suning is facing unprecedented financial pressure. "Some market insiders said.

Statistical data show that from July 21, 2004, the Board of the SME, Suning appliance before and after four times in private distribution. Including the company's first financing, the company from the capital market to raise funds up to 11.248 billion yuan. At the same time, the company's seven-time dividend is only 2.519 billion yuan, the dividend rate is only 22.4%.

And the amount of corporate finance has risen sharply. In 2006, when the initial private offering was raised by $1.2 billion to 2007, its refinancing rate soared to $2.43 billion. By the time the third non-public offering was made in 2009, the final amount of money raised would have reached 3.055 billion yuan.

Into the 2012, Suning electric appliance originally proposed to raise 5.5 billion yuan of funds plan because Xinhua life was interrupted. In the end, relying on the actual control of the company Jindong and Lenovo Holdings of Hong-Yi Investment force is very successful completion of directional additional.

In order to solve the company's financial urgency, jindong to the holding of shares pledged through the trust channel financing. However, because of the recent stock price of suning appliances continued to plummet, Jindong not only face the reality of increasing investment floating deficit, but also to pledge 442 million shares to ensure that the loan funds security.

Prior to this year, Jindong has pledged 630.5 million shares of Suning shares to Beijing International Trust, China Resources Trust and three trust companies, mainly for its wholly-owned subsidiary of Embellish East Investment for Suning Appliance directional additional shares financing and other related issues to provide collateral collateral.

Su Ning "very bad money"

Net profit first present negative growth

The collapse of Suning's share price reflects the weakness of the company's performance growth. In the first half of 2012, in the upstream industry demand for rapid decline, the introduction of policy, operating costs increased significantly, the impact of the electricity business, such as multiple factors, the company suffered the first negative performance since its inception.

The company released the 2012.5 annual Performance Express Bulletin shows that the reporting period, the company's first half to achieve business income of 47.19 billion yuan, an increase of 6.69%, attributable to the parent company net profit of 1.74 billion yuan, down 29.49%, equivalent to 0.236 yuan per share earnings.

In the quarter, the company's two-quarter operating conditions were weaker than in the first quarter. The quarter realized revenue of 24.55 billion yuan, an increase of 3.81%, significantly lower than the 10% growth in the first quarter. In particular, the same-store growth rate deteriorated further, from 7.24% to 10.38% in the first quarter.

In the two quarter of this year, the company only achieved net profit of 794 million yuan, the year-on-year decline of up to 41.28%, the decline is much higher than the first quarter 15.3%. In particular, the two quarterly net profit margin was only 3.23%, the company's single-quarter lowest since 2008.

As the future development of Suning appliance is the most important, the company at the beginning of the year to purchase 20 billion yuan in 2012 sales target, and from April began to provoke price war. Suning sales of the second quarter amounted to 3.4 billion yuan, the first half of the total 5.3 billion yuan, an increase of 105.53%.

"Although the first half of the business income has been basically close to the annual income of 5.9 billion yuan, two quarter quarter-on-quarter growth rate of 73%, faster than online shopping industry average growth." However, we anticipate a certain pressure on the goal of achieving a full year of revenue of $20 billion only by natural growth. "Oriental Securities analyst Guo Yang that.

In addition, the company's operating costs have continued to rise since 2012, reaching a record high of 96.1% in the two quarter.

"Although suning electric power to develop electric business, but its product category rich, customer experience, etc. still lag behind competitors, so its suning easy to purchase not only on the scale and competitors, and the market share of chain entities by competitors to eat away." said the security analyst.

The analyst predicts that although the company's 2012 and subsequent years will maintain a revenue growth of 15% to 20% because of its incremental income, however, due to the substantial store pressure and the same store growth, labor and rent and other major operating costs, easy to buy the cost of investment period increased significantly and pull low gross margin and other adverse factors, The company will be showing a decline in gross profit margins and a high rate of cost maintenance status.