Zebra Consumption Fan Jian

It won’t be long, the sneakers and clothes of noble birds you buy will no longer be produced by the company themselves.

Yesterday, the company announced that it decided to cut off the production line. In the future, the shoe and clothing products will be completed by the Foreign Association processing, which will be completely transformed into a sports brand and channel operator.

In addition, the company intends to cancel all 14 branches without actual business business to further reduce costs and increase efficiency. Those who are cruel to these pains are Lin Siping, chairman and general manager of the company, who have been in office for 13 days.

Shortly after the new, she played a two -board ax. How can Lin Siping, 34, save the birds with noble birds?

Cut off the production line

*ST nobleman (603555.SH)

It is the first sports shoes and clothing brand listed on A shares.

However, since 2018, the company has been suffering in the crisis of liquidity. This year, after nearly half a year of reorganization, the company successfully introduced investors such as Taifu Jingu, and finally saw a line of hope.

But all this just started.

According to Lin Siping, chairman and general manager of the company, all things now come back and start a business.

After completing the reorganization plan in early July, the company has moved his headquarters from Guanyin Mountain, Xiamen to Jinjiang


Chen Yizhen, returned to the company’s actual controller Lin Tianfu to start a business. The important decisions of the new company have been completed in the conference room on the second floor of the old factory of the noble bird company of Chenyu Town.

The last time is to “move” the company’s business model and operating efficiency.

On July 15, the company focused on two major events in the announcement, one was cut off the production line, and the other was to cancel a batch of branches without actual business business.

Zebra consumers noticed that the production of sports shoes and clothing has always been the core link of the company. Earlier, the company’s sports shoes and clothing products were mainly produced+some foreign association processing procurement models.

According to the company’s announcement, in the future, the company’s sports shoes and clothing related products will adopt the processing procurement model of foreign associations. Most of the personnel and business related to production will no longer be retained, and related assets will be re -planned.

The production depends entirely on the OEM and returned to Lin Tianfu’s early start.

In the late 1980s, Lin Tianfu, like many Fujian merchants, gathered

Chen Xuncun relied on doing foundry and OEM business for international sports shoes and clothing brands.

Nowadays, the son’s palm seal has a ruthless hand in production and the consideration of reducing the cost of production and management and management. Another consideration is to improve the operating capacity and profitability as soon as possible. After all, the shell must be tight.

In addition to the change of product production model, the cancellation branch has also been put on the agenda.

On July 14, the company’s board of directors passed a motion, which was planned to sell 14 branches except Beijing and Xiamen Branch, and the company undertake all assets, debts and personnel of the proposed regulating branch.


Among the 14 companies, in addition to the Quanzhou Taiwanese Investment Zone Company, which was established in 2014, the other 13 were registered in 2018.

Because the company’s product sales have been completed by the dealer, the above -mentioned branches responsible for the direct sales business have no actual business business, so they have become Lin Siping’s “ghost under the knife”.

Lin Siping’s problem

The company’s successful completion of the reorganization plan is only the first step of the Long March. As Lin Siping said, “it is not easy to retrieve the reputation and reputation that the company loses back.”

*ST has been in the crisis of liquidity for 3 years, and the brand has been hit hard. In addition, the brand image of noble birds is aging. In the third and fourth -tier cities markets that the company relies on, it has been squeezed and eaten by major sports shoes and clothing brands. Its retail terminal has also shrunk sharply. As of the end of March this year, only 1,422 were left.

In the first quarter of this year, although the company’s operating income increased, profit was still negative.

As the company’s reorganization investor brings 700 million yuan in capital, it may temporarily ease the company’s liquidity crisis, and it will have to be active in the future. Moreover, the company still has a lot of debt pressure. As of March this year, the company’s non -current liabilities expired within one year were 1.302 billion yuan and monetary funds were only 22.68 million yuan.

On the one hand, the company announced that it will focus on the main business and restore the market influence of the noble bird brand as soon as possible. Also, prepare for the field of food trade that has never been involved in.

Ten days ago, the company announced that it intends to set up Shanghai Micheng Lai trade with its own funds of 50 million yuan. In addition to the sales of sports shoes and clothing, it also increased the food trade and food operation business.

This is almost tailor -made for the second shareholder Taifujin Valley. Taifu Jingu is mainly engaged in the operation of the food supply chain platform. Whether the grain trade business can promote the development of the company’s business has no latest news so far.

The outside world is worried that the Taifu Jingu enters the company by reorganizing the opportunity. It is not only difficult to help the company’s main business of sports shoes and clothing, but there may be variables in the future.

From the perspective of the equity structure, Tai Fu Jingu holds 20.36%of the equity of the company, and the other four natural person reorganization investors hold a total of 14%. Affected by the reorganization, the equity of the company held by Lin Tianfu’s 100%Holdings (Hong Kong) holding the company (Hong Kong) was diluted from 66.20%to 26.48%. The total shareholding ratio of reorganizations is close to 35%, far exceeding the controlling shareholder.