On September 1, Stormwind Group held a performance announcement. The storm group CFO Jiang Hao tried to come up with three arguments to tell everyone: the storm will not be the next LeTV; First, debt 260 million, the storm is fully capable of covering liabilities; Second, the storm did not touch the phone and car; Third is the storm The personal finances of Group CEO Feng Xin are also safe and controllable.
According to the Typhoon Group's 2017 semi-annual report, the company achieved revenue of 826 million yuan in the first half of the year, a year-on-year increase of 66.89%, while net profit was only 16 million yuan, a year-on-year decrease of 16.64%. The company continued to maintain its declining trend in 2016 with an operating profit margin. -14.14%, the cash flow from operating activities is -277.47%. Among them, the Stormwind Group's assets and liabilities ratio has reached 70.71%, total liabilities of 1.758 billion yuan, current liabilities of up to 1.508 billion yuan, while the total current assets of only 1.456 billion yuan.
“The TV business needs more than 500 million yuan in external funds, and it will become a strategic turning point in 2020.†Feng Xin, chairman and CEO of Stormwind Group, said in an interview with the media that the storm now has no resources to continuously transfuse TV and VR business. The future storm TV and storm VR can only make blood itself.
However, the typhoon seems to have many similarities with LeTV, whether it is from the ecology or the equity pledges or the stock price performance of the past. However, these are just a few superficial phenomena. Behind the performance, the major source of revenue for Stormwind Group is Stormwind TV, which has become a “dragging†for Stormwind Group’s losses. At the same time, the situation of Stormwind and Stormwind Sports is not optimistic.
According to the data of China Medical, January-July 2017 TV industry-wide sales fell by 6.9% year-on-year, of which LeTV's negative growth from January to July this year was 55.5%, the largest decline, in addition to another Internet brand Kukai also fell a lot. This also reflects the hardships of Internet TV companies in the first half of 2017.
In addition to the low prices of Internet TV, homogenization is a very serious problem. In order to pursue a higher price/performance ratio, Internet TV has to reduce its own manufacturing costs. Since the price of Internet TV products is almost all losing money, the configuration of the panel category, TV chip, audio, etc. are in fact unable to open a large distance, some products are only Logo different, the configuration is exactly the same. For such a featureless TV product, even if it is cheaper, it will get bored by the market, let alone the loyalty of users.
As for whether the storm will become the next LeTV, Jiang Hao is optimistic. He believes that storms are safer than LeTV. "All current liabilities add up, and then reduce some of the inventory, the pressure of the entire debt is less than three billion. But there are eight to ten billion flows in one quarter."
It is estimated that the fear of the outside world is worried about Feng Xincheng, the next LeTV holding founder, Jia Yueting. The storm has also sung the financial situation of Feng Xin. Jiang Hao said that Feng Xin’s current stock pledge rate is 69.98%, financing is 580 million yuan, and the remaining 30.02% are not pledged. Feng Xin will no longer specifically pledge, and the storm’s competitor’s pledge rate reached 99% during the same period.
Do you think the stormy TV with logistical guarantees of losing money will become the Internet TV industry's martyrs?
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