Antarctic E-commerce (002127) Company Review: Establish a new company to deploy offline channels to enhance brand strength

Antarctic E-commerce (002127) Company Review: Establish a new company to deploy offline channels to enhance brand strength

On December 13, 2019, the company released “Time Series on Joint Investment with Related Parties to Establish a Company and Related Transactions”: To lay out a new offline retail model, the company intends to partner with the core team of offline retail projects. Mr. Zhang Yuxiang, chairmanAnd Ms. Zhang Yun, a close relative of the chairman, co-invested in the establishment of Shanghai Youjiayou Enterprise Management Co., Ltd.

The registered capital of the newly established company is US $ 100 million, of which listed companies contribute 40% of their own funds, partnerships account for 30%, Mr. Zhang Yuxiang accounts for 20%, and Ms. Zhang Yun accounts for 10%. The listed company actually controls the newly established company.

Opinions This transaction is expected to help listed companies develop offline channels and their own traffic entrances, and enhance the brand ‘s comprehensive strength: The main purpose of this transaction is to expand the offline retail projects of newly established companies and operate them to deploy offline for Antarctic e-commerce.Channels, develop own traffic entrances, dig high-quality supply chains, develop new offline retail models, and provide domestic consumers with premium products.

In the short term, the expenditures during the business start-up period are large, and the payback period is shortened. It will have certain effects on the indicators such as the profit margin and net profit of the merger, but in the long term, it is expected to play a positive role in the company’s financial position and operating results.

The newly-established company intends to use the difference in sales revenue from consumer products in offline retail stores 无锡桑拿网 and consumer-end membership fees as the main source of income: Shanghai Youjia prefers to conduct business operations under a brand authorized by a listed company, and plans to cooperate with a high-quality supply chain for offline retail.As the main source of income, the difference in the sales revenue of goods on the store floor and consumer-side membership fees are not the risk of inventory.

After the establishment of the new company, it is planned to introduce external investors under the reorganization that maintains the expected continuous actual control of the listed company, which will bring capital, industrial resources, management resources, and be able to share the large funding and possible risks of the business start-up period with the listed company.To protect the interests of shareholders.

The commitments 南京夜网 made in this Investment Agreement: ① No matter how the subsequent equity structure of the newly established company changes, it will maintain the listed company as its single major shareholder and the actual control that occurs;The brand licensing fee incurred is owned by the listed company; ③ If the newly established company fails to operate, the listed company exits the stop loss as early as possible; ④ If the newly established company is profitable and the operation is stable, Mr. Zhang Yuxiang and his affiliates will offer a discount on the basis of a fair priceThe price transfers the equity of the newly established company to the listed company.

It is recommended that the total GMV of the company’s platforms in the first three quarters of 2019 be at least + 59% to 168.

100 million, the company’s GMV compound growth is expected to exceed 35% in the next 2-3 years.

It is estimated that from 2019 to 2021, the company’s net profit attributable to the parent will be 12 respectively.



0 billion, corresponding to 22/16 / 14x PE, maintaining the buying level.

Risk reminders: e-commerce growth profit; platform policy risks; lifting of ban risks; category expansion risks.