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市值蒸发40亿,名创优品如何自救?

下一个瑞幸?

7月27日一早,一则被机构做空的消息把刚在港股上市14天的名创优品(9896.HK)炸出了水面。

美东时间7月26日,沽空机构Blue Orca Capital(简称“蓝鲸资本”)发布一则针对名创优品的做空报告,称其经过七个月的调查,发现名创优品有数百家门店由公司高管或与董事长关系密切的个人秘密拥有和经营;董事长在不正当交易中作为中间人,从公众公司挪用了数亿元。

此外,蓝鲸资本认为名创优品正在走向衰落。在做空报告中,其列举了名创优品收入比IPO前的峰值下降40%,新冠疫情前已有大规模关店潮,加盟费在过去两年下降了63%等数据,以佐证这一观点。

蓝鲸资本作为知名沽空机构,还被外界冠以“杀人鲸”的名号。

对于这份做空报告,二级市场最先做出反应。截至美东时间7月26日16时,名创优品(MNSO.N)美股报收6.13美元/股,跌幅达14.98%。

7月27日早间,名创优品迅速在港交所发布公告回应,表示“该报告毫无依据,且包含有关本公司资料之误导性结论及诠释。”

来源:名创优品公告截图

然而,这一回应也没能稳住公司的股价,截至7月27日16:00,港股报收12.46港元/股,下跌10.87%,总市值157.83亿港元;美股6.13美元/股,较25日下跌14.98%,总市值19.41亿美元。

从做空报告发布截至7月27日16:00,名创优品港股及美股总市值共蒸发约人民币40亿元。

靠着便宜的货价和借势昔日“网红”无印良品,名创优品在小商品公司中冲出重围,于2020年10月登陆美国纽交所,又于2022年7月13日在港交所主板“双重主要上市”。

看似风光的背后,名创优品实则每一步都走得艰辛。不但美股上市之前官司缠身,上市同时更是被曝出指甲油中致癌物三氯甲烷超标1400倍。过去3年累计亏损近20亿元后登陆港交所,如今上市不足半月又被机构做空。

01 620家店铺由公司高管秘密经营?

名创优品的高光时刻是在2018年,彼时,公司不仅牵手京东,让全国33个城市的近800个门店上线京东到家,还受到了腾讯和高瓴资本的青睐,签署了战略投资协议,拿到了10亿元人民币的资金。

有了钱之后腰杆子也直了。

2018年初的集团年会上,名创优品创始人兼CEO叶国富正式宣布了他的“百国千亿万店”计划:到2022年,名创优品实现在100个国家开设1万家门店,其中包括7000家海外门店,年营收达到人民币1000亿元。

截至2018年9月,名创优品新开门店数破千,实际门店数已经超过3000家。但此后,名创优品的增速略有放缓,从最新《招股书》来看,截至2021年12月31日,名创优品门店数量达到5045家,其中,国内门店3168家,海外门店1877家。

来源:罐头图库

然而,如今“百国万店”尚未实现,却被蓝鲸资本指控“名创优品没有独立加盟商网络,全由公司高管秘密经营”。

蓝鲸资本认为,“名创优品声称其在中国99%的门店由独立加盟商经营,这个基本叙述是谎言。经过7个月的调查,我们发现620家商店由名创优品高管或与名创优品董事长叶国富有密切关系的人拥有。”

蓝鲸资本在做空报告中重点介绍了由名创优品高管或与董事长关系密切人士拥有的数百家名创优品商店,并认为“这是压倒性的关键证据”, 蓝鲸资本指出,“与名创优品告诉投资者的相反,证据显示此类特许经营商不是第三方独立的,意味着名创优品在暗中承担了传统零售商的许多成本。

截至发稿,名创优品还未对蓝鲸资本的这一指控作出具体公开回复,但回看叶国富的“百国千亿万店”,至今除了“百国”,另两个目标还有待时日。

02 营收自2018年峰值缩水40%以上

店铺扩张的风光背后,名创优品的日子并不好过。除了“百国万店”外,名创优品还背负着“千亿”的目标。

如今,从营收来看,名创优品距离“千亿”还相差甚远。《招股书》显示,2019-2021年,名创优品分别实现收入93.95亿元、89.79亿元及90.72亿元。

利润更是不佳,据《招股书》披露,名创优品2019-2021年分别亏损2.94亿元、2.6亿元及14.29亿元,三年来合计亏损19.83亿元。

来源:名创优品《招股书》

对于2021年的巨额亏损,名创优品解释,截至2020年12月31日,公司六个月产生大量与具有可赎回及其他优先权的实收资本,或具有其他优先权的可赎回股份的公允价值变动,导致了部分亏损。

根据业内人士的说法,名创优品之所以业绩下滑,疫情防控和中概股受到抛售潮影响外,重点在于资本市场对其上市后营业业绩的信心不足。

前不久多家头部机构相继向SEC披露了13F文件中,淡水泉、Jane Street、对冲基金EXODUSPOINT CAPITAL等机构都清仓了名创优品。

上面只是单看过去三年的营收情况,若与2018年的高光时刻相比,只会更显惨淡。

在2019年集团年会上,叶国富宣布名创优品2018年全年营收破170亿元人民币,较前一年120亿元营收有着近50%的增长。

对比2019年的90.72亿元,3年缩水46.64%。

蓝鲸资本称:“因投资者认为名创优品拥有轻资产、高利润的商业模式,名创优品被以1.4倍价格交易。但Blue Orca通过尽职调查证明,名创优品更像是一个衰落的实体运营商,我们认为应该对其重新进行估值。”

03 董事长野心背后,被指控转移上亿资产

名创优品诞生之初,就懂得巧妙借势无印良品,无论是日语 logo,还是联合创始人兼首席设计师三宅顺也,都透露着浓浓的日系。

经过11年的发展,2020年10月,名创优品正式登陆纽交所,股票代码“MNSO”,定价20美元。2021年2月,名创优品股价曾一度达到35.21美元/股的历史高点,总市值也突破百亿美元大关,在资本市场风光无限。

来源:罐头图库

蓝鲸资本报告称,登陆纽交所后不久,名创优品与其董事长叶国富成立了一家英属维尔京群岛合资公司,以建立一个庞大的中国总部。尽管仅持有合资公司 20% 的股权,但名创优品将最初的3.46亿元定金全部用于购买土地。不到一年后,名创优品又以6.95亿元人民币收购了董事长在合资企业中80%的股权。蓝鲸资本认为,上述行为是将股东资金赤裸裸地转移给董事长,因为根据中国记录表明,其董事长可能从未向合资企业出资。

京师律所刑委会副主任孙建章表示,按照法律规定,董事长利用职务上的便利侵占公司财产的,这种行为构成了职务侵占,情节严重的构成犯罪,需要承担刑事责任。

上海汉联律师事务所宋一欣律师认为,如果以上指控属实,名创优品涉嫌信披违规。但是做空机构宣布有关单位的信批责任,存在法律风险,比如若不实,会被人指控会侵犯名誉权。如果说有关单位存在审批责任,那么投资者可以提起民事赔偿诉讼。

名创优品则称,董事会正在审查该指控,并考虑采取适当行动以保护所有股东的利益。基于公司管理层之建议并为保护所有股东的利益,董事会决定成立由独立董事徐黎黎、朱拥华及王永平所组成的独立委员会,旨在监督就该报告中相关指控所开展的独立调查工作,适当时将聘请独立专业顾问协助独立调查。

04 潮玩和出海遇阻,遭做空突袭如何自救?

2021年2月18日,叶国富宣布公司新的业务战略——“X-战略”,将名创优品转变成一个新零售平台,孵化更多子品牌,实现多元化经营。

2020年底,名创优品推出了首个独立新品牌TOP TOY,定位为亚洲潮玩集合店店内汇集了HelloKitty、漫威、迪士尼、DC、火影忍者等多个IP潮玩品牌。

名创优品最新财报显示,截至2022年3月1日,TOP TOY营收达到了1.11亿元,且相较同期的0.23亿元,同比增长达377.3% 但这对于名创优品的收入贡献却是微乎其微。2021年下半年,TOP TOY收入2.4亿元,营收占比4.4%,这还是基于集团在IP采买上的输血。从业绩来看,短期之内TOP TOY很难成为名创优品的第二增长曲线。

潮玩和出海,是名创优品重押的自救手段。潮玩目前不乐观,那出海呢?

在海外,名创优品采取的是“代理+全托管”的商业模式,与国内的加盟方式不同,海外名创优品更倾向于选择符合一定条件的大集团作为盟友,便于对接本地资源、迅速进行扩张。韩国、越南、印尼、东南亚,名创优品在践行着自己的扩张神话。但这一切都因为疫情,按下了暂停键。数据显示,截至2019年、2020年以及2021年6月30日,公司海外市场收入分别为30.31亿元、29.35亿元及17.81亿元,海外业务持续下滑。

截至今年3月,名创优品在海外市场还有超过76家门店尚未恢复运营。

但名创优品也在门店布局、经营私域上,不断打开新思路。

2021年开始,名创优品将新增门店的重点放在了低线城市上,以挖掘更为庞大的市场。这一策略从某种程度上承接了名创优品在一二线城市的营业额,在带动平均单店收入回暖的同时,也为名创优品的扭亏转盈起到了推动作用。

而叶国富的“兴趣消费”也并非一无所获。名创优品的三丽鸥、迪士尼、漫威、故宫、NBA等IP联名产品,在消费市场收获了不少口碑,尤其是草莓熊IP,帮助名创优品收割了相当可观的流量。

虽然说十块钱算不上所谓的“大生意”,但消费者也是有记忆的。对于名创优品来说,增收不增利、自研能力羸弱,都是摆在面前的问题。如今面临空头突袭,名创优品该如何自救?

来源:罐头图库

长期关注资本市场的谢先生认为,一家成功的公司离不开优秀的经营策略和经营模式,但产品定位以及品质才是公司蒸蒸日上发展壮大的关键。名创优品的直营和加盟情况,如果如做空机构所说是高管秘密经营,那无疑涉嫌信披违规。在危机之中,企业应通过聘请独立专业顾问、提升公司治理水平、加强合规审计等方式进行自救,更应该尽早依法披露。

香颂资本董事沈萌也认为,Blue Orca的做空论据充分,但名创优品的回复相对笼统,并不能及时打消市场猜测。如果不能对Blue Orca指出的细节做出具有足够说服力的反驳,恐怕是越描越黑。

蓝鲸资本则是成立于2018年,创始人系美国知名做空机构格劳克斯联合创始人安达尔。2018年5月24日,蓝鲸资本首次出击,成功做空新秀丽(1910.HK),后者股价曾跌幅超过八成。


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