WildTigerWins| The Shenzhen Stock Exchange sent an inquiry letter to Hemei Group, asking the company to self-check whether it touched *ST and whether there were any adjustments to income

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The price of the main product unit rose sharply, and revenue broke away from the "early warning" red line of 100 million yuan. Hermione Group, which is mired in performance, attracted regulatory attention after the disclosure of the 2023 annual report.

On May 23, the Shenzhen Stock Exchange sent an inquiry letter to Hermione Group, asking the company to check whether it touched the ST situation and whether there was any revenue adjustment.

Hermel Group is mainly engaged in the retail business of international brand clothing, shoes, hats, bags and other goods, operating brands including MCM, Fular, Pinko, Radley, Aspinal Of London, etc., as well as self-owned brand Oblu, brand franchise stores and Olai stores.

In 2023, Hermione Group realized operating income 1WildTigerWins.65 billion yuan, an increase of 1% over the same period last yearWildTigerWins.61%WildTigerWinsThe deduction of operating income is 4.319 million yuan, which is the business income other than normal operation; the net profit belonging to the shareholders of the listed company is-47.2035 million yuan.

The reporter noted that Hermione Group's revenue increased slightly in 2023. Before that, the company's revenue had plummeted for five years in a row. Financial data show that from 2018 to 2022, the company's revenue was 1.918 billion yuan, 848 million yuan, 467 million yuan, 333 million yuan and 162 million yuan respectively.

Net profit is also hard to say optimistic. Data show that from 2018 to 2023, the company's net profit was-1.615 billion yuan,-1.879 billion yuan,-504 million yuan, 900 million yuan,-62 million yuan and-47 million yuan respectively. Deducting non-net profit has been negative for seven consecutive years since 2017, with a cumulative loss of more than 4.8 billion yuan.

According to the data, the unit sales cost and unit price calculated by sales volume of Hermione Group have been increasing continuously since 2020. In 2020, the price of the company's clothing unit is 631 yuan, rising significantly to 1486 yuan in 2023; in 2020, the cost of clothing unit sales is 292 yuan, and in 2023 it is 791 yuan.

It is estimated that the price of clothing units in Hermei Group in 2023 is 136% higher than that of three years ago, and 56% higher than that of 955 yuan in 2022.

In 2023, Hermione Group sold 108100 pieces of clothing, down 29.88% from the same period last year. Clothing sales is the main business of Hemei Group, assuming that according to the clothing unit price in 2020, the company's clothing business revenue is less than 70 million yuan; if calculated according to the 2022 clothing unit price, it barely exceeds 100 million yuan.

According to the current rules, 100 million yuan is a "red line".

According to the provisions of "operating income deduction related matters" in the Shenzhen Stock Exchange's "Guide to self-discipline Supervision of listed companies No. 1-Business Management", the delisting risk warning will be implemented when touching on the regulations of "operating income less than 100 million yuan and net profit is negative".

The sharp rise in clothing unit prices seems to have lifted Hermione's revenue out of temporary danger in 2023.

In this regard, the Shenzhen Stock Exchange requires Hemei Group to examine whether the operating income deduction items are complete in the light of the composition of business income, industry characteristics, business model, and so on. Whether it actually touches the risk warning situation of delisting that "operating income is less than 100 million yuan and net profit is negative".

In addition, the Shenzhen Stock Exchange asked Herme Group to explain the specific reasons for the continuous decline in operating income in the past five years and the negative net profit after deduction, and combined with the above situation to explain whether the company is facing greater operational risks and whether there is significant uncertainty in its sustainable operating capacity.

On the other hand, Hermione Group inventory is high, according to the 2023 annual report, Hermione Group clothing inventory of 401800 units in 2023, is 3.7 times sales. By comparison, the current inventory of listed companies such as Nine Shepherd King, Highland House and Meibang Apparel are all lower than sales.

The 2023 annual report of Hermione Group also shows that the book balance of other receivables at the end of the period is 30.2193 million yuan, and the provision for bad debts is 19.5642 million yuan. Among them, related party exchanges and other exchanges totaled 14.7598 million yuan. The age shows that 66% of the money is more than 2 years old.

The Shenzhen Stock Exchange asked Homei Group to explain, in the light of the company's high inventory, whether there have been significant changes in the brand and product structure sold since 2020, and whether the company has adjusted its revenue; in addition, Hermione Group should also explain the specific contents of other receivables in the top five of the company, as well as whether there is any occupation of funds or provision of financial assistance.

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