Christine has closed a large number of stores in Shanghai and has been losing money for nine consecutive years. Christine's business has been bad. The financial report shows that Christine has been losing money for nine consecutive years from 20 13 to 202 1. Christine has closed a large number of stores in Shanghai and has been losing money for nine consecutive years.
Christine has closed a large number of stores in Shanghai and has been losing money for 9 consecutive years 1. "As the founder of Christine, I am very sad and sad here. Here, I want to say sorry to all consumers, employees, suppliers and stores. Because we didn't take care of this brand. " On July 2 1 day, Luo Tianan, founder and shareholder of Christine (0 12 10). HK), take the initiative to contact the relevant media to apologize.
Recently, some media reported that Christine, a well-known baking chain brand, was suspected of operating abnormally, and almost all stores in Shanghai had been suspended.
On the afternoon of July 2 1, Time Weekly reporter came to Christine's headquarters at No.33 Jinshajiang Road, Putuo District, Shanghai. It was working hours, but the door of Christine's headquarters building was closed, and the flagship store on the first floor was empty and dark. Products are still cluttered on the counter, and the perimeter of the building is blocked, and no one comes in or out.
On the evening of July 2 1, Christine's subsidiary Shanghai Christine Food Co., Ltd. responded in its official mall: "The COVID-19 epidemic since 2020 has brought a heavy blow to Christine's business. We have started all preparations for the factory to resume work, and all stores will open on August 1 day. "
Luo Tianan told the media that Christine's prepaid coupon is about 250 million yuan. With factory buildings, equipment and some storefront properties, in theory, she can pay the prepaid card in the hands of consumers and continue to operate, but because the funds have been misappropriated, the hope of returning to work is slim.
On July 22nd, Time Weekly reporter called Christine official website several times for an interview, but no one answered.
On July 22nd, China food industry analyst Zhu told Time Weekly: "Christine's biggest problem is' living on her laurels'. Today, the needs of the new generation of consumers have been promoting the innovation and upgrading of the entire baking industry, but Christine does not have many innovation iterations, which is far from mainstream consumers. "
Many shops in Shanghai have closed down.
"Christine is an old brand and quite famous in the Yangtze River Delta. When I was in high school, my parents only bought it once in a while, but it has been rarely spent in recent years, and my reputation is not as good as before. " On July 2 1 day, Xiao Liu from Shanghai told Time Weekly that Christine is the memory of a generation.
Today, Christine's business situation is not optimistic.
On July 2 1 day, Time Weekly reporter also found that Christine's bakery located in Panyu Road, Changning District, Shanghai has stopped operating and the outside has been covered with wooden boards.
Not just this one. According to relevant media reports, Christine's store at No.82 Du Ming Road has also closed, scaffolding has been set up in front of the store, and some construction workers are making brand-new doorways, which will be replaced by other formats in the future.
In addition, Christine's central kitchen in Yindu Road, Shanghai has also been shut down.
On July 22nd, the reporter of Time Weekly searched for "Christine" in the public comment and found that dozens of stores in Shanghai had closed.
Many netizens expressed regret about Christine's current business situation. Some netizens said that Christine is a childhood memory, and some netizens said that she was once very famous and often saw it when she was a child.
However, for Christine's product taste, netizens have different opinions. Some netizens bluntly said: "It's too sweet, and it won't push new products", "It's expensive and not delicious" and "It's too bad"; Some netizens also said: "Egg tarts and annual ring cakes are often bought." "Childhood memories, I like their fluffy bread very much."
"On the one hand, Christine's offline sales channels will be affected by the big environment. But more importantly, in the homogenized baking industry, Christine has no precise positioning, and the second is that she can't keep up with the consumption upgrade in management services. " On July 22nd, Xu, a strategic positioning expert and founder of Jiude Positioning Consulting Company, told the reporter of Time Weekly.
It is worth noting that many consumers still have Christine prepaid cards.
Shanghai single-use prepaid card service platform shows that the credit rating of Shanghai Christine Food Co., Ltd. is "D", that is, "there are obvious credit signals indicating that there is some uncertainty or risk in the normal payment of single-use prepaid cards".
Regarding the issue of prepaid cards, Shanghai Christine Food Co., Ltd. promised: "Card coupons that expired during the epidemic period can still be consumed after the store resumes business."
It has been losing money for 9 consecutive years.
Christine started to produce and sell baking products from 1993, and was one of the first foreign baking enterprises to enter the China market.
When Christine 20 12 went public, she planned to open a new store with 4 1% of fundraising income and open 220 retail stores in two years.
However, after listing, Christine's development was not as expected.
According to official website, as of 20 14, 12, 3 1, Christine * * * has 952 retail stores. This figure is 1052 less than that in 20 13 years.
Since then, the number of shops in Christine has been decreasing. According to the annual report, from 20 19 to 202 1, Christine closed17, 99 and 55 stores respectively.
According to statistics, from 20 13 to 202 1, Christine has been losing money for 9 consecutive years, and her operating income has been declining year by year.
Among them, the net profits from 20 19 to 202 1 were-224 million yuan,-1. 1 100 million yuan and-1.70 million yuan respectively. By the close of July 22nd, Christine's share price had fallen below 10 cent, which was only HK$ 0.090, with a total market value of HK$ 654.38+009 billion.
Christine said in the 20021annual report, "Due to fierce competition from competitors and other businesses, we continue to face risks and uncertainties in the baking industry. Continue to adopt the policy of closing the cost-effective shops that have recorded many losses, continuously expanded their expenses or have poor addresses. In addition, the increase in labor costs and raw materials are other types of persistent risks and uncertainties faced by the Group in its operations. "
As early as 20 14, Christine also had the action of transformation and upgrading, but it did not promote the performance growth.
At that time, Christine said that the newly upgraded store adopted a diversified business model, integrating breakfast, light catering and afternoon tea. At the same time, the store has also added a leisure seating area. The brand-new product range and leisure atmosphere explain the company's unique concept and brand-new business model.
In fact, years of high-level differences may also be one of the factors leading to Christine's unstable business.
Luo Tianan once said in an exclusive interview with reporters in 2020: "Christine, as the first baking stock, should have a good development prospect. However, with the entry of some funds seeking to make quick money, the management has differences or even infighting, resulting in many strategies that cannot be implemented and eventually fall behind. "
At the same time, in recent years, the baking industry is fiercely competitive, and new consumer brands are constantly emerging. According to the take-away data of Meituan, the elimination rate of baking shops reached 23.77% in 20021year.
For example, it is reported that in 20 19, the revenue of baking chain brands exceeded 300 million yuan, while in 2020 it was only1500,000 yuan. In 2020, there was a problem with the cash flow of Yizhiduo, which ushered in the tide of closing stores and closed more than 70 stores in Shanghai.
"Under the constant demand of consumers, in order to have the right to speak in the market, on the one hand, it is necessary to improve the integrity of the industrial chain and product quality, on the other hand, it is necessary to innovate consumption scenarios and upgrade services to maintain customer stickiness and meet the requirements of a new generation of consumers." Zhu said to:
Xu believes that Christine wants to occupy a place in the highly competitive baking market. First of all, we must find our own position and develop some products that keep pace with the times and conform to the mainstream consumption concept of consumers. Secondly, we need to strengthen our own management.
Christine has closed a large number of stores in Shanghai and has been losing money for nine consecutive years. Recently Christine (0 12 10. HK), a well-known baking chain brand, is suspected of operating abnormally. Almost all stores in Shanghai have been closed, and some consumers report that the company's prepaid cards cannot be paid.
On the evening of July 2 1, Christine responded in her official mall that we have started all preparations for the factory to resume work, and all stores will open on August 1.
Christine said, "The COVID-19 epidemic since 2020 has dealt a heavy blow to Christine's business, and the Shanghai epidemic in 2022 once brought the business development to a standstill. Even so, Christine stubbornly kept adjusting and tried to start over. In addition, Christine's card coupons closed due to the epidemic can still be consumed after the store resumes business. "
On July 2 1, the reporter of CBN passed by a Christine store on Dingxi Road, Wuyi Road, Changning District, and found that the store had been renovated and was about to be converted into a steamed stuffed bun shop, but the original word "Christine" had not been erased. On July 22, the reporter searched for "Christine" in the public comment and found that dozens of Christine in Shanghai were out of business.
According to the data of official website, Christine has been producing and selling baking products since 1993, mainly engaged in prime locations and major cities in the Yangtze River Delta region. 20 12 February, Christine landed on the Hong Kong Stock Exchange.
Christine's business has been bad. The financial report shows that Christine has been losing money for nine consecutive years from 20 13 to 202 1. Among them, the net profit returned to the mother in 20 19, 2020 and 20021was-224 million yuan,-1. 1 billion yuan and-1.70 million yuan respectively. And the number of Christine's shops has been decreasing. According to the annual report, Christine closed 55 stores in 202 1 year, 99 stores in 2020 and 2017 stores.
Christine said in her annual report, "Due to fierce competition from competitors and other businesses, we continue to face risks and uncertainties in the baking industry. We continue to adopt the policy of closing those cost-effective stores that have recorded many losses, expanded their expenses or have poor locations. The increase in labor costs and raw materials are also other types of persistent risks and uncertainties faced by the Group in its operations. "
The baking industry is highly competitive. In recent years, new consumer brands have emerged constantly, and they have also taken a share. According to the consulting data of Ai Media, the market size of baked goods in China was about 260.08 billion yuan in 20021year, up by 19.9% year-on-year. It is estimated that the market size of baked goods in China will further grow to 306.99 billion yuan in 2023.
Christine has closed a large number of stores in Shanghai and has been losing money for nine consecutive years. 3. Christine 2 1, a well-known baking chain brand, posted an announcement on its official mall website, saying that some of the contents reported by the media recently were inaccurate, and all the preparations for the factory to resume work had been started. All stores will open on August 1 day.
Recently, some media reported that many stores in Christine did not resume business, prepaid cards could not be paid, and customer service calls were not answered. Shanghai single-purpose prepaid card service platform rated its business credit as "D", and was listed as a credit red warning unit for "not accurately transmitting card issuing information or submitting business information".
In response, Christine said in the bulletin on 2 1 that the COVID-19 epidemic since 2020 has brought a heavy blow to Christine's business, and the Shanghai epidemic in 2022 even brought her business development to a standstill.
Source: screenshot of Christine's official mall website
The notice said that some negative news about Christine released by the media recently was obviously inaccurate. Christine has started all preparations for the factory to resume work, and all stores will open on August 1.
At the same time, Christine promised that the Christine card that expired during the period of suspension due to the epidemic could still be consumed after the store resumed business.
According to the company's data in official website, Christine International Holdings Limited is a bakery chain operator, which started to produce and sell bakery products from 1993, and is one of the foreign bakery enterprises that entered the China market earlier.
According to public information, in 20 12, Christine was listed on the Hong Kong Stock Exchange and was called "the first baking share" by the outside world. However, since the second year of listing, the performance has turned from profit to loss, and it has been losing money for 9 consecutive years.
According to the 20021annual report released by Christine, a Hong Kong stock, during the reporting period, the company achieved operating income of about 292 million yuan, down 27.70% year-on-year, and the net loss attributable to the parent company was about10.70 billion yuan, with the loss increasing by about 54 1% year-on-year.
Christine said in the annual report that the COVID-19 epidemic continued to spread in 20021year, which had a great impact on all walks of life, especially the consumer industry, and consumer confidence still needed to be boosted. 202 1 Continue to implement the strategy of closing loss-making stores, closing 55 stores, and the decrease in stores also affected the annual income.