Christine has closed a large number of stores in Shanghai, which has been losing money for 9 years in a row. Christine's business situation has been poor. The financial report shows that Christine has been losing money for 9 consecutive years from 20 13 to 202 1 year. Christine has closed a large number of stores in Shanghai and has been losing money for 9 consecutive years.

Christine has closed a large number of stores in Shanghai, which has been losing money for 9 consecutive years 1 "As the founder of Christine, I am very sad and very sad here. Here, I would like to say sorry to all consumers, employees, suppliers and landlords of stores. Because we didn't take care of this brand. " On July 2 1 day, Luo Tianan, the founder and shareholder of Christine (0 12 10.HK), took the initiative to contact the relevant media to express her apologies.

Recently, there have been media reports that Christine, a well-known baking chain brand, is suspected of operating abnormally, and almost all stores in Shanghai have 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. The products were still cluttered on the counter, and the perimeter of the building was cordoned off, and no one came 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 operation. 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 at present, Christine's prepaid coupons are about 250 million yuan. With factories, equipment and some stores' real estate, in theory, she can pay the prepaid cards in the hands of consumers and continue to operate, but because the funds have been misappropriated, the hope of returning to work is rather slim.

On July 22nd, the reporter of Time Weekly repeatedly called Christine official website for telephone interview, but no one answered.

On July 22nd, Zhu Danpeng, a food industry analyst in China, told the Times Weekly reporter: "Christine's biggest problem is' living on her laurels'. Nowadays, the demand of the new generation of consumers has been pushing the innovation and upgrading of the entire baking industry, but Christine does not have many innovation iterations and is far away from the mainstream consumers. "

Many stores in Shanghai closed down.

"Christine is an old brand, and it is quite famous in the Yangtze River Delta. In the past, when I was in high school, my parents only bought it once in a while, but in recent years, I have rarely spent it, and my reputation is not as good as before. " On July 2 1 day, Xiao Liu from Shanghai told the reporter of Time Weekly that Christine was a memory of a generation.

Today, Christine's business situation is not optimistic.

On July 2 1 day, the reporter of Time Weekly also found that Christine's bakery located in Panyu Road, Changning District, Shanghai has stopped business and the outside has been covered with boards.

It's not just this one. According to relevant media reports, the Christine store located at No.82 Mingdu Road in Shanghai has also closed, with scaffolding 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 were 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 famous and often saw it when she was a child.

However, for the taste of Christine's products, netizens have mixed opinions. Some netizens bluntly said: "It's too sweet, and it won't push new products", "It's expensive and not delicious" and "it tastes terrible"; 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, affected by the big environment, Christine's offline sales channels will be affected. But more importantly, in the homogenized baking industry, Christine has no precise positioning, and secondly, she can't keep up with the consumption upgrade in management services. " On July 22, Xu Xiongjun, 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", which means that "there are obvious credit signals indicating that there are certain uncertainties or risks in the normal payment of single-use prepaid cards".

Regarding the issue of prepaid cards, Shanghai Christine Food Co., Ltd. promised: "The card coupons that expired during the epidemic period can still be consumed after the store resumes business."

Has been losing money for 9 consecutive years.

Christine has been producing and selling baking products since 1993, and is one of the first foreign-invested baking enterprises to enter the China market.

When Christine went public in 20 12, at that time, Christine planned to spend 4 1% of the proceeds from fundraising on opening new stores, and to open 220 retail stores in two years.

However, after listing, Christine's development is not as good as expected.

According to official website, as of 20 141February 3 1 day, Christine * * * has 952 retail stores. This number has decreased by1000 compared with 1052 in 20 13 years.

Since then, the number of Christine's stores has been decreasing. The annual report shows that from 20 19 to 2021year, Christine closed17, 99 and 55 stores respectively.

According to statistics, from 2013 to 2021year, Christine has suffered losses for 9 consecutive years, and her operating income has been declining year by year.

Among them, the net profit of 2019-2021year is-224 million yuan,-1. 10 billion yuan and-10.70 billion yuan respectively. By the close of July 22nd, Christine's share price had fallen below 10 cents to HK$ 0.090, with a total market value of HK$109 million.

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 stores that have recorded many losses, continuously expanded expenses or 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 increase.

At that time, Christine said that the newly upgraded store adopted diversified business models, integrating breakfast, light catering and afternoon tea. At the same time, the store has also increased the leisure seating area. The brand-new product series and leisure atmosphere explain the company's different ideas and brand-new business model.

In fact, years of high-level differences may also be one of the factors that make Christine's business unstable.

Luo Tianan once said in an exclusive interview with reporters in 2020: "As the first baking stock, Christine should have a good development prospect. However, with the entry of some funds seeking to make quick money, the management was divided or even infighting, resulting in many strategies that could not be implemented and eventually fell behind."

At the same time, in recent years, the competition in the baking industry is fierce, and new consumer brands are constantly emerging. According to the take-away data of Meituan, the elimination rate of baking stores reached 23.77% in 20021year.

For example, it is reported that in 20 19, the revenue of baking chain brand Yizhiduo exceeded 300 million yuan, but in 2020 it was only10.50 billion yuan. In 2020, there has been a problem in the cash flow of Yizhiduo, which ushered in a wave of store closing, closing 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 in order to maintain customer stickiness and meet the requirements of the new generation of consumers." Zhu Danpeng said.

Xu Xiongjun 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, which has been losing money for 9 years in a row. Recently, the well-known baking chain brand Christine (0 12 10.HK) is suspected of abnormal operation, and almost all stores in Shanghai have suspended business, and some consumers have reported that the company's prepaid cards cannot be paid.

On the evening of July 2 1 day, 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 day.

Christine said, "The COVID-19 epidemic since 2020 has dealt a heavy blow to Christine's operation, and the Shanghai epidemic in 2022 once brought the business development to a standstill. Even so, Christine stubbornly kept adjusting and trying to start again. In addition, Christine's card coupons due to the closure of the epidemic can still be consumed after the store resumes operations. "

On July 2 1 day, the First Financial Reporter passed by a Christine store at Dingxi intersection of Wuyi Road, Changning District, and found that the store had been renovated and was about to be transformed 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 in a state of suspension.

According to the data of official website, Christine has been producing and selling baking products since 1993, mainly operating 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 situation has been poor. The financial report shows that Christine has been losing money for 9 consecutive years from 20 13 to 202 1 year. Among them, the net profit returned to the mother in 20 19, 2020 and 202 1 year was-224 million yuan,-1. 1 billion yuan and-1700 million yuan respectively. Moreover, the number of Christine's stores has been decreasing. According to the annual report, in 20021year, Christine closed 55 stores, in 2020, 99 stores and in 20 19 years, * * * closed17 stores.

Christine said in the 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 down the cost-effective stores that have recorded many losses, continuously expanded expenses or 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 competition in the baking industry is fierce. In recent years, new consumer brands are constantly emerging, and they also share a piece of the track. 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, and it is predicted that the market size of baked goods in China will further grow to 306.99 billion yuan in 2023.

A large number of stores in Shanghai have been closed by Christine, which has suffered losses for 9 years in a row. 3 A well-known baking chain brand, Christine 2 1 day, released a notice 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 have been started. All stores will be opened 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 this regard, Christine said in the notice on 2 1 day that the COVID-19 epidemic since 2020 has brought a heavy blow to Christine's operation, and the Shanghai epidemic in 2022 has even brought its business development to a standstill.

Source: screenshot of Christine's official mall website

According to the notice, some of the negative news about Christine published by the media recently is obviously untrue. Christine has started all the preparations for the factory to resume work, and all stores will open on August 1 day.

At the same time, Christine promised that the Christine card that expired during the period of closure due to the epidemic could still be consumed after the store resumed operations.

According to the company's data in official website, Christine International Holdings Co., Ltd. is a chain operator of baking products, which has been producing and selling baking products since 1993, and is one of the foreign-invested baking 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 realized an 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 industries, especially the consumer industry, and consumer confidence still needed to be boosted. In 20021year, the strategy of closing loss-making stores continued, and 55 stores were closed. The decrease of stores also affected the annual income.