Special Author | Jia Xiaofan

Edit | Pudding

Produced | Prism Middot; Tencent Xiaoman Studio

On October 28, the employees of the Gome headquarters of Pengrun Building in Beijing received a notice from a full member meeting.On the afternoon of the same day, Huang Xiuhong, the chairman of Gome Electric, appeared on the stage. She did not conceal. She opened the door and said that by the end of December, she would only give employees on social security and would not pay any more.

Then, Huang Xiuhong criticized the employees' recent work attitude and believed that everyone lacked the overall situation. During the difficult period, they should not have gain and lose with the company.She went on to add: In the future, there is also uncertainty for salary issuance.After the meeting, the company will issue a commitment, and employees can go to the supervisor to sign.

Afterwards, an Gome employee said to the priest author: Is this illegal?It is in disguise to resign, and all of us will not sign.But he also felt embarrassed. If he took the initiative to leave now, he has been owed by tens of thousands of yuan since the first half of the year.

Many signs show that Huang Guangyu's 35 -year -old Gome Empire has been crumbling and the building will be leaning.

According to the 2022 interim report released by Gome on September 27, corporate liabilities are overwhelming.At present, Gome's total liabilities have reached 58.567 billion yuan, of which 22.902 billion yuan of bank loans and other loans that need to be repaid within one year are 22.902 billion yuan.At present, the company's cash and cash equivalents are only 2.409 billion yuan, and the cash flow of the operating activities during the same period is 55.35 million yuan, which shows a cliff -like decline compared to the 2.14 billion yuan in cash flow in 2021.

The company has long been rumored.Some Gome employees said that I heard that the boss raised money around and wanted to sell the building.Employees also heard that Huang Guangyu's daily use of senior Mercedes -Benz cars and some luxury cars under the name were also mortgaged.However, none of them were officially confirmed.

Even more severe, the core source of business that Gome rely on MDASH; MDASH; Gome Electric Store may also have large -scale contraction.

According to the interim report, at present, Gome's stores include flagship stores, community stores, and new retail stores, with a total of 3825 MDash; mdash; but some changes may not be reflected in the interim report.According to Caixin Weekly, Gome closed 90 % of its stores in the third quarter of 2022. It has been locked to less than 500, and the branch has also been canceled from 40 to about 30.

Caixin Weekly also disclosed that the Beijing Municipal Government began to intervene in the reorganization of Gome assets in early August. The Municipal Financial Bureau, the Commerce Bureau and other departments set up a special group for this and held two joint creditors meetings.However, the reorganization plans such as debt -to -equity swaps and asset debt replacement proposed by Gome have not received active feedback from creditors, and negotiations such as loan exhibition and new credit have been promoted.

The prism reported in April this year that since Huang Guangyu's release, it has been firmly controlled by the company's authority.Gome's business must be executed by the question and approval; a contract of less than 100,000 yuan is indispensable for his signature.

This situation has now changed.Gome employees said that since June, Boss Huang has not perceived the business. Now Gome's business lines have completely fell into the hands of her sister Huang Xiuhong.

Executives are romantic

At this point in June, it is also the beginning of the loss of large -scale personnel in Gome.

Internal employees said that before that, Huang Guangyu obviously did not give up the hope of reversing the situation.At the beginning of the year, Boss Huang also engaged in a project of the chairman to persuade everyone to increase the company's stock.Let the executives do training and teach employees how to open an account in Hong Kong stocks.

After that, Gome launched a salary reduction plan to reduce expenses.The above -mentioned employees revealed that since May, the company's salary system has been chaotic.At first, the provident fund was paid. Later, some employees' social security did not pay it, and it was not made up until August; the performance salary increased from 20%in the past to 40%.There are a lot of deduction items, and the salary is generally 20-30%less.The salary adjustment plan has required employees to sign, we all refused, and finally executed.

After June, the salary of employees was generally detained.Recently, some people have just received a salary in August. The internal rumors are rumored to be the cost of home appliance sales from Gome Store during the 11th period.

According to the Gome Intermediate Report, as of the end of June this year, the total number of employees of Gome Retail fell from 32,278 at the end of last year to 25,701.However, in the next financial report of Gome, the number of people may decline significantly.

Starting in June, Gome departments have strengthened their layoffs.A really happy staff said that the department's people first took about 20%collectively, and later they resigned in batches.The layoffs across Gome's various business lines, the new business of dressing home last year has also become the hardest hit area for layoffs.

However, the first batch of layout of the employees was regarded by the latecomers Mdash; MDASH; most of them received some compensation in August.After August, Gome's layoffs have lost order.The company stated in the termination agreement that compensation will be delayed to pay three batches of payment on October 25, November 25, and December 25.In a new round of layoffs at the end of September, the prescribed compensation issuance has been postponed to March, April, and May in 2023.

Some employees have revealed that in order to urge everyone to leave their own jobs and reduce compensation expenses, some colleagues have been made by the company.Such as finding the defects of historical attendance time, or irregular reimbursement of rental tickets.Some employees are warned by HR that if they are unwilling to terminate the contract, they may affect their future tones.

On October 25, Gome employees who were cut in August should have received the first compensation.However, the mobile phone popped up was a HR WeChat, indicating that compensation could not be redeemed as appointments, and two solutions were given: the first was to delay to November, December, and January 2023;At the end of December, the total amount of compensation was issued at the end of December, and it was said that the company will be handled with Beijing Labor Arbitration.But many employees no longer believe in these rhetoric, saying that they will start collective arbitration.

Not only employees who have left the company, there are a large number of senior executives and old ministers who have followed Gome for many years.In July, Cui Jian and CEO Gao Fei, the founders of the dresses; August, Ding Wei, the person in charge of the real happy app, and the CEO of Gome Butler CEO Zeng Zhining; September, the two ministers of the History of Gome: Gome Investment CEOWang Wei, CEO of Heyang Qing and Gome Electric, left.

Except for Huang Xiuhong who took over the business, there was basically no one.According to Gome's internal emails, after Ding Wei left, his position was taken over by Peng Jiaong from Kuaishou, but the employees had found this in the inner network.According to the real happiness, more than 2,000 people are currently happy from the peak period, and less than 100 people are doing some ending.

Debt is as dangerous of the egg

At the end of February 2021, when Huang Guangyu returned from the release, he threw a plan to the market with a plan to revive Gome in 18 months.Under this slogan, the stock price of Gome's retail price rose to the high level of HK $ 2.55/share and the market value of over 60 billion Hong Kong dollars.

As Gome stepped into a deadlock step by step, the scenery has disappeared.As of October 28, Gome's retail price was only 0.130 Hong Kong dollars per share.

According to Gome's 2022 interim report, the company's revenue in the first half of this year was 12.109 billion yuan, a year -on -year decrease of 53.46%; net profit loss was 2.966 billion yuan, an increase of 50.24%year -on -year.

The most tricky is liability reports that have reached 58.567 billion yuan.Among them, the interest rate bank borrowing and other borrowings totaling 28.056 billion yuan,The account payments and notes pay 1.4437 billion yuan, and the bank borrowings and other borrowings that need to be repaid within one year have reached 22.902 billion yuan.

According to Wind data, Gome's current creditors come from more than 20 banks and trust companies.Among them, the largest creditors are Bohai Bank, and the loan has expired in August, with risk exposure to more than 7 billion yuan.In addition, Industrial Bank's loan on Gome also exceeds 3 billion yuan.

According to Caixin Weekly, it was learned from the two banks that Gome has obtained a half -year exhibition period from the Bohai Bank.Xingye Bank was rejected because Gome has not paid interest on the bank and expired loan exhibition.

In addition to bank loans, Gome's debt also comes from business partners who have given Huang Guangyu's external support at a critical moment.

In April and June 2020, before Huang Guangyu was released, Pinduoduo and JD.com subscribed the 200 million and $ 100 million (totaling RMB 2.14 billion) issued by Gome issued by Gome, respectively.The optional right can be extended for two years.This move was once seen by the market, and Pinduoduo and JD.com's expectations for the release of Huang Guangyu will be released.

These two convertible bonds will expire in 2023, while Gome's stock price currently only remains 0.130 Hong Kong dollars per share.Even if convertible bonds are allowed to be postponed, Gome's debt pressure is still heavy.

In addition, from August 30th to October 20th, Zhongguancun, a listed company of Gome Holdings, has issued 6 announcements: As a unanimous actor of Gome Holdings, 55 million shares of Gome holds Zhongguancun shares, of which 53 million sharesIt has been frozen by judicial.According to the announcement, the reason for the frozen is that Gome signed a loan with a total of 220 million yuan on August 18 this year and a total of 220 million yuan with Cedar International Trust in 2020, but now Gome is not capable of repaid in full.

The arrears of Gome's external suppliers are also entering the situation where it is arrears indefinitely.Earlier, the prism reported that Gome owed a total of 29 million new suppliers.The latest progress learned by the author is that some suppliers have won the lawsuit through the lawsuit, but the claims have not been fulfilled.

In response to this heavy debt crisis, Gome made a risk explanation in the 2022 interim report: there is uncertainty in the future operation of sustainability, and the company has carefully considered many plans and measures to reduce financial difficulties and mobile funds.

Gome also listed solutions simultaneously: strive to continue consultation with relevant banks and borrowings; stripping, selling or stopping non -core and non -profit business; closed stores with low operating efficiency, opened large retail stores, expanded franchise stores, optimized the whole countryRetail store network; further optimize capital and financing structures, and strive for support from other strategic partners.

Gome specifically mentioned that it will expand the financing channels and actively shape other sources of funds, and said that the group has successfully raised 776 million Hong Kong dollars through the company's shares.

However, according to the note within the newspaper, the time for this stock was completed in July 2022, with a total of 1.963 billion shares and a price of 0.4 Hong Kong dollars per share.In March 2021, Gome used Huang Guangyu to return to the moment, with a sale of 2.28 billion shares of HK $ 1.97/share, raising 4.449 billion Hong Kong dollars. Compared with it, the latest distribution has been fractured.

In August 2022, Gome issued an announcement saying that it was intended to sell the holdings of Gome, Xiangjiang, and Anxun Logistics Company to Gome Retail, and will be settled by issuing new shares.The prism reported that in April 2021, Huang Guangyu injected Pengrun Building, Xiangjiang 玖 and Gome business in the past 20 years into Gome Retail; this move was questioned by the market to thin the rights and interests of small shareholders and triggered Gome's stock priceStep.The repeated operation of the property can also reflect Huang Guangyu's capital operation space on the side, which is close to the poverty of Guizhou donkeys.

According to the statistics of prisms, Huang Guangyu's current core fixed assets that can operate currently operate in, in addition to the Peng Run Building, Gome Metropolis, Xiangjiang River, Anxun Logistics Warehouse Network mentioned above, only Guangzhou Gome Smart City, and Gome Stores, etc.Products.

Gome financial reports have disclosed that Anxun's national warehouse network area exceeds 20 million square meters.Last year, Huang Guangyu tried to operate Anxun Logistics independently, but eventually failed.According to logistics sources, Anxun Logistics is mostly large -scale logistics of home appliances, so the distribution center is mostly, and the market value space is limited.

According to Caixin Weekly, Huang Guangyu is also seeking to sell Guangzhou Gome Smart City, but it is currently valuable.In Beijing Pengrun Building, under the name of Huang Junqin, the brother Huang Junqin, the brother Huang Guangqin, the Huang brothers did not make progress on the negotiations of the disposal of the building.

Huang Guangyu's gambling strong

Before and after the return of Huang Guangyu, Gome's debt has actually been running at a higher water level.

At present, Gome's total liabilities are 58.568 billion yuan, and compared with the 2021 annual report, its total liabilities have reached 52.1 billion yuan MDash; MDASH; and in the Gome annual report in 2020, its debt has exceeded 60 billion yuan.However, in 2021, Gome's operating cash flow can still be maintained at 2.14 billion yuan, instead of 55.35 million yuan in one line.

For Gome, compared with liabilities, the more difficult problem at the moment is the essence of liquidity crisis, that is, the depletion of operating income.

Recently, the author visited the flagship store of the new decoration of Gome Electric, Beijing Xiba River.The passenger flow in the store is deserted. Many large household appliances show no goods. Most of them can also buy Gome's own brand small appliances.

According to Gome's internal employees, from the end of 2021, Gome Electric Stores began to be evil with suppliers.Perhaps because of the eagerness of raising or occupying funds, Huang Guangyu broke the traditional sales cycle and asked the supplier to pay a lot of exhibition room service fees to Gome, and delivered the annual cost of the year at one time.Most suppliers did not accept this condition, Huang Guangyu stopped payment of payment, and suppliers also turned to offset the goods from the store.

This contradiction can also be seen from the Gome Interim: Gome's turnover and bill turnover days have increased from 144 days in the same period last year to 301 days.

In April of this year, a removal announcement in Whirlpool tore up the contradiction between Gome and suppliers to the stage.Whirlpool said that as of March 31, Whirlpool's accounts receivable to Gome electrical appliances totaled 87.104 million yuan, and the net receivable of 82.358 million yuan after deducting discounts was deducted.

At that time, there was analysis of the market. Reference from 2019 to 2021, Whirlpool's sales of Gome's electrical appliances were 152 million yuan, 98.121 million yuan, 79.5841 million yuan, and the proportion of sales declined year by year, while Whirlpool's accounts receivable balance balanceIt has exceeded 2021, and it can be estimated that the arrears of Gome's electrical appliances have exceeded one year.

So where does Gome's business cash flow?As we all know, Huang Guangyu has made high investment in the E -commerce Platform's true happy APP in the past year, but has rare the response Mdash; MDASH; this has also been regarded as the biggest mistake of the market's strategy after Huang Guangyu's return.

In the latest Gome Interim Report, the real happiness is still described as the new business of Gome.However, according to many Gamedi employees and resignation employees, since the first half of this year, real happiness has long been stopped in business investment.

On March 31, at the Financial Report of Gome, Gome retail CFO Fang Wei once said: The annual number of real happiness is 440 million, the monthly living exceeds 42 million, and the daily survival reaches 200-3 million.The prisms have confirmed according to the source of multi -party faith. This data is a fake user who has been pushed up and difficult to retain. The real number should be less than one -tenth of the official disclosure.

According to the real happiness, Huang Guangyu was not desperate for e -commerce.After he hopes to rise to 3 million days, he will naturally form commercialization, and at the same time give the market a new story.

However, the specific performance of the business is really happy in the past year. In the past year, a variety of popular modes such as live broadcasting, cutting knife, and competition have been imitated.The cost is high, the sound is deserted, and the internal waste is serious.

The above employees said that the fundamental reason for the failure of the real happiness is Huang Guangyu's hesitation.The boss knew very well that Suning spent so much money and failed.This may also be why he lacks continuity, and after a period of time, he completely deny it.

In the face of this crisis, Huang Guangyu still performed strongly.In mid -August, he published a long article inside Gome, which positively acknowledged the failure of the 18 -month rejuvenation plan, saying that our difficulties were not expected to be inadequate.But he once again threw a new goal: 2023 achieved higher profits and reached a high level in the past. In 2024, he reached the best level of history. In 2025, he significantly surpassed the best level in history.

The issuance of this letter is the employees and executives who are constantly lost in Gome, as well as the difficult salary and compensation mdash; mdash; no one is willing to believe in Huang Guangyu's revival plan.And he is also choosing to vote with his feet to constantly reduce the stock of Gome.

According to the Gome announcement, on September 14th and 15th, Huang Guangyu and Cuckoo sold 1.528 billion Gome retail through three transactions, setting up 295 million Hong Kong dollars.This sudden reduction of holdings has not been disclosed in advance, which directly triggered a sharp decline in Gome's stock price of more than 20%that day.

By September 21, Gome Retail fell for 7 consecutive trading days, a total of more than 34%.According to statistics, since the end of December last year, the Huang Guangyu and his wife have cumulatively named HK $ 960 million, and the shareholding ratio has decreased from 61.50%to 42.80%.However, if these cash is used to return the liabilities of Gome's crisis, it is already a lot of money.