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Are You Able To Fly Up To The Top Of The Main Business?

2013/6/23 20:28:00 42

recently, there are rumors that the birds will become the first batch of listed companies after IPO reboot. Chen Yiyi, vice president of precious birds, told the media that they had not heard the news.

Since the end of 2011, the whole a target= "_blank" href= "//www.sjfzxm.com/" > shoes < /a > the upheaval of the service industry has been gradually revealed. So far, Lining, Anta and other listed companies are still in deep water, and the impact of the declining industry is more obvious than the prospectus published by the company. However, the problem that the gross profit margin is lower than peers, the stock surging after expansion, and the concentration of the controlling shareholders still exist.

main business sector is facing a crisis

the prospectus shows that the main business of the "noble bird" is the development, design, production and sale of the brand "sports shoes", "a target=" _blank "href=" //www.sjfzxm.com/ ">" clothing /a ".

In 2009 -2011, the proportion of shoes and garments in main business income was 100%, 99.97%, 99.98%, and other income was very small.

Due to the brand of sports shoes and clothing, the company also focuses on sports shoes and clothing, but the new express reporter found that since the end of 2011, the whole sports footwear industry is facing a crisis.

By the end of 2011, at the end of the year of P, the whole retail industry had come to the end of the cold winter. As an example, Lining, Anta and XTEP, who were mentioned in the prospectus, have not yet been out of the woods.

Domestic sports brand leader Lining 2012 annual report shows that business income is only 6 billion 739 million yuan, a decrease of 24.5% compared to the same period, net profit at least 1 billion 979 million yuan loss.

Anta's operating income and net profit in 2012 were 7 billion 620 million yuan and 1 billion 360 million yuan, down 14.4% and 21.4% compared with the same period last year.

A number of sports brand annual reports have mentioned that due to inventory adjustment and weak economic conditions, the consumption demand has been negatively affected.

In the 2012 years, all sports brands came to a closed shop. In 2012, Lining closed 1821 stores, PEAK closed more than 1300 stores, and Anta also closed 600 stores.

This is no exception. Data show that the proportion of stores closed in the past 2011 years has soared.

According to the prospectus, between 2009 and 2011, the number of expensive stores increased from 1847 in 2009 to 5067. However, data showed that it closed about 8% in 2009 and 2010, but 202 in stores in the 2011 year and 17% in stores.

store expansion crazily > /strong > /p >

facing the cold winter of the industry, the store of the expensive bird has been expanding wildly, resulting in a sharp increase in inventory.

Prospectus shows that from 2009 to 2011, the total inventory amounted to 95 million 880 thousand yuan, 146 million 920 thousand yuan and 197 million 280 thousand yuan respectively.

The total inventory of goods is also growing, which is 49 million yuan, 86 million 190 thousand yuan and 142 million 800 thousand yuan respectively.

it is worth noting that by the end of 2012, the average stock turnover days of PEAK, Anta and 321 degrees in similar brands had reached 80 days, 51 days and 56 days, compared with 49 days, 38 days and 40 days in 2011.

Taking Anta as an example, the inventory turnover rate in the first half of 2011 was 10.19, while the turnover rate was 9.44. In the second half of 2011, the inventory turnover of Anta was a problem, and the whole industry was so.

in fact, the inventory increases year by year, while the corresponding receivable items increased during the corresponding period, which were 223 million 760 thousand yuan, 680 million 40 thousand yuan and 868 million 770 thousand yuan respectively, which made the net cash flow of the company's operating activities in 2009, 2010 and 2011 respectively 17 million 500 thousand yuan, 154 million 140 thousand yuan and 275 million 10 thousand yuan. The corresponding net profit in the corresponding period was 79 million 290 thousand yuan, 222 million 380 thousand yuan and 407 million 840 thousand yuan respectively, and the net profit and net cash flow of operating activities were 61 million 787 thousand and 500 yuan, 68 million 241 thousand yuan and 68 million 241 thousand yuan respectively.

These differences may lead to insufficient cash flow, and the huge amount of inventory will be difficult to digest.

gross margins are running too close, and the shares are too concentrated.

the downturn of sports brand industry is now a reality. Lining and Anta, who had already made gross profit margins above 40% after entering the cold winter, were not spared. But the new express reporter found that the gross profit margin of expensive birds was lower than that of the industry in 2011.

Compared with counterparts in the prospectus, Anta's gross profit margin in the prospectus is 42.09%, 42.8%, 42.3%, XTEP 39.14%, 40.65% and 40.91% respectively, while the average bird is 27.04%, 31.95%, 38.66%, and the average value of the industry is 38.62%, 38.62%, and three.

The price of Anta has fallen to 38% at the end of last year, and XTEP has dropped to 40.7%.

The prospectus issued in March 2012, the whole industry has shown signs of decline, there are various kinds of sales pressure, but even so, the birds still try to lurk on the market. The venture capital institutions still expect to get huge profits through the feast of IPO.

Prospectus disclosed that the proposed public offering of shares does not exceed 100 million shares, after the issuance of the total share capital of 625 million shares, of which billion Hing Investment and Hongzhi investment, respectively, holding 24 million 885 thousand shares and 5 million 250 thousand shares, accounting for 4.74% and 1% of the total share capital.

as a matter of fact, as a member of the family business, the noble bird, who has made great fortune after IPO, also has its actual controller member of the Lins family.

At present, the proportion of shares held by the company is 92.26%, and its actual control is Lin Tianfu. The proportion of shares held by the company is 2%, and its actual controller is Lin Tianfu's brother Lin Qinghui and his wife Ding Cui yuan.

The above 1% holding of Hongzhi investment is actually controlled by Lin Si Liang and Shi Shaohong. Lin Siliang is also the nephew of Lin Tianfu and Lin Qinghui.

It is estimated that the proportion of the members of the Lin family is 95.26%.

the fact that the ownership of the real controller is too centralized has an impact on the corporate governance structure and action rules. When exercising shareholder power, the actual controller will take advantage of its control position to make a significant impact on decision-making.