Listing For Less Than A Month, The First Half Year Report, The Net Profit Rose 23%

In the first half of 2018, the company's performance was stable and did not decline. 603587.SH has handed in its first semi annual report after landing A shares.

The semi annual report shows that in the first half of 2018, the company achieved 970 million yuan in revenue, up 8.81% from the same period last year. Net profit attributable to the parent company was 336 million yuan, up 23% over the same period last year.

In addition, the board announced a dividend plan for the middle of the year. The announcement shows that the board of directors deliberated and adopted the total share capital as at the end of June 30th, and distributed cash dividends of 10 yuan (including tax) for every 10 shares. According to the closing price in July 15th, the dividend yield is about 2.6%.

Diotsu fashion is the first time to go to the motherboard. It landed on June 22, 2018, but after a short trading day, it has opened up. It has become the fastest motherboard company this year.

DAZZLE was founded in Shanghai in 2002, and owns four women's clothing brands: DAZZLE, DIAMOND DAZZLE, d 'zzit, NA BY DAZZLE, and a Menswear brand RAZZLE. The five brands are all high-end brands.

Before listing, it is easy to see that the revenue and net profit of Vogue's fashion have experienced a bottleneck of slowing down. From 2015 to 2017, the company achieved revenues of 1 billion 852 million yuan, 1 billion 816 million yuan and 1 billion 946 million yuan respectively, and a slight decline in 2016. In terms of net profit, three yuan achieved 503 million yuan, 522 million yuan and 480 million yuan respectively in 2017, and a decline of about 9% in the past year.

However, in the first half of 2018, the company's performance was stable and did not decline.

According to the data released by the National Bureau of statistics, the total retail sales of consumer goods in China in 2018 1-6 amounted to about 18 trillion yuan, an increase of 9.4%, and overall growth was relatively fast. The rate of increase in retail sales is matched by the growth rate of land based fashion revenue. In the first half of 2018, the total number of retail outlets in the company increased by 67 over the same period last year. The electricity supplier channel grew faster in the first half of 2018, an increase of about 82% compared with the same period last year.

In terms of gross margins, the four brands of the company declined slightly. The gross profit margin of brand DAZZLE dropped from 76.18% to 75.75%, and the gross profit margin of DIAMOND DAZZLE was reduced from 82.67% to 79.78%. The gross profit margin of d 'zzit dropped from 74.48% to 73.39%. The main reason for the decline is the way of letting profits under the dealer mode. Data show that under the mode of distribution, gross margin declined from 72.29% to 70.58%. This is also a more substantial reason for Russell fashion to rush to open stores.

The gross profit of main business has declined slightly, but the main reason why net profit can keep growing is a financial treatment of the company.

In June 8, 2017, the most important subordinate company, Shanghai Rui Yu Garments Co., Ltd. (hereinafter referred to as "Rui costumes") and Anke robot Co., Ltd. (hereinafter referred to as "Anke") signed the "Shanghai real estate sales contract". As of that date, Swiss clothing has paid the first payment to Anke for a total of 100 million yuan. In June 18, 2017, Rui costumes received a telephone call from Anke company, saying that the office building had been seized and sealed by the fourth intermediate people's Court of Beijing, so the transfer procedure of the office building was temporarily unable to handle. Based on the principle of prudence, the company made provision for bad debts in advance of 100 million yuan of the down payment of prepaid houses, and correspondingly confirmed the loss of assets impairment.

In February 2018, the people's Court of Putuo District of Shanghai made a civil judgment on the dispute over the sale and purchase contract of the clothing company of the Swiss clothing company. As of June 30, 2018, Rui clothing industry has completed the transfer of property rights procedures, and has obtained the housing property rights certificate. In view of the current financial situation of Anke, the bad debts in the first half of the first half of the year, which were already mentioned in the last year, will be rushed back to the first half of 2018, and the assets impairment losses will be reduced accordingly. The accounting treatment directly increased the company's profit by 75 million 380 thousand yuan.

This is not the first case involving vogue fashion. As a matter of fact, the legal lawsuit of Di Su fashion has affected its listing process.

As early as May 9, 2017, di Su fashion has been approved by the motherboard Commission. In May 19th, the company received the approval issued by the SFC. In May 23rd, the company published the prospectus and published the code 603587. Speed is amazing.

However, when the company was preparing for the purchase of IPO, the ex husband Qian Wei of the company's actual controller Ma Ruimin and former mother-in-law Ye Danxue sent a joint real name letter to the Securities Regulatory Commission in May 24th. The real name report filed a fashion to conceal a major equity dispute, suspected of false disclosure, fraud issuance and "sick meeting". And this is the earth element. fashion The second day of issuing the prospectus.

According to the May 26th announcement of "Di Su fashion", the company postponed the initial enquiry of IPO, which was originally started that day, because "there is still a need for verification".

Although the final court held that all the claims filed by Ye Danxue were inconsistent with the facts, they did not support it, but the word "sick meeting" was always wrapped in the fashionable fashion. This may also be an important reason for the fashion to open up the limit board so fast.

It is worth noting that Ma Yun's investment in Shanghai Yunfeng equity investment center (limited partnership) is also ranked as the third largest shareholder of fashion.

In general, the fashion is no longer a high speed development period. If there is no financial treatment, fashion Net profit growth is only 1.7% after deduction. In the long run, the fashion is going through a bottleneck.