Daphne Crash: Share Price Crash, Loss 6.5 Times Market Value

After the rich and precious birds, another shoe industry share collapsed. This is the "BMW" Daphne, known as the women's shoe industry.
Hong Kong stock Daphne international diving plunged in volume in the afternoon, down more than 47% at a time, closing down 36.84% and increasing the turnover to HK $229 million. The latest total market value is HK $495 million (about 445 million RMB). Daphne International's revenue in the first half of this year was HK $1 billion 403 million, down 37.9% compared to the same period last year.
On the news side, in the evening of September 25th, Daphne International announced that personnel adjustment was considered a big signal in the field of sports shoes. This news has stimulated the stock market to rise by 26.67% on the 26 day.
According to wind statistics, Daphne international began to lose money in 2015. As of the first half of this year, a total loss of 2 billion 878 million yuan in 4 and a half years. The stock's highest price was HK $11.45, which is now only HK $0.3, and its share price has fallen by 97.37%. The total loss of the company is nearly 6.5 times its market value.
Since the beginning of this year, "fried shoes" have become a common practice. Many limited edition shoes sell at a high price. Against this background, Nike's stock price has reached a new high, but the shoe industry in China is experiencing frequent problems. In 2012, BELLE, Daphne and fortune birds occupy the top three of China's casual footwear market share. But since then, the performance of three enterprises has entered a downward path. In 2013, Daphne's business revenue began to decline. In 2015, BELLE's performance fell sharply, and the revenue and net profit of rich birds decreased. In 2017, BELLE took the lead in delisting the privatization of Hong Kong stocks. At the end of August this year, the bird announced that it was bankrupt, and the Hong Kong Stock Exchange cancelled its listing status. Daphne continued to suffer huge losses.
What on earth is this?
　 Daphne afternoon blink
The BMW, which is called "Daphne" in women's shoes, blinding in the afternoon.
Daphne international disclosed its semi annual report in September 10th, operating income of HK $1 billion 413 million in the first half of this year, a sharp decrease of 37.79% compared to the same period last year, and net profit loss of HK $390 million, narrowing compared with HK $493 million in the same period last year. But the company has been in a state of deficit since 2015, and the total loss has reached 2 billion 878 million yuan as of the first half of this year.
According to the industry's view, a generation of shoe king Gao Guang is no longer. At this critical moment, Daphne also launched a self rescue operation. It may have seen the hot scene of the recent "fried shoes". In the evening of September 25th, Daphne announced that Han Bingzu had been appointed as the independent non-executive director of the company, the chairman of the audit committee, the Remuneration Committee and the nomination committee. On the 26 day, the price of Daphne rose 26.67% to HK $0.475 / share. In Han Bingzu's resume, he served as an independent non-executive director of 31st Degree International Limited and chief financial officer of KAPPa parent company China trend (Group) Limited. This signal has also been interpreted by the industry as Daphne tries to exert itself in the sports market.
However, this signal does not bring sustained impetus to the market. After a day's surge, investors are welcome today.
　 What did Daphne miss?
In the three shoe companies of Daphne, BELLE and fortune birds, Daphne was the first to go public. Daphne international was founded in 1987 and listed on the HKEx in 1995. Before the loss began in 2015, Daphne did not have no crisis. In 1999, the company caused a backlog of inventory due to its old style, and its brand discount and its performance declined. Fortunately, in the age when the electricity supplier was not particularly developed, the vitality of enterprises and products seemed to be much stronger. After Chen Yingjie took office, he quickly went out of the game and moved to the fast track of development.
In 2004, Daphne claimed that 1 out of every 5 pairs of women's shoes in China came from Daphne. In the best performance period, Daphne can sell 50 million pairs of women's shoes in 1 years, and sit firmly in the chair of the first brand of mainland women's shoes for nearly 5 years, with a market share of nearly 20%. 2012 is the peak of Daphne. Daphne's operating income exceeded 10 billion Hong Kong dollars in the year to achieve a net profit of HK $956 million, and its market value reached HK $18 billion 900 million. The industry has given it the title "BMW in women's shoes".
However, Daphne has ushered in the biggest pain so far. In 2009, Daphne and Baidu jointly invested in the e-commerce platform to "shine 100." In order to support this platform, Daphne put all its eggs in one basket and shut down Jingdong, Le Tao and other distribution channels. Three years later, in July 28, 2012, "Yao point 100" broke down due to the chain breaking, and Daphne slid into the abyss. Since 2013, the company's revenue has started to decline, and the rate of revenue contraction is still expanding until the first half of this year.
If you miss the electricity supplier is missing the channel, then miss the "movement" is missed products, missed the fashion. According to China industrial information network, in 2014 -2016, the total consumption of domestic sports shoes increased from 68 billion 600 million yuan to 92 billion 800 million yuan, the compound annual growth rate reached 16.31%, and footwear consumption increased from 20.1% to 25.7%. In the prime time of this sport shoe, Daphne failed to catch it. Instead, another brand, "Lining", who had gone through many hardships in China, was greatly benefited.
According to Guosheng Securities Research Report, in 2018, the overall size of the footwear market in China was 377 billion 100 million US dollars, and sports shoes and clothing accounted for 10.6% of the total market of footwear and clothing. It is estimated that the penetration rate will reach 11.7% in 2023. If the ratio is estimated, the space is not very large, let alone the crowding out effect of the brand. It is also a question whether it is too late for Daphne to enter this field at this time. This year, the fever of "fried shoes" has been very high. According to the usual rule, after a product has been fry, its price and demand will usually be in the doldrums.
Nike shares have risen to a new high. Why is China's shoe industry "scrambled"?
"Fried shoes" is, in principle, a good thing for shoe companies. But why did the two giants of China's shoe industry "rich birds" and "Daphne" fall on this draught?
First of all, let's take a look at Nike, "no comparison, no harm". Nike released the latest quarterly report on Tuesday, the US Eastern time. Despite the tight global trade, this quarter's sales grew by 7% over the same period last year. The revenue in the Greater China region increased by 22% to $1 billion 680 million and the market was expected to be $1 billion 570 million. China has clearly become the main driving force for growth. The specific revenue figures are as follows: 2020 in the first quarter, Nike's total revenue was $10 billion 700 million, which was higher than the market forecast of $10 billion 430 million, compared with 9 billion 948 million US dollars in the same period last year, up 7% over the same period last year. Thanks to this stimulus, Nike's stock price has reached a new high.
It is "indignant" that the main reason for Nike's outstanding performance is that the performance of the Greater China region has skyrocketed, and its revenue and profit growth has gone far beyond that of other regions.
Some analysts pointed out that China's "fried shoes" army can not fail to do so. In the past six months, the fever of Nike shoes has been extremely hot. A pair of Nike Air Jordan 1 Retro High Rust Pink dirty powder black toe limit price is 1299, but it can be fried to 66669 yuan on APP.
According to the information of Hongta futures, in the past two years, with the impetus of many forces, the market of sports shoes has been booming. A limited number of sports shoes are on sale, and businesses are sold by lottery and Yaohao. However, there are often a lot of buyers who are hyped up for the purpose of queuing up. It was originally a plaything of a small group of people, but in a few days, several times the price soared, many "out of bounds" people threatened to enter.
According to the relevant platform data: in August 19th, in the top 100 of the volume of sports shoes, the turnover of 26 hot items reached 450 million yuan, exceeding the turnover of 9431 new three boards on the same day.
In such a hot market, once the shoe giant "rich bird" fell, "Daphne" is just lingering. Why on earth is this? Analysis of the industry, although the footwear industry has a draught, but these giants are not standing on the draught. Many of the shoes that can be fry are limited edition sports fashion brands. Before that, Daphne and rich birds didn't get such a brand. According to the profession, the transition is not timely enough, and the failure to make enough effort on the product is a cycle of abandoned children. Daphne may have to take the sport brand route now, but it may also come to the end of the campaign cycle. Analysts believe that instead of transformation, it is better to shrink the front line, carry forward the spirit of craftsmen, do well in the research and development of original products, and take the route of "one hundred years old shop".