Clothing Sector Mixed, Hailan Home Inventory Difficult To Solve, Meibang Clothing To Turn A Loss Into Doubt

Since January this year, the temperature in many parts of the country has experienced some changes. The cold wave in recent years or even more than ten years that appeared last week has just passed, and the air has suddenly warmed again this week. The repeated abnormal weather promotes people's consumption, so that clothing plate has the opportunity to get out of the twists and turns of last year.

However, through the analysis of reporters from the financial channel of consumer daily, it was found that although the overall development of the clothing sector was not smooth due to the impact of the epidemic last year, some clothing leaders still displayed beautiful report cards, and realized the growth against the trend during this period. For example, according to the performance forecast for 2020 released by taipingbird on the evening of January 12, it is estimated that the net net net return to the parent will be about RMB 700 million, with a year-on-year increase of 27%; the expected net deduction of RMB * * will be about 560 million, with a year-on-year increase of 59%.

In addition, Youngor in the clothing sector also had a good performance in the first three quarters of 2020, with a year-on-year growth of 81.48% and a year-on-year increase of 81.48% to RMB 5.584 billion, with a year-on-year increase of 8.90%. Although Youngor's performance during the reporting period is supported by real estate business, in addition to clothing, the company seems determined to re focus on the clothing industry and investment business No longer continue to invest, the real estate business has not taken independent land since 2019.

Of course, there are still a number of companies still under test in the plate. Last year, Hailan home was out of breath due to inventory pressure, and Meibang clothing was impacted by foreign fast-selling brands such as UNIQLO, Zara and H & M, resulting in a decline in sales volume and loss of many consumers. As for * ST, the company has been applied for bankruptcy and reorganization twice, and has been executed four times, and is on the verge of breaking wings.

Industry experts told reporters about the whole clothing sector that the garment industry can develop to intelligent manufacturing in the manufacturing end, or achieve breakthroughs in the field of material science and technology. The development space has great potential. The key is whether the enterprise has the ability to intervene, and R & D is still the basis of enterprise competition.

Take off against the trend

Brand and channel become the secret of taipingniao's profit

As for the company's expected performance growth against the current trend, taipingbird said in the announcement that the main reasons are that the company's direct marketing channel operation efficiency and profitability have been greatly improved, the retail scale of the franchise channel has resumed growth, the e-commerce channel has maintained a healthy and rapid growth, the rapid reaction ability of commodities has been continuously improved, and obvious innovation has been made in terms of brand rejuvenation. To sum up, the overall profitability of the company is constantly optimized and improved.

In terms of brand, public information shows that last year, peacebird's main brand, peacebird women's wear, launched 17 retail festivals, recording sales of more than 670 million yuan. As a result, the company's women's clothing revenue also rose, with a year-on-year increase of 22.24% to 2.262 billion yuan, of which leting achieved a revenue of 825 million yuan, a year-on-year increase of 21.41%. In addition, in the last year's double 11, Gmv of taipingniao men's tmall reached 316 million yuan.

From the perspective of channels, online, taipingniao continued to increase the proportion of traditional e-commerce business, and actively promoted new social retail channels such as small app and online celebrity live broadcast to accurately market different groups of people. According to the relevant data of the company's third quarter report, the company's online revenue reached 1.668 billion yuan, up 29.77% year-on-year. In terms of quarter by quarter, the first quarter, second quarter and third quarter of 2020 will be realized Revenue increased by 16.30%, 35.32% and 39.24% respectively.

Focusing on the lower end of the line, taipingniao's opening of new stores has also increased significantly. During the reporting period, 120 Direct stores and 499 franchise stores were newly opened. In the first three quarters of 2020, the company achieved a year-on-year growth of 0.81% to 3.680 billion yuan, and the cumulative growth rate changed from negative to positive. Among them, the revenue of the first quarter, second quarter and third quarter of 2020 decreased by 29.48%, increased by 12.32% and increased by 17.49% respectively. The off-line growth rate in the third quarter increased, mainly due to the recovery of direct sales channels. In the case of net closure of stores, the growth of store efficiency driven the growth rate of revenue in single quarter to 26.70% month on month.

Investment and real estate support performance growth

Youngor returns to main business or faces challenges

As we all know, although Youngor is a clothing enterprise in face, but the company began to set foot in the field of equity investment in the 1990s, during which it once determined the development strategy of "driving the three carriages of real estate, investment and clothing". Although the company clearly put forward in 2019 that it will return to the main clothing industry, from the performance point of view, the proportion of investment income in net * * is still not small.

In the third quarter report, Youngor also said that during the reporting period, the company's net equity attributable to shareholders of listed companies increased by 81.48% compared with the same period of last year. The main reason for this increase was the cumulative sale of 221 million shares of Bank of Ningbo, and the net investment plate realized RMB 3.556 billion, an increase of 155.52% over the same period of last year.

At the same time, the real estate sector has also given Youngor a lot of help. In the first three quarters of 2020, the company's real estate sector achieved an operating revenue of 4.947 billion yuan, a net of ￥ 1.47 billion yuan attributable to shareholders of listed companies, with an increase of 87.82% and 61.54% respectively over the same period of last year.

However, Youngor's main business is the most challenging to focus on in the future. During the reporting period, the company's fashion clothing business achieved 3.713 billion yuan of operating revenue, and realized a net of ￥ 532 million yuan attributable to shareholders of listed companies, which decreased by 12.33% and 31.33% respectively compared with the same period of last year.

Therefore, Youngor's return to the main business or face challenges, industry experts believe that if only return to the main business of low-level development, it is still not enough to solve the difficulties faced by Youngor, and the company needs to find high value-added areas to enhance the competitiveness of the main business.

***Song Qinghui, an economist, told reporters that when Youngor lost money in its clothing business last year, the timing of its return was not reasonable. This poses a great challenge to the company, and whether it can achieve its performance target is one of its challenges.

I don't know whether it is men's "Wardrobe" getting smaller, or men's vision getting higher, but the final result is that the inventory of Hailan home has become more.

According to the third quarterly report of Hailan home, the company's inventory is 8.635 billion yuan, accounting for 43% of the current assets, of which the returnable inventory is 4.417 billion yuan, and there is no need to draw inventory falling price reserves; while the non returnable inventory is 3.986 billion yuan, which has the risk of devaluation at maturity.

According to the rules of Hailan house, the inventory is not depreciated within two years, 70% of the inventory is withdrawn in one time from two to three years, and full amount is withdrawn for more than three years. Since 2018, there has been a sharp increase in the non returnable inventory, which has the risk of explosion.

It is worth noting that at the end of last year, there were changes in the management of Hailan home, such as the chairman and the secretary. At the same time, the company's net revenue and profit in the first three quarters both declined, and the company's net profit suffered a "low cut". During the reporting period, the company realized a revenue of 11.778 billion yuan, a year-on-year decrease of 19.82%, and the net attributable to shareholders of listed companies was RMB * * 1.290 billion, a year-on-year decrease of 50.69%.

Coincidentally, the situation of Meibang clothing, which was very popular in the clothing sector in the past few years, is even worse.

In terms of performance, in the first three quarters of 2020, the revenue of Meibang clothing was 2.690 billion yuan, a year-on-year decrease of 33.33%, and a net loss of 706 million yuan, a year-on-year decrease of 196.78%, and a loss of 0.28 yuan per share. It is estimated that the company will continue to suffer losses in 2020, with a loss amount between 580 million yuan and 820 million yuan. However, in 2019, the company has made a loss of 823 million yuan due to the non net deduction of the company. If the company has no hope of turning around the deficit this year, that is, it has two consecutive years of losses, there may be the possibility of wearing a hat.

At the same time, Meibang clothing once had a slogan of "not going the ordinary way", which made it go to the edge of the law. At the end of last year, the company was punished by the market supervision and Administration Bureau of Pudong New Area of Shanghai for producing and selling unqualified products as qualified products. The result of the punishment was to confiscate the illegal income of 0307500 yuan and fine of 11715 yuan. It can be said that the damage is not great, but it is extremely insulting.