Three Stubborn Diseases Of Listed Textile Enterprises: False, Casual, Unknown

In July, when the semi annual report of textile and apparel listed companies is about to begin, the normalization of information disclosure has become the focus of the market.

Therefore, it is not uncommon for investors to lose money in the capital market.

Taking the performance notice of listed companies as the observation point, we can often see the characteristics of the changing trend, especially when the semi annual report is about to begin.

It is noteworthy that the performance notice of the listed companies is "patch" phenomenon, which is obviously suspected of false statements. The typical representatives of the textile and garment sector are Xinmin technology, fuanna, Huafeng spandex and Jiangsu broad-minded.

Except for fuanna, the other three companies have revised their earnings forecasts downwards.

Stubborn disease one: very false

From the notice to the "patch", the interval was only two or three months in the middle. When they first announced, did they not have any idea about their business?

In July 2nd, an unexpected announcement was announced: the net profit of the first half of the year dropped 15% to 35%, about 40 million yuan to 31 million yuan, while the company posted a quarterly report in April. The net profit in the first half of the year increased by 60% to 90%.

In the first quarter, the company has realized net profit of 34 million 220 thousand yuan, which means that the company may lose its business in the two quarter.

10 days after the July 2nd performance amendment announcement, the company disclosed its performance Bulletin: in 2011, its earnings per share were 0.1 yuan, 1-6 yuan in net assets per share, 3.03 yuan in net assets, 3.46% in net assets yield, 1 billion 341 million yuan in operating income, 66.78% increase in the same period last year, 38 million 293 thousand yuan in net profit, and 17.64% decrease in the same period.

According to the express analysis, the increase in total business income during the reporting period is due to the increase in the production of polyester FDY filament products in the first phase of the first phase of the production line of the differential fiber polyester filament production line during the reporting period, and the increase in the yield of synthetic filament yarn has been caused by the increase in the production of polyester filament FDY products.

Net profit reduction is due to the sharp decline in the average gross profit margin of polyester FDY filament in the two quarter, resulting in a significant reduction in operating profit and an increase of about 11 million 500 thousand yuan in terms of R & D expenses.

Hua Feng

The announcement of Jiangsu's broad-minded July 6th and 2011 1-6 month net profit were revised up to 10% to 25% over the same period. The estimated profit was 60 million 360 thousand yuan to 68 million 500 thousand yuan, and the net profit was 54 million 871 thousand and 800 yuan in the same period last year.

Performance correction reasons: 1, gross profit margin fell compared with the same period last year. In 2011, the automotive industry was affected by policies and the boom degree decreased. At the same time, the upstream raw material prices rose year by year, resulting in a significant decrease in the gross profit margin of the company in the first half of the year. 2, the R & D expenses increased year by year, and the R & D expenses in 2011 increased by about 5 million yuan compared with the same period in 2011. In the 3 and 2011, the investment income decreased in the same period last year. In the first half of 2010, the company sold 75% shares of Changzhou Damon dyeing and finishing Co., Ltd., with an investment income of 9 million 51 thousand and 300 yuan.

In July 2nd, fuanna announced that in 2011, net profit in 2011 increased by 30% to 50% compared to the same period last year, and net profit was 47 million 786 thousand yuan in the same period last year.

The net profit attributable to shareholders of listed companies is now increased by 70%-90% over the same period last year, and the profit is 81 million 236 thousand yuan -9079.3 million yuan.

Reasons for performance correction: industry growth is in line with expectations, and sales are ideal.

There are more listed companies in the "patch" of listed companies and small and medium-sized companies. This also shows that these companies are less able to resist risks and their performance is uncertain.

According to the regulatory department's requirements for information disclosure of listed companies, timely, objective, complete and true is the basic criterion that listed companies should follow in the process of information disclosure.

A brokerage analyst believes that the rapid change of performance notice is neither objective nor realistic.

Moreover, from the notice to the "patch", the interval was only two or three months in the middle. When they first announced, did they not have any idea about their business?

Stubborn disease two: too casual

In a series of company information disclosure, investors never know the specific targets of the major asset acquisition and the specific issues of stock issuance.

In May 17th, Huafang textile produced a farce which aroused strong doubts in the market.

In April 11th, the company's controlling shareholder Huafang Group Co., Ltd. is planning a major asset reorganization for the company.

The company stopped planning for major asset acquisitions and non-public offering of shares, during which it also said that the audit and evaluation of assets to be injected will be completed soon. The company intends to no longer disclose the reorganization plan and directly disclose the formal report of the reorganization.

After less than a week later, the reorganization stopped abruptly.

The explanation given by Huafang textile is: after argument, in view of the recent major changes in the market environment, the performance of assets to be injected will fluctuate greatly, and there will be major uncertainties in the continuation of the reorganization.

In a series of company information disclosure, investors never know the specific targets of the major asset acquisition and the specific issues of stock issuance.

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In May 17th, the company shares the stock again.

As of June 20th,

Stubborn disease three: big unknown

"According to the rules of information disclosure of listed companies, we should disclose the total business revenue of the top five customers and the proportion of the total business revenue of the company."

According to reports, Busen shares announced that it will use the 120 million yuan raised in the 6 major central cities in the country to purchase 6 square shops with a total construction area of 2250 square meters, and 6 direct shops and comfortable life concept stores. At the same time, 20 cities in 20 major cities under the 6 major central cities are leasing a total of 7500 square meters of business space and opening 20 direct flagship stores.

The six major cities include Beijing, Hefei, Guiyang, Hangzhou, Shenyang and Lanzhou.

It is understood that in the urban area of Beijing, there are no other stores in Busen stock.

Of the 8 existing stores, 6 are mainly located in Guotai department store and Xidan shopping center in Shunyi, Miyun and Liangxiang; the other 2 are located in zhe Shun department store and Beijing Bai Rong World Trade Center.

They are all in store stores. At present, there are no franchisees in Beijing.

However, in the draft prospectus, Busen shares still used the words "Beijing franchisee" in the details of the top 5 accounts receivable arrears.

According to the disclosure, as of December 31, 2009, Beijing franchisee still owes 4 million 648 thousand and 400 yuan to Busen shares.

Since Beijing has no first tier franchisee, which legal person or individual does this allegation refer to?

"This is not a financial analysis report for different regions. The disclosure should be specific to a single legal person or individual."

A financial manager said, "according to the rules of information disclosure of listed companies, the total revenue of the top five customers should be disclosed, and the proportion of the total revenue of the company."