Mei Sheng Culture Or The First Stock Of "Disney" Clothing In The Mainland

In Losangeles, Paris In the Disney Park of Tokyo and Hongkong, the Cosplay of cartoon characters such as Mickey Mouse, Tang Laoya, beautiful women and wild animals is a major focus to attract tourists' attention. These garments are from Xinchang, Zhejiang, China, a company called Mei Sheng cultural creative Limited by Share Ltd (hereinafter referred to as "Maison culture").

Mei Sheng culture is a company engaged in animation costumes manufacturing, the main production includes Disney Image animation costumes, film animation costumes, traditional festivals, animation costumes and decorative headscarves and other clothing animation derivatives.

Recently, the China Securities Regulatory Commission will examine the first application of Maison culture. The Maison cultural prospectus (Draft) shows that the Maison culture will be listed on Shenzhen Stock Exchange, and it will raise 214 million yuan for the expansion project of animation costumes and 22 million yuan for R & D design center projects.

The concept of costume animation culture

At the beginning of the review, in June 2002, the founder Zhao Xiaoqiang and 6 close brothers quit their jobs and rented a piece of land in the outskirts of the county, and set up the factory by themselves. A few days later, a company called Mei Sheng ornaments Limited. company The enterprise was born. Initially, the company's venture capital of 20 thousand yuan, just to undertake some Christmas gifts business scattered orders.

With the development of China's manufacturing industry over the past few years, Zhao Xiaoqiang began to enter the high-end textile gift industry, and then established a long-term cooperative relationship with France's XXA company, one of the top 500 in the world, and gradually began to have an indissoluble bond with Halloween, Christmas and big movie costumes.

Compared with the traditional textile industry, the business scope of Maison culture is quite different. Its main products are Cosplay costumes in the animation industry. Cosplay is a simple way to write Costume Play in English. The narrow explanation is to imitate and pretend the role of the virtual world, also known as role play.

The animation industry is a highlight of China's cultural industry in recent years. Although the development is lagging behind the US and Japan, many animation companies have produced many influential animated cartoons. After nearly ten years of market accumulation, Maison culture has already had a larger market share in the development and design of animation derivatives. Company success in March 2010 complete The shareholding system is transformed with a registered capital of 70 million yuan.

The products of Maison culture are mainly exported. In recent three years, the export proportion has maintained over 90%. Disguise and Mega Toys in the United States and Christy in Britain are all stable customers. In 2011, 1~9 Maison culture company's operating income was nearly 200 million, and its operating profit exceeded 60 million during the same period, with net profit of 47 million 250 thousand yuan.

Insufficient domestic market expansion

The business of Maison culture depends on exports, which may be the biggest weakness of the company.

The prospectus shows that the company accounts for a large proportion of the sales of Disguise, the major global animation costumes supplier, in the past three years, 72.38% (2008), 69.30% (2009), 56.63% (2010) and 52.81% (2011 1~9 months), resulting in a lack of protection in the stability of the company's earnings. In addition, because Maison cultural products are mainly exported, the export proportion has remained above 90% in the past three years, and the company needs to bear the risk of exchange rate adjustment, export tax rebate policy adjustment, textile trade friction and other related risks.

Although the company's product quality and supply capability are gradually recognized by many customers in the industry, the sales area of the company has expanded from the United States to Europe, Africa and other places. The number of new customers has been increasing, the number of customers has increased from 16 in 2008 to 44 at present, and the customer structure has also tended to be uniform. However, if the company's Disguise sales have changed significantly, it will have a greater impact on the company's performance and financial position.

In addition, the lack of expansion in the domestic market has also become a weakness in Maison culture. After obtaining the authorization from Disney, the company has opened three retail stores in China to engage in direct selling of animation costumes. But the direct sale of the company is still in its infancy. The popularity and acceptability of the domestic consumer market of animation costumes is not yet clear. Sale There is still some risk in whether the business can achieve good expectations. In 2007~2011, the proportion of domestic sales of the company was less than 7%, of which the proportion of domestic sales in 2011 was only 2.73%.

Although the company has signed a product licensing agreement with Disney for 2 years, there is still uncertainty about whether the company can continue to secure the authorization from Disney. If you can not continue to obtain the authorization of Disney product image, the source of product design image of Future Ltd animation costumes will be reduced.

"At present, China's clothing (000902, stock bar) apparel industry is the most lack of design ability, front end look at raw material procurement and personnel management, the middle end design, the rear end look at the supply chain." Legend investment Shanghai office investment manager Wang Yong told the first Financial Daily reporter. The original design is not only troubled by maison culture, but also a common problem perplexing the entire clothing and apparel industry.