Pressing Goods 3 Billion 900 Million Turnover Takes 460 Days &Nbsp; Hai Lan'S Home Listing?

Although not every man would like to live in a small sky, but all over the world "

Stocks are mostly

And this "good" men's clothing company said that affiliate consignment is the reason for high inventory, but with its core competitiveness, the super flat marketing system can run.

In order to consolidate the marketing system, Hai Lan's family intends to raise 1 billion 63 million yuan in the small and medium-sized board.

The sponsor is Huatai Securities.

The risk behind "light assets" is hard to assess.

According to the prospectus, Hai Lan home said that it plans to become a typical example of "light assets" in garment enterprises. The mode is the same as that of Smith Barney. Most of the production links and some sales channels will be outsourced, and the focus of their operation will be on brand operation, product design and supply chain management.

The detailed analysis is that Hai Lan's products are outsourced to the manufacturers by the way of contracting and wrapping, and downstream products are sold through franchised stores, shopping malls and direct stores.

So rapid expansion is the guarantee of performance development.

Therefore, the number of stores in Hai Lan home has increased from 655 in early 2009 to 1919 at the end of 2011, with an average annual compound growth rate of 43.09%. The annual operating income also increased from 1 billion 383 million yuan in 2009 to 3 billion 594 million yuan in 2011, with an average annual compound growth rate of 61.17%. The net profit attributable to the owners of the parent company increased from 301 million yuan in 2009 to 701 million yuan in 2011, with an average annual compound growth rate of 52.66%.

Such "light assets" do

The above mode of operation is actually to tilt preferential conditions to the downstream, and to buy the goods of the upstream suppliers by credit, and give the channels enough interest.

If there is innovation, and want to become an example, that is to reverse the food chain occupied by the capital. The general clothing enterprises are occupying the downstream dealer's money and paying the whole amount to the upstream.

But why is the upstream distributor of the Hai Lan home so good? The prospectus does not expressly state that the company only keeps a small number of production businesses, mainly through purchasing contracts with suppliers for goods that can be returned with unsalable goods.

It also prompts that if the supplier's production cost is increased, such as the price of raw materials, product processing fees and labor costs, the situation will continue to rise. First, it may increase the risk of the supplier's operation and then pmit it to the company. Two, the supplier will pmit the pressure of cost increase to the company through raising the price, so as to increase the purchasing cost of the company.

If the company can not smoothly increase the pressure of procurement cost to the downstream, it will have a greater impact on the company's profitability. "

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The stock will only be turned once in 460 days.

In the case of such a "great" supplier, the reporter also learned that Hai Lan's demand for franchisees was relatively loose. It indicated that under the existing franchising management mode, franchisees do not need professional clothing industry experience. This mode is easier for wider social investors to participate. For the company, the management mode is convenient for the company's output management, so that stores not only unified in appearance, but also unified in operation and management.

The standard of choosing franchisees is not high, as long as "identification with company concept can be owned or rented in the company's authorized location", idle funds are only about 2 million yuan.

Although this way can make the Hai Lan home quickly shop, it sells products by the store (excluding Direct stores) by means of commission instead of buyout. All products displayed or stored in the store are all stock of the company. In fact, Hai Lan's home is also very clear, and the result will lead to larger inventory accounts.

But at the same time, it indicated that the inventory balance of self purchase and buyout in the end of 2011 was 180 million yuan, accounting for 4.67% of the final inventory balance, and the proportion was smaller, and the provision for the inventory was set down according to the provisions, and the risk of inventory impairment loss was relatively small.

Subsequently, the reporter looked up the relevant information and found that the so-called provision for falling prices was 8 million 200 thousand yuan at the end of 2011, while the corresponding inventory was as high as 3 billion 900 million yuan.

The high inventory is understandable in the clothing industry, but it is worth mentioning that the stock turnover in 2011, 2010 and 2009 of the home of the Hai Lan is 0.77, 0.88 and 0.79 respectively, that is, the stock of the stock can be turned around once in more than 460 days, so the inventory balance of last year can be explained.

Let's take a look at the comparison between Hai Lan's home and several listed companies in the same industry. The turnover rate of any company in the same industry is more than twice that of Hai Lan's home.

Some people in the industry have questioned, "3 billion 900 million yuan of goods, inventory turnover rate of 0.77, that is, these goods need a year and a half to sell.

Although there is a huge space between the cost and the selling price, the impairment may not be available for the time being. But in case it is necessary to return the goods to the supplier, can the original price be returned? In terms of business mode, there are indeed innovations. Inventory is bigger, but it is so big that it can not be said that there is no risk. "

Inventory depreciation is much lower than that of peers.

In the clothing industry, the elimination rate of products is very fast, usually after a season, a high discount is needed.

It is reported that the value of products that normally exceed a year is only 10%-20% of the cost price. If the products of 6 months are still in stock, they can only sell about 50% of the cost price at best, such as 30% of the cost price in a quarter of a year.

But at the end of last year, Hai Lan's home stock amounted to 3 billion 900 million yuan, an increase of 2 billion 270 million yuan over the end of 2010, an increase of 134.10%, accounting for 56.82% of total assets, of which more than 6 months old stock was more than 600 million yuan, accounting for 40.87% of the total inventory balance.

However, Hai Lan's home is only about 8 million 200 thousand yuan in inventory depreciation.

By contrast, the seven wolves' inventory goods at the end of 2010, 357 million yuan, were set for 81 million 460 thousand yuan.

There is so much confidence in sales. According to the latest news, Hai Lan's controlling shareholder, Hai Lan group, including Zhou Jianping's holdings of Keno technology, sends card cards to local buyers every year, which means buying profits from their own products.

The prospectus shows that Hai Lan group is the largest shareholder of Keno technology, holding 12.81% of Keno technology.

The shares were commissioned to three worsted in December 27, 2007 and completed in August 12, 2010.

The real controller of Keno technology has been changed to the government of Xinqiao Town in Jiangyin in December 27, 2007. The relationship between Hai Lan's home and keno technology is not under the same control.

Although the above information is hard to prove, the new express understands that the operating profit of Hai Lan's home is obviously higher than that of the similar company, and the profit margin of Hai Lan's home, which relies entirely on the foundry industry, is 24.57%, which is even higher than that of the Productizing Corporation, which is the main product of the newsbird, the king and the seven wolves.

Besides, the operating profit margin of other companies is less than 20% except for the birds, and the birds are a complete Productizing Corporation, which is not comparable to the home of Hai Lan. Compared with the home of Hai Lan, the business profit margin of the American state clothing is only half of that of the Hai Lan family. Is that true?