The Growth Bottleneck Of Family Businesses, The Noble Bird Group Is No Exception.

In May 8th, the media disclosed the survival status of the three line sports brand Jinjiang noble bird, which led investors to refocus on nearly 100 listed small businesses in Jinjiang.

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The adoption of IPO will undoubtedly stimulate the impulses of many small enterprises in Jinjiang.

However, since 2010, the gross domestic product growth rate of domestic sports brands has begun to shrink and the living space has been squeezed.

Can small and medium enterprises that are generally difficult to operate bring sustainable returns to investors?

Quanzhou businessmen, who are familiar with the situation, tell you that the "noble bird", located in the west industrial area of chedditai, Jinjiang, is not as commodious as the most nearby consumer brand manufacturers.

Among thousands of manufacturing enterprises, if it is not full of company logo, it is hard to find a bird in the industrial area.

"Enterprises are not big and their competitiveness is not obvious."

"From a small scale, Jinjiang enterprises are almost the same from products to models. In a large scale, enterprises like Quanzhou are do Rue Newma."

The Quanzhou businessman said.

Throw away Jinjiang

XTEP,

361, and other companies do not talk about, even compared with Jordan sports, there is a considerable gap between the size of the birds.

As of December 31, 2011, the total assets of the precious birds reached 1 billion 921 million 574 thousand and 800 yuan, which belonged to Jordan sports in Jinjiang. Up to June 30, 2011, the total assets had reached 2 billion 368 million 220 thousand and 300 yuan.

Jordan sports in November last year after the meeting, because of "trademark infringement", "main business" and other issues, has not officially listed A shares.

"If a medium quality Jinjiang listed company is successful, it will stimulate more small businesses in the region to chase IPO."

Quanzhou businessmen expressed some concern.

As a matter of fact, the listing of noble birds may not be as smooth as those of their predecessors.

The book shows that the company has double centralization of "the main growth point is too concentrated and the main customers are too concentrated".

Although a researcher of a brokerage firm in Shanghai, which focuses on research and evaluation in Jinjiang, has said that such phenomena are very prominent in Jinjiang enterprises, but as an expensive bird to be raised in the capital market, it is doubtless easy to arouse the concern of "whether the company is too weak in resisting risks".

Prospectus shows that in recent three years, the company's main growth is concentrated on board shoes. In 2009 -2011, the sales of company's board shoes were 99 million 431 thousand and 300 yuan, 198 million 838 thousand and 800 yuan and 521 million 926 thousand and 100 yuan respectively, accounting for 27.40%, 25.46% and 40.63%. respectively.

The company's distributors are mainly the first big dealer Chen Chun and Yin Xiaojun.

In 2011, the sales volume of Chen Chun and Yin Xiaojun reached 593 million 200 thousand and 100 yuan, accounting for 22.40% of the main business income.

And from the prospectus disclosure, Chen Chun and Yin Xiaojun have controlled the distribution channels of more expensive birds after several rounds of local distributors.

"This is a typical criticism of the development of family businesses. For Jinjiang enterprises, some of them are well integrated and some have not yet been integrated."

The researcher said.

In fact, since 2010, the domestic sports brand market is facing a slowdown in gross margin growth.

Anta's financial report shows that the company's turnover in 2011 increased by 20.2% compared with the same period last year, and the gross profit margin increased by 18.7% compared with the same period last year, which is lower than expected.

XTEP's financial report also shows that the company's operating income in the 2011 year reached 5 billion 375 million yuan, an increase of 28% over the same period last year, while the gross profit margin increased by 40.8% compared with the same period last year. The increase was only 0.1 percentage points higher than that of the previous year.

It is also the financial data of two enterprises in the past year, which continuously introduced new products and continued technological innovation.

XTEP Hongkong investor relations department admitted, "the domestic sporting goods market competition is very fierce, it is difficult to distance the marketing mode and product innovation. The decline in gross margin of the industry has both macro market factors and the characteristics of the consumer industry itself."

"After the listing, whether investors can improve the strength of the company through the curtain investment project is an important issue. But now it seems that the Jinjiang sports enterprises listed overseas do not.

The future is also not optimistic.

A professor at the Business School of Nanjing University expressed concern about the listing of noble birds and their future prospects.