Playing "Two Minds" - Listed Textile And Garment Enterprises: The Main Revenue Constitutes Three Chaos.

Listed companies have their own main businesses. From the perspective of long-term and sustainable development, the choice of investment projects of enterprises should only consider the strategic relevance more, and invest resources in the main business, so as to maintain their core competitiveness in the main business areas, so as to create more wealth for shareholders.

However, according to the author's observation, there is a structural imbalance in market capital in the financial situation of adjusting structure, promoting pformation and tightening the liquidity.

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There are 13 listed companies playing a "double minded", the main business accounts for more than 10% of the business is actually real estate, electricity, medicine and entrusted loans.

What makes a listed company under the banner of so-called pluralism and make a big fuss about non main business? And what makes industrial capital turn into financial capital? I think so many listed companies do not work properly, which seems to have failed to find the direction and breakthrough of pformation, and have concealed the bad phenomenon that the performance of enterprises may decline, putting the cart before the horse.

Main business revenue increased for 10 years.

The main business income refers to the business revenue gained by an enterprise in some major production and operation activities.

It is not difficult to understand from definition. The main business income is just like the source of a company's living water. Only by expanding revenue as far as possible can we have a larger net profit and better shareholder dividends. That is to say, making efforts to make bigger cake is the foundation of development.

According to the latest statistics of WIND information, 2176 A share listed companies completed a total of 175344 billion yuan in 2011, equivalent to 44.06% of the total GDP in 2010.

Among them, Sample Firms's operating income increased by 34% over the same period last year.

At the same time, the growth of the main business of listed companies is more obvious. The net profit of 2176 companies after deducting non recurring gains and losses is 15789 billion yuan, comparable data is 15584 billion yuan, an increase of 42.5% over the same period last year.

According to the author's observation, the average main income of Listed Companies in Shanghai and Shenzhen two cities has increased continuously for 10 years, and has achieved a growth rate of over 10% for two consecutive years.

After the growth rate of 4.87% in 2009, the average revenue of the listed companies increased by 35.35% in the same period in 2010. In 2011, the growth rate slowed down to 23.43%, due to the macroeconomic downturn, the changing weather at the beginning of the year, and the decline of terminal consumer demand.

In the textile and garment sector, the average main business income of the more than 70 listed companies also increased for 10 years.

Specifically, from 2002 to 2004, the average revenue of textile and garment companies increased by more than 10% year-on-year, 17.89%, 18.36% and 11.66% respectively, and the average main business income of the listed companies in the industry finally exceeded 1 billion yuan in 2004.

In 2005, the efficiency of textile and garment industry declined, and the average business income increased by only 3% over the same period last year.

In 2006 and 2007, the capital market was booming. The average revenue of the listed companies increased by over 10%, up to 16.30% and 11.08% respectively.

In 2008 and 2009, with the capital market chopped down, the average revenue of the listed companies in the industry dropped rapidly, which was 4.90% and 9.02% respectively.

Until 2010 and 2011, the main business revenue growth of the listed companies in the industry increased significantly. The average annual main business was 1 billion 966 million yuan and 2 billion 280 million yuan respectively, representing an increase of 29.96% and 15.96% respectively.

Three major chaos in revenue structure

Although the main income of textile and apparel listed companies has maintained two digit growth over the past two years, unfortunately, there is a hidden danger behind this prosperity.

By comparing the composition of the main business revenue of listed companies, it is easy to see that 13 textile and apparel listed companies have played a "double mind". The main business revenue accounts for more than 10% of the business is actually real estate, electricity, medicine and rent, entrusted loans.

According to the author's observation, there are three main disturbances in the main income components of the textile and garment listed companies, namely, relying on real estate to make money, and only live on the rent, eager to engage in "financial management".

Chaos one: rely on real estate to make money.

Representing the company:

The main business composition of black peony in 2011 showed that the sales income of resettlement houses reached 996 million 646 thousand and 400 yuan, the main business income accounted for 29.64%, and realized the main profit of 190 million 975 thousand and 100 yuan; the income of textile and clothing reached 924 million 32 thousand and 300 yuan, the main business income accounted for 27.48%, and realized the main profit of 127 million 316 thousand and 700 yuan; the construction income reached 753 million 457 thousand and 700 yuan, the main business income accounted for 22.41%, the main profit was 78 million 753 thousand and 600 yuan, the sales income of commercial housing reached 581 million 846 thousand and 300 yuan, the main income accounted for 17.30%, and the main profit was 581 million 846 thousand and 300 yuan.

Overall, the construction industry accounted for 71.85% of the main revenue, compared with 64.51% in 2010, accounting for a further expansion, and the construction industry's income is almost 3 times that of the textile and garment industry.

The main business composition of Hong Kong stock in 2011 showed that the apparel industry accounted for 46.18%, and the yarn, dyeing and dyeing accounted for 11.9%, while the main business income of the non mainstream businesses was 615 million 809 thousand and 600 yuan, and the main income accounted for 34.88%. Compared with 2010, the proportion of the real estate industry decreased, and the industry accounted for 55.8% of the main business income in that year.

In terms of main profit, commercial housing sales realized a profit of 240 million 413 thousand and 800 yuan, or even 217 million 72 thousand and 300 yuan of clothing sales.

The main business composition of VIC in 2011 showed that home textiles accounted for 31.05%, yarn accounted for 13.94%, clothing accounted for 11.14%, and non mainstream business real estate industry realized 1 billion 229 million 517 thousand and 300 yuan in main business, and the main income accounted for 26.41%. Compared with 2010, the proportion of real estate industry increased, the industry accounted for 21.57% of the main revenue.

In terms of main profit, the main profit of commercial housing sales was 613 million 17 thousand yuan in that year.

The main business composition in 2011 showed that garment manufacturing accounted for 53.15%, textile industry accounted for 17.35%, while non mainstream business real estate tourism realized 3 billion 505 million 635 thousand and 300 yuan in main revenue, and the main income accounted for 30.38%. Compared with 2010, the proportion of real estate industry decreased, the industry accounted for 47.14% of the main business income in that year.

In addition, the main revenue of electric power reached 156 million 857 thousand and 300 yuan, and the main revenue accounted for 1.36%, a slight increase compared with 1.01% in 2010.

Chaos two: only live on rent.

Representative company: ST crown A

The main business composition of ST crown A2011 showed that the rental income reached 9 million 850 thousand and 500 yuan, the main revenue accounted for 100%, and realized the main profit of 5 million 581 thousand and 300 yuan. In 2010, the main business of the company was in addition to the rent (main income accounted for 89.72%), and cloth bleaching, printing and dyeing, accounting for 10.28%.

It can be seen that idle idle land is being used for rent.

The company's rental income is the main source of cash inflow and the source of the main business income this year. The company's overall revenue is greater than expenditure, so that the company's business continuity.

It is reported that the five subsidiary companies controlled by the company have stopped printing and dyeing related businesses because of the stop of printing and dyeing factories.

Chaos three: eager to engage in "financial management"

Representative company: Dayang creation, Jiangnan high fiber

The main business composition of Dayang's creation does not see any flaws. Clothing sales accounted for 99.36%, processing and sales of packaging products accounted for 0.29%, and processing and sales of mosquito nets accounted for 0.01%.

Last year, the company's main revenue decreased by 11.25% compared with the same period last year, and net profit fell 15.11% compared to the same period last year.

It is worth noting that the double fall of the main business and net profit has not stopped the company's enthusiasm for buying large quantities of financial products.

In April 19th last year, the announcement of Dayang's creation said that the company used idle funds to purchase financial products such as circulating stocks, bonds, funds, foreign exchange and futures. The total amount was not more than 20 million yuan; the total amount of purchases of bank financial products was not more than 360 million yuan; the total amount of purchases of trust and financial products was not more than 100 million yuan, accounting for 11.88% of the audited net assets in 2010.

The company's investment income in 2011 was 12 million 294 thousand and 400 yuan, mainly due to increased investment in financial investment.

Since last year, under the influence of credit policy, some enterprises have been seeking "money thirst". Entrusted loans have begun to flourish. In this year's nationwide lending boom, listed companies are an important source of lending.

Jiangnan high fiber group is a small loan company. In November 25th last year, it announced that the company intends to invest 150 million yuan to participate in the establishment of Suzhou Xiangcheng District Yongfeng rural microfinance limited company, which accounts for 30% of the total investment.

In addition to the above three major disorders, three houses (17.26% of the main proportion of the main camps) and Jiangsu sunshine (16.95% of the main proportion of electric steam sales); HTC (medical equipment accounting for the main proportion of 20.66%) were divided into a part of the main medicine; the Golden Eagle shares (injection molding machine and accessories accounted for 20.81% of the main proportion of 20.81%) put more of the machinery; the deep textile was concentrated on the manufacturing of the Polaroid (the main income ratio 32.59%), the property and the rental income (the main income ratio 10.98%); and the Mehl increased the principal income (the Commission income of 21.85%) in the commission income.