Anta Anta Bird Sports Public Clothing Company Entered The Cold Winter Hand In Hand

Anta sports announced its semi annual performance report. The report shows that both sales and net profit have declined. The income has decreased by 11.6% to 3 billion 930 million yuan compared with the same period last year. Net profit has dropped by 17% to 770 million yuan compared with the same period last year. At the same time, the reduction of orders and the change of discount policy have led to a sharp decline in the performance of 13.

Immediately after the loss report, Anta was immediately downgraded by many institutions and investment banks, and the target price was also greatly reduced.

This also shows that many investment banks and institutions are pessimistic about the future development of the domestic garment industry.

But objectively speaking, Anta's performance is not too bad.

It should be said that the domestic garment industry is fermented by many factors.

It has entered the "severe winter" of the development of the industry.

Such a statement is no exaggeration, whether it is from the uneven listing of clothing companies, or has been listed.

The difficulties faced by the company and the recession of the whole economic environment have all contributed to the weakness of the clothing companies.

Next, we might as well take inventory of various bumpy road of clothing companies.

Expensive bird listing road bumpy

First of all, the company was first approved by the company in May 9th. The company intends to issue 100 million shares on the Shanghai Stock Exchange, and the total share capital will be 625 million shares after the issue.

For a while, many people who have attracted much attention, but many of them have been questioned since the date of preparation for listing.

The biggest problem is that the bird is a typical family enterprise. According to the data, Lin Tianfu, chairman and general manager, is directly or indirectly holding 92.26% stake in 95.26%., while Lin's family has a total shareholding ratio of up to 5%, and its core R & D team and internal staff are rarely shareholdings.

The industry believes that this standard is at least 30%, and such a highly concentrated ownership structure is difficult to ensure that the company's earnings and sustainable development after listing.

At the same time, before the listing, you can implement the strategy of closing the store. But in the prospectus, it says it will be used mainly for the expansion of store denomination.

Such financing intention is considered to be "listing money".

Just to ease the tension of the capital chain.

In addition to the appeal problem, the "big dealer" mode is too risky, and accounts receivable is difficult to guarantee is also the problem it faces.

Statistics show that as of December 31, 2011, the net accounts receivable of the precious birds was 591 million 565 thousand yuan, accounting for 44.22% of the current assets, accounting for 30.79%. of the total assets, of which the net accounts receivable accounted for 590 million 917 thousand and 200 yuan within 6 months, accounting for 99.89%. of the net receivables.

Dear birds, although accounts receivable turnover rate increased from 4.10 in 2009 to 5.31 in 2011, the larger amount of accounts receivable balance may still lead to the risk of company accounts receivable recovery.

If the dealer has difficulty in payment, the payment in arrears will adversely affect the cash flow and operation of the company.

In addition, as a foreign-funded enterprise, the precious birds have been nourishing by the tax reduction policy. Since 2008, they have enjoyed two tax exemption and three tax reduction.

From 2009 to 2011, the proportion of net income of the preferential income tax rate reached 30.46%, 14.85% and 10.36%. respectively.

Since 2013, if no other new tax incentives have been introduced, the income tax rate will increase to 25%.. If the tax incentives are abolished completely, the dilution effect on the company's performance is self-evident.

Of course, the problem of expensive birds is not only a common problem of the clothing industry companies, but also a problem of its own ownership structure and management mode. Compared with the precious birds, Lining and other veteran sports Brand Company are facing not only the industry downturn but also the aging of their own brands.

Lining is a typical example.

The frequent turnover of core personnel at the top of the company, the failure of brand remolding, and the collapse of overseas companies after the impact of the international financial crisis, after several years of rapid growth, Lining and the entire apparel industry are in the most severe winter.

Since the industry's leaders are so embarrassed, it can be expected that the other two or three line brands are not having a good time.

Sad Jordan Sports

In the first half of this year, Jordan sports, a democratic brand, is the most mournful reminder. Jordan sports approved IPO in November 23rd of last year. Its big financial indicators are better than those of the best people. The mainstream analysis thinks that the success rate of its passing will be greater.

The main culprit is its brand name "Jordan". The flying man Jordan himself sued China's "Jordan" sports company for violating his right to use his name. This is a typical case of infringement in recent years because of the clothing industry and sports industry, which has attracted much attention from the media. Although Shanzhai and licensing are not uncommon in Chinese market competition, the negative chain impact is inevitable if the parties are serious.

And the listing of Jordan sports has been shelved till now.

In the face of the winter of the entire garment industry, Jordan sports listed on the road is more difficult and uncertain.

Cursed George White

However, George White's clothing, which has always been valued by the industry, "the first brand of Chinese professional wear", has not escaped the curse of "breaking".

According to the flush data, Georges white market on the first day of the stock price rose 10.35%, the next day limit, while breaking the issue price.

Statistics show that almost all clothing companies listed after 2011 will not be able to escape the fate of breakage, including Rand's shares (002612, closing price of 34.80 yuan), Semir clothing (002563, closing price 23.65 yuan), Busen shares (002569, closing price 12.08 yuan), and 100 circles trousers industry (002640, closing price 9.70 yuan) have fallen below the issue price.

According to incomplete statistics, a total of 5 clothing stocks have been listed since 2011, of which 4 are broken and the breakage rate is as high as 80%.

Recently, the sudden departure of Li Kang, the independent director of the company, has also prompted speculation and internal management problems.

AOKANG International

Compared with another listed company, George White is not as lucky as AOKANG international.

In the first half of this year, the industry was in the doldrums, and it could be listed successfully. From the perspective of the whole listing operation, AOKANG's operation is relatively perfect, and the momentum and performance of the listing are properly displayed, and the brand image has also been greatly improved.

It can be said that it is the only bright spot, but whether it can be strong in the cold winter, it still faces many uncertain factors.

International brands running away

From the international point of view, foreign giants such as Nike and Adi have "left", and the trend of the "flying Peacocks Flying Southeast" of garment companies appearing this year can be seen that pessimistic expectations of foreign capital on the domestic clothing market.

Of course, the biggest reason for this is the sharp rise in domestic labor costs. The current mainstream analysis suggests that the so-called "demographic dividend" is weakening, and the attraction of labor-intensive large multinational companies is gradually fading away. But relatively speaking, Southeast Asian countries, as the rising stars of manufacturing industry, not only have a cheaper labor force price, but also have a wide market and convenient pportation, which is more consistent with the strategic choice of labor-intensive multinational companies "the smallest cost and the largest market".

According to the "first half of 2012 China garment industry economic operation situation analysis" report, in the first half of 2012, China's clothing export trade as a whole showed "quantity growth fatigue", "growth slowed sharply" two characteristics.

According to statistics from the General Administration of customs, the total value of exports in the 1~5 months of 2012 amounted to US $774 billion 400 million, up 8.7% over the same period last year. The total export volume of garments and accessories reached US $52 billion 570 million, an increase of 2.5%. compared with the same period last year.

According to customs statistics, in 2012 1~5, China's labor-intensive products, including textiles, clothing, bags, footwear, toys, furniture, plastic products and other seven categories of products, had a market share of 63.3% in Japan's imports of similar products, down 0.4 percentage points, while Vietnam, Indonesia and Bangladesh in the same period, the market share of similar products in Japan increased by 0.7, 0.2 and 0.2 percentage points respectively.

China's export price competitiveness, as well as the rise of manufacturing industry in Southeast Asia, has triggered a cold shift in China's order.

Of course, under the background of the economic crisis, the increasing trade protectionism and trade barriers also make our garment manufacturing industry suffer more losses.

From the domestic perspective, the domestic economy has come down spontaneously.

According to the General Administration of customs, China's actual use of foreign investment decreased by 1.9% in the first 5 months of 2012 compared with the previous month. Since June last year, the monthly import value of foreign-invested enterprises as import and export equipment and equipment also showed a year-on-year decline, down 22.3%. in the first half of this year.

To sum up, the cold reception of exports, coupled with the recession of domestic consumption and investment, has made clothing enterprises enter the cold winter. During the crisis of the whole industry downturn, many problems and contradictions within the enterprise will be more prominent, and these problems will also be reflected in the performance.

It is suggested that investors should enhance their sense of risk.

Actively track the dynamics of related companies.

Cautious holding.