See How The Textile And Clothing In The Buffer Period Will Play In The Second Half Of The Year

although men's wear The annual report has a good performance, but most practitioners believe that the good performance in the first half of the year may not be continued in the second half of the year. Even some industry observers said, "The sales volume of the textile industry in the first half of the year can be regarded as the production volume of clothing in the first half of the year to some extent.

Although brand clothing is secretive about the ordering amount of autumn and winter products, and even many said that it is still growing steadily, we can see something from the performance of upstream textile enterprises that has sharply decreased. "

Behind the performance differentiation of the textile and clothing industry is a series of hidden worries that have not yet been fully manifested: decelerating channel growth and heavy inventory burden.

All this seems to indicate that the textile and clothing industry, which has been in full swing for nearly 10 years, is experiencing a cold winter, and enterprises will face greater pressure in the second half of the year.

Slow expansion

In the semi annual report of men's clothing disclosed this time, there is one data that deserves attention: the expansion of decelerated channels. The collective slowing down of the expansion speed of the terminal indicates that even for men's clothing of listed brands, life is not easy.

"In fact, many enterprises have increased their support for opening stores this year. Many support policies that were impossible in previous years, such as free shelves, rent subsidies and other policies, have become necessary prescriptions this year, but in fact, they still have little effect.

On the other hand, the rectification of the closed bad stores also reduced the net growth of the channel. " Mr. Zhang, a senior clothing executive in the industry, said that the economic environment and high inventory pressure caused heavy losses to franchisees.

It is reported that in the first half of the year, Seven Wolves closed about 80 blue label and children's clothing stores with poor performance, with a net increase of only 5 to 3981 stores; The number of Jiumu King terminals has only increased by 67 to 3207; In the first half of the year, the main brands and sub brands of Lilang increased by 81 and 37 respectively.

Lilang said that it would prudently adjust the pace of store opening according to market conditions to reduce the risk of store expansion under unstable economic conditions. The annual net store opening target was adjusted to 200 to 250, and the target set at the beginning of the year was 250 to 300.

Mr. Zhang predicted that, in general, the channel expansion of these front-line men's clothing will be more than 300 in a year, and at least 100 fewer will be opened this year. Of course, this is just the situation of leading men's wear brands.

"This year's orders are at least 50% less than the same period last year." The data disclosed by the owner of a shelf temple that provides accessories for brand men's clothing reflects that brand men's clothing is quite cautious in channel expansion this year.

Similarly, upstream enterprises are also slowing down the pace of expansion.

Xunxing has adjusted the original refinancing plan according to the latest situation, adjusted the original zipper reconstruction and expansion project to a purely technical transformation project, and retained the original marketing network expansion project and R&D project.

At the same time, the expansion plan of Fuxing Zipper also stopped.

"We analyze that the market situation facing the whole industry in the second half of the year will continue to be severe. Without order demand, the original capacity cannot be fully released. If we blindly invest again, it will only increase the pressure on enterprises." Wang Jinde, general manager of Fuxing Zipper, explained.

　 Inventory is still under high pressure

Another data worthy of attention in the annual report is the small increase in the number of days of inventory turnover.

In terms of business indicators, Jiumuwang's inventory in the first half of the year was 620 million yuan, an increase of 39% compared with the same period last year, and the number of inventory turnover days was 239 days, up from 192 days in the same period last year;

In the first half of the year, the average inventory turnover days of the franc also increased by 10 days; As of June 30, the inventory value of Seven Wolves was 492 million yuan, but increased by 20% compared with the same period last year. The proportion of inventory in revenue reached 33%, and the inventory turnover rate was 1.48, lower than 3.31 at the end of 2011, indicating that the inventory turnover rate also decreased.

Since the warm winter in the fourth quarter of last year, inventory has always been a knife hanging on the head of the clothing industry, and this lingering haze has continued to the first half of this year.

The number of days of inventory turnover in the first half of the year revealed in the semi annual report generally rose slightly. The days of inventory turnover is an important indicator of inventory.

Although the inventory is not directly reflected in the performance of the current quarter, even though the inventory is in the channel, Clothing brand In fact, there is no escape from disaster.

"If Yue, it is only the channels that hurt the inventory in the current season. After one year, it is still the brand enterprises that need to clean up the mess, because the order extension of the franchisee is the future performance of the clothing brand." Mr. Lin said.

For this reason, many enterprises are relieving inventory through various channels.

Due to the inventory, this year's local clothing brands entered the discount and promotion season in advance, bringing forward the discount season of previous summer clothing new products by nearly a month.

"In fact, the discount in spring and summer this year is just a continuation of the miserable winter last year.

Since the end of last year, the enterprise has foreseen abnormal weather and sluggish economy, thus opening the prelude to the discount. Since then, the car can't stop when it is discounted. "

Mr. Li, the marketing director of a local brand, said that this "de stocking" campaign might be extended to the second half of the year. {page_break}

Cultivate "profit" products

Summarizing and reviewing the operation in the first half of the year, Baihong Industrial analyzed that its differentiated polyester filament products accounted for 67.6% of the total revenue, and it is expected that this type of products will account for 69% of the total revenue in the whole year, maintaining the leading level in the industry.

The high ratio of differentiated products ensures the company's bargaining power in the market, which is one of the main reasons for the relative stability of its gross and net interest rates.

It is reported that Baihong Industry will continue to increase its investment in research and development of this profitable product.

"The Group has registered 34 national patents in China, and another 10 are in the process of applying for registration. Among the patented products, 26 national patented products are being produced and sold to customers.

The differentiated products for which Xiangshen has applied for national patents will be highly respected and competitive in the domestic and global markets. " Baihong Industry said.

The personage of another listed textile enterprise that has not yet disclosed the announcement also told the reporter that the company's footwear textile business declined significantly in the first half of the year, but the orders of industrial textiles such as home textiles and filter materials grew rapidly.

"In recent years, we have been adjusting the product structure, and the current new growth point will be the cultivation focus of future cultivation and the development direction of the company," said an insider of the company.

By adjusting product structure and cultivating core product series, men's wear brands have more experience and achieved remarkable results. In the semi annual report of men's wear brands, the core products have made great contributions.

In the semi annual report of Septwolves, the proportion of direct stores in the interest rate channel structure and the proportion of revenue of the "black label" brand with high gross profit rate have both increased, and the main business income contribution of the black label has exceeded 50%, which is the main reason for the increase of the company's gross profit rate.

According to the income of Jiumuwang's various products, the sales of the core product men's trousers in the reporting period exceeded 600 million yuan, up 17.21% year on year. Depending on the reputation of men's trousers, the sales of shirts, jackets and other products have increased by 40%.

"The" profit "products of these sub categories are the mainstay of each enterprise, which is responsible for driving the sales of the whole line of products." Mr. Zhang said.

Products for enterprises will be the top priority in the future. As Hong Zhongshen, CEO of Jinba Men's Wear, said, "The most basic support of the brand is commodities, which are the lifeline supporting the development of the brand and the top priority of the enterprise.

Market development, consumption upgrading and changes in their own channels all require enterprises to make rapid breakthroughs and innovate boldly, otherwise the market and consumers will leave us. "

It is reported that in order to cultivate "profit" products, in the spring and summer of 2013, Jinba launched a series of Italian suits that are comparable to high-end customization.

　　 "Micro" industry

@China Textile Industry Federation: The scale of industry investment continues to expand, but the growth rate drops rapidly, new projects continue to grow negatively, and the pace of regional structure adjustment of industry investment continues to accelerate.

From January to July 2012, China's textile industry completed fixed asset investment of 416.398 billion yuan, a year-on-year increase of 16.87%, with the growth rate falling 19.49 percentage points compared with the same period last year.

Newly started projects in the industry dropped 9.35% year on year. The growth rate of investment in the central region and the western region was 5.95 percentage points and 6.97 percentage points higher than that in the eastern region respectively.

@Securities Daily: As of August 24, 53 of the 80 textile and clothing companies in Shanghai and Shenzhen stock markets had disclosed the data in the mid report.

At the same time, 16 listed companies in the textile and clothing industry disclosed that their net profits in the mid report had increased and their performance in the third quarter was expected to be good, that is, 16 companies with double growth accounted for 20% of the total industry.

Analysts believe that the current textile and clothing stocks have released the risks brought by the decline of performance. Based on the expectation of stable performance, high-quality companies can pay appropriate attention.

@Data from the Customs Express: From January to June 2012, China's textile and clothing exports totaled $111.699 billion, up 1.63% year on year, down 0.43 percentage points from 2.06% in January to May.

From January to July, the export volume was US $137.401 billion, down 0.2% year on year.

From January to June 2012, the United States imported US $17.639 billion of textiles and clothing from China, an increase of only 1.75% year on year, down 7.44 percentage points from the same period last year.

The EU imported 15.995 billion euros of textiles and clothing from China, down 7.73% year on year, and the growth rate fell by 21.24 percentage points compared with the same period last year.

Japan imports textiles from China clothing 1120685 billion yen, a year-on-year decrease of 0.48%, and the growth rate dropped 10.49 percentage points compared with the same period last year.

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