There Are Five Big Doubts About The Stock Market Crash.

Affected by media reports of false sales, concealment of huge stocks and management of large scale exits,

Emergency suspension yesterday.

However, just yesterday evening, Smith Barney quickly issued a Clarification Announcement, and questioned the relevant media completely.

Yesterday, the relevant person in charge of the United States apparel Chongqing company also said in an interview with reporters, "there is no stock pressure."

Question one

Media said: in the US state's inventory, the largest proportion is the autumn winter clothing, in order to resolve the stock of the listed company, Smith Barney chose to shift the stock pressure to the distributor's head.

"Barbara's pressure on terminal channels is too great, traditional.

The industry has been challenged, and we have a lot of pressure on net sales.

A dealer said.

Company response: according to the company's franchise management policy, the company and the franchisee communicate with each other, and according to the objective market capacity, the franchisee's development plan and market situation, the order budget of each commodity season is worked out.

The franchisee makes a reservation according to its own actual conditions, and confirms the one-time buyout futures by signing the "futures contract" before the season. In season, according to the actual sales situation, it purchases the seasonal products through the spot filling one way company.

The company only provides suggestions and no mandatory provisions for franchisees' predetermined quantity and spot supplement. It is determined by franchisees according to their own business conditions.

Question two

Virtual distribution of goods suspected of financial fraud

The media said: the performance of the US bond in 2012 is to distribute the goods originally planned for February 2013 to franchisees in advance.

What's unique about Smith Barney is that the pre allocation is done separately by the financial department, not through the business department.

The prefabricated tools are the ERP information system that the United States enjoys a high reputation in the clothing industry.

The company responded:

Due to the mismatch between the retail season and the allotment season, in order to meet the needs of sales, before the retail cycle comes, the company makes the product pre allocation according to the futures contract of the franchisee, which is the basic operation mode of the industry and the mature mode of operation of the company in the past ten years.

As a matter of fact, the first shipment in 2013 has not yet been put into storage, so it is impossible to carry out the ERP outgoing and recognition revenue. It is impossible to exist the so-called "gloss over the beautiful statements" bureau.

Question three

Inventory fell 800 million half a year away from industry practice

Media said: the state of the United States has high inventory, not a day's cold.

Up to the end of 2011, the inventory of American bond clothing was as high as 2 billion 560 million yuan.

Surprisingly, the sales of Baron's Direct stores and franchisees are very difficult now, but in the past six months, the US stock has dropped from 2 billion 560 million yuan to 1 billion 750 million yuan, which is a terrible miracle.

Company response: in the first half of 2012, the direct retail terminal system maintained a growth of 22%, which provided strong support for effectively reducing the scale of inventory. At the same time, in order to control the scale of inventory, the purchase of new products decreased by 29% compared with the same period last year.

By the end of 6 2012, inventories had fallen by 800 million yuan compared with the beginning of the year.

Among them, the sale of old products brought about 1 billion yuan reduction in inventory and 200 million yuan in new products (1 billion 600 million yuan for new product production and 1 billion 400 million yuan for sales).

The effective implementation of the above strategies enables enterprises to control inventory effectively while maintaining a higher gross profit margin and an adequate net cash flow.

Question four

I love to buy 800 million American stocks.

Media said: the newspaper disclosed that AI sang Bang purchased 317 million yuan in the first half of the year.

AI sang Bang is a wholly owned subsidiary of Smith Barney, a controlling shareholder in Shanghai, and the actual controller behind it is Zhou Chengjian (Metersbonwe chairman).

In other words, in the first half of this year, Zhou Chengjian's AI Shang Bang bought 317 million yuan inventory for American state.

Even inside the United States, there were rumors that the stock of 7~8 was sold to AI sang bang.

The company responded: in the first half of this year, the total sales of goods to AI sang Bang amounted to 320 million yuan, and the sum of goods sold to other related parties amounted to 70 million yuan. The total sales amount to the related parties was 390 million yuan, and the corresponding inventory reduced by about 200 million yuan, accounting for about 8% of the total sales cost of the company, which had little effect on reducing the inventory size of the company.

By the end of 6, the balance of the account receivable of the related party was 40 million yuan, and the rest of the loans had been cleared.

Question five

The 40 core members went away collectively.

Media reports: in November 2010, the list of equity incentives announced by the United States and the State Council awarded 185 people, including 7 vice presidents, 17 directors and 161 department managers.

Among these people, there are now less than 40 people leaving the United States, accounting for more than 20%.

Company response: since 2010, the total number of managerial staff of general manager level and above has always been stable at around 300 people, leaving 9.3% in 2011 and 10.9% in 2012.

The turnover of the 40 equity incentive objects mentioned in the report occurred between October 2010 and September 2012, with an average turnover rate of about 11% per year.

Local visit

Chongqing head of American Apparel: there is no inventory pressure.

It is understood that Metersbonwe has four major areas: East, West, South and North, and the western region is a large area where sales performance has declined.

Yesterday, the Business Daily reporters came to Yangjiaping Fuan department store's clothing store.

The store has ten shelves, but there are only 10 shelves for the new products.

Asked about inventory, the salesperson said "not clear"; in the American branch of Li Dan department store, the salesmen kept silent about inventory and even the new shelves; in Zhujianglu Road, the United States Baron store, the door was hung with the eye-catching "full court 4~6 discount" promotional poster.

A salesperson in the shop admitted that compared with last year, there were not many new models this year.

In connection with the US bond apparel Chongqing company, a person in charge who declined to be named, said: "these two weeks, the sales of Chongqing in the United States are increasing substantially, and there is no existence.

Pressure. "

The source said that the growth of sales was due to the fact that people returned to the city after the festival because of the sales promotion and even the phenomenon of "extinguishing money".

The salesmen of the three direct outlets said that the recent traffic volume did not differ greatly from that of the past.

Yesterday afternoon, from 5 to 6, people in the streets strolled away from each other.

The commercial reporters stayed in the vicinity of the three shops for more than ten minutes, but only two American customers in Zhujianglu Road's Barbara outlets.

Yesterday afternoon, many times call the headquarters of the United States dress, no one answered, customer service did not respond.

Expert interpretation

Easy to say, financial reporting is false and imprecise.

In view of the media's question about the fake news of American state's clothing, the accounting experts said that they could not easily come to this conclusion after analyzing the financial reports and media reports of their recent years.

A university accounting professional teacher who did not want to be named, pointed out that the "American stock" data stored in the media were consistent with the "inventory" data of the company's 2011 Annual Report and the 2012 China Daily report.

However, the "inventory" item in the balance sheet usually reflects the net realizable value of all the stocks at the end of the enterprise, in the way and in processing, including all kinds of materials, commodities, products, semi-finished products, packaging, low value and easily consumed goods, goods issued by installments, consignment goods on commission, and goods entrusted for sale, etc., and the inventory commodities are also included in the "inventory" project.

The two meanings are not consistent.

Therefore, the "inventory" data prove that the "inventory" change is unreasonable in itself.

However, although the financial data of the 2011 Annual Report and the 2012 China Daily are not contradictory, investors' doubts about the authenticity of A share listed companies have been heard.

Gong Ke, manager of the wealth management center of Chongqing securities business department, said that there are strict requirements for the disclosure of financial reports of listed companies, and the accounting firms responsible for auditing must also assume legal responsibilities for them.

Although it is not possible to exclude the possibility of fraud by individual companies, but in the long time and attention of various securities companies, the financial reports of the state's apparel industry did not cause criticism in the industry, indicating that at least so far, the authenticity of the financial data disclosed by the US state clothing is still within the recognition of financial institutions such as brokerages.

News depth

Sports and leisure apparel industry highlights

Under the impact of macroeconomic factors such as cooling up of the economy and rising production costs,

The garment industry has become one of the most obvious industries in this year's downturn.

According to our data center, 79 textile and garment enterprises listed on A shares only achieved a net profit of 6 billion 79 million yuan in the first half of this year, down 16.46% compared with the same period last year.

Behind the sharp decline in performance, the size of the company's inventory is rising.

Statistics show that the total inventory of 79 garment and textile listed companies in the first half of this year reached 70 billion 877 million yuan, an increase of about 5.19% compared with 67 billion 377 million yuan in the same period last year.

However, the overall performance of sports and leisure apparel companies is relatively good, while the overall boom of the industry has declined sharply.

In the 6 sports and leisure apparel companies listed on A shares, except for the first half of, the net profit of the 43.22% apparel companies decreased by 43.22%.

Shi Hongmei, a researcher at Orient Securities and textile and garment industry, pointed out that the domestic casual wear industry is not as pessimistic as the market thinks.

The leisure apparel industry now has a capacity of about 600 billion yuan, much higher than that of other garment sub sectors, and has maintained a relatively rapid growth of 15% to 20% in the past 10 years, proving that the industry itself is still in a stage of rapid demand growth.

Zhang Baoping, a researcher in the textile and garment industry of Fangzheng securities, said that by the end of this year, the domestic adult leisure clothing market will reach 465 billion 300 million yuan, which will increase to 747 billion 200 million yuan by next year.

And ZARA, MANGO, GAP and other international famous casual wear brands have been actively settled in China, reflecting the vast market of casual wear in China.