Analysis Of The Results Of Mine Inventory Assessment

Inventory demining assessment: the China Group has 34 billion in the first place, and the 1 billion 400 million ceiling Semir heart palpitations drop 10%.

In the preparation of inventory depreciation, Semir

137 million and seven wolves ranked 132 million in the top two, the good bird 66 million, and the China group 50 million after that.

Let's start with comparing the absolute number of stocks, then look at the inventory turnover rate, and discuss the inventory problem through in-depth analysis of stock composition, brand positioning, supply chain management and inventory handling measures.

In the same way as before, we first exclude the companies that have more non clothing stocks, such as YOUNGOR, Hong Kong and Shanshan, and the remaining 24, and then export their data in Wind three quarterly report in 2012.

The picture shows that the main garment companies are preparing for the decline in stock prices in recent years.

The total operating efficiency of the company is calculated based on the product of three accounts receivable turnover, inventory turnover and gross margin, and the first is the Pathfinder.

High stock and high turnover in China

From the absolute inventory count home, home home home home 3 billion 481 million, home home 3 billion 481 million home 3 billion 481 million, Maijia home 2 billion 199 million home home 2 billion 199 million, family family family family family family home family family home family family home home family home home home home home home home home home home home home Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia Jia.

Compared with the two quarter of 2012, 75% of the company's stock increased, the largest increase was the United States apparel, an increase of 446 million, followed by seven wolf 244 million and Pathfinder 196 million.

The remaining 6 stocks declined, with a larger decline in Mei Sheng Culture 36 million, Semir 34 million and Dayang creation 27 million.

Contrary to the number of inventories, from the inventory turnover rate, Jin Fei Da 6.12, Maicheng culture 5.81 and Jiangsu Sanyou 4.80 live in first, second, fifth place; the stock turnover rate of ranzi stock, nine herd king and news bird also has a reverse relationship with the quantity.

What puzzles us is that the stock turnover rate of China group is third, up to 5.78, and its inventory up to 3 billion 481 million does not match.

Similarly, Semir clothing and seven wolves, their inventory and turnover rates ranked third and sixth, sixth and ninth respectively.

When the group has high inventory, why can it have a high turnover rate? According to the IPO's initial public offering A stock prospectus, the company's main customers are the armed forces and the armed police force, among which the top two customers are the PLA General Logistics Department and the Logistics Department of the Wu police force, which account for 31.07%, 34.09% and 31.29% of the revenues of the two major customers in 2009, 2008 and 2007, respectively.

"In inventory, in which stocks

And the distribution of munitions is relatively large, which is related to the operation mode of our company.

First, most of the munitions money has been collected in advance, and there is basically no settlement risk.

Deng Chunrong, chief accountant of Jihua Group, said.

The fourth place in inventory turnover is Chinese clothing 5.76.

Inventory turnover of 2 and 3 between Semir clothing, Dayang creation, 100 round pants industry, seven wolves, search special, a total of 5; between 1 and 2, there are Georges Bai, keno technology, bar Jie shares, Mei Bang dress, Busen shares, Hinur, Wordsworth, Pathfinder, news bird, nine Mu Wang, a total of 10; less than 1 of the shares of Rand, Sha Sha shares, card Nu Di Road, Kaiser shares, 4.

High end brand and low turnover rate

The ranking of the 24 companies' inventory turnover shows that Kaiser shares, card NDI Road, Ransha shares, and ranzi stock are at the bottom of the list, and stock turnover is below 1.

Judging from the absolute amount of inventory, the four companies are not low, 445 million of Kaiser's shares, 389 million of Kaiser's shares, 253 million of the card slave Road, and 245 million of its shares.

Among these four brands, the card road, the blue posture stock and the Kaiser stock are all high-end brands.

Take Kaiser as an example, the company is positioned as a high-end brand. Its main products are high-end men's wear and women's wear, luxury accessories and

Zi et al.

"The competition in the clothing industry is fierce, and the trend of fashion is changing fast.

The company's positioning is high-end, and is influenced by seasonal and fashion trends. If we do not grasp the trend of popularity, it may lead to a reduction in product sales and increase in inventory risk. In addition, because of the high-end brand positioning, we have adopted a high price, high margin, stable price marketing mode, with a small number of sales characteristics. With the increase of self owned stores, the company will actively increase the inventory of goods to meet the sales of self owned stores, which may bring about a decline in inventory turnover risk.

Guo Du securities issued a research report.

For another high-end brand, the shares are similar.

With the leading product design, high-end fabrics and rich styles, our brand has been continuously improving in the high-end women's clothing market, and we are in the first tier of our own high-end women's clothing with Baozi and Mass Phil brands.

At present, the company launches more than 1000 colors every quarter, and more than 96% of its fabrics are imported from Recceri, Cerruti and other internationally renowned fabrics, and VIP customers reach more than 30 thousand. The competitiveness of the high-end women's clothing market in the northern region is particularly obvious.

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As of the end of September 2012, the total number of stores in the group has reached 489, an increase of 101 from the end of last year (79 straight and 101 respectively), and the total number of stores in 2012 is expected to reach 500.

"The company plans to expand the proportion of direct outlets in the first and second tier cities. In the first half of this year, 19 stores have been converted into direct stores. This expansion will help the company to improve its control over terminal retail in the long run, but it will lead to higher manpower costs and increased stocking in the short term. Moreover, with the weakness of China's high-end consumer market, the growth of single store growth may continue to slow down in the first half of the year."

People's livelihood securities issued a research report recently.

"Light assets" Semir's stock price fall

Ready to reach 137 million

Since the three quarterly report did not disclose the inventory details, we carried out a study based on semi annual report.

In the inventory details that have been disclosed in the semi annual report of 2012, there are 765 million groups of raw materials, namely, China group, Jihun Wang 103 million, news bird 98 million, hannor 84 million and keno science and technology 70 million. Among the larger products, there are group China 549 million, Keno technology 84 million, wth shares 73 million, bar Jie shares 71 million, Jiangsu Sanyou 60 million and hannor 52 million, etc.

In terms of inventory depreciation, Semir costumes 137 million and seven wolf 132 million rank the top two, 66 million of Jixin bird, 50 million of Jihua Group, 48 million of American Apparel, and 266 thousand and 800 of the card slave road.

Curiously, in Semir clothing up to 1 billion 439 million of the inventory, inventory details of raw materials, products and finished products three items have no data, other enterprises in different inventory details and different years in more or less will disclose the figures.

Originally, unlike the traditional clothing manufacturing enterprises' heavy asset mode, Semir, which runs the mass leisure clothing brand, is an agent system. The company has no factories, and all the products are outsourced, which makes Semir have no raw materials, products or even finished products.

By the end of 2011, there were more than 7000 shops in Semir clothing, of which there were about 500 outlets and 6500 franchises.

Semir's clothing has been expanding rapidly for many years by means of a strong replication agent system. However, the disadvantages of the model have begun to appear after the expansion of the scale.

On the one hand, in order to seize the terminal channel, Semir, as a branding company, needs to give various preferential terms to the channel providers, which will erode their profits.

According to a staff member of Semir store in Beijing, there are some businessmen who have hundreds of millions of dollars in their own business, and their days are better than those of brands.

On the other hand, the addition of franchisees or agents makes the middle cost too high.

An obvious contrast is that foreign fast fashion and mature enterprises, such as ZARA in Spain and UNIQLO in Japan, have adopted the direct store mode. Most of the fast fashion apparel enterprises such as Semir and Smith Barney adopt the combination of direct operation and franchise, and even agents.

This makes it impossible for franchisees, agents and enterprises to form a mechanism conducive to inventory control, resulting in large inventory and long accounts.

High inventory to push out discount stores

The inventory problem has plagued garment enterprises for over a year. This year's garment industry has continued the severe market situation since last year. The first three quarters of domestic sales and exports did not change. The backlog problem of clothing enterprises was gradually highlighted in the market downturn.

Under the pressure of inventory, the measures taken by listed apparel companies to handle inventory are manifold.

In addition to the usual discount sales promotion methods, some companies have launched discount stores specializing in the sale of seasonal products.

In this respect, the stock is ahead.

In the second half of 2011, the group set up its fifth quarter business segment, responsible for OUTLETS discount stores and integrate some terminal stores.

In 2011, he integrated 7 discount stores, adding 9 to 16 in the first half of this year, and more than 10 others to be integrated. The company plans to complete the integration of all discount stores this year.

The sales price of discount stores is generally 50 percent off or 40 percent off, compared to the shopping mall counters.

However, the discount stores have also brought about a drop in gross profit while digesting inventory.

Data showed that after gross profit rose to 64.23% in the two quarter, the gross profit in the three quarter dropped 2.68 percentage points.

The high-end brand of male clothing, card slave Road, has also launched the Oteri J (OUTLETS) discount store.

"This can be said to be the characteristics of the card nundi Road, and the foreign men's wear brands are doing this, the mode has been very successful."

Lin Fengguo told reporters.

He said that the operating costs of outlets are relatively low, and the discount points of the affiliated shopping centers are relatively low, usually 15% of the rebate points.

Therefore, outlets are the main digestion channels for over season goods. The old goods are usually sold at a discount of 3-6, reducing the inventory level and speeding up the return of funds.

For inventories, the company has opened up outlets in Guangzhou, Beijing, Shanghai and so on. The company has 20 outlets, with an average of 20 outlets with an orter store that specializes in the past 2 years.

In addition to selling through discount stores, outdoor sports brand Pathfinder also actively develops electricity providers.

The stock will be placed in the major franchisees. The way of reporting the birds is to increase the return of franchisees.