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Expensive Birds Grow Hard To Stay On The Market With Continuous Shoes And Clothing.

2013/1/22 11:38:00 40

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Expensive Bird Shoes And Clothes Shoes And Clothing Market

8 months ago, < a href= "http://www.91se91.com/news/index_f.asp" > "noble bird > /a" (exclusive store) is still not listed.

birds of honor passed the meeting in May 9, 2012. They intend to issue 100 million shares and raise 880 million yuan.

However, 8 months ago, the birds were still not listed.

and at the moment when the IPO is trying to expand the scale of the store with the help of a, it has encountered a decline in the performance of a href= "http://www.91se91.com/" target= "_blank".

Judging from the actual situation of the current bird, its high growth performance will be difficult to continue.

in the case of a sharp increase in customs stores, the precious birds still use the 550 million yuan of the raised funds to expand the stores, which led to market doubts.

Once listed, Lin Tianfu and his family's wealth will increase to more than ten billion, and listing will be more like the rich game of the Lin family.

nowadays, the most powerful IPO censorship storm has been encountered in the history of the precious birds. In the case of the overall decline in the overall performance of the industry, the list of expensive birds that has not yet been listed for 8 months has increased greatly.

strong > high growth is difficult to continue to /p >

the "noble bird" was established in 2004 with a registered capital of 525 million yuan. The business scope of the "noble bird" is: production, research and wholesale of shoes, < a href= "http://www.91se91.com/" target= "_blank" > clothing < /a >; R & D and wholesale of sporting goods, sports protective equipment, leather bags, bags, socks and caps.

from the prospectus of "noble bird", its performance has been growing rapidly for three consecutive years.

From 2009 to 2011, the income of 3 years was 604 million 831 thousand and 600 yuan, 1 billion 534 million 995 thousand and 500 yuan and 2 billion 648 million 934 thousand yuan respectively.

At the same time, net profit attributable to shareholders of the company from 2009 to 2011 was 7928.80, 222 million 384 thousand and 200 yuan and 407 million 840 thousand and 800 yuan respectively.

however, the brilliant earnings report failed to reduce the overall performance of the footwear industry in 2012.

After rapid expansion in the first three years, sports brands have basically entered the bottleneck of development.

take Lining (franchised store) as an example. In December 17, 2012, Li Ning Co, the representative enterprise of Chinese national sports clothing, released the announcement that it expected to make a big loss in 2012. This is the first time that Li Ning Co has expected to make a big loss in 8 years since its listing in June 2004.

data show that as early as 2011, Lining's sales decreased by 5.8% to 8 billion 929 million yuan, while net profit dropped by 65.16% to 386 million yuan.

Since P in the second half of 2011, the sports brand environment has deteriorated.

Because of the pessimistic outlook for the industry, domestic and foreign investment banks have already lowered the ratings of listed companies such as XTEP and Anta.

at the same time, high inventory is a common predicament faced by garment enterprises in 2012.

Public data show that in the first half of 2012, Lining, Anta, XTEP, XTEP, PEAK and other 42 listed apparel enterprises inventory amounted to as high as 48 billion 300 million yuan.

In order to digest high inventory, clothing brand enterprises set off a discount in the second half of 2012.

and the noble bird itself is hard to be independent of the industry.

From the point of view of inventory turnover and preferential tax or the risk of being cancelled, the growth of high birds is not sustainable.

first of all, from the inventory turnover rate, the turnover rate of expensive birds has been accelerating. From the 6.4 increase in 2009 to 9.44 times in 2011, it means that the number of days of inventory turnover is shortened from 56 days to 38 days.

however, although the turnover rate of inventory has increased, the stock of "noble bird" has increased substantially.

In 2011, the amount of merchandise sold by the noble bird was 142 million 802 thousand and 300 yuan, but it increased by 57 million yuan compared with the end of 2010, an increase of 65.68%.

At the same time, the inventory commodities in 2011 were higher than the 49 million 2 thousand and 700 yuan in 2009.

at the same time, the "noble bird" is a foreign-funded enterprise. It was exempt from income tax in 2008 and half of the income tax in 2010 -2009.

Since 2013, if no other new preferential tax policies have been introduced, the income tax rate will return to normal.

in the prospectus, you may be faced with the risk that the income tax privilege will expire after listing.

The prospectus shows that since 2008, you have enjoyed two tax exemption, three tax reduction and half a year tax exemption. In 2008 and 2009, they were exempt from income tax, and the income tax was reduced by half from 2010 to 2012, and the income tax rate was 12.5%.

In 2011, 2010 and 2009, income tax preferences accounted for 10.36%, 14.85% and 30.46% respectively.

and the "noble bird" is not a high-end brand in the Chinese market. In your prospectus, you also admit that foreign brands such as Nike, Adidas and so on, with their strong R & D and financial strength, firmly occupy the high-end market of domestic sports shoes and clothing.

The leading sports shoes and clothing brands represented by Lining and Anta rely on stable product quality and nationwide marketing network, and their share in the sports footwear market has increased rapidly.

there is still a certain gap in the brand popularity, brand influence, sales terminals, financing channels and overall strength.

If the market competition intensifies further, it may adversely affect the company's future revenue and profitability.

it is puzzling that the birds did not hint at the risk of the industry in the prospectus. The data of Lining, Anta, XTEP and other Hong Kong listed companies were all up to 2010. All these companies showed continuous growth and did not mention the plight of 2011 and 2012.

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as a sports brand industry, it is difficult to escape the fate of the decline in the performance of the whole industry.

In the case of possible changes in tax policy, the performance of the great bird turned into a probability event.

the rich game of Lin's family

< > > < > > > < > > > > > > 880 million. The total amount of $550 million raised will be 550 million yuan for new store opening, capital invested more than 60%, and 180 million yuan expansion shoe production base capacity. The total R & D project is less than 15 million yuan.

if the supplementary liquidity is included, the proportion of investment in the store will be close to 80% after the completion of IPO.

But what the great bird wants to face is its rising trend of closing rate in recent years.

2009, there were 969 stores, 80 shops and 8% outlets, and 161 new stores were opened in 2010, about 8%. In 2011, 1190 new stores were opened, and 202 stores were closed.

clothing < a href= "http://www.91se91.com/" target= "_blank" > shoes and hats < /a > enterprises will eliminate poor profit stores, maintain a normal customs shop ratio, generally close shop ratio is maintained at 10%.

and the expensive birds are still heavily used to open new stores when they are closing up.

, on the other hand, the Lin Tianfu family is the biggest beneficiary of successful listing.

according to the average 34 times of the first price earnings ratio of apparel home textiles, in 2011, the price per share of the precious birds shares was 0.7768 yuan, and the market price per share could reach 26.41 yuan after the listing.

the largest shareholder of the noble bird is Lin Tianfu's 100% holding company, the precious bird group (Hongkong) Limited, with a shareholding ratio of 92.26%. The second largest shareholder is Yixing Investment Development Co., Ltd. (hereinafter referred to as "billion Hing Investment"), with a shareholding ratio of 4.74%; the other two shareholders are 2% and 1% respectively, the Cci Capital Ltd shareholder (Quanzhou) Cci Capital Ltd (hereinafter referred to as "bird investment") and Hongzhi Cci Capital Ltd (hereinafter referred to as "Hongzhi investment").

it is worth noting that the actual control of the third largest shareholder of Lin Qinghui is Ding Cuiyuan, the husband of Lin Qinghui and Lin Tianfu's brother.

The fourth largest shareholder of Hongzhi's investment control is Mr. Lin Si Liang and Shi Shaohong. Lin Siliang is nephew of Lin Tianfu and Lin Qing Hui.

As a result, Lin family's shareholding ratio is 95.26%.

so, the assets of the actual controller Lin Tianfu will increase to 12 billion 800 million yuan, while the assets of his brother Lin Qinghui and his nephew Lin Si Liang will reach 277 million yuan and 139 million yuan respectively, and the Lin Tianfu family will become a billion family.

and the information of its second largest shareholder billion Hing Investment shows that Yixing investment was established in June 22, 2012. So far, no other business has been carried out except for holding a stake in the company.

After less than two months after the success of the investment, it changed into a joint-stock company.

and in 2011, after 10% of the fund was extracted from net profit, the cash dividend of every 10 shares was 3 yuan (including tax). According to its 525 million shares, the company paid dividends to 157 million 500 thousand yuan.

Most of the 150 million dividends went into the pockets of the Lin family.

in addition, the "noble bird" is a family enterprise. It can not help worrying about whether it will bring harm to other shareholders.

The members of the board include 11 directors, 6 of whom are independent directors, and 3 of the remaining 5 directors are members of the Lin family.

If the members of the Lin family pass the seats occupied by the board and management, improper control of personnel arrangement, business decision making, < a href= "http://www.91se91.com/news/index_cj.asp" > /a > direction, amendment of the articles of association and dividend distribution policy may bring damage to the interests of the company and other shareholders.